FX

Gold Price snaps a five-day uptrend, as the US dollar stages a solid rebound. US Treasury yields remain on the back foot ahead of the FOMC minutes. Strong support at $1,850 could limit the pullback in XAUUSD from two-week highs. Gold Price is retreating from two-week highs of $1,870, as tensions mount in the lead-up

Snap announces it will not reach 20% revenue growth goal in Q2. CEO Evan Spiegel says inflation, rising interests are biting into business. SNAP stock now has only covid low as support. Update: SNAP shed 43.08% on Tuesday, following a 30% decline on Monday, as investors are still digesting the poor earnings result. The share

ECB President Lagarde signalled an upcoming turnaround in interest rate policy. The news caused the euro to appreciate noticeably yesterday, pulling gold up to $1,865 for a time. However gold in euros is kept in check, economists at Commerzbank report. Lagarde endorsed an exit from negative rates in Q3  “Lagarde announced ‘a progressive further normalisation

Gold (XAU/USD) begins the week on the right foot, up 0.54% in the week. A softer buck and concerns of the US falling into a recession courtesy of an aggressive Fed lifts the prospects of the yellow metal. Gold Price Forecast (XAU/USD): Bulls need to reclaim the 20-DMA, if not a re-test of the 200-DMA

Gold continued scaling higher on Monday and climbed to a near two-week high. Broad-based USD weakness was seen as a key factor that underpinned the XAUUSD. The risk-on mood, rising US bond yields might cap any further gains for the metal. Gold kicked off the new week on a positive note and build on its

Reuters reported on the weekend that Shanghai’s central Jingan district, a key commercial area of the Chinese financial hub, will require all supermarkets and shops to shut and residents to stay home until at least Tuesday. ”The district plans to carry out COVID mass testing from Sunday until Tuesday, it said on its official WeChat account.

The Canadian dollar gained 0.47% vs. the greenback in the week, which was soft throughout the whole week. The US Dollar Index reclaimed the 103.000 mark but ended the week with losses of 1.38%. USD/CAD Price Forecast: A daily close above the 20-DMA could pave the way for a move towards 1.3000. The USD/CAD is

GBP/USD Weekly Forecast: Will the recovery sustain above 21 DMA? Bulls were finally rescued, as GBP/USD stalled its four-week downtrend and rebounded firmly from two-year lows of 1.2155 reached a week ago. A temporary bottom seemed in place, with the 400+ pips recovery, as the US dollar embarked on an overdue correction. The currency pair

Next week the Reserve Bank of New Zealand will have its monetary policy meeting. According to analysts at Wells Fargo, high inflation and a hawkish central bank outlook sets the stage for another 50 bps hike in May to 2.00%. They expect the rate to end the year at 3.00%.  Key Quotes:  “The Reserve Bank

Despite falling on Friday, the AUD/USD is up in the week by 1.34%. Sentiment fluctuated negatively in the last hour, dragging the AUD/USD lower. AUD/USD Price Forecast: A daily close below the 20-DMA could pave the way towards the YTD low below 0.6850. The Aussie dollar is struggling at the 20-day moving average (DMA) and

NZD/USD edged higher for the second straight session and inched back closer to a two-week high. A positive risk tone benefitted the perceived riskier kiwi and remained supportive of the uptick. Modest USD strength, recession fears held back bulls from placing fresh bets and capped gains. The NZD/USD pair maintained its bid tone through the

What you need to take care of on Friday, May 20: Despite persistent risk-aversion, the American currency changed course on Thursday and fell across the FX board. Fears gyrated around inflationary pressures and slowing economic growth. Stocks markets remained under pressure, with most Asian and European indexes closing in the red, although off their intraday

The last 12 months have seen the Royal Mail share price halve from the June 2021 peaks of 614p, with the losses accelerating after the company cut its operating profit forecast in January, due to a £70m restructuring charge, when it announced its Q3 numbers. Now trading near one year lows today’s full year numbers

What you need to take care of on Thursday, May 19: The greenback edged higher against its high-yielding rivals but eased against safe-haven currencies, reflecting the dismal market mood. Inflation was the primary catalyst of the latest bout of risk aversion. The EU Consumer Price Index was confirmed at 7.4% YoY in April,  while the

The CAD is showing signs of life after the USD pushed above 1.30 last week to reach its highest point since Nov 2020. A hot Consumer Price Index (CPI) data from Canada could drag the USD/CAD pair down to the 1.27 zone, economists at Scotiabank report. CAD rebound may extend on High CPI “Canadian CPI

UK CPI Preview: Inflation “apocalypse” priced in, GBP/USD has room to fall Economists expect the headline UK Consumer Price Index (CPI) to have jumped from 7% YoY in March to 9.1% in April. I will argue that this leap is already baked into cable, leading to a ‘buy the rumor sell the fact’ effect, in

USD/TRY clinches fresh 2022 highs near 15.90 on Tuesday. The lira already depreciates more than 7% so far in May. Markets’ focus now shifts to the CBRT event next week. Another day, another low in the Turkish lira. Indeed, price action in USD/TRY appears to have returned to the normality and resumes the uptrend, recording

What you need to take care of on Tuesday, May 17: The American dollar appreciated at the beginning of the week but ended the day with modest losses against most rivals as stocks markets changed curse. European indexes closed mixed, but Wall Street managed to post gains. The EUR/USD pair ended the day at around