After two days of a bearish correction, gold prices resumed the ascent and got back above $1,330 on Wednesday. Yesterday, the bullion briefly slipped to lows below $1,320 though trimmed intraday losses afterwards. The precious metal derives support from a combination of risk aversion and a weaker dollar. Risk sentiment has deteriorated amid tensions in Hong...
After a brief jump to nearly 14-month highs around $1,348, gold prices started to correct lower as the bullion attracted some profit-taking at interesting levels. On Tuesday, the precious metal is challenging the $1,324 barrier, a break of which could open the way towards the $1,320 support area. The recent aggressive rally in gold prices was driven by...
Crude oil prices registered the first weekly gain after two weeks of steep losses that brought Brent to five-month lows below the $60 handle. The market entered the bearish territory last week and found some bids as the general risk sentiment improved. As a result, Brent finished above $63 but struggles to extend the rebound on Monday as traders remain...
EURUSD rose yesterday after the ECB meeting was not as dovish as many feared. The pair briefly jumped above the 1.13 handle and has settled below the 100-DMA since then. On Friday, the euro is under some pressure again as dollar demand moderately picks up ahead of the major event of the week. Market participants are eagerly awaiting the US NFP employment...
After a brief jump above 1.13, EURUSD turned lower on Wednesday following three days of gains and finished at daily lows around 1.1220. The pair volatility rose ahead of today’s ECB meeting as traders are nervously awaiting fresh signals from the central bank. Some market participants expect the regulator to announce new stimulus, citing the fact that the ECB...
Gold rallies for a fifth day in a row, with prices jumped above $1,335, touching a 3.5-month high on Wednesday. The ascent accelerated after a break above the 100-DMA and the $1,300 psychological resistance. Now, the bullion can target the $1,340 handle. The main driver behind the ongoing rally in the precious metal is a weaker dollar. The greenback faced...
The greenback continues to retreat against the major rivals on Tuesday. EURUSD pair jumped to April 18 highs around 1.1275, where the 100-DMA lies. The pair sees the third day of gains as the selling pressure around the common currency has eased after it found a bottom marginally above the 1.11 handle earlier last month. The negative pressure on the dollar...
In May, Brent lost over 10% and is now down nearly 20% from peaks, registered in late April. On Monday, prices extended the drop, touched $60.75 for the first time since February, and clings to the $61 handle. Risk aversion continues to dominate in the global markets, including oil. Further escalation in the US-China trade tensions and Trump’s aggressive...
USDJPY extended losses below the 109.00 and registered four-month lows at 108.75 amid a widespread risk aversion in the global financial markets that traditionally fuels the safe-haven yen demand. The pair turned lower once it failed to challenge the 110.00 barrier earlier in the week. 10-year yields are down by 3.7 bps to 2.177%, while US equity futures are...
After a brief dip to the $66.60 area, Brent trimmed losses and recovered to the $68 figure yesterday. On Thursday, the prices are clinging to this level but lack the impetus to stage a more sustainable rebound amid the ongoing trade war between the US and China, the two largest consumers of oil. The latest API report brought some relief to investors as the...
Despite the ongoing US-China trade tensions, gold failed to capitalize on its safe-haven status and challenge a strong technical resistance at $1,290 and slipped to $1,276 yesterday. On Wednesday, the bullion has recouped nearly all previous losses but the rebound looks unsustainable as the greenback continues to rise from multi-week lows. The recent dynamics...
EURUSD remains under pressure for a second day in a row on Tuesday as the sentiment around the common currency remains fragile since the start of the week. The pair failed to settle above the 1.12 level once again and had to retreat to daily lows around 1.1175. Dollar sees a recovery against major rivals, which coupled with the EU-Italian budget woes turned...
Last week, USDJPY fell decently from the 100-DMA around 110.70, but once again managed to hold above the key 109.00 support area. The pair was driven by safe-haven yen demand amid escalation in the US-China trade war coupled with the general dollar weakness. The greenback is making some bullish attempts on Monday, however, the upside potential looks limited as...
The U.S. dollar came under strong selling pressure as poor macroeconomic data coupled with rising tensions between the U.S. and China took the gloss off the greenback in investors' eyes. The U.S. Dollar Index (DXY) collapsed below 98.00 amid growing concerns over the health of the American economy and the side effects of the US-Sino trade war on the global...
The British pound has been a big loser recently, which is hardly a surprise to anyone. The British Prime Minister Theresa May is still struggling to get her Brexit deal through the parliament, while the opposition increasingly calls for her to resign. The degree of political and economic uncertainty skyrocketing, making it virtually impossible for the corporates...
Oil prices extended the decline on Wednesday and headed for the most prolonged sell-off period since the end of April amid growing concerns that the trade spat between the U.S. and China will slow down the global economic growth and hamper the oil demand. In a separate development, the American Petroleum Institute (API) published a weekly report on U.S. crude...
The Swiss Franc has been nursing losses since late New York session on Monday as traders took SNB's intervention threats close to heart. The bearish momentum was prompted by intervention fears as the Swiss National Bank stands ready to step in if it deeds necessary to ensure the market stability, according to the recent comments of Thomas Moser, the...
The Australian Dollar snapped a five-days long sell-off on Monday after a surprise win for Scott Morrison in elections over the weekend. The country's ruling Liberal-National coalition headed Prime Minister Scott Morrison managed to stay at the helm in what is considered to be a miracle victory as Labor party had been widely expected to win. The shock...