Gold clings to strong recovery gains on Wednesday. Renewed USD weakness helped XAU/USD gain traction in American session. Benchmark 10-year US Treasury bond yield is down 2%. After suffering heavy losses at the start of the week, the XAU/USD pair closed virtually unchanged on Tuesday and managed to stage a decisive rebound on Wednesday. As
FX
NZD/USD stays trapped in its range between 0.7103/7115 and support at 0.6910/6880. However, analysts at Credit Suisse still believe a downside breakout is more likely. Fresh sellers at the 55-DMA at 0.7051 “NZD/USD is now oscillating right in the middle of its range following the recent rejection from its falling 55-day average, now at 0.7051,
WTI holds onto the bounce off three-week low inside a choppy range. API Weekly Crude Oil Stock came in softer-than-previous for seven days to August 06. US stimulus passage, profit booking near multi-day low adds to the recent upside. Sentiment-related headlines, US CPI and EIA inventories will be the key. WTI remains sidelined around $68.30,
USD/JPY caught some fresh bids on Tuesday and prolonged its one-week-old uptrend. Prospects for early tapering by the Fed underpinned the USD and remained supportive. A softer risk tone did little to benefit the safe-haven JPY or hinder the ongoing move up. The USD/JPY pair shot to fresh two-week tops during the first half of
NZD/USD remains depressed below 0.7000 on Tuesday US Dollar Index edges up on upbeat economic data and hawkish Fed officials. Risk-aversion weighs on the Kiwi as Delta variant spokes investors. NZD/USD extends the previous session’s downside momentum in the Asian session on Tuesday. The pair confides in a very narrow trading band with no meaningful
GBP/JPY reversed an intraday dip to the 152.60 area and moved back to the 153.00 mark. The formation of a bullish inverted head & shoulders supports prospects for further gains. A sustained move beyond the 153.40-45 neckline is needed to confirm the positive outlook. The GBP/JPY cross rallied over 40 pips from the early European
NZD/USD continues with the previous week’s selling pressure on Monday. US Dollar Index remains steady near 93.0 on stronger NFP report. Upbeat Chinese Trade data and interest rate hike expectations keep New Zealand’s dollar grounded. NZD/USD extends the previous session’s downside momentum in the Asian session on the first day of the fresh trading week.
GBP/USD drops to one-week lows under 1.3875 amid a rally of USD US dollar extends gains during the American session as US yields soar. Cable fails to hold to weekly gains, drops below 1.3900. The GBP/USD extended the decline to 1.3860, the lowest level in a week, on the back of a stronger US dollar
GBP/USD has weathered dollar strength after the Bank of England (BoE) took a hawkish step. A bigger test is due now. Will Nonfarm Payrolls outweigh the pound’s resilience or not? The answer will be known soon enough, Yohay Elam, an analyst at FXStreet, briefs. See – NFP Preview: Forecasts from seven major banks for July jobs
AUD/USD holds on to the recovery moves from 0.7370, edges higher of late. Market sentiment improves on stimulus hopes, Fed’s optimism and upbeat data. Covid woes, tapering chatters challenge bulls but Wall Street ended on positive note, US T-Bond Yields stay firmer. RBA Governor Lowe’s testimony, China trade data and US NFP will decorate the
A modest pickup in demand for the GBP prompted fresh selling around EUR/GBP on Thursday. The improving COVID-19 situation in the UK continued acting as a tailwind for the British pound. The latest BoE monetary policy decision will now be looked upon for a fresh directional impetus. The EUR/GBP cross extended its steady intraday descent
AUD/USD holds onto pullback from three-week top, remains pressured of late. Comments from Fed Vice Chair Clarida, US Treasury Secretary Yellen renew tapering woes, US dollar strength. Aussie infection ease but the return of local lockdowns in China and virus fears in the US weighs on sentiment. Aussie trade numbers eyed for immediate direction but
AAPL shares rebound on Tuesday, up 1.3% on the day. Apple looks technically bearish but has yet to trigger its double top. AAPL stock showing bearish divergence on RSI. Apple stock pout in a pretty solid day on Tuesday closing up 1.3% at $147.36. The markets were a little shaky early on with big tech
NZD/USD awaits the NZ labour market data for the day. Bird is firmer on the market’s interpretation of RBNZ comments and factoring in prospects of an August rate hike. At the time of writing, NZD/USD is starting out in early Asia near the highs of the day and 0.72% before the forex close at the top
UOB Group’s FX Strategists reiterated the mixed outlook for USD/CNH in the near term. Key Quotes 24-hour view: “USD traded between 6.4599 and 6.4729 yesterday, narrower than our expected range of 6.4525/6.4750. The movement is viewed as part of an on-going consolidation phase. In other words, USD could continue to trade sideways, expected to be
What you need to know on Tuesday, August 3: Market players were optimistic at the beginning of the day, with the dollar easing against its major rivals. The sentiment took a turn for the worse during American trading hours, amid signs of slowing economic progress in the US. The official ISM index contracted from 60.6
In opinion of FX Strategists at UOB Group, the outlook for USD/CNH remains mixed for the time being. Key Quotes 24-hour view: “Last Friday, we expected USD to ‘trade between 6.4500 and 6.4750’. USD subsequently traded within a narrower range than expected (6.4514/6.4725) before closing little changed at 6.4633 (+0.09%). The movement is deemed as
AUD/USD bears are back in town as the price fails to rally beyond resistance. RBA, covid, Fed, China, iron ore and US jobs data are all critical for the week ahead. AUD/USD ended the day on Friday under heavy pressure, down 0.7% falling from a high of 0.7404 to a low of 0.7331. The US dollar