Despite closing the week below the all-important 200-Daily Moving Average (DMA) at $1821, gold price recorded weekly gains, courtesy of the dovish Fed decision and escalating coronavirus concerns globally. The findings of the latest Reuters poll of 38 analysts also back the case for a modesty rally in gold price this year, with the precious
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The purchasing managers’ index (PMI) for China’s manufacturing sector dropped to 50.4 in July from 50.9 in June, the latest data published by the National Bureau of Statistics (NBS) showed Saturday. The actual data missed the consensus estimate of 50.8. Meanwhile, the Non-Manufacturing PMI eased slightly to 53.3 in July from 53.5 in June. A reading above
GBP/USD drops further to 1.3890, but secures weekly gains Dollar gains momentum late on Friday and trims weekly losses. Cable heads for biggest weekly gain since May. Next week’s key events: NFP and Bank of England meeting. The GBP/USD failed to hold to gains on Friday and tumbled to 1.3890, reaching the lowest levels since
Today, I am following up on the article I posted in May 2021, which was looking for Microstar to bottom imminently for the next leg higher. You can view this article here The stock has bottomed as expected, and has started to rally and show signs that the next leg higher is underway. Here’s the
EUR/GBP struggled to capitalize on its modest intraday gains. Softer German GDP print held the euro bulls from placing bets. Improving COVID-19 situation in the UK further capped gains. The EUR/GBP cross retreated few pips during the early European session and was last seen hovering near the lower end of its daily trading range, around
AUD/USD bulls in charge despite woes n the horizon for AUD. Fed takeaways are balanced but central bank divergence is bearish for AUD/USD. AUD amongst commodity-fx underperformed, reflecting the concerns around the Sydney lockdown and the implications this will have for next week’s RBA meeting. However, vs the greenback, it rallied all the way to
USD/JPY pares all the previous day’s gain on Thursday. More downside for the pair on the cards, if price breaches the Head & Shoulder formation neckline. Momentum Oscillators warn caution for any aggressive directional bets. USD/JPY remains under pressure in the European trading hours. The pair hinges near the daily support level of around 109.70.
NIO shares get caught in yet another China crackdown. NIO is not involved but guilty by association as Chinese stocks suffer. Tesla results on Monday were solid, NIO is a peer. NIO stock continues to be stuck in a sideways range since retreating from a failure to break above resistance at $54.86 back in early
In light of the recent price action, USD/CHF could slip back to the 0.9117 level, suggests Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. Key Quotes “USD/CHF has failed at the 4-month downtrend at .9219 and is under pressure near term. We would allow for slippage back to the .9117 recent low and
Starbucks (SBUX) reported Q3 2021 earnings after the close on Tuesday. Earnings Per Share (EPS) came in at $1.01 versus the $0.77 average Wall Street estimate. Revenue was $7.5 billion versus the $7.24 billion estimate. Starbucks closed the regular session on Tuesday at $126.02. Starbucks (SBUX) earnings news Starbucks stock is trading at $123.74 in
Economist at UOB Group Barnabas Gan assesses the latest industrial/manufacturing figures in Singapore. Key Takeaways “Singapore’s industrial production rose 27.5% y/y (-3.0% m/m sa) in June 2021, in line with our expectations for a 27.4% y/y expansion. This is the fastest growth since November 2010 (+41.2% y/y, +1.5% m/m sa).” “Manufacturing growth in the second
What you need to know on Tuesday, July 27: The greenback lost some ground on Monday but held within familiar levels against major rivals. It got to recover ahead of Wall Street’s close, as the US indexes reverted early losses and settled at fresh all-time highs. The EUR/USD pair topped 1.1816, ending the day around
A combination of factors exerted some pressure on GBP/USD for the second straight day. A subdued USD price action extended some support and limited losses, at least for now. The GBP/USD pair remained on the defensive heading into the European session and was last seen hovering near daily lows, around the 1.3740-35 region. The pair
Since the crash of March 2020, all stocks have tried to recover what they lost and JNJ was no exception. Johnson & Johnson did not only recover the lost, but It also reached historic highs. Now, we are going to try to build a wedge from the March 2020 lows with a target above $176.
GBP/USD pares intraday losses, down little around mid-1.3700s GBP/USD attracted some dip-buying on Friday amid a subdued USD price action. The risk-on impulse in the markets acted as a headwind for the safe-haven USD. Rallying US bond yields underpinned the USD and capped the upside for the pair. The GBP/USD pair remained on the defensive
In a statement published on Friday, US Treasury Secretary Janet Yellen urged Congress to act as soon as possible on debt limit, as reported by Reuters. Additional takeaways “US will meet statutory limit on debt on August 1.” “Treasury will suspend the sale of state and local government securities at noon on July 30.” “Treasury will need
German Manufacturing PMI arrives at 65.6 in July vs. 64.2 expected. Services PMI in Germany expands to 62.2 in July vs. 59.1 expected. EUR/USD keeps its range around 1.1770 on upbeat German PMIs. The German manufacturing sector extends its expansionary mode into July, the preliminary manufacturing activity report from IHS/Markit research showed this Wednesday. The Manufacturing
What you need to know on Friday, July 23: The greenback ended Thursday mostly lower across the FX board, although higher against the EUR. The ECB was the main event of the day. As widely anticipated, the central bank decided to leave the interest rates on the main refinancing operations, the marginal lending facility and