Gold has been undermined by rising government bond yields owing to major central banks generally turning more hawkish while the still-buoyant equity markets means there has been reduced demand for the perceived safe haven asset.
Gold has been undermined by rising government bond yields owing to major central banks generally turning more hawkish while the still-buoyant equity markets means there has been reduced demand for the perceived safe haven asset.
The EUR/USD pair went sideways initially on Friday, and then had a very volatile session as the jobs number in America came out much longer than anticipated.
The EURUSD pair initially dropped a bit on Thursday, but then shot towards the 1.14 level above.
The EURUSD pair shot like a rocket into the stratosphere after less than impressive US numbers came out during the early New York trading.
The EURUSD pair initially fell on Monday, but found the 24-hour exponential moving average to be supportive enough to turn the market around, and send it back above the 1.12 level.
The AUDUSD pair fell slightly during the session on Friday, but found enough support near the 0.74 level to bounce and test the 0.7450 level again. We found resistance there, as we have in the past, so now it looks very choppy to say the least.
In recent days we have seen the dollar’s bullish trend gain momentum against the G10 currencies. Investors appear to be expanding their bullish bets on the greenback amid rising expectations that Donald Trump’s reputation will prevent him to become the next US president.
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.
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.
