The Australian Dollar has seen a resurgence in recent days, following its massive drop mid March. At its lowest, the Aussie had traded at 0.5749 against the USD, but has steadily been climbing back up, and is now at 0.6482 and continuing to climb. Moving ahead, AUD/USD has a strong support at 0.6439, which gives further credence for it to keep rising.
Likewise,...
UK Consumer Confidence was unchanged from its 12 year low, according to a survey by polling firm GfK done for the first two weeks of April. After last month’s figure of -34, the lowest it had been since February 2009, the number figure remained the same as UK citizens await the end of the lockdown.
Consumer confidence data is a measure of peoples’ willingness...
US stocks have not seen any major changes this week, staying uncharacteristically calm despite headlines such as the oil price crash. The Dow Jones gained 457 points on its Wednesday session, a jump of 2%. It is now trading at 23,400 points on the hourly chart. Likewise, the S&P 500 and NASDAQ indices saw similar gains, climbing 2.3% and 2,8%,...
After reaching close to $1,740 just a week ago, gold has now fallen and is hovering at the $1,680 support level. For the Asian session, gold remained largely unchanged, as it moved only 1% to the downside.
Gold’s status as the king of safe havens has been challenged by the US Dollar, which continues to consolidate above 100 points on the Dollar Index. Gold’s...
In a truly bizarre turn of events, crude oil has dropped below $0 for the first time in history. Over the course of the day, traders watched as WTI crude oil crashed during its trading session, falling to $15 per barrel, and then $11, before finally giving out and turning negative. It is now so bad that traders are willing to pay for oil to be taken off their...
The New Zealand Dollar made a jump at 4am GMT today, during a press conference where New Zealand Prime Minister Jacinda Ardern announced that the country would be ending its Level 4 lockdown at the end of Monday 27th April, one week from now. New Zealand will move back down to Level 3 of its alert phase.
Immediately after the announcement was made, the NZD rose...
On the 12th of April, the OPEC alliance, headed by Saudi Arabia, and Russia reached an agreement to cut the production of oil by 9.7 million barrels per day until June, effectively ending the ongoing price war between the two countries. As well as this they will continue to restrain output for at least the next two years. Following this news oil was able to climb...
US stocks extended losses at the close of yesterday’s trading session as news came that US retail sales had dropped 8.7% from February to March, according to a report from the Commerce Department.
The Dow Jones, S&P 500, and NASDAQ fell 1.9%, 2.2% and 1.4%, respectively. The Dow is now currently trading at 23,400 points.This news comes as no surprise, as the...
GBP/USD, which had been steadily making sharp moves to the upside in recent days, has now broken that streak to trade lower, with a modest decrease of 0.17% from the previous day’s trading session, now down to 1.2604. If the pair is to continue moving lower, it will meet support at the 1.2460 level.
Prior to this the Pound/Dollar pair had been trading at a four...
Back in the beginning of March, I predicted that gold would hit $1,700 by the end of the month. And while it has taken just two weeks longer than that to do so, it has nevertheless reached expectations. Over the past few days gold has hit 7 year highs, and is currently trading above $1,720, showing no signs of stopping.
There was a delay in the yellow metal...
In its latest meeting on Tuesday, the Reserve Bank of Australia decided to leave the interest rate for the Australian Dollar unchanged from its current record low of 0.25%. In a statement, the RBA said that they would not increase the rate until they were confident that the inflation rate would increase at the target rate of 2-3%. As expected, they were concerned...
The New Zealand Dollar has been relatively stable over the past few days, owing to a lack of major global news. Countries around the world are beginning to stabilise their rate of coronavirus infections, after entering various states of lockdown. Spain, which had been one of the latest countries to be hit hard by an outbreak, has finally reported a decreasing rate...
UK Prime Minister Boris Johnson has now been placed in intensive care, following an admittance to hospital just a few days prior. For now his duties have been taken over by Foreign Secretary Dominic Raab. While a spokesperson from 10 Downing Street has said that Johnson was moved due to his condition worsening, they also stressed that he was still conscious and...
On Friday, the Non farm payroll data was finally released for the month of March. From the 8th-14th March, 701,000 jobs were lost in the United States, far exceeding predictions of 100,000. This is the highest figure of jobs lost in 11 years, and is only the start. The first state to come under lockdown, which was California, only started on the 20th. Therefore it...
This week’s jobless claims more than doubled last weeks’ record high, reaching 6.648 million. Last week’s figure of 3.28 million jobless claims was already 5 times larger than the previous record of 700,000. And now it has doubled this new figure again.
Economists have taken this as a sign that the government stimulus packages are already too late, with more...
Despite a drop in the Nikkei 225, Japan’s stock index, the Japanese Yen has seen 3 straight days of gains now against the US Dollar. In contrast, the Nikkei dropped back below 18,000 points, a one week low.
Traditionally a very stable currency pair due to both currencies being strong safe havens, USD/JPY was steadily rising in the months leading up to March....
As covered last week, there is currently a shortage in gold due to the recent high demand. While there is a shortage in gold, it is not the traditional kind of shortage. There is still enough gold, but the problem is that due to the travel restrictions, it is very difficult to actually deliver it into New York, where the COMEX futures are delivered.
Of course,...
This week’s US jobless claims data has hit unprecedented numbers, jumping to 3.28 million. Initial expectations of 1-1.5 million, which was still a very high estimate, were blown out of the water.
In response to this news, the Dow Jones Industrial Average, which had been on a resurgence in the past 3 days, is now reversing once again. Over the past few days, the...
