EUR/JPY bears are lining up to take on the daily support structure. The bears are rejecting the daily correction at a significant layer of resistance and confluence between structure and Fibos. EUR/JPY’s downside case is compelling as traders step away from the euro which is plagued by the coronavirus fears. The yen is a safe
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USD/TRY adds to recent gains above the 8.0000 mark. CBRT Chief Kavcioglu said a rate cut is not guaranteed. The lira is expected to remain under heavy pressure. The sell-off around the Turkish currency remains well and sound, with USD/TRY advancing to fresh 5-day peaks in the proximity of 8.2000 on Monday. USD/TRY focused on
EUR/USD fades Friday’s recovery moves as sentiment worsens. Germany needs lockdown, French doctors warn of increase in COVID-19 patients in the ICU. USTR hints no tariff relief for China, ECB’s Lane advises extended monetary policy easing. Holiday-shortened week lacks data on Monday, risk news remains as the key. EUR/USD struggles around the intraday low of
Spot gold continues to stick within a few dollars of its 21-day moving average within a tight mid-$1720s-mid-$1740s range. The precious metal has been caught this week between the conflicting forces of a strong USD but lower real yields. Spot gold prices (XAU/USD) continue to stick within a few dollars of its 21-day moving average,
US equity markets saw an aggressive rally into the Friday close, with the S&P 500 now back close to ATHs. US data was largely ignored, with investors reverting to default bullishness on the prospects for the US economic recovery. US equity markets were seemingly panic bought into Friday’s close, with the S&P 500 rallying nearly
Inflation concerns fade as Fed officials stay with the dovish theme. Oil takes flight as the Suez remains blocked. Stocks close out the week in the green but big tech struggles. Equities close nicely on Friday to cap a solid week of gains for the broader indices. The S&P 500 finished the week ahead by
UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting evaluate the latest monetary policy meeting by the Bangko Sentral ng Pilipinas (BSP). Key Quotes “As expected, Bangko Sentral ng Pilipinas (BSP) kept its overnight reverse repurchase (RRP) rate unchanged for the second straight meeting at 2.00% today (25 Mar). Accordingly, both the overnight
AUD/JPY keeps the early week’s corrective pullback from key support line. Confluence of 200-SMA, one-week-old resistance line guards immediate upside. Mid-February low add to the downside filters, three-week-old horizontal area offers extra resistance. AUD/JPY picks up bids to 82.80 during the initial Asian session trading on Friday. In doing so, the quote keeps the bounce
A combination of diverging forces failed to provide any meaningful impetus to gold. The range-bound price action constitutes the formation of a bearish rectangle pattern. Neutral oscillators warrant caution before positioning for any firm near-term direction. Gold lacked any intraday directional bias and seesawed between tepid gains/minor losses through the first half of the European
Gold consolidates recent losses inside a short-term trading range above $1,725. US dollar strength fails to stop gold buyers as downbeat bond yields drive safe-haven demand to the yellow metal. China’s struggle with the West joins fears of slower economic recovery and tapering to weigh on the mood. US GDP, central bankers’ comments will decorate
AUD/USD staged a goodish bounce amid a modest USD pullback from multi-month tops. Recovering US equity futures prompted some profit-taking around the safe-haven USD. The attempted recovery runs the risk of fizzling out rather quickly and remain limited. The AUD/USD pair has recovered around 35-40 pips from daily swing lows and was last seen trading
In his latest press appearance, US President Joe Biden tried to restore investor confidence by conveying the government’s ability to send 100 million stimulus checks to the American nationals, as a part of the covid relief, by the end of Wednesday (per US time). The Democratic Party member also said, “The US will have 600m
NYSE:PLTR gained 1.42% to close the trading week on a positive note. Palantir CEO Alex Karp stirs up Wall Street with some controversial takes. Palantir continues to trade under the guise of a meme stock, but it may be a sleeping giant. Update March 23: Palantir Technologies (NYSE: PLTR) have closed Monday’s session with a
AUD/USD fades recent modest gains amid a lack of strong catalyst to the north. Easing of US Treasury yields favored equities amid Fed policymakers’ attempt to reject reflation fears. Virus, vaccine jitters continue ahead of the key Testimony from Fed Chair Powell and Treasury Secretary Yellen. AUD/USD struggles to extend the latest recovery moves around
EUR/JPY holds a bearish “reversal day” and now also a near-term top and analysts at Credit Suisse look for further weakness to the medium-term uptrend at 128.37/30. Key quotes “With a bearish RSI momentum divergence, we look for this to open the door to a corrective phase lower. We see support at 128.78/74 initially, then
Gaps on the USD/TRY are expected in today’s open following the news that President Tayyip Erdogan abruptly sacked Turkey’s central bank chief on Saturday. A sharp interest rate hike to head off inflation was unwelcomed and Tayyip has thus replaced the former chief with a former ruling party lawmaker and critic of tight monetary policy. It was
President Erdogan fires Naci Agbal, CBRT Governor. CBRT rose rates by 200 basis points on Thursday to 19%. New governor, a critic of high rates, likely to push for a dovish turn in monetary policy. Turkey’s President Recep Tayyip Erdogan abruptly fired the governor of the Central Bank of the Republic of Turkey (CBRT), Naci
Turkish lira looks set to depreciate after Erdogan fires the central bank chief. USD/TRY rose sharply last week after CBRT rate hikes that will probably be reversed now. The USD/TRY finished last week at 7.19, and now it looks likely to open with a sharp upside gap following Tukey’s President Erdogan decision to fire the