Gold (XAU/USD) fell 1% on Friday as risk-off mood and stellar US Markit Manufacturing PMI boosted the US dollar. Despite the decline, the yellow metal managed to close the week above the $1850 level, booking the first weekly gain in three weeks. Expectations of a massive US fiscal stimulus under the Biden administration kept the
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Major US equity bourses closed the final trading day of the week in the red. A number of factors were cited as being behind the more defensive equity market tone. Stocks were given a mild boost following much stronger than anticipated preliminary January US Markit PMI numbers. Major US equity bourses closed the final trading
EUR/GBP is back above the 0.8900 level as EUR outperforms and sterling struggles. Sterling is being weighed by lockdown concerns and bad data, while the euro has been immune to bad news. Amid a divergence in euro and sterling strength on the final trading day of the week that has seen the former as one
The US Energy Information Administration (EIA) has revised the first-quarter price forecast for West Texas Intermediate (WTI) crude, the North American oil benchmark, higher to $56 from $50. The bullish forecast is mainly based on expectations for a rebound in the global demand for petroleum liquids, according to oilprice.com. Key points EIA expects global inventory
Spot silver prices now trade a little lower on the day having briefly been above $26.00 earlier in the session. ABN Amro dropped their average silver price forecast for 2021 on a better US economic outlook. Spot silver prices (XAG/USD) now trade a little lower on the day, having pared back on gains made during
USD/JPY trades near 103.53 versus 103.67 early Thursday. BOJ keeps key policy tools unchanged, revises 2020 growth forecasts lower. Bank of Japan’s (BOJ) status quo rate decision and downward revision of current economic assessment struggles to elicit a reaction from yen traders, leaving USD/JPY sidelined above 103.50. The Japanese central bank has kept interest rates
USD/TRY adds to Tuesday’s losses in the proximity of 7.40. The CBRT decides on the interest rate on Thursday. Markets’ attention remains on the US Inauguration Day. The Turkish lira extends the upside momentum so far this week and now drags USD/TRY to the proximity of 7.40. USD/TRY cautious ahead of the CBRT USD/TRY trades
China’s Foreign Ministry said in a statement on Wednesday, they strongly oppose the US accusations over the human rights issues in the north-western region of Xinjiang. The Ministry said they oppose the US’ interference in China’s internal affairs. These comments come after US Secretary of State Mike Pompeo officially declared that China is committing genocide and
Netflix, Inc. (NFLX) – is the world’s largest streaming platform and video content giant. Q4 2020 earnings will be released today (Tuesday, January 19) after the market close, with Zacks expecting a likely return per share of $1.38, down from $1.74 in Q3 for earnings forecast figures. Revenue is expected at $6.6 billion, higher than
GBP/USD Price Analysis: Monday’s bullish pin bar keeps buyers hopeful GBP/USD picks up bids around 1.3590 amid the initial Asian trading session on Tuesday. In doing so, the Cable justifies its bounce off 21-day SMA and a bullish pin bar candlestick pattern on the daily (1D) chart. With the normal RSI conditions joining the aforementioned
The EUR/USD pair has extended its slump to 1.2053 and trades nearby, with majors moving in slow motion amid a US holiday. According to FXStreet’s Chief Analyst Valeria Bednarik bears will try challenging the 1.2000 level. See – EUR/USD seen at 1.16 on a 12-month view – Danske Bank Key quotes “Speculative interest is still digesting the
In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point against the dollar at 6.4845 vs the last close of 6.4817. About the fix China maintains strict control of the yuan’s rate on the mainland, the current known as CNY which differs from its offshore yuan, or CNH, which not as tightly controlled as
EUR/GBP is a little higher on the final trading day of the week, amid what appears to be mild profit-taking. The pair rebounded from significant support just above 0.8850. Both EUR and GBP much more focused on global risk appetite and US dollar dynamics as opposed to domestic themes. EUR/GBP is a little higher on
Gold futures market suffered for another week as the US dollar gained. XAU/USD might revisit $1,800 if the short term support at $1,820 fails to hold in the coming week. Gold experienced intense selling pressure in the concluded trading week. The precious metal was not able to pick up momentum following the consistent growth of
USD has been strongly supported on what has shaped up to be a very much risk-off Friday. DXY has broken above a key downtrend and eyes a move towards 91.00. USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD
US equity markets closed Friday in the red, the second day of losses in a row. Friday saw quintessential risk-off trade; risk assets sold off and havens were bought on a variety of concerns. US equity markets closed the final trading day of the week in the red, the second day of losses in a row.
DXY extends the side-lined trading above 90.00 on Friday. Further upside targets the 2021 high near 90.70. DXY remains in a consolidative-mode and manages well to keep the trade above the 90.00 mark for the time being. If bulls regain control of the sentiment on a more serious stance, then the index could re-visit the
NZD/USD broke above a key downtrend on Thursday, though is back of 0.7240 highs now. The US dollar weakened predominantly against its more risk-sensitive G10 peers on Thursday, including the kiwi. The pair now appears to be in the early stages of forming an ascending triangle. NZD/USD has been somewhat on the back foot in