Gold price attracts some buyers amid the softer USD on Monday. The growing expectations that the Fed will start cutting interest rates later in the year lifted the yellow metal. The easing Middle East tensions and risk-on mood might cap the gold’s upside. Gold price (XAU/USD) snaps the two-day losing streak during the early European
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The daily indicators hint at a strengthening bullish momentum. Hourly indicators are consolidating after hitting overbought conditions earlier in the session. If the buyers regain the 100-day SMA, the bearish trend will be threatened. At the end of the week, the NZD/USD rallied to around 0.6050, up by 0.80%. Bullish momentum is picking up but
US Nonfarm Payrolls report from April underperformed, showing a lower-than-expected increase. The odds of a rate cut in September increased, which seems to be applying pressure on the USD. The US Dollar Index (DXY) is visiting the 105 level with sharp losses at the end of the trading week. This comes after Friday’s report of
GBP/USD down 0.06% after reaching a three-week high of 1.2634. RSI flattening suggests normalization of buying pressure. Support levels at 1.2500, 1.2474, and 1.2466; breach may test 1.2400. Resistance at 200-DMA, 1.2600, and DMAs at 1.2612 and 1.2644. The Pound Sterling holds to gains versus the US Dollar yet retraced from three-week highs reached at
GBP/USD Price Analysis: Bears in charge as ‘shooting star’ looms The Pound Sterling holds to gains versus the US Dollar yet retraced from three-week highs reached at 1.2634 following a softer than expected US Nonfarm Payrolls report. However, buyers lacked the strength to keep prices above 1.2600, opening the door for a test of the 200-day moving average (DMA).
US ISM Services PMI dropped into the contraction territory below 50 in April. US Dollar Index stays in negative territory below 105.00. Business activity in the US service sector contracted in April, with the ISM Services PMI edging lower to 49.4 from 51.4. in March. This reading came in below the market expectation of 52.0. Other details
Indian Rupee drifts higher on Friday amid the softer Greenback. The positive outlook in the Indian economy and capital inflows support the INR. Investors await the US ISM Services PMI and the employment data on Friday. Indian Rupee (INR) gains momentum on Friday as the cautious comments by the Federal Reserve (Fed) Chair Jerome Powell
Oil took it on the chin with a 5.5% in just three trading days. WTI Oil’s recovery to $80 gets cut short by positive news from Hamas. The US Dollar Index holds ground above 105.50 and trades flat ahead of weekly Jobless Claims. Oil prices are giving up their gains for this Thursday and are at risk
The Japanese Yen rallied on Wednesday amid speculations of another intervention by authorities. The momentum, however, runs out of steam on the back of the divergent BoJ-Fed policy outlooks. Traders now look to the second-tier US data for some impetus ahead of the NFP report on Friday. The Japanese Yen (JPY) surged to over a
Silver price rebounds sharply from $26.30 as US Manufacturing PMI contracted in April. The speculation for Fed’s hawkish interest rate outlook remains firm as Manufacturing Price Paid rise above 60.0. Investors await the Fed’s policy decision for meaningful guidance. Silver price (XAG/USD) recovers strongly from four-month low of $26.30 as the United States Institute of
Gold price trades on a positive note near $2,288 on Wednesday. The Federal Reserve is widely expected to keep rates steady; Fed’s Powell is anticipated to maintain a hawkish stance. The rising geopolitical risks could boost traditional safe-haven assets like gold. Gold price (XAU/USD) posts modest gains around $2,288 on Wednesday during the Asian session. The precious metal edges higher as markets
Gold price falls on improving risk sentiment and an higher-than-expected rise in US employment costs. Positive gains in Asia, strong US earnings and robust European GDP data have all helped boost sentiment. Gold price may be unfolding a Measured Move price pattern lower on the charts. The Gold price (XAU/USD) weakens to just above the $2,300 level
The Japanese Yen struggles to build on the previous day’s solid recovery from a multi-decade low. The divergent BoJ-Fed policy expectations and a positive risk tone undermine the safe-haven JPY. The emergence of some USD buying provides an additional boost to the USD/JPY pair on Tuesday. The Japanese Yen (JPY) staged a strong intraday recovery
AUD/USD is in a short-term uptrend that is extending. The pair is pulling back within a rising channel. It will probably find support at the lower channel line and then resume its uptrend. AUD/USD extends its short-term uptrend as it trades in the mid-0.6550s on Monday. AUD/USD 4-hour Chartç The pair has formed a neat
The Japanese Yen dives to a nearly 40-year low amid relatively thin liquidity on Monday. The divergent BoJ-Fed monetary policy and a positive risk tone weigh heavily on the JPY. Intervention fears cap USD/JPY amid a modest USD downtick and overbought conditions. The Japanese Yen (JPY) remains under heavy selling pressure on the first day
Canadian Dollar gets pushed around as investors focus elsewhere. Canada absent from economic calendar until next week. US PCE inflation remains higher than expected, weighing on rate cut hopes. The Canadian Dollar (CAD) took a back seat to broader market flows on Friday as investor focus remains pinned on decaying hopes for a rate cut
Mexican Peso strengthens against US Dollar, buoyed by positive market mood, mixed economic reports. US inflation remains hot as core PCE Price Index increases above March expectations. Mexico shows a deficit, yet Unemployment Rate drops, presenting mixed economic scenario. The Mexican Peso counterattacks registered solid gains versus the US Dollar on Friday as economic data
Alphabet reported Q1 earnings late Thursday that beat Wall Street estimates. YouTube advertising and the Cloud segment continue growing strong. Alphabet CEO Sundar Pichai introduces $0.20 cash dividend. GOOGL stock is trading between $169.31 and $174.68, Fibo levels. Alphabet (GOOGL), the parent of Google and YouTube, is clinging to a 10% gain midway through Friday after posting