Easing Ukraine-Russia tensions weighed on XAUUSD demand. Gold Price corrected extreme overbought conditions, but bulls defend the downside. European indexes trade in the green, supporting Wall Street’s futures. Gold Price is slowly recovering its shine, battling to recover the $2,000 level. The bright metal plummeted to $1,975.67 a troy ounce ahead of the US opening,
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The UAE is set to encourage fellow OPEC nations to increase oil production levels given that the Russian invasion of Ukraine has pushed crude oil prices to their highest level in more than ten years, a senior official said on Wednesday, according to the Financial Times. In a statement to the UK financial journal, Yousef al-Otaiba, the
Having failed to cross the short-term key hurdle around $2,000, gold (XAU/USD) prints mild losses near $1,990 heading into Tuesday’s Asian session. That said, the bright metal rose to the highest levels since last seen during late 2020 the previous day before retreating from $2,002. While the supply-crunch fears remain on the table, keeping the
Loonie unable to hold to gains versus the US dollar. DXY strengthens amid risk aversion, higher US yields. Correction in commodity prices weighs on CAD, AUD and NZD. The USD/CAD turned to the upside during the American session and printed a fresh daily high at 1.2772. Earlier it bottomed at 1.2683. The pair rose almost
NZD/USD is looking to capture 0.7000 despite the headwinds of the risk-aversion theme. The DXY has faced long liquidations above 99.00. The rising bets over a 50 bps rate hike by the Fed has failed to strengthen the greenback against the kiwi. The NZD/USD pair looks to climb near 0.7000 as the antipodeans are outperforming
GBP/USD has been consolidating in a 1.3200-1.3240ish range since US trade began, on course for a daily drop of 0.8%. Risk-off related to the Ukraine crisis and commodity price surge coupled with strong US jobs data weighed on the pair. GBP/USD has been going sideways since the start of US trade, for the most part
The NZD/USD pair records a new YTD high and is gaining in the week some 1.75%. US Nonfarm Payrolls report for February crushed expectations as unemployment ticks lower. NZD/USD Technical Outlook: Neutral-upwards as NZD bulls take a breather and prepare an assault to the 200-DMA. The New Zealand dollar records the second-biggest gain of the
The USD/JPY is set to finish the week with losses, so far down 0.59%. A dismal market mood weighed on US Treasury yields and the USD/JPY. USD/JPY Technical Outlook: A triple-bottom formation targets 117.48. On Friday, the USD/JPY retreats from the double-bottom “neckline” at around 115.80 to weekly lows, negating the chart pattern late in
The USD/CHF eyes to finish the week with losses, down 1.03%. Global equity indices record losses on a busy week impacted by economic data and geopolitical news. USD/CHF Technical Outlook: Neutral biased, confirmed by the DMAs with an almost horizontal slope confined to a 15-pip range. The USD/CHF climbs for the third day in the
USD/CAD reversed sharply higher on Friday to test 1.2800 following strong US jobs data and amid a broadly risk-off tone. Currently, USD/CAD is up about 0.7% on the day and 1.5% versus multi-week lows printed on Thursday under 1.2600. USD/CAD reversed sharply higher on Friday after the release of what traders described as a bumper
Short Term Elliott Wave View in IBEX suggests the decline from November 1, 2021 peak is unfolding as a 5 waves diagonal. Down from November 1, 2021 peak, wave (1) ended at 8082.4 and rally in wave (2) ended at 8912.20. The Index resumes lower in wave (3) which ended at 8048. The 1 hour chart
BABA shares drop another 3.5% on Thursday intraday. The Russian invasion has hurt most tech stocks. Alibaba reported Q4 adjusted EPS of $2.67 on revenue of $38.3 billion. Alibaba stock (BABA) has dropped another 3.5% midday to $101.73 in New York. This is one stock that just cannot get a bid. The harsh sell-off that began with government
Gold price hovers around $1,930 as investors await Russia-Ukraine truce talks. Powell’s testimony backs a 25 bps rate hike in March’s monetary policy meeting. A downfall in the Russian economy and Ukraine’s backfire may force Russia to choose a ceasefire. Update: Gold price is moving back and forth in a tight range around $1,930, as
AUD/USD holds upside bias, although capped by 0.7280/85. US data: ADP report comes above expectations. Fed’s Powell: Fed prepared to raise rates in March, economic outlook uncertain. The AUD/USD is rising modestly on Wednesday on the back of a recovery in risk sentiment and amid higher commodity prices. The pair peaked at 0.7281 and then
The US Federal Aviation Administration (FAA) said in a statement, the official notice banning Russian aircraft from US airspace will be posted by the end of Wednesday. The ban applies to scheduled passenger flights, cargo, and charter flights, the FAA said. This comes after US President Joe Biden confirmed in his State of the Union
Canadian Manufacturing PMI rose slightly to 56.6 in February. The loonie didn’t react and is more focused right now on surging crude oil prices. Canadian Manufacturing PMI rose slightly to 56.6 in February, indicating continued robust growth in the manufacturing sector. That marked a slight gain from January’s 56.2 reading and was a little above expectation for 56.4. ”Growth was underpinned by a
Russia-Ukraine conflict continues to dominate financial markets. Oil and gas prices soar again as tensions remain elevated. S&P 500 (SPY) set to open Monday lower as European markets fall. Update: SPDR S&P 500 ETF Trust (SPY) snapped its five-day winning momentum and ended in the red on Monday around $436. The negotiations between Russia and Ukraine ended
The market sentiment is downbeat spurred by developments in the Ukraine – Russia war, increasing appetite for safe-haven peers, with the greenback rising, except for the CHF. Newly imposed sanctions in Russia spurred a rate hike of the Russian Central Bank of 1100 basis points amid ruble’s free-fall. USD/CHF Technical Outlook: Neutral bias, but upside/downside