USD/TRY is set to end the week 20% higher, though the rally has stalled at resistance in the 13.50 area. Investors remain fearful as President Erdogan continues to push “new economic programme” despite surging inflation. TRY has lost more than 40% of its value versus USD this year, its worst annual performance in two decades.
FX
A combination of factors assisted USD/CAD to reverse the early slide to a three-week low. Ascending channel breakdown supports prospects for an extension of the recent decline. Any further recovery move might get sold into and remain capped near the 1.2800 mark. The USD/CAD pair reversed an intraday dip to a near three-week low and
The South China Morning Post (SCMP) shares China’s 2021-25 raw material development plan while spotting negative news for the AUD/USD traders during early Friday morning in Asia. “China will encourage domestic exploration of iron ore and use more scrap metals to reduce reliance on imports from countries like Australia, while streamlining production quotas for rare earth and
NASDAQ:LCID fell by 0.03% during Wednesday’s trading session. Rivian tells its customers that SUVs will be ready in 2023. Tesla stock falls as Musk continues to sell shares. NASDAQ:LCID has been far from the sure bet investors believed it to be when the luxury EV maker went public back in July. But it is still
EUR/USD stays firmer around monthly top after crossing the key hurdle. Bullish MACD signals sustained trading beyond 21-DMA also favor buyers. 50-DMA, mid-November tops restrict short-term upside moves, 1.1235-30 appears tough nut to crack for bears. EUR/USD keeps the monthly resistance breakout around 1.1350 during the early hours of Thursday’s Asian session. The major currency
Gold came under renewed bearish pressure on Wednesday. 10-year US Treasury bond yield is testing 1.5%. Next near-term technical support is located at $1,790. Gold closed in the negative territory after jumping to its highest level in more than a month at $1,820 on Tuesday and seems to be having a hard time shaking off
US inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data, stayed steady around the highest levels since December 08, at 2.50%, per the FRED website. The firmer inflation expectations keep fears of the Fed’s early rate hike on the table, which in turn weigh on the
USD/CAD staged a modest recovery from a near two-month-old ascending channel support. Bullish crude oil prices might underpin the loonie and cap any meaningful gains for the pair. A convincing break below the 1.2770-65 area will set the stage for a further near-term slide. The USD/CAD pair staged a goodish bounce from a one-and-half-week low
Gold (XAU/USD) remains firmer around $1,812 during Tuesday’s Asian session, after refreshing the weekly peak the previous day. The yellow metal cheers the market’s risk-on mood, as well as downbeat US dollar prices, to keep buyers hopeful during the final days of 2021. Easing fears of the South African covid variant and stimulus hopes could
NASDAQ:RIVN has basically traded flat now in the six weeks since its IPO. One of Amazon’s Rivian delivery truck prototypes is spotted on the roads. Tesla could be challenged by a Chinese EV maker, but it isn’t the one you think. NASDAQ:RIVN has had an interesting first six weeks as a publicly traded company, as
Amid a slew of negative news concerning the COVID-19 variant linked to South Africa, Reuters shared a positive update from the global payment network Mastercard. “US retail sales rose 8.5% during this year’s holiday shopping season from Nov. 1 to Dec. 24, powered by soaring e-commerce sales,” said the news. Mastercard’s SpendingPulse also mentioned, “US
The Mexican peso is rising across the board on Friday. USD/MXN heads for lowest daily close in a month. The USD/MXN is falling on Friday for the third consecutive day and it trades at 20.56, the lowest level in a month. The Mexican peso remains supported by an improvement in global risk sentiment. Also, a
The shared currency losses against the greenback but remains above the 1.1300 figure. EUR/USD Price Forecast: A descending triangle in a downtrend opens the door for a challenge of the YTD low at 1.1186. The EUR/USD is barely down late in the European session, trading at 1.1318 at the time of writing. As US markets
Gold gains for the second week in a row, but still remains under $1810. While above $1785, the bullish bias could persist in the short term. Gold rose for the second week in a row and finished slightly below $1810 after rebounding from $1783. It was unable to hit fresh monthly highs. The yellow metal
The greenback gains some ground against the aussie, amid closed US equity and money markets. Covid-19 positive news improved investors’ mood as the year-end looms. AUD/USD Price Forecast: Bulls prepare for a challenge of crucial resistance around 0.7280-0.7300. The AUD/USD slides during the late European trading session, down some 0.33% trading at 0.7224 at the
NYSE:BABA gained 0.72% during Thursday’s trading session. AliBaba admitted it was slow to react to cloud services bugs. JD.Com tumbled as Tencent slashed its stake in the eCommerce site. NYSE:BABA managed to close out the week in the green as Santa paid a visit to the struggling Chinese tech giant a couple days early. Shares
EUR/USD stays below a confluence of 200-EMA, monthly triangle’s resistance line. Downbeat Momentum line hints at a pullback, 100-EMA restricts immediate declines. EUR/USD holds onto the monthly trading range, around the upper end of a symmetrical triangle during Friday’s quiet Asian session. That said, the quote eases to 1.1323 by the press time. In doing
GBP/USD flat correction can reach another blue box area [Video] Short-term Elliott Wave view in GBPUSD suggests that a decline to $1.3160 low ended the cycle from October 20, 2021 peak in wave (A). Up from there, the pair is correcting that cycle in wave (B) bounce. The internals of that bounce is unfolding as