After the latest round of talks ended with no signs of a breakthrough, Trump unexpectedly escalated trade war with China. Overnight, the US President threatened to impose fresh 10% tariffs on another $300 billion of Chinese goods. As a result, risk aversion intensified across the global markets, lifting safe-havens including the Japanese yen. Following the...
The uncertainty on further easing by the Federal Reserve increased after the central bank’s tone came not as dovish as expected. Powell’s rhetoric fueled a widespread dollar rally which sent gold prices lower on Wednesday. The precious metal extended losses to $1,404 today, with the futures are now threatening the $1,4000 handle. As investors priced in a...
Mixed Chinese PMI data coupled with fresh threats from Trump curbed investor optimism early on Wednesday. However, the greenback failed to attract safe-haven demand as traders turned cautious ahead of the crucial Federal Reserve decision. Trading ranges in the currency markets are tight, with the dollar is under a mild pressure against major counterparts. As...
Ahead of this week’s resumption of the U.S.-China trade talks and FOMC monetary policy decision, crude oil prices regained some ground on Monday and keep trading with a modest bullish bias today, as traders hope for at least some progress in relations between the two world’s largest economies after a break. Meanwhile, U.S. President Donald Trump said...
GBPUSD extends losses on Monday, with the pair registered fresh more than two-year lows around 1.2320, now threatening the 1.23 figure. After two bearish weeks, sterling remains under pressure from two major factors – stronger USD and growing threat of a no-deal Brexit. The greenback remains on the offensive against major counterparts as the latest strong...
EURUSD managed to attract some demand around 1.11 on Thursday and finished with marginal gains. The central bank left the key rates unchanged and the accompanying statement was rather dovish but Draghi’s speech was more neutral as the central bank governor pointed to “pretty low” recessionary risks and noted that the governing council should assess fresh...
There is rising volatility in the oil market, with Brent plunged from daily highs around $64.60 to $62.50 and finished around the $63 handle on Wednesday. It looks like traders remain at a loss due to a number of conflicting signals and drivers in the industry. Today, the futures are trading with a modest bullish bias but downside risks persist. The Energy...
EURUSD dived to nearly two-month lows around 1.1140 on Wednesday, as the selling pressure intensified after a break below the 1.12 support that capped the sellers since mid-June. A widespread dollar demand was one of the key drivers behind the reversal, with rising trading tensions add to the pressure. On Tuesday, the EU trade chief said that the European...
Crude oil prices failed to show a sustainable recovery on Monday and has been trading with a modest bullish bias on Tuesday. Brent has settled marginally above the $63 handle and remains vulnerable to losses as the bulls remain on the sidelines amid conflicting signals in the market. Brent is now torn between geopolitics and worries over oversupply. On the...
EURUSD dropped dramatically on Friday and remains marginally above the 1.12 handle today, trying to show a bullish bias as dollar demand looks subdued after the recent rally. Volatility in the market remains elevated amid conflicting signals from the Federal Reserve officials ahead of the crucial meeting later this month. Now, traders shift focus to the ECB...
The dollar was hit dramatically overnight, after comments from NY Federal Reserve President John Williams who hinted that lower rates and more aggressive cuts could come soon. Despite the later NY Fed attempts to temper the remarks, the greenback remained under pressure and trimmed loses only partially. Against this backdrop, gold prices jumped to six-year highs...
EURUSD extends the recovery after a steep decline earlier this week, with the price is nearing the intermediate resistance in the 1.1250 area on Thursday. The upside momentum was fueled by dollar weakness as the US currency shifted to a corrective mode after the recent rally due to strong economic data. Overnight, US dollar index nursed losses versus main...
Brent crude plunged over 3% on Tuesday, with prices slipped back from $67 to the local lows below $64. Today, the futures are making shallow recovery attempts but the impetus is subdued and downside risks persist. The driver behind the sell-off was Trump who raised hopes of easing tensions with Iran and pointed to a potential progress with US - Iranian...
Gold prices failed to extend the upside move yesterday and continue to struggle on Tuesday, with the bullion holds below the $1,420 area for a third day in a row. USD demand has picked up slightly after a negative start of the week, which caps the upside potential in prices. Markets are still focused on the upcoming rate cut by the Federal Reserve and...
Brent crude remains stuck between the 100- and 200-DMAs on Monday, with futures struggle to get back above the $67 handle after marginal gains late last week. The market remains in limbo against the backdrop of some contradictory factors. Some pressure comes amid reports that tropical storm Barry weakened to a “depression”, which means that there won’t be...
Oil prices continue to attract sellers on bullish attempts. After a brief jump above $65, Brent finished below $64 on Monday. Today, the futures are trying to get back above this level but the impetus remains subdued, in part due to a stronger dollar. The US currency extends the ascent since the release of strong jobs data as traders now expect the Fed will...
EURUSD has settled in a limited trading range after an aggressive sell-off on Friday, with strong US NFP employment data sent the greenback higher across the board. As a result, the euro broke down of its consolidative trading range and registered over two-week lows marginally above 1.12. Despite spectacular employment data, Fed Fund futures continue to...
Gold prices have partially retreated from long-term highs but remain steady in general, as a number of factors are driving flows into the precious metal. The bullion is trading marginally lower for a third day in a row, staying above $1,400 after a major one-day rally earlier this week. The yellow metal registered six-year highs ten days ago, with the...