In August AUD/NZD spent time above 1.10 for the first time since 2018, but the pair has since struggled. Economists at Westpac expect AUD/NZD to extend the fall towards the 1.05 mark in the short-term, however, the pair could rally to 1.12 in 2021. Key quotes “Our base case of a risk-friendly ‘Blue Wave’ US
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There is a rumour that the Novavax vaccine is delayed, which has seen the stock drop some 6% in recent trade. Novavax, Inc. (Nasdaq: NVAX), is a late-stage biotechnology company developing next-generation vaccines for serious infectious diseases, including NVX-CoV2373, the Company’s COVID-19 vaccine. The news of the delay is problematic for risk-sensitive asset classes as financial markets bare
The German IFO Business Survey Overview The German IFO survey for October is due for release later today at 0900 GMT. The headline IFO Business Climate Index is seen decelerating to 92.7 versus 93.4 previous. The Current Assessment sub-index is seen arriving at 89.7 this month vs. 89.2 prior while the IFO Expectations Index –
AUD/USD is in a current bullish environment according to technical indicators. However, bears could be encouraged at near-term resistance structures. Longer-term, there will be bearish prospects below 0.6960 and 0.7020. AUD/USD has been in the hands of the bears while correcting five months of an otherwise uninterrupted bull trend. The 38.2% Fibonacci retracement is way down
AUD/USD bounces up at 0.7100 and returns to 0.7130 area. The aussie is set for a weekly gain despite the dovish RBA. US elections and RBA to push the AUD below 0.7000 – Westpac Australian dollar’s bearish reaction from one-week highs at 0.7155 area has been supported above 0.7100 and the pair managed to pick
NZD/USD bounces up from 0.6650 and returns to 0.6680 area. Kiwi appreciates more than 1% this week with the USD on the defensive. NZD/USD remains supported by global sentiment – Westpac. New Zealand dollar’s bearish reversal from one-month highs above 0.6700 seen on the early US session found support at 0.6650 area and the pair picked up
EUR/GBP pares losses and returns to 0.9100 area. The pound loses ground with investors growing cautious about the Brexit talks. EUR/GBP unlikely to drop below 0.8800 over the coming months – Rabobank. The euro has pared previous losses on Friday after bouncing from 0.9000 lows earlier this week and appreciate about 0.7% on the day returning
USD/CAD once again met with some fresh supply near the 1.3155-60 confluence resistance. The set-up favours bearish traders and supports prospects for an extension of the downfall. Only a sustained breakthrough the mentioned barrier will negate the near-term bearish bias. The USD/CAD pair failed to capitalize on its early uptick and retreated around 50 pips
AUD is up on the day so far as early data gives the bulls a head start. PMI Composite index pops to 53.6 from 51.1 last month on strong Services number. AUD/USD is currently trading at 0.7131 between a range of 0.7112 and 0.7139 and up some 0.2% on the day so far. Early Asia has been kind to
Gold prices have fallen off their highs, cooling down as fiscal stimulus talks have yet to reach the final line. While both Republicans and Democrats are reporting progress, time is running out toward the elections and it is unclear if lawmakers would opt to pass legislation during the “lame duck” period. The precious metal was
Guy Debelle, Deputy Governor at the Reserve Bank of Australia who is speaking at the Global Foreign Exchange Committee and the FX Global Code – at FX Week Australia 2020 has stated that one notable feature of this latest crisis was both how sharply market conditions deteriorated and how quickly they recovered. He adds that the
WTI: Will it retest monthly highs of $41.88 ahead of EIA data? Risk-sentiment turns sour amid fresh coronavirus lockdown worries. API data showed a build in the weekly US crude supplies. WTI (futures on NYMEX) stalls its corrective declines from monthly tops of $41.88 and regains the $41 mark in the last hour, staging a
Gold futures have remained trading within previous ranges on Tuesday, trapped between $1,900 and $1,915, with the market awaiting the outcome of the US stimulus negotiations. US House Representative, Nancy Pelosi, who set Tuesday as the deadline to reach an agreement, said she was optimistic about a stimulus deal, although senate republicans have shown their
USD/CHF sellers attack 0.9100 round-figures on Tuesday as the previous breached uptrend now offers resistance at 0.9184. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is closely watching the 0.9048 mid-September low as a break below here would open the path for further losses. Key quotes “USD/CHF yesterday failed at the breached two-month
The NAHB Housing Market Index rose to 85 in October, surpassing expectations. Homebuilder confidence reached a record high, noted analysts at Wells Fargo. They point out low mortgage rates and an increased desire for more space continues to drive buyer traffic and sales. Key Quotes: “The topline index beat consensus estimates and climbed two points
USD/JPY takes the bids near intraday high, ignores Friday’s downbeat performance. Japan’s Nikkei 225, S&P 500 Futures benefit from hopes of US stimulus, virus vaccine. September month Trade Balance from Japan eased from ¥989.8 B forecast to ¥675 B. Powell’s speech, risk catalysts remain as the key amid a light calendar at home. USD/JPY seesaws
AUD/USD’s recovery attempt has been capped right below 0.7100 The previous support level turned resistance and the 50-hour SMA are limiting upside attempts. On the downside, 0.7055 level is supporting the pair. The Australian dollar has dropped nearly 2% this week weighed by US dollar strength amid a generalized rush for safety. The pair extended its
Gold is likely to open next with gains targeting 1,940 if the 50 SMA resistance is broken. An ascending parallel channel and the 100 SMA work hand in hand, providing short term support. Gold closed the week’s trading at 1,900 after a minor correction from the weekly high at 1,914. The precious metal has gradually