The US stock markets shifted to a recovery mode on Wednesday after an aggressive pre-Christmas sell-off. S&P 500 gained by nearly 5%, with most sectors turned green. However, the rebound was more like a dead cat bounce and a sign that the selling was overdone rather than an improvement in investor sentiment. By the way, risk trends looked less robust in Asia on...
The greenback has been losing ground aggressively at the end of the year. The US currency fails to resist the fundamental bearish drivers threatening to derail the already vulnerable upside trend in the USD. These drivers are the widespread rout in the US stock markets, concerns over the economic growth, Trump’s aggressive for-eign policy and political disputes,...
After a short-lived corrective rally on Friday, the greenback is back under the selling pressure at the start of the last trading week on the year. The market liquidity is getting thinner ahead of Christmas holidays, and the trad-ing activity will be rather subdued in the days to come. The buck finishes the month on a weaker note, while the government shutdown...
The greenback remains on the defensive against major currencies on Friday, though the downside pressure has eased somehow after an aggressive sell-off yesterday. Due to a widespread USD weakness, EURUSD reached a 1.5-month high at 1.1485, where the 100-DMA lies. This area capped the upside potential on Thursday but the upside risks are still there. So the key...
USDJPY tumbled to nearly two-month lows below the 112.00 handle on Thursday, continuing to march south for a fifth day in a row. The dollar struggled to get a relief from the Fed’s unexpectedly ‘hawkish’ tone as the safe-haven demand has surged after the central bank meeting. Such a behavior in the market shows that the risk trends set the tone for investors...
The recovery in gold prices from August lows is gaining momentum. On Wednesday, the precious metal has extended weekly gains to fresh mid-July highs marginally above $1,251 and holds in the positive territory, ex-pecting fresh short-term drivers. It looks like gold is shining again, after a break of the aggressive bearish trend. The bullion’s appeal is...
After several failed attempts to settle above the $60 figure, Brent crude has accelerated its decline and made fresh 14-month lows marginally above $57 on Tuesday. The current environment in the markets confirms that not only oil remains attractive for selling on rallies, but traders tend to open short positions and don’t believe in the efficiency of a new OPEC+...
The dollar turned negative on Monday following a widespread rally at the end of last week. The USD demand ebbs even as the risk sentiment remains subdued as investors still prefer a cautious approach due to the linger-ing global risks. The EURUSD pair has switched to a recovery mode and trades around the 1.1350 area. Interestingly, the euro is rising despite...
The Japanese yen is trading marginally higher on Friday as risk sentiment turned sour after two days of rising market optimism. USDJPY still struggles to regain the 114.00 hurdle as investor sentiment is unstable and the greenback lacks the upside impetus. In the weekly charts however the pair is firmly in the positive territory after a deep slide during the...
In the weekly charts, gold prices are trading in the negative territory but the overall dynamics continues to im-prove. Earlier this week, the bullion reached the $1,250 handle for the first time since July, which is another con-firmation of reaching a bottom at $1,160 in August. Further dynamics in the yellow metal will depend on the fate of the dollar’s...
Ahead of tomorrow’s ECB meeting, EURUSD has settled marginally above the 1.13 threshold and doesn’t dare to challenge the 1.14 barrier since the start of the week. After two days of declines, the euro makes some recovery attempts on Wednesday but the overall demand looks very limited due to growing concerns over the spreading political crisis across the EU. ...
Gold prices have been in a recovery mode since August, when the metal found a bottom at $1,160. Despite the corrective rebound is bumpy and uneasy, the technical picture has improved significantly, especially after last week’s rally that was the most aggressive since March. Yesterday, the precious metal has reached a mid-July high above $1,250, where it was...
After a short-term positive reaction to the OPEC+ deal on Friday, crude oil prices struggle to show a sustained recovery as the exporters agreed to curb output by 1.2 million barrels a day. Despite a consensus was finally reached, investors refrain from aggressive buying as there are some doubts that all the members of the group will fulfill their obligations...
The greenback is mixed on Friday as traders take a cautious tone ahead of the key US NFP employment report. The release could bring back short-term volatility in the dollar pairs but the broader picture will still depend on the Federal Reserve rate hike bet. The US-China trade war, prospects of slower global growth, and a more cautious tone by the Fed make...
Global markets are trading in a risk-off mode on Thursday amid a potential escalation of US-China trade tensions despite the two countries reached a 90-daycease-fire a few days ago. The Huawei Technologies executive was arrested in Canada at the request of the United States. The arrest is related to the supposed violation of US sanctions on Iran and now Meng...
Crude oil prices show a mixed dynamics this week amid the contradictory signals ahead of the crucial OPEC+ summit in Vienna. After the Monday’s rally, Brent dipped yesterday but managed to hold above the $61 thresh-old that is standing on the way to the key psychologically important support at $60. On Wednesday, the prices quickly derailed the $61 level but met...
There is no reprieve for the greenback on Tuesday as all the major factors point to further waning of its attrac-tiveness. The US currency struggles to regain strength after the recent change in the Fed’s tone on tightening prospects. Recent investor optimism over the US-China trade negotiations added to the bearishness as well. Today, the PBOC has...
After a meeting between Donald Trump and Chinese leader Xi Jinping at the Group of 20 summit, the two lead-ers reached a 90-day cease-fire in their trade dispute. Global investors are cheering the breakthrough that as-sumes that the US will hold off on his plan to raise tariffs on $200 billion in Chinese goods early next year. Against this backdrop,...