EUR/USD remains on track to close the day flat. US Dollar Index lost its momentum amid plunging bond yields. Flight-to-safety continues to dominate financial markets at the start of the week. The EUR/USD pair started the new week under modest bearish pressure and dropped to its lowest in more than three weeks at 1.1700. With
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Palladium nose dives on Monday with more than 1% fall. Price moves in a broader consolidating trading range of $1,960 and $2,080. XPD/USD has been in a continuous downward trend since early May. Palladium (XPD/USD) takes a negative start on the fresh trading week. The metal prices hover in a broader trade band on the
AUD/USD prints a fresh three-week low at 0.7262. Downbeat market sentiment boosts the demand for US dollars. AUD/USD awaits the FOMC meeting to resume its direction. During the European session, the AUD/USD reached a peak of 0.7321. However, as market sentiment deteriorated and American traders got to their desks, the AUD/USD dipped below 0.7300, pushing the
GBP/USD Weekly Forecast: Breaking out of range? Duo of central bank decisions to trigger action Do current inflation trends warrant tightening policy anytime soon? The past week’s latest figures have caused jitters, leaving investors confused. Central banks take the stage in the upcoming week, with the Fed’s taper timing and the BOE’s rate hike prospects
EUR/USD reaches a three-week low at 1.2724. Market sentiment weighs on the EUR/USD as flows flew to the safe-haven USD. The US Dollar Index rises above 93.00 despite weak US consumer sentiment data. EUR/USD keeps sliding for the second day in a row, exchanging hands at 1.1728 down 0.30% on the day at the time of writing. After
After plunging to its lowest level since 2011 in August, consumer sentiment improved only modestly in early September to 71.0 from 70.3 previously, explained analysts at Wells Fargo. According to them, consumers remain downbeat about current conditions. Key Quotes: “Consumer sentiment measured by the University of Michigan suggests consumers are more downbeat today than when
USD/CNH remains muted on Friday following the previous day’s gain. Bears dominate trade as price stay pressurized below 20-day SMA. Downside in the pair is capped near $6.4270 on the daily chart. .USD/CNH seems to be exhausted near the weekly high of $6.4609 on Friday. The pair moves in a very narrow trade band with
US dollar soars supported by US economic data. Pound losses momentum amid risk aversion, turns negative even against EUR. GBP/USD heads for lowest daily close since late August. The GBP/USD broke below 1.3800 and tumbled to 1.3763, reaching the lowest level since September 9. It remains near the lows, under pressure, amid a rally of
GBP/USD halts the previous session’s daily gains on Thursday. UK Inflation data makes BOE’s hawkish stance firmer. A downtick in US Treasury yields keeps US dollar gains in check. GBP/USD treads water on Thursday in the early European trading hours. The pair pushed above the 1.3850 mark in the overnight session on higher-than-expected inflation data, which
US Dollar mixed across the board, finds support from rebound in US yields. UK: PM Johnson changes members of his Cabinet. GBP/USD holds onto daily gains, remains unable to break 1.3900. The GBP/USD printed a fresh daily high during the American session at 1.3853 and then pulled back toward 1.3820. It is hovering around 1.3840,
EUR/USD consolidates losses around monthly low, eases of late. ECB policymakers reject reflation fears, US inflation for August tames tapering tantrum. Market sentiment dwindles amid mixed clues, confusion over Fed’s next moves. Eurozone IP, ECB members’ comments and second-tier US data will provide intermediate moves, risk catalysts are the key. EUR/USD struggles to keep the
Data released on Tuesday showed the Consumer Price Index rose 0.3% in August, below the 0.4% expected. According to analysts at Wells Fargo, a softer increase in the August CPI lends credence to the Federal Reserve’s view that the flurry of inflation experienced earlier this year will prove “transitory.” Key Quotes: “Consumer price inflation cooled
“Tropical storm Nicholas strengthened into a hurricane late on Monday and is set to batter the Gulf Coast of Texas and Louisiana with rising seawater and rains that could cause widespread and life-threatening flooding,” per the latest update from Reuters. “The hurricane, carrying winds of 75 mph (120 kph), was about 45 miles (75 kms)
Analysts at Wells Fargo, point out that with many G10 central banks likely to begin tightening monetary policy ahead of the Federal Reserve, they remain of the view for a gradual softening in the US dollar over the medium term. Key Quotes: “Even if inflation does prove to be to some extent transitory, combined with
Gold starts the fresh trading week on a lower note and remains under pressure. US Dollar Index bounces back above 92.50 following hawkish Fed’s members. Higher US Treasury yields underpin the demand for the US dollar. Update: Gold prices attempt to rebound from the daily lows and inches closer to $1,795 on Monday. The drop in
US Stocks Technical Analysis Elliott Wave Forecast overview: Markets are very close to the top of Intermediate Wave (3) top caution is required over the week ahead. Elliott Wave Analysis Wave Count:Amazon AMZN Elliott Wave v of (v).Alphabet GOOGL Elliott Wave (v) of v) of 5 of (3).Apple AAPL Elliott Wave v) of 5 of
GBP/USD Weekly Forecast: Range bound with an eye on the BOE Weak July GDP data restrains sterling and rate hike expectations. GBP/USD finishes the week on par and at the middle of three-month range. Sterling’s recovery on Thursday and Friday ended, temporarily, the threat of the GBP/USD breaking below 1.3765 support and entering the lowest
Gold breaks beneath $1,800, bears target $1,700. US 10-year Treasury yields rise, underpinning demand for the US dollar. Fed speakers in the week agree on prospects of bond tapering this year. Gold edges lower during the New York session, trading at $1,789.08 down 0.30% at the time of writing. Meanwhile, the US 10-year Treasury yields, which