Recent correction move on the gold chart might continue into the near short term while decline of the Dollar index as well as the 30 year bond yields are showing losses for the Dollar. Positions of commercial traders are increased boosting the buying narrative whilst packed economic calendar would probably affect the US Dollar and its pairs this week. The major...
Oil prices rose on Monday after China announced measures to boost its struggling economy, including halving stamp duty on stock trading. Investors, however, remained concerned about the pace of economic growth and the impact of further US interest rate hikes on oil demand. The market also kept an eye on Tropical Storm Idalia and its potential impact on oil and gas...
Gold held steady on Monday as investors processed hawkish comments from Federal Reserve Chair Jerome Powell. The comments came ahead of a week filled with U.S. economic data that is expected to provide insights into inflation and the labor market. Despite the steady performance, the higher dollar and a decrease in 10-year Treasury yields limited gold's gains. The...
The U.S. dollar remains vulnerable as speculators' net short positions decrease , as is reflected on the recent sessions on the daily chart, but are still significant enough to potentially trigger a short squeeze. The USD index has found resistance at a key technical level of the reaction area around $1.04300 where the price found resistance in early June and is...
Price action for Silver is what is in focus this week with the metal on the move to move up but there are some technical resistances that need to be taken into account. The Dollar index has been losing some of its bullish momentum and is possible to even see a correction to the downside putting pressure on the greenback and supporting the pairs traded against....
Gold prices held steady above five-month lows of around $1,810 in early March as investors await the central bankers' gathering in Jackson Hole for insights on the economy and interest rates later this week. Spot gold rose slightly to around $1,894 per ounce, while U.S. gold futures also increased. The focus for this week will be on Federal Reserve Chair Jerome...
The recent rally in oil prices was driven by supply curbs from Russia and Saudi Arabia, as well as shrinking US crude stockpiles. The rally in oil prices has also been aided by a stall in the dollar's rally, making commodities priced in the currency cheaper for buyers. However, there are growing demand risks in China and the US. Economic data from China,...
Cable seems to be a reasonably good candidate for traders wanting to buy the pound because it’s not close to its high. 9 July’s $1.314 was a high of about 15 months which could be reached again if it’s confirmed that the BoE’s hawkishness will continue and the Fed pause. The key support is the 100 SMA around $1.265, which has been tested twice unsuccessfully so...
Recently, Cryptocurrencies have taken a massive hit, with Bitcoin plummeting back to $25000, ETHUSD testing $1600, and most altcoins moving lower too. What has happened? In China, the latest real estate developer Evergrande had finally filed a Chapter 15 bankruptcy in New York. The action shields the company from creditors within the United States as it focuses...
NVIDIA Corporation (symbol ‘NVDA’) share price has made one of the most significant moves to the upside with more than 65% gains in the second quarter of the year. The company’s earnings report for the fiscal quarter ending July 2023 is set to be released on Wednesday 23rd of August, after market close. The consensus EPS is $1.68 compared to the same quarter of...
Euro-yen pair is near an all time high with technical indications of a possible correction to the downside being the domiant scenatio with the first point of support laying around the ¥156 price area. The most important narrative driving possible further strength by the yen is the continuous incline of the decade bond yields. The most important releases coming...
JD.com, Inc. (symbol ‘JD’) share price has incurred losses of around 12% in the second quarter. The company’s earnings report for the fiscal quarter ending June 2023 is set to be released on Wednesday 16th of August, before market open. The consensus EPS is $0.59 compared to the same quarter of last year at $0.49. ‘The company is not in its best form and this...
Cisco Systems, Inc. (symbol ‘CSCO’) managed to stay afloat their second quarter performance adding around 11% on their share price. The company’s earnings report for the fiscal quarter ending July 2023 is set to be released on Wednesday 16th of August, after market close. The consensus EPS is $0.95 compared to the same quarter of last year at $0.74. ‘As of...
The US dollar is strengthening across the board following the increasing yields of 30-year treasury bonds and the “tight FED” narrative. Traders will focus on the FOMC minutes publication to get an idea of the FED”s perspective on monetary policy. Nasdaq struggles to regain momentum as rotation in the stock market develops: energy and financial stocks strengthen,...
The S&P 500 didn’t react strongly to the release of numbers on inflation, but on Friday 11 August sentiment was somewhat dented by higher producer prices in the USA. These might suggest that the Fed will have to keep rates higher for longer. As for most other markets, there haven’t been any dramatic moves by major American shares this summer so far, with tech and...
Tuesday 15 August 6.00 GMT: claimant count change (July) - consensus negative 7,300, previous 23,700 6.00 GMT: British unemployment rate (June) – consensus 4%, previous 4% 6.00 GMT: British total average hourly earnings (June) – consensus 7.3%, previous 6.9% Wednesday 16 August 6.00 GMT: British annual non-core inflation (July) – consensus 6.8%, previous...
Tuesday 15 August 12.30 GMT: Canadian annual non-core inflation (July) – consensus 3%, previous 2.8% 12.30 GMT: Canadian annual core inflation (July) – consensus 2.8%, previous 3.2% 12.30 GMT: Canadian monthly non-core inflation (July) – consensus 0.3%, previous 0.1% 12.30 GMT: Canadian monthly core inflation (July) – consensus 0.4%, previous negative 0.1% ...
Last week’s slightly positive GDP data from the UK, with the preliminary quarterly figure 0.1% against expectations for nil or a slight contraction, have boosted the pound in many of its pairs. The yen has lost more than a third of its value against the pound since early 2020, and with dollar-yen around the psychological area of ¥145 there is speculation that the...