Investors added just 139 contracts to their open interest positions in Gold futures markets on Monday, according to flash data from CME Group. On the other hand, volume extended the choppy activity and shrunk by around 34.3K contracts. Gold stays capped by $1,800 Monday’s small uptick in Gold prices was amidst a marginal increase in
FX
XAG/USD trades in a relatively tight range on Monday. Near-term technical outlook remains neutral with a slight bullish bias. Next key resistance for silver aligns at $26.60. The XAG/USD pair climbed to its highest level since early March at $26.64 on Thursday and staged a deep technical correction on Friday. At the start of the
USD/CAD takes offers around the lowest since March 18. Confirmation of bearish chart pattern, sustained trading below 200-HMA back sellers. Bulls need a decisive break above 1.2540 for fresh entry. USD/CAD drops to the fresh low in five weeks while flashing 1.2450 figures on the chart, down 0.19% intraday, while heading into Monday’s European session.
What you need to know on Monday, April 26: The dollar fell on Friday amid prevalent risk appetite. Wall Street rallied following upbeat Markit flash PMIs for the EU and the US, with most indexes reaching record levels, boosting hopes for a soon-to-come economic recovery after the pandemic slump. The EUR/USD pair settled near 1.2100,
“The advanced economy flash PMIs for April painted a positive picture, albeit with recoveries in the US and UK seemingly far outpacing those in the euro-zone and Japan as restrictions were relaxed in the former two economies,” noted Gabriella Dickens, Global Economist at Capital Economics. Key quotes “Flash PMI estimates suggest that the DM composite PMI
Equity markets set yet more record highs, big earnings week ahead. Refinitiv data shows 85.4% of reported earnings so far have beaten estimates. Will bears ever come out of hibernation and sell something, anything? Another week, another record as the S&P 500 sets yet another new high. It seems at the end of every week
The Russian ruble is among the strongest currencies on Friday, boosted by the decision of the Central Bank of Russia (CBR) to raise the key rate by 50bps, above expectations. Analysts at Capital Economics think that a further 50bp of interest rate increases will be sufficient to lower inflation, but the risks are skewed towards
Gold (XAU/USD) is attempting a tepid bounce after falling 1% on Thursday amid a sharp recovery staged by the US dollar. Risk-aversion gripped the markets on Bloomberg report that the Biden administration is proposing higher taxes on the wealthy to pay for its social plan. Flight to safety lifted the safe-haven greenback at the expense
The March existing home sales report confirms what anecdotal data have suggested for some time that the housing market heated up well ahead of the rest of the economy, noted analysts at Wells Fargo. They highlight that prices have surged to record levels. Key Quotes: “Existing home sales fell 3.7% in March to a 6.01-million
The relentless rise in coronavirus infections in India is likely to derail the economic recovery and prompt the Reserve Bank of India (RBI) to delay the exit from easy monetary policy, India economists at HSBC noted. Key quotes “The gradual exit from the loose monetary policy may be delayed, but can’t be ignored. We continue
Bank of Canada (BoC) Governor Tiff Macklem is delivering his remarks following the bank’s decision to leave the policy rate unchanged while lowering the weekly net purchases of Canadian government bonds to a target of C$3 billion from C$4 billion. Key quotes “Larger than forecast government stimulus package doesn’t affect bank’s overall forecasts.” “Some government
Johnson & Johnson announced Tuesday that it will resume the distribution of its COVID-19 vaccine in Europe after the European Union’s (EU) medical regulator approved of the same but with a safety warning, per Reuters. The European Medicines Agency (EMA) recommended adding a warning about rare blood clots with low blood platelet count to the vaccine’s product
GBP/JPY accelerates to the downside during the last hours, amid risk aversion. Price is testing the 150.50/60 area that continues to be a relevant technical level. The GBP/JPY turned to the downside after hitting at 151.99, the highest level since April 7. It is trading at 150.60 after the sharp reversal, suggesting the upside is
AUD/USD clinches fresh seven-week highs, briefly regains 0.7800. The aussie’s daily chart shows scope for additional upside. RSI points north, as the bulls eye the horizontal trendline resistance. AUD/USD is battling 0.7800, sitting at the highest levels in seven weeks, as the sentiment remains underpinned by broad-based US dollar weakness. The covid vaccine rollouts driven
XAU/USD lost its traction after advancing to multi-month highs. Near-term support seems to have formed a little below $1,770. Gold continues to react to fluctuations in US Treasury bond yields. The XAU/USD pair managed to build on last week’s gains and touched its highest level since late February at $1,790 on Monday. However, the pair
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What you need to know on Monday, April 19: The American currency extended its decline against most major rivals as the week came to an end, as risk appetite led. US indexes kept rallying, with the DJIA and the S&P 500 reaching record highs, as solid US macroeconomic figures hint at a substantial economic comeback
AUD/USD is edging lower in the American session. On a weekly basis, AUD/USD is up more than 100 pips. US Dollar Index struggles to stage a meaningful rebound. The AUD/USD pair rose to 0.7760 earlier in the day but lost its traction during the American trading hours. As of writing, the pair was down 0.2%