As we turn the page into a new trading week for the GBPUSD, what are key levels in play and why? This week, the price of the GBPUSD moved above the 61.8% of the move down from the 2021 high to the 2022 low. That level comes in at 1.2760 and is now close support
Although the major indices are closing lower on the day, each enjoyed solid gains this week. The S&P index is higher for the 5th consecutive week. The NASDAQ index is up for the 8th consecutive week. The Dow Industrial average is up for the 3rd consecutive week. The small-cap Russell index lagged, but still closed
Gold held steady in early Asian trading on Friday, supported by a relatively weaker dollar as investors digested a host of U.S. economic data and the Federal Reserve‘s “hawkish pause” on interest rate hikes. FUNDAMENTALS * Spot gold was flat at $1,959.03 per ounce by 0015 GMT. U.S. gold futures too were little changed at
Despite policy tightening from ECB and Fed’s hawkish hold last week, global markets largely shrugged off the central banks’ actions. Investors’ sentiment remained buoyant, propelling many global markets to impressive rallies. Germany’s DAX index even recorded a new all-time high. In the forex market, Yen took a significant hit and emerged as the week’s worst
Share: Natural Gas extends higher on Friday, though at a slower pace as the US Dollar finds a floor on the back of hawkish Fedspeak. The latest driver is the news that the Groningen Gas plant in the Netherlands will probably close in October 2023, a year earlier than previously thought. A weaker US Dollar
The EURUSD made it’s week’s low on Monday, and reached the pairs high to day. The move higher has taken the price back into a consolidation area going back to May. The low of that consolidation range will be the key barometer for buyers and sellers going into the new trading week. The video above,
The strongest to the weakest of the major currencies The day and week is ending with the GBP as the strongest and the JPY as the weakest. The JPY sharp fall was triggered by the Bank of Japan rate decision. The Bank of Japan (BOJ) decided to keep its short-term interest rate target at -0.1%
COMEX Gold prices moved between gains and losses during the central bank week and is poised to close relatively flat near $1,975 per troy ounce. The yellow metal declined during the first half of the week, as investors remained wary ahead of the June FOMC meeting. Despite a 1% decline in the dollar index, gold
In the wake of BoJ’s decision to hold its monetary policy steady, we have seen an amplified sell-off in Yen, which is not surprising given the ongoing divergence in monetary policy with other major global central banks. The breaking of key levels in some crosses suggests that we might witness further declines in Yen, at
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Share: EUR/USD rally curtailed following the ECB rate hike and hawkish remarks from central bankers. US Consumer Sentiment improves, supporting a stronger USD; Eurozone inflation slows as expected. Hawkish stances by both ECB and Fed officials hint at potential further tightening. Upcoming key events include the German May PPI, the EU’s General Council meeting, and
The major JPY crosses all had huge weeks to the upside this week. Today, the BOJ kept rates and their yield curve control steady. They expect inflation to move lower. Ueda acknowledge the lower JPY but said there are goods and bads in currency moves. The USDJPY is higher by 1.74%, but it is the
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Gold rose on Friday as the dollar hovered near a month’s low, but expectations of more U.S. interest rate hikes this year capped gains. Spot gold gained 0.5% to $1,967.29 per ounce by 1217 GMT, en route a 0.3% advance for the week. U.S. gold futures was up 0.4% to $1,978.20. “The market turned a
Euro’s broad based rally continues today as supported by a chorus of hawkish comments from ECB officials. But Sterling is outperforming on anticipation that BoE will continue with tightening next week, and probably more afterwards. Despite the strong showings by European majors, Australian Dollar still leads the pack for the week. With the week drawing