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Copper prices slid on Monday after data showed that top consumer China’s industrial output was weaker than expected in May, while a firmer U.S. dollar also weighed on the metal. Three-month copper on the London Metal Exchange was down 1.1% at $9,637 per metric ton as of 0811 GMT, after closing flat last week. The
The forex markets are pretty steady in Asian session today, with Euro stabilizing from its previous sharp sell-off. Meanwhile, Dollar and Yen are posting modest gains. In contrast, commodity currencies showed less resilience, and Swiss Franc surrendered some of its recent strong gains. British Pound demonstrated mixed performance. A noticeable characteristic of today’s market is
USD/JPY gains traction around 157.50 on Monday, up 0.08% on the day. The hawkish stance from the US Fed supported the Greenback, despite the weaker-than-expected Michigan Consumer Sentiment Index data. BoJ kept short-term rate target unchanged and could reduce its purchases of JGBs after the next monetary policy meeting. The USD/JPY pair extends the rally
The USDCHF rebounded earlier this week in the process extended above the 38.2% retracement of the move down from the May high to the June low. The level came in at 0.8986. However, momentum cannot be sustained in the price started rotation to the downside helped by the weaker CPI on Wednesday. The low for
UBS economist Ning Zhang says China is bracing itself for a trade war with the US under a second Trump presidency. Local media (gated) carry the UBS analysis: In an interview with The Australian during a visit to Australia, Mr Zhang said China was bracing itself for a trade war with the US that could
Spot gold at $2,334 was up nearly 1.29% on Friday at the time of the MCX closing. Gold rallied as the US bonds extended their ongoing rally despite hawkish Federal Reserve on soft inflation data and ongoing political turmoil in Europe. Investors are concerned that a political crisis is brewing in France in the wake
EUR/JPY trades at 168.43, marking the second consecutive day of losses due to political uncertainty in France. Technical outlook: Consolidation below 170.00 with potential further losses if price drops below the 50-DMA at 167.47. Key support levels: Kumo bottom at 165.92 and 100-DMA at 164.78, indicating acceleration of the downtrend if breached. The Euro tumbled
Russell 2000 daily This is what regime change in the stock market looks like. On Wednesday, the Russell 2000 surged on a soft CPI report and it bumped higher yesterday on PPI. But here we are at the lows of the week and at a six-week low, as it reversed a 2% gain. For 18
UPCOMING EVENTS: Monday: PBoC MLF, New Zealand Services PMI, China Industrial Production and Retail Sales, Eurozone Wage Growth. Tuesday: RBA Policy Decision, Eurozone ZEW, US Retail Sales, US Industrial Production. Wednesday: UK CPI, US NAHB Housing Market Index, BoC Meeting Minutes. Thursday: New Zealand GDP, PBoC LPR, SNB Policy Decision, BoE Policy Decision, US Housing
Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials say, as buyers snap up the metal to hedge against geopolitical and economic uncertainty. Spot gold is trading a little over $2,300 per ounce, up about 12% year-to-date and only about 6% shy of the
Gold soars above $2,330 as investors bet on Fed rate cuts later this year. Risk aversion due to European political turmoil boosts demand for safe-haven assets like gold. US Consumer Sentiment dips in June, inflation expectations remain above Fed’s 2% target. XAU/USD is underpinned by fall of 10-year US Treasury yield. Gold’s price spiked during
The AUDUSD started the week testing the low of a swing area (going back to early May) near 0.6579 and also the 38.2% retracement of the move up from the April 2024 low to the May high near the same level. Sellers pushed the price below that level early on Monday of this week, but
“Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.” That’s the first amendment and may prove to be what
Oil prices fell in early trade on Wednesday as investors digested news that the U.S. Federal Reserve has opted against cutting interest rates in the near future, while ample U.S. crude and fuel stocks further weighed on the market. Brent crude futures lost 14 cents, or 0.17%, to $82.46 a barrel at 0039 GMT, and
Global financial markets were abuzz with several high-profile events last week, including critical meetings of Fed and BoJ, alongside release of US inflation data. However, it was the escalating political turmoil in France that captured the most attention, significantly impacting Euro and overshadowing other major economic news. The common currency emerged as the week’s weakest
EUR/GBP is climbing on Friday after a dip to the 0.8400 handle. ECB soothing talking points are helping to recover sentiment, but only slightly. BoE rate call looms ahead next week, but rate moves not expected yet. EUR/GBP dipped to a fresh 22-month low on Friday, tapping 0.8400 before finding a thin recovery that still
The USDJPY corrected higher since the start of the US session, and ran into resistance above between 157.40 and 157.464. Buyers turned to sellers against the level. Going forward, that swing area will be close resistance not only today but in the new trading week. If broken, traders would look toward the May 29 high