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Trade for the coming week Mitsubishi UFG suggests selling EUR/GBP in its weekly FX pick. The pair suggests selling it from spot at 0.8520 with a target of 0.8350 and a stop at 0.8670. “We are recommending a short EUR/GBP trade idea to reflect building confidence in our bullish outlook for GBP,” they write. “We
AUDUSD is prone to be the weakest performer among majors in July. The selloff accelerated 2 weeks ago as the resurgence of coronavirus has triggered lockdown in New South Wales, Victoria and South Australia. In the near-term, sentiment over the currency pair could remain weak as state governments would likely extend the lockdown to prevent
China’s National Bureau of Statistics released the data on Saturday, the result for manufacturing is its lowest since February 2020 but still in expansion. Manufacturing PMI 50.3 in July 2021 expected 50.8 previous 50.9 lowest since February 2020 (which was the huge slump to 35.7 due to the pandemic outbreak in China and initial shutdowns) the
A pronounced revival in the commodity cycle rescued several steel companies and boosted their bottom-lines, but the recovery has not been equal. Several secondary steelmakers from Jharkhand, Maharashtra, West Bengal and Chhattisgarh are shutting shop – or on the verge of doing so. About 45% of India’s crude steel comes from secondary makers. Several companies
Dollar’s selloff caught much attention last week, but slowed towards the end. Traders are holding their bets for now, awaiting the coming batch of July data. Indeed, Australian Dollar was the worst performer, mainly on RBA QE expectations, and partly on risk aversion in China and Hong Kong. New Zealand Dollar was the second worst,
ISM data and jobs reports highlight the events next week Monday will be the August 2nd and the start of a new month. That means the traditional ISM data, ADP employment, the US and Canada jobs reports. Highlights on the economic calendar. Monday (bank holiday in Canada) Japan consumer confidence 36.0 versus 37.4 last month
Hedge funds plowed money into bets that the commodities rally of 2021 still has further to run, snapping three straight weeks of reductions. Net-long positions on a basket of 20 commodities rose by 8.3% in the week ended Tuesday, according to U.S. Commodity Futures Trade Commission data compiled by Bloomberg. Investors added wagers on further
The Fed sounded cautiously optimistic at the July meeting. The members acknowledged continued improvements in economic activities and that “the economy has made progress toward” the “maximum employment and price stability goals”. While leaving all monetary policy measures unchanged, Chair Jerome Powell affirmed the the ongoing discussions over tapering. We expect to hear more comments
Forex news for North American traders on July 30, 2021. The North American session started with concerns about the stock market and lingering fears above Covid. The earnings from Amazon after the close showed revenues less than expectations and revenue guidance going forward also lower. That came after Facebook the day before also scared the market with a less than rosy outlook.
Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed signs that the U.S. Federal Reserve may not taper economic support and hike interest rates in the near term. Spot gold was steady at $1,827.70 per ounce, as of 0053 GMT,
Dollar recovers mildly in early US session, following slight weakness in risk sentiments. Additionally, stronger than expected personal income and spending are providing some support too. Still, the greenback remains the worst performing one for the week. There is prospect of Yen, Aussie or Kiwi overtaking Dollar as biggest loser, but we’ll see. Meanwhile, Sterling
There will be an election before then Canadian finance minister Freeland says the government will extend wage and rent subsidies until October 23. “These subsidies have been a lifeline” for thousands of businesses and workers, she said. The Canada recovery benefits (CRB) are also extended until Oct 23 at current rates. The Liberals are gearing
NEW DELHI: Gold prices bucked the global trend in India and opened lower on MCX on Friday. Gold futures on MCX were down merely 0.08 per cent, or Rs 39, at Rs 48,357 per 10 gram. Silver futures traded lower by 0.21 per cent, or Rs 145, higher at 68,055 per kg. The precious metal
Dollar suffered another round of selloff overnight and stays soft. Mild risk aversion in Asia is not helping the greenback much. But commodity currencies are following closely, in particular Aussie and Kiwi, as the next worst performers for the week. European majors look set to be the winners of the week, as led by Sterling.
Forex news for Asia trading on Friday 30 July 2021 There were minor swings for currencies against the USD during the session and overall not a lot of net change. USD/JPY and EUR/USD are little changed on the session while cable is down just a touch. AUD/USD and NZD/USD also in the ‘little changed’ basket.
New Delhi: Gold in the national capital on Thursday rallied by Rs 382 to Rs 46,992 per 10 gram amid a jump in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,610 per 10 gram. Likewise, silver also jumped Rs 1,280 to Rs 66,274