US 10-year Treasury yields consolidate weekly losses around lowest levels since late September. S&P 500 Futures remain pressured for the second consecutive day. China, inflation and US stimulus headlines weigh on sentiment ahead of US inflation. Market’s mood remains downbeat during early Wednesday, even as the US Treasuries step back amid stimulus hopes. The reason
FX
Rivian will trade under the ticker symbol RIVN. Rivian is set to IPO tomorrow, Wednesday, November 10. RIVN is sure to see strong interest from retail and institutional traders. Update: The price of the Rivian IPO issue is to be announced today but no timeline as of yet. Trading will begin tomorrow on the Nasdaq exchange
Update: Gold price is consolidating near two-month highs of $1827, finding demand from broad-based US dollar weakness and renewed downside in the Treasury yields across the curve. The market mood remains cautious amid Chinese property sector concerns and growing inflation risks, boding well for the traditional safe-haven gold. Markets now await the US Producer Price
Gold has capitalized on falling US T-bond yields and looks to extend its rally north of the multi-month downtrend, strategists at TD Securities report. Gold is itching for a breakout “Gold prices are set to challenge the multi-month downtrend from all-time highs. Counter-intuitively, this comes after a strong Nonfarm Payrolls report.” “The central bank has
GBP/USD testing offers near 1.3500 as Brexit concerns intensify GBP/USD appears to pause its recovery from two-month lows of 1.3424 in early Asian dealings on Monday, as Brexit concerns are seen returning, spoiling the party for the GBP trading. The 1.3500 remains a tough nut to crack for the GBP bulls, as the Irish Foreign
The S&P 500 closed at record highs for a seventh session in a row, climbing above 4700 intra-day. The index, and stocks more broadly, were boosted on Friday by positive US jobs and Pfizer pill news. It was a strong end to a strong week for the S&P 500 and other major US equity indices.
AUD/JPY: The break below 84.60 confirmed the double-top chart pattern, with 83.00 as the target. AUD/JPY: The near-term trend is downward, but caution is warranted as the longer-term trend is up. The AUD/JPY slides to fresh weekly lows during the New York session, down 0.33%, trading at 83.90 at the time of writing. The market
GBP/JPY printed a daily low at 152.81, but late in the New York session bounced off, reclaiming 153.00. GBP/JPY: In the near term, the trend is tilted to the downside but found strong support around 153.00. The British pound recovered some ground on Friday, as the New York session finished, trading at 153.12, down 0.29%
October’s NFP report showed a net gain in jobs of 531K above the 425K of market consensus. Analysts at Wells Fargo point out that those numbers in employment hinted that many of the recent headwinds to hiring, such as the Delta variant, parts shortages and the availability of labor itself, are beginning to ease. They
Gold price cheers the markets’ re-pricing of the global tightening expectations, looking to recapture the $1800 mark. Gold price rallied hard, despite the resurgent US dollar demand on Thursday, as the dovish BOE rate decision added to the Fed’s push back of the lift-off bets. Gold traders now eagerly await the US Nonfarm payrolls data
Spot silver has rebounded well from Wednesday’s sharp drop to $23.00, though hasn’t yet reclaimed $24.00. Precious metals are getting a boost from a sharp drop in global bond yields after Thursday’s dovish BoE policy announcement. Spot silver (XAG/USD) prices have gained significant ground in recent trade and, having dipped as low as $23.00/oz on
NZD/USD fades the bounce from two-week lows, as USD bulls return. Post-Fed risk-on mood, recovery in the US yields drive the USD uptick. Focus shifts to the US NFP release for a decisive move in the kiwi. NZD/USD is back in the red zone, heading towards the 0.7150 level in Thursday’s Asian trading. The resurgent demand
GBP/USD is the joint best performing G10 currency on Wednesday alongside NZD. However, FX markets are mostly in wait-and-see mode ahead of the Fed meeting. GBP/USD is at present trading back to the north of the 1.3650 level, having bounced from Asia Pacific session lows close to 1.3600. With the pair higher by about 0.3%
AUD/USD stays range-bound following the biggest daily slump in five months. Rising wedge confirmation, steady declines below 0.7460 support convergence keep sellers hopeful. Short-term horizontal support area, 200-SMA put a floor under the prices amid oversold RSI. AUD/USD consolidates the RBA-led big slump within an 18-pip trading range, picking up bids near 0.7438 heading into
The 200DMA just above $1790 has been acting like a magnet for spot gold prices on a quiet trading day. The main focus for gold traders is Wednesday’s Fed meeting, which carries hawkish risks. Spot gold (XAU/USD) prices trade marginally lower on Tuesday, having gradually ebbed in recent hours from Asia Pacific session highs in
AUD/JPY slumps around 60 pips as RBA rejects YCC moves. A fortnight-old ascending triangle in focus, 86.10 holds the gate for buyers. Descending RSI, break of immediate support favor sellers. AUD/JPY portrays a 60-pip fall to mid-85.00s on the Reserve Bank of Australia’s (RBA) moves during early Tuesday. Read: RBA: Will not hike OCR until actual
October ISM Manufacturing PMI came in slightly better than the market expectation. US Dollar Index holds above 94.00 after the data. The economic activity in the US manufacturing sector expanded at a pace in October with the ISM’s Manufacturing PMI arriving at 60.8. This reading came in lower than September’s print of 61.1 but surpassed the
Gold bulls are coming up for the last dance ahead of the all-important US Federal Reserve (Fed) policy decision, with odds of hints of an earlier-than-expected rate hike higher after Friday’s PCE inflation came in hotter. The US dollar remains broadly higher in tandem with the Treasury yields starting out a fresh month. The US