Forex news for Asia trading Wednesday 12 August 2020 Overnight moves continued in Asia today, most notably for precious metals with gold dropping further, under USD1,900, as did silver, under $23.50 at one point. Late US announcement of margin hikes weighed on less well funded traders and contributed to the further declines here in Asia
(This story originally appeared in on Aug 12, 2020) Chennai: Gold and silver prices fell for the third day in a row, amid the dollar holding on to gains and Russia’s announcement of a Covid-19 vaccine. Spot price for 24 carat gold in India fell over 5% to Rs 52,440 per 10 gram, while the
Crude oil prices remained firm, after the rally in July. The front-month WTI crude oil contract gained +2.36% in the first week of August, after gaining +2.55% in the month of July. The Brent contract rose +2.54%, following a +5.22% rally in July. Profit-taking might be seen in coming weeks, in particular concerns over the
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In a Cointelegraph interview, Adam Back provided additional clarity on his perceived Bitcoin (BTC) maximalism. Blockstream’s CEO believes that Bitcoin is enough and there is no need for a multitude of derivative projects. Back said, “I think it’s like TCP/IP the internet exists. We don’t need 5800 TCP/IP copies trying to monetize and profiteer off
Ups and downs. Price stays below the MAs On the earlier run higher, the EURUSD held the resistance near the 100 and 200 hour moving averages (blue and green lines), and the swing area between 1.1801 and 1.18089. That run to the upside broke above a topside channel trendline. On the move back down, the price retested the underside of the
China is fulfilling its trade obligations on commodity purchases, White House economic adviser Larry Kudlow told reported on Tuesday. Kudlow further noted that Saturday’s trade meeting with China is “routine” and responded “no” when asked if the phase one trade deal with China could go out the window. Commenting on the coronavirus aid developments, “additional
The outlook from NAB Research NAB Research discusses AUD/USD technical outlook and sees a scope for short-term correction towards 0.7032/82 in the next 1-2 weeks. “Friday produced a new 2020 high at 0.7243 before closing at 0.7157 and completing a bearish ST (daily) reversal pattern. Such a trigger implies that the uptrend has reached a
Sales of cooking oils have recovered significantly and are likely to reach pre-Covid levels in four to six months, industry executives said. Average monthly sales had fallen sharply from 1.9 to 2 million tonnes before the pandemic. The market improved in July, said BV Mehta, executive director of Solvent Extractors’ Association of India. “The market
The global financial markets continue to trade in full risk-on mode today. In particular, US futures point to sharply higher open as S&P 500 would likely take on new record high. Canadian Dollar is currently the strongest one for today, as lifted by mildly higher oil price. Australian Dollar follows as the second strongest. Euro
A judge has sentenced Australian citizen Kathryn Nguyen to a maximum time of 2 years and 3 months in prison for her role in stealing more than 100,000 XRP tokens in January 2018. According to an Aug. 11 report in Australian publication Information Age, Nguyen was sentenced over the theft of more than $300,000 in
Dow and S&P are up for the 7 days in a row The Dow industrial average led the way for stocks to the upside with a 1.3% gain. The Dow index close at the highest level since February 24th and is just 2.6% from unchanged on the year. Both the Dow and S&P have closed
Rating agencies Moody’s and Fitch have reportedly said that the European Union’s (EU) recent decision to issue €750 billion of bonds to fund its effort to reverse the coronavirus-induced slowdown poses no immediate threat to bloc’s AAA rating. The EU’s ratings are a reflection of the fact that borrowings are direct and unconditional obligations of
There was plenty of news of this on Monday and its continuing again today. one person is reported dead so far people in cars are running down police (see the tweet accompanying this post for video of police being run down … ugly scenes) For bank trade ideas, check out eFX Plus
Gold bugs – investors perpetually bullish on gold – have long been seen as a paranoid fringe of the financial world, holding the shiny asset as a hedge against a disaster they always think is near. But lately they appear to be on to something. This year gold is the best performing traditional asset in
The week starts with a rather subdued tone without much activity. It’s National Day of Singapore while Japan is also on Mountain Day holiday. There is also no further price movements on US-China tensions. Major forex pairs and crosses are stuck inside Friday’s range, with Dollar and Swiss Franc slightly softer. New Zealand Dollar is