New lows of the day Stocks are in charge at the moment and the fresh weakness has sent commodity currencies to fresh lows and cable continues to take an absolute beating, down almost 200 pips. Yesterday’s stock market price action was all about filling in the opening gap from Tuesday. Today’s is all about falling
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The United States’ federal budget deficit rose above $3 trillion for the first eleven months of fiscal 2020 amid the massive increase in government spending to counter the negative impact of the coronavirus outbreak, the data published by the US Treasury Department showed on Friday. During the same period of 2019, the deficit was $1.067 trillion.
What’s the election trade? Bank of America Global Research maintains a bullish bias on the USD, expecting a broad rally to unfold into the November elections. “We expect a USD rally to unfold into the November election and have recommended long exposure against the more cyclical, higher beta parts of the G10 FX spectrum vulnerable to
By Grant SmithIt was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets. Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best efforts to keep
As suggested in the CFTC Commitments of Traders report in the week ended September 8, NET SHORT for USD Index futures dropped – 988 to 5 758 contracts. Speculative long positions slipped -895 contracts and short positions fell -1 883 contracts. Concerning European currencies, NET LENGTH in EUR futures added +67 contracts, to 196 814.
Weekly jobless claims were worse than expected last week amid a plodding climb for the U.S. labor market from the damage inflicted by the coronavirus pandemic. The Labor Department on Thursday reported 884,000 first-time filings for unemployment insurance, compared with 850,000 expected by economists surveyed by Dow Jones. The total was unchanged from the previous
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EUR/USD buyers look to seize back near-term control The dollar is easing to fresh lows to start European morning trade, with EUR/USD rising towards 1.1850 now and challenging a potential break back above its 200-hour moving average @ 1.1841 (blue line):For bank trade ideas, check out eFX Plus This comes as European equities are also
WTI has pushed 0.87% from the lows on Friday. The Baker Hughes rig count once again stalls. WTI 1-hour chart WTI has been in freefall for most of the week dropping 5.28% this week following on from last weeks loss of 8.16% drop. There has been a small recovery and now it seems there is
You’ll recall last week that clinical trials of the COVID-19 vaccine candidate from Oxford / AstraZeneca were paused: News now that AstraZeneca said it received notification from the UK’s Medicines Health Regulatory Authority that it was safe to resume clinical trials. While trials can now resume in the UK, elsewhere remains unclear; says AstraZeneca in a
NEW DELHI: Chana prices have fallen by 2.3 per cent in the past 10 days after rising 23 per cent since July as the government auctioned over 3 lakh tonnes of the pulse from its stock in the open market, but analysts were divided about the outlook in the futures market.. The September contract for
Sterling’s selloff was the most decisive move last week. UK-EU negotiations seemed heading to a dead-end as UK published the so-called internal market bill, which violates part of the Brexit Withdrawal Agreement. WTO style of trade relationship after Brexit looks more likely than ever. Technical developments in Sterling pairs suggest that weakness would persist for
A person wears a protective face mask while carrying grocery bags outside Trader Joe’s on August 11, 2020 in New York City. Noam Galai | Getty Images Goldman Sachs economists said they see third quarter GDP growth tracking at 35%, driven in large part by the surprising strength of consumer spending. Goldman said its tracking
Blockchain company AnChain.AI and decentralized finance and technology provider Bluehelix plan to launch solutions addressing compliance within blockchain networks. According to reports, the two companies will roll out its Blockchain Ecosystem Intelligence, or BEI, risk engine solution. BEI is based on an API and will offer comprehensive real-time, preventive blockchain intelligence. AnChain.AI said BEI looks
Cable is lingering at session lows just below 1.2800 currently GBP/USD is down to a session low of 1.2785 as the pound is struggling to for respite amid the ongoing Brexit uncertainty seen throughout the week. The pair is sitting lower despite the fact that the dollar is seen weaker for the most part against
Gold is in the middle of a downtrend as far as the RSI is concerned. XAU/USD has the potential breakout to highs above 2,000. The world’s precious metal has been trading a lower high and a lower low pattern for the past two days. A descending trendline continues to limit the upside. This week’s barrier