US elections – Wall Street’s sharp gains could evaporate
Most analysts seem to agree with the markets that a victory for Hillary Clinton in the US presidential race is good news for the dollar, stocks and risk assets in general.
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(Not So) Precious Metals
As we highlighted the possibility on Monday, gold took a big plunge below the psychologically-important and support level of $1300 per ounce yesterday. The breakdown triggered further follow-up technical selling, causing gold to fall for a time below $1270 per ounce.
Dollar Extends Gains In A Busy Week For US Data
The dollar has staged a broad-based rally today, which caused the GBP/USD to tumble to a new 31-year low and the EUR/USD momentarily dipped below its 200-day moving average once again.
Gold On Shaky Footing
Gold and silver have started the new trading week, month and quarter on the back foot today. At the time of this writing, gold was trading at $1312 and silver was below $19.00 per troy ounce once again.
EURUSD FOMC Decision Won’t Necessarily Be A Binary Outcome For USD
Risk is on the menu at the start of this new week with stocks, crude oil and commodity currencies all climbing higher, while the dollar is easing back slightly after Friday’s rally.
GBPUSD – Cable could snap back to reality
The recent improvement in UK data has seen many investors and analysts, ourselves included, ask a rhetorical question with a hint of sarcasm “Brexit, what Brexit?” Traders have apparently reduced their net short positions from record high levels as they realised the fallout in the immediate aftermath of Brexit was not as bad as many had feared. Granted, not all the economic pointers have been great but on the whole
Crude Turns Positive Ahead Of Oil Data
Oil prices swung wildly into the positive territory yesterday. The rally eventually came to a halt around the $50 handle for Brent and $48 for WTI, and both contracts have been trending lower from these levels until an hour or so ago.
GBPUSD Trend Line Pullback Feb 01, 2016
GBPUSD recently made a strong downside break from the short-term rising trend line support visible on its 1-hour time frame.
Yuan Falls As Rate Set At Lowest Since 2011
The yuan Thursday weakened for the 10th day against the US dollar as China’s central bank set the official reference rate at the lowest since 2011 following the US interest rate hike.
The Argument Against A Rate Hike
The Federal Reserve’s upcoming December meeting is likely to result in an interest rate hike; the majority of analysts are expecting the bank to make a move.