FX

Although there is scope for further near-term consolidation, the S&P 500 Index still maintains a large bullish “outside week”, which reinforces the uptrend, and economists at Credit Suisse stays bullish for the “measured triangle objective” at 3900.  Key quotes “Another consolidation session for the S&P 500 as the uptrend pauses and although this should be

AUD/USD back below the 0.7750 mark on Wednesday, closing with losses of about 0.5%. Focus will be on events stateside this week, with Biden unveiling stimulus plans, Fed Chair Powell and plenty of data. AUD/USD came off the boil on Wednesday, closing FX trade with losses of about 0.5% or 40 pips and dropping back

The USD/JPY pair has been capped at a cluster of resistances at 104.33/77 and only above here would see a bullish “wedge” reversal established, analysts at Credit Suisse apprise. See – USD/JPY falters at the initial 104.34 resistance level – Commerzbank Key quotes “USD/JPY strength has been capped for now as expected at a cluster of major

WTI jumps to a fresh high since February 2020 after the private inventory report. API data suggests a draw of 5.821 million barrels in oil inventories versus -1.663M prior. Risk-on mood, weaker US dollar also favored the upside momentum. WTI remains on the front foot after the American Petroleum Institute (API) data propelled the quote

European Commission President Ursula von der Leyen tweeted out on Tuesday, AstraZeneca has applied to the European Medicines Agency (EMA) for its vaccine authorization in the EU. Good news! @AstraZeneca has applied to @EMA_News to have its vaccine authorised in the EU. @EMA_News will assess the vaccine’s safety & efficacy. Once the vaccine receives a

NZD/USD has struggled to regain composure after sliding below the 0.7200 level. The pair has been weighed by a stronger US dollar amid a risk-off market tone and higher US bond yields. NZD broke to the south of a bullish medium-term trend channel in early Monday Asia trade. NZD/USD opened Monday Asia Pacific FX trade

DXY moves further north of the 90.00 mark on Monday. US 10-year yields give away initial gains above 1.12%. Fedspeak, ECB’s Lagarde will take centre stage later. The US Dollar Index (DXY), which gauges the greenback vs. its main competitors, extends the upside momentum beyond the key 90.00 barrier. US Dollar Index looks to yields,

Here is what you need to know on Monday, January 11: The greenback advanced on Friday despite a disappointing Nonfarm Payroll report, as job losses spurred speculation that more fiscal stimulus is in the docket. President-elect Joe Biden called for immediate further fiscal support, including increased direct payments of $ 2,000. The dollar gains were

Gold sold-off 2% on Friday, loses $56 on the week. XAU/USD could see a quick pullback before the downside resumes. Daily RSI has pierced through the midline, into the bearish zone. Gold (XAU/USD) recovered some ground into the weekly closing, although booked a 2% loss on Friday. The sell-off knocked-off the metal to the weakest levels

Friday saw the S&P 500 and Nasdaq 100 hit and close at all-time highs. “The market is now anticipating a massive amount of stimulus, a CARES act part two and a massive infrastructure program”. A downbeat jobs report for December was broadly ignored, with the market “living in the future”. Friday saw the S&P 500

Gold (XAU/USD) wilted on Friday as Treasury yields surged on strengthening risk-on flows amid expectations of higher fiscal stimulus under Biden’s presidency. Prospects of a smooth transition of power in Washington eased political uncertainty, which further added to the weight on the safe-haven gold. The metal lost $70 and touched three-week lows at $1828.62 before

WTI crude oil futures have seen significant upside in recent trade and burst above $52.00. No specific news or theme is behind the recent rise. But this week’s Democrat Senate victory and voluntary cut from the Saudis continue to support. Front-month WTI crude oil futures have seen significant upside in recent trade and burst above

Stocks rallied a day after violence rocked the US Capitol, with investors firmly focused on Democrats’ win of the Senate after the elections in Georgia, shrugging off the storming of the Capitol by supporters of President Donald Trump. Andrew Sheets, Chief Cross-Asset Strategist at Morgan Stanley, explains why a Democrat sweep of Congress and the

Gold prices could be due for a bullish retest of resistance.  XAU/USD has met a significant Fibonacci retracement level on the daily chart that is expected to hold.  The monthly chart shows that the correction of the bullish trend met a 50% mean reversion before recovering into what would be expected to to be the

FX Strategists at UOB Group remain bearish on the USD/CNH in the short-term horizon. Key Quotes 24-hour view: “Yesterday, we highlighted that ‘conditions are oversold and any weakness in USD could be limited to a test of 6.4000’. However, USD rebounded strongly from 6.4225 (high of 6.4571). The combination of oversold conditions and waning momentum

Minutes of the FOMC’s December 15-16 meeting showed on Wednesday showed that policymakers judged it was appropriate to continue asset purchases at least at the current pace. Market reaction The US Dollar Index largely ignored this statement and was last seen gaining 0.08% on the day at 89.50. Key takeaways as summarized by Reuters “Participants

The Italian government is considering extending its state of emergency over the coronavirus crisis until July 31, 2021, Il Messaggeroa reported, citing sources with the knowledge of the matter. Key takeaways “The emergency, set to expire at the end of January.” “The hypothesis, more than concrete is confirmed in the government, is a renewal for

S&P 500 looks to close in the positive territory on Tuesday. S&P 500 Energy Index is up nearly 7% on surging oil prices. The S&P 500 Index (SPX) started the day near Monday’s closing level but edged higher on the back of impressive gains witnessed in energy stocks. At the moment, the SPX is up