US Democratic Senator Joe Manchin said in a Washington Post (WaPo) interview early Thursday, he is opposed to adopting reconciliation procedure to pass legislation without Republican support. Key quotes “I simply do not believe budget reconciliation should replace regular order in the Senate.” “Senate Democrats must avoid the temptation to abandon our Republican colleagues on
FX
Is gold gearing up for a major breakout? [Video] Gold prices have made a strong recovery from March lows, boosted by President Joe Biden’s massive $2.3 trillion infrastructure stimulus plan. Similar to the $1.9 trillion stimulus plan signed only a few weeks ago – Biden’s new package will involve pumping hundreds of billions of dollars
Silver’s daily closing above 200-DMA on Tuesday keeps the buyers hopeful. Although the 21-DMA offers immediate resistance to XAG/USD. RSI stays bearish, suggesting limited upside attempts. Silver (XAG/USD) is struggling to extend Tuesday’s rebound above the critical 200-daily moving average (DMA), now at $25.00. Despite the spot gave a daily closing above that level, the bulls
Senior Economist at UOB Group Julia Goh and Economist Loke Siew Ting evaluate the recent BNM growth projections. Key Quotes “Bank Negara Malaysia (BNM) projects the economy to rebound by 6.0% – 7.5% in 2021 (2020: -5.6%). Despite a slight downward adjustment from previous official forecasts of 6.5% – 7.5%, this remains an optimistic outlook
Gold looks for acceptance above 200-SMA at $1736 on the 4H chart. The RSI stay well above the midline, allowing more gains. US dollar weakness to aid the recovery momentum in XAU/USD. Gold (XAU/USD) is bracing for another leg to the upside, as the bulls look to extend the recovery from three-week troughs of $1677. The
US ISM Non-Manufacturing PMI Overview The Institute of Supply Management (ISM) will release the Non-Manufacturing Purchasing Managers’ Index (PMI) – also known as the ISM Services PMI at 14:00 GMT this Wednesday. The gauge is expected to edge higher to 58.5 in March from 55.3 previous. The employment sub-component is also expected to have risen
Gold’s double-bottom reversal on the 1D chart to meet strong offers at $1736. The RSI stays below the midline, pointing to the limited upside. Risk-on mood persists amid Easter Monday trading, eyes on US ISM Services. Gold (XAU/USD) is struggling to extend its last week’s recovery on Easter Monday, as outstanding US NFP data-induced risk-on
EUR/USD regains downside traction near 1.1750. US Nonfarm Payrolls surprised to the upside in March. The US unemployment rate eased to 6.0% last month. The single currency trades on the defensive and motivates EUR/USD to shed some ground and revisit the mid-1.1700s on Good Friday. EUR/USD fails to re-test 1.1800 EUR/USD so far reverses two
USD/CAD continues to move up and down in a narrow band. Nonfarm Payrolls in US rose by 916,000 in March. US Dollar Index posts small daily gains on rising T-bond yields. The USD/CAD pair is trading in the positive territory in the early American session as rising US Treasury bond yields support the greenback. As
GBP/USD is posting modest daily losses on Friday. US Dollar Index holds above 93.00 after strong NFP data. 10-year US Treasury bond yield rebound following Thursday’s drop. The GBP/USD pair came under modest bearish pressure in the second half of the day and dropped to a session low of 1.3814. As of writing, the pair
“In the first two months of our administration, we have seen more jobs created than any in history,” US President Joe Biden said on Friday, as reported by Reuters. Additional takeaways “There is still a long way to go.” “New economic strategy deserves the credit for growth.” “By April 7, more than 130 million households
DXY extends the corrective downside to 92.85/80 band. Immediate contention is located at the 200-day SMA at 92.45. The dollar extends the rejection from recent yearly highs near 93.50 and re-visits the 92.80 zone on Friday. If the selling impulse gains further traction, then DXY could re-visit the key 200-day SMA in the mid-92.00s. A
Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases (NIAID), told Reuters on Thursday that the United States may not need AstraZeneca’s COVID-19 vaccine, even if it wins U.S. regulatory approval. “The vaccine, once hailed as another milestone in the fight against the COVID-19 pandemic, has been dogged by questions since
Discovery is one of the companies caught up in the Archegos fund liquidation. DISCB shares rocket on Wednesday, Why? DISCA shares are the “normal ones”, hardly move. Discovery was one of the shares caught up in the recent Archegos liquidation rumours as Discovery (DISCA) shares dumped from near $78 to close last Friday at $41.90.
GBP/USD seesaws in a choppy range after easing from 1.3812. Bullish MACD, upbeat RSI and sustained trading beyond immediate horizontal support favor bulls. 100-SMA adds to the upside filters, March low offers extra challenge for bears. Having snapped a two-day losing streak the previous day, GBP/USD cools down to 1.3785, staying inside a 10-pip range,
USD/JPY gained traction for the fifth consecutive session on Wednesday. A modest USD pullback, the prevalent cautious mood capped the upside. The US macro data, Biden’s speech eyed for some trading opportunities. The USD/JPY pair held on to its modest intraday gains through the mid-European session and was last seen trading around the 110.65 region,
EUR/USD bears catch a breather around low marked on November 05, 2020. Bearish MACD, sustained trading below 200-day SMA favor sellers. Multiple bottoms since late-July add to the downside filters. Five-week-old falling trend line also becomes important resistance. EUR/USD picks up bids to 1.1722 while consolidating the recent losses during Wednesday’s Asian session. Even so,
GameStop has announced on Tuesday that Amazon executive Elliot Wilke is to join GameStop as its Chief Growth Officer on April 5. Mr. Wilke spent several years at Amazon and was last Head of its Amazon Fresh retail stores business. GameStop has been revitalizing its board of late as Ryan Cohen has been tasked with