FX

According to Global Times Editor in Chief Hu Xijin, China threatened retaliation if all Chinese journalists based in the US are forced to leave the country, including targeting US journalists in Hong Kong. Hu said: “Given that the US side hasn’t renewed visa of Chinese journalists, Chinese side has prepared for the worst scenario that

The economic activity in the US’ manufacturing sector expanded at a stronger pace in July than it did in June with the ISM’s Manufacturing Purchasing Managers’ Index (PMI) improving from 52.6 to 54.2. This reading came in better than the market expectation of 53.6. Further details of the publication revealed that the New Orders Index rose

Gold Price Analysis: Pulls back from record high, 1H chart shows failed breakout An ounce of gold is changing hands near $1,973 at press time. Prices reached a fresh record high of $1,988 during the early Asian session, surpassing the previous lifetime high of $1,984 reached on Friday. Notably, with the rise to fresh record

Gold rips from the impact of COVID-19 as investors seek to hedge against the struggling global financial markets. Gold is technically in the hands of the bulls with gains above 2,000 still in the sight glass despite the recent retreat. After gold hit levels above the former resistance at 1,800, the bullish case to 2,000

Has the Baker Hughes rig count found its bottom? The Baker Hughes weekly rig count data stalled again at 251. In the data shown below, you can see since 15th May the number of rigs online has been diminishing. The rate of change is now much slower and this is the first time the number

Gold holds above the range support at 1,975 cementing Monday’s bullish case towards 1,980. Short term analysis hints to a bullish scenario upon opening the session on Monday. Gold consistently corrected higher in July to the extent of closing on the all-time highs. However, the rally has also had its fair share of losses and

After a volatile week, the S&P 500 closes 1.73% higher and 0.77% in the black on Friday. There is a key support/resistance level at 3,159.50 that the price closed above. S&P 500 line chart It has been an interesting week for equities as some traders and investors remain unhappy that the US administration cannot agree on

Sustained selling around the USD assisted gold to catch some fresh bids on the last day of the week. A positive opening in the US equity markets prompted some profit-taking amid overbought conditions. Gold reversed a major part of its early positive move to all-time highs and has now retreated to the lower end of

AUD/JPY sellers attack 75.00 after taking a U-turn from a three-day-old falling trend line. China’s July month official PMIs flashed better than forecast data, Aussie PPI weakened for Q2. A confluence of 200-HMA, 38.2% Fibonacci retracement adds to the upside barriers. AUD/JPY drops to 75.19, down 0.20% on a day, during the early Friday. The

Some banks in the European Union may face losses on leveraged loans in the pandemic-hit economy, the EU’s banking watchdog, the European Banking Authority (EBA), said on Thursday. “Banks may end up unable to offload leveraged loans,” the EBA warned, as reported by Reuters. “Boards of banks should fully assess exposures to leveraged loans.” Market

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GBP/JPY gained some positive traction for the third consecutive session on Wednesday. The momentum pushed the cross further beyond a three-day-old ascending channel. The lack of follow-through, overbought RSI on the 1-hourly chart warrant some caution. The GBP/JPY cross edged higher for the third consecutive day and jumped to near one-week tops, around the 136.45

GBPUSD eases from 1.252, the highest since early-March, towards 1.2900. Overbought RSI conditions, resistance line of a bullish chart pattern favor the Cable’s further weakness. 200-bar SMA adds to the support, 1.3000 becomes the key for the further upside. GBP/USD recedes to 1.2925 during Wednesday’s Asian session. The pair refreshed the highest since March 13

USD/JPY drifts into the negative territory for the fourth consecutive session on Tuesday. A pullback in the US bond yields, dovish Fed expectations capped the attempted USD bounce. Investors now eye second-tier US economic data for some short-term trading opportunities. The USD/JPY pair dropped to its lowest level since March 13, with bears now awaiting

GBP/USD eases from 4.5-month high flashed the previous day. Overbought RSI conditions, nearby resistance line favor sellers. A confluence of 200-day SMA, 61.8% Fibonacci retracement is the key support. GBP/USD recedes to 1.2880 during the initial hour of Tokyo open on Tuesday. The Cable refreshed the highest levels since March 11 on Monday. Though, overbought

USD/JPY remained under some heavy selling pressure for the third straight day on Monday. Concerns about rising COVID-19 cases, sliding US bond yields continued undermining the USD. Mixed US Durable Goods Orders data did little to ease the heavily offered tone around the USD. The USD/JPY pair maintained its heavily offered tone through the mid-European

 Australia Victoria state expected to report 532 new cases of coronavirus, according to the Herald Sun. Australia Victoria to take longer than current lockdown period to slow virus, Reuters reported. Key notes May take longer than six weeks to flatten curve as virus now ‘embedded’ within community. Deputy chief medical officer Coatsworth warns. AUD/USD update AUD/USD

Here is what you need to know on Monday, July 27: Dollar’s sell-off extended into the weekly close, as risk-aversion was unable to trigger flows to the American currency. Tensions between the US and China, and the coronavirus developments in the world’s largest economy, were the main reason behind the greenback’s weakness. According to weekend