NYSE: CCIV is set to extend its gains by over 20% on Monday. Speculation about an imminent merger with Lucid Motors is behind the upswing. The “Tesla-killer” electric vehicle company could draw investor attention from other shares. Update: Churchill Capital Corp IV (NYSE: CCIV) settled Monday nearly 10% higher after reaching as high as $25.95. The price,
FX
What you need to know on Tuesday, February 2: The American dollar appreciated sharply against most major rivals, with European currencies being the worst performers. The EUR/USD pair trades near a daily low of 1.2062 heading into the Asian session, despite upwardly revised Markit PMIs, and a worse than anticipated US ISM Manufacturing index. The
The AUD/USD pair fell to a fresh 2020 low of 0.7591 last week, ending it with modest losses below the 0.7700 level. Bears could take their chances in a week where the Reserve Bank of Australia (RBA) is having a monetary policy meeting on Tuesday, Valeria Bednarik, Chief Analyst at FXStreet, briefs. Key quotes “On
What you need to know on Monday, February 1: Investors attention was diverted away from the FX board, amid turmoil in equities. The American dollar benefited from a dismal market mood but traded within familiar levels against its European rivals. Commodity-linked currencies and the JPY were the most affected by risk-aversion. Gamestop shares soared amid
GBP/USD has slipped back from session highs around 1.3750 and is back under 1.3700. Volumes are now dropping off, however, as the weekend approaches. Liquidity is dropping off and news flow slowing down as a very choppy week draws to a close. GBP/USD is ending the session towards the upper end of this week’s range
Major US bourses dropped on Friday as investors fret about the fall-out of the recent retail trader induced frenzy on financial stability. The S&P 500 and Dow both erased their gains for the year. It was an ugly finish to the week on Wall Street with all three major indices dropping and no sector spared
The S&P 500 has dropped back to close to the 3700 mark, down around 4% from earlier weekly highs. Stocks are being sold amid fears about the ongoing coordinated retail trader attack on Hedge Fund short positions. The S&P 500 slipped all the way back to below the 3700 on Friday, down roughly 2.5% at
In opinion of FX Strategists at UOB Group, AUD/USD could grind lower to the 0.7560 region in the next weeks. Key Quotes 24-hour view: “We expected ‘further AUD weakness’ yesterday but we were of the view ‘0.7560 is likely out of reach for now’. We highlighted that ‘0.7595 is already quite a strong level’. While
XAU/USD resting at critical support while the dollar losses some commitments at critical resistance. Can the greenback regain its footing in 2021? Gold is trading at $1,839, a touch lower on the day, travelling between $1,834.18 and $1,864.11 despite the US dollar’s slide in Europe and New York. The Federal Reserve’s decision which knocked risk appetite
CME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the sixth consecutive session on Wednesday, this time by almost 28K contracts. In the same line, volume reversed two daily pullbacks in a row and went up by around 253.2K contracts. WTI remains capped by $54.00 WTI’s price
GBP/USD bulls in the driver’s seat on a longterm analysis. The higher volume nodes are located in the 1.3820/30 area. As per prior analysis at the start of the year, GBP/USD Price Analysis: Bulls seeking a 1.3750 daily extension, the pair has indeed forced its way to the target. Prior analysis, monthly & daily charts Live market Low
Gold (XAU/USD) trades on the defensive around $1850 amid a broadly firmer US dollar and hopes of President Joe Biden’s $1.9 trillion stimulus breakthrough in Congress. Dovish Fed expectations appear to cap the downside in the metal. Investors, however, remain cautious amid encouraging vaccine news from the US and IMF’s upgrade to the 2021 global
USD/CAD has slid back from European morning session highs in the 1.2780s to test the 1.2700 level. CAD has been lagging the likes of NZD, GBP and AUD, likely due to softness in crude oil markets. USD/CAD has slid back from European morning session highs in the 1.2780s to test the 1.2700 level again, as
AUD/USD drops around 15-pips following the news suggesting Beijing’s readiness for a military drill in the South China Sea. Bearish MACD, break of short-term key support favor sellers. Eight-day-old resistance line adds to the upside filters. AUD/USD prints 0.32% intraday losses, currently heavy near the day’s low of 0.7684, ahead of Tuesday’s European session. In
GBP/USD hits fresh session lows, eyes test of 1.3650 as euro slides GBP/USD is being dragged lower by weakness in the euro on Monday. Versus the US dollar, sterling and the euro have a positive correlation, which is unsurprisingly really given that geographical proximity and trade interdependence of the UK and EU (i.e. economic weakness in
FX option expiries for Jan 25 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – EUR/USD: EUR amounts 1.2000 563m 1.2230 895m 1.2250 680m – USD/JPY: USD amounts 103.25 380m – AUD/USD: AUD amounts 0.7650 1.4bn 0.7700 520m 0.7750 768m 0.7800 711m – USD/CAD: USD amounts 1.2700 603m 1.2900 536m
Iraq, the OPEC’s second-biggest producer will pump around 3.6 million barrels daily in January and February, Bloomberg reported, citing Ali Nizar, the deputy head of State Organization for Marketing of Oil (SOMO). According to data compiled by Bloomberg, Iraq produced around 3.85 million per day in December. The planned oil output cut in January and
XAU/USD’s downside appears more compelling. Technical set up on the daily chart favors the bears. Focus remains on Biden’s stimulus passage and Fed decision. Gold (XAU/USD) witnessed a steep drop on Friday after facing rejection at the 21-daily moving average (DMA) of $1876 once again. The sell-off drove the metal below the 50-DMA and 200-DMA