FX

Gold prices were supported on a soft greenback and risk-on sentiment at the start of the week. Record low real rates are offering support to the precious metals in the immediate term. At the time of writing, just ahead of the closing bell on Wall Street, XAU/USD is trading at $1,816.00 and higher by 0.1% after travelling

AUD/USD off lows around 0.7350, but not out of the woods yet. Bears are testing the bullish commitments at critical daily support. Escalating covid concerns remain a drop, with all eyes on the RBA decision. AUD/USD has bounced back above 0.7350, tracking the rally in the S&P 500 futures amid a recovery in the risk appetite. Expectations

US Senate Majority Leader Chuck Schumer said on Sunday that a $1 trillion bipartisan infrastructure bill was being finalized “imminently” and that the legislative effort was firmly on track to be completed in a matter of days. “Despite some bumps in the road, always expected on two bills as large and comprehensive as these, we remain

Despite closing the week below the all-important 200-Daily Moving Average (DMA) at $1821, gold price recorded weekly gains, courtesy of the dovish Fed decision and escalating coronavirus concerns globally. The findings of the latest Reuters poll of 38 analysts also back the case for a modesty rally in gold price this year, with the precious

The purchasing managers’ index (PMI) for China’s manufacturing sector dropped to 50.4 in July from 50.9 in June, the latest data published by the National Bureau of Statistics (NBS) showed Saturday. The actual data missed the consensus estimate of 50.8.  Meanwhile, the Non-Manufacturing PMI eased slightly to 53.3 in July from 53.5 in June. A reading above

GBP/USD drops further to 1.3890, but secures weekly gains Dollar gains momentum late on Friday and trims weekly losses. Cable heads for biggest weekly gain since May. Next week’s key events: NFP and Bank of England meeting. The GBP/USD failed to hold to gains on Friday and tumbled to 1.3890, reaching the lowest levels since

Today, I am following up on the article I posted in May 2021, which was looking for Microstar to bottom imminently for the next leg higher.  You can view this article here The stock has bottomed as expected, and has started to rally and show signs that the next leg higher is underway.  Here’s the

USD/CHF pauses the previous two day’s decline on Friday. Bulls take support near the lower trend line of the descending channel. Momentum oscillator tilts in favor of the bearish momentum. USD/CHF edges higher on Friday in the European trading hour. The pair hovers in a very close trading range with positive bias. At the time

Market squaring net shorts in cable leading to prospects of higher highs to come.  The market focus will now be leaning towards next week’s BoE meeting.  At the time of writing, GBP/USD is leaning on support from the bullish 10 EMA and prior resistance structure near 1.3960. The price has rallied to 1.3981 on the

Traders trimmed their open interest positions for the second session in a row on Wednesday, this time by around 5.3K contracts considering preliminary figures from CME Group. Volume, instead, reversed two consecutive daily pullbacks and went up by around 175.1K contracts. Gold now flirts with the 200-day SMA Gold prices extended the rebound past the

Oil prices are bid ahead of the Fed on-demand expectations.  The focus is back on tight supplies rather than rising coronavirus infections. West Texas Intermediate (WTI) crude is higher on the day following data showed US crude inventories fell more sharply than analysts had forecast. At the time of writing, WTI is trading at $72.48 and up over 0.8%

GBP/CAD is on the verge of a significant correction.  GBP net short positions are indicating that there could be more short covering on the way soon.  GBP/CAD is a complicated mix of net shorts and technical pointing to a downside continuation in the pending correction towards the daily structure.  The following illustrates the outcome look

GBP/USD technical analysis: Waits for a channel breakout [Video] GBPUSD extended its recovery from a 5 ½-month low of 1.3570 marginally above the 1.3800 level and the 20-day simple moving average (SMA) on Monday but another obstacle has emerged. The price is currently battling the surface of a descending channel and the 38.2% Fibonacci retracement of

US equities notch all-time high closing as market sentiment improved ahead of crucial earnings, FOMC. Tesla’s after-market numbers were positive, Hasbro led S&P 500 gainers. Easy US housing numbers, covid conditions in the West also favored bulls. Alphabet, Apple and Microsoft are up for releasing the latest earnings on Tuesday. US equity bulls are on

GBP/JPY edged higher for the fifth consecutive session on Monday. A broad-based USD weakness extended some support to the sterling. COVID-19 jitters benefitted the safe-haven JPY and might cap gains. The GBP/JPY cross reversed an early European session dip to the 151.40 region and shot to over one-week tops, around the 153.15-20 region in the

AUD/USD downside expectations as the markets buy into the US dollar. The FOMC and domestic CPI data will be the focus for the week ahead.  AUD/USD is starting the week off flat in a quiet beginning to what is expected to bring plenty of actin considering what is at stake in the Federal Open Market Committee.

GBP/USD pares intraday losses, down little around mid-1.3700s GBP/USD attracted some dip-buying on Friday amid a subdued USD price action. The risk-on impulse in the markets acted as a headwind for the safe-haven USD. Rallying US bond yields underpinned the USD and capped the upside for the pair. The GBP/USD pair remained on the defensive

In a statement published on Friday, US Treasury Secretary Janet Yellen urged Congress to act as soon as possible on debt limit, as reported by Reuters. Additional takeaways “US will meet statutory limit on debt on August 1.” “Treasury will suspend the sale of state and local government securities at noon on July 30.” “Treasury will need