USDJPY has been trading mostly on the defensive this week, with the dollar struggles to regain the upside momentum as risk sentiment remains unstable amid the contradictory signals. The pair registered one-week lows around 107.50 yesterday and remains below 108.00 in a muted trading on Thursday. The Japanese yen derives support from lingering worries about...
Gold prices resumed the rally after a short period of a bearish correction. The bullion showed resilience despite heightened volatility, as the retreat was limited by the $1,380 area, where the metal has attracted demand and got back to six-year highs. The recent events surrounding the G20 summit and resuming the dialog between the US and China fueled risk...
Crude oil prices failed to stage a sustainable rally on Monday as Brent attracted an aggressive profit-taking above $66.50 and now tries to cling to the $65 level as traders continue to express concerns over the slowing global growth after disappointing manufacturing PMIs in major countries. Market participants were not inspired by OPEC decision to extend the...
EURUSD pair resumed the downside move after finishing the week unchanged on Friday. The pair slipped through the 200-DMA and registered ten-day lows marginally above the 1.13 handle which represents the immediate support now. The euro is under pressure due to a widespread dollar demand after Trump and Xi agreed to resume trade talks. Cease-fire in the...
After some intraday fluctuations, EURUSD was little changed in the end of the day on Thursday. Bullish attempts continue to attract sellers, which prevents the euro from breaking the 1.14 barrier. On the other hand, the pair remains above the 200-DMA, which is a positive technical signal, at least in the short term. Market attention now shifts to the G20...
USDJPY is gaining bullish traction for the second consecutive session on Thursday, extending the recovery from multi-month lows registered below 107.00 last week. The yen’s safe-haven appeal turned sour amid optimism over the widely expected trade talks between the US and China this weekend. The greenback regained positive momentum ahead of the final US Q1...
Brent crude refreshed June highs around $65.43 on Wednesday and tries to settle above the $65 handle as the G20 summit looms. Risk sentiment has deteriorated somehow after comments from Fed’s Powell and Bullard were not as dovish as expected. But this is overshadowed by lingering tensions between the US and Iran, fueling concerns over possible supply...
The EURUSD pair extends the ascent on Tuesday, hovering around fresh three-month highs above the 1.14 handle. The euro is rising for a fifth day in a row, with the main bullish driver is a broad-based weakness in the greenback. Despite the pair starts to show some overbought conditions, the common currency could refresh local highs in the short term as Powell...
Gold prices extend the rally on Monday, with the bullion is trying to get back above the $1,400 psychological level, clinging to six-year highs registered at the end of last week. This is the fifth day of gains in a row as demand for the precious metal remains robust due to rising tensions between the US and Iran, a dovish shift by major central banks, and a...
Brent has refreshed June highs early around $64.30 early on Friday but failed to extend gains and got back below the $64 handle, clinging to the opening levels. In the weekly charts, the futures remain in the positive territory, largely due to yesterday’s rally amid euphoria in the financial markets. Today, the risk sentiment shows signs of abating after the...
After the Fed confirmed its dovish shift yesterday, the Bank of England has a so-called Super Thursday today. The pound is rising for a third day in a row, challenging the 1.27 level ahead of the key event. The main driver behind the bullish tone in the pair is dollar weakness due to a softer Federal Reserve rhetoric and better risk sentiment amid positive...
Today the two-day Federal Reserve policy meeting concludes. The central bank’s tone will set the direction for the dollar across the board. In the light of recent weakness in economic data from the US and a softer rhetoric from the Fed officials, traders expect the policymakers to adopt a dovish stance and confirm an easing bias in the second half of the year. ...
Crude oil prices extend losses on Tuesday after a short-lived recovery in the second half of last week. Brent dipped below the $60 handle on Monday and reached lows around $59.50 ahead of European session today. Traders’ behavior shows that economic worries outweigh geopolitical concerns amid tanker attacks. The latest portion of dismal Chinese data added to...
After a brief jump to the highest levels since April 2018, gold prices turned negative on the day and finished the week up by just 0.05% as a result of a reversal. On Monday, the bullion remains under pressure as traders continue to digest strong US retail sales data that lifted the dollar nearly across the board. A spectacular retail sales report made...
The greenback was marginally higher against the European currencies and turned lower against the Japanese yen on Thursday. Suh a behavior shows that despite some improvement in risk sentiment, investors remain cautious against the backdrop of the ongoing US-China trade war and other geopolitical concerns. Today, the US retail sales is the key event of the...
After two days of a bearish correction, gold prices resumed the ascent and got back above $1,330 on Wednesday. Yesterday, the bullion briefly slipped to lows below $1,320 though trimmed intraday losses afterwards. The precious metal derives support from a combination of risk aversion and a weaker dollar. Risk sentiment has deteriorated amid tensions in Hong...
After a brief jump to nearly 14-month highs around $1,348, gold prices started to correct lower as the bullion attracted some profit-taking at interesting levels. On Tuesday, the precious metal is challenging the $1,324 barrier, a break of which could open the way towards the $1,320 support area. The recent aggressive rally in gold prices was driven by...
Crude oil prices registered the first weekly gain after two weeks of steep losses that brought Brent to five-month lows below the $60 handle. The market entered the bearish territory last week and found some bids as the general risk sentiment improved. As a result, Brent finished above $63 but struggles to extend the rebound on Monday as traders remain...