It feels a long time ago since gold was rallying on the back of a poor ADP number and expectations that it may signal a weaker jobs report and nudge the Fed in a dovish direction.
The yellow metal has gone from threatening to break $1,833 - and the 50 fib - to the upside to smashing through $1,790 support in just a couple of days, courtesy of a strong ISM...
The pound is higher on the day after the Bank of England laid out plans for reversing emergency stimulus measures and raising rates. But it hasn't really changed much as far as the charts are concerned.
Price action continues to push against the key fib levels, as well as the 55/89 daily SMA band, but is there any indication that we're about to witness a breakout...
Should we be concerned that the bitcoin has stalled just as it appeared poised to take off?
Bitcoin has pulled back in recent days, with the price falling from around $41,000 to roughly $37,500. The move came just as many were speculating that cryptos are back after their late spring/early summer slump. Should the short-lived rally be a source of concern or...
The pound has reached an interesting level against the dollar, one that could determine whether the pair is back in bullish territory or the end of a correction.
The pair found strong support around the 200/233-day SMA band a couple of weeks ago and has rebounded strongly since. This came after it broke below the 55/89-day SMA band in mid-June, which had been a...
The rally in EURUSD has stalled over the last few sessions but the bounceback may not be quite so short-lived.
After breaking below the 200/233 day SMA band in mid-June, the pair had broken into bearish territory, potentially opening up a much broader move to the downside in the months that followed.
After falling back to 1.1754, a corrective move started and...
The Australian dollar is in positive territory on Monday. In the European session, AUD/USD is trading at 0.7733, up 0.32% on the day.
The week started out on a sour note, as inflation fell in May. The Melbourne Institute (MI) Inflation Gauge, a monthly release, fell 0.2% in May, marking its first decline in seven months.
With major economies showing stronger...
The Swiss franc is up for a second straight day. In North American trade, USD/CHF is trading at 0.9000, up 0.24% on the day.
The Swiss franc has made strong inroads in recent weeks against a US dollar which continues to struggle. The dollar posted sharp gains in the first quarter, but has reversed directions. Since April 1, USD/CHF is down 4.8% and has...
The euro has started the week in positive territory. In the North American session, EUR/USD is trading at 1.2220, up 0.32%.
Monday is a national holiday across much of Europe, and there are no economic releases out of the eurozone. Still, the euro is showing some strength and has punched into 1.22-territory.
German data will be in focus on Tuesday. The...
The Canadian dollar has reversed directions on Thursday and posted gains. In the North American session, USD/CAD is trading at 1.2076, down 0.46% on the day.
On the fundamental front, the Canada ADP employment report for April posted a sharp gain of 351.3 thousand, after a sizzling read of 634.8 thousand in March. The week wraps up with Canada retail sales in...
The Australian dollar has reversed directions on Wednesday and recorded considerable losses. In the European session, AUD/USD is trading at 0.7750, down 0.52% on the day.
Investors gave the Aussie a thumbs down on Wednesday after Westpac Consumer Sentiment fell 4.8% in May. The trend of improving consumer confidence over the past three months was broken. Still, a...
The New Zealand dollar has posted small gains in Friday trade. In the European session, NZD/USD is trading at 0.7190, up 0.13% on the day. The pair is down 1.22% this week and is poised to have its worst weekly performance since mid-March.
The BusinessNZ Manufacturing Index fell in April to 58.4, down from 63.6. Although this was a significant drop, investors do...
On Thursday, the Canadian dollar has posted small gains. In the North American session, USD/CAD is trading at 1.2147, up 0.11% on the day.
The Canadian dollar has been on a tear lately. USD/CAD has fallen 1.32% in May and the Canadian dollar hasn't suffered a losing week since March. Canada's economic recovery has been bumpy and lockdown restrictions remain in...
The pound is showing limited movement in the Wednesday session. In European trade, GBP/USD is trading at 1.4132, down 0.07%. On the fundamental front, US CPI is projected to come in at 3.6% year-on-year in April, up from 2.6% in March. If CPI outperforms, it could raise expectations that the Fed will move sooner to tighten policy.
UK GDP numbers were a mixed bag,...
The pound is in positive territory on Tuesday. In the European session, GBP/USD is trading at 1.4144, up 0.20%.
The Scottish National Party (SNP) handily won the Scottish election, but investors sighed with relief as the pro-independence party came up just short of a majority. This means that plans for another referendum on Scottish independence may be delayed,...
The Japanese yen is drifting in the Monday session. In North American trade, USD/JPY is trading at 108.67, up 0.05%.
The yen has posted four winning weeks out of the past five, as the US dollar continues to struggle. Still, the US/Japan rate differential continues to support USD/JPY, which remains in no man's land slightly below the 109 level.
Japan will release...
The euro is showing little movement on Wednesday. In the North American session, EUR/USD is trading at 1.2005, down 0.06% on the day.
Business activity across the eurozone remains weak, as reflected by eurozone Services PMIs for April, which were released earlier on Wednesday. The German, eurozone and French releases were all close to the 50.0 level, which...
The New Zealand dollar has posted strong gains on Tuesday. In the North American session, NZD/USD is trading at 0.7133, down 88% on the day.
We continue to see significant volatility from the New Zealand dollar. The currency ended the week with sharp losses of 1.18%, as strong US data lifted the US dollar. NZD/USD started the week with strong gains, but these...
The Australian dollar is steady in the Monday session. In European trade, AUD/USD is trading at 0.7722, up 0.14%.
The US dollar showed some broad strength on Friday, and AUD/USD fell 0.70% and briefly fell below the 0.77 level. The greenback was supported by inflows from international investors who snapped up US Treasuries in month-end rebalancing flows.
Strong...
