EURUSD

Daily Market Comment – Nasdaq charges higher, pound feels heat of negative rates

Posted on May 21, 2020 at 10:42 am GMT

Stocks defy economic gravity; Nasdaq closes in on record highs But markets more cautious Thursday, after Trump’s twitter storm vs China Pound rebound falters as BoE Governor doesn’t rule out negative rates Dollar finds its footing ahead of speeches by Fed’s top echelon Nasdaq approaches all-time high, but futures retreat Close your eyes and you wouldn’t know we are in the middle of a deep recession. At least not by looking at the Nasdaq 100 (+2%), which closed less than [..]

Technical Analysis – EURUSD dives below 1.1000 key level

Posted on May 21, 2020 at 9:48 am GMT

EURUSD has gained some momentum, flirting with the three-week high of 1.1000 in the previous sessions, before dropping slightly lower. The technical indicators appear weak, as the MACD is flattening near its trigger line in the positive area and the RSI keeps moving marginally below the overbought region. The 20-period simple moving average (SMA) currently at 1.0925 could be a trigger point for steeper bearish action if the pair manages to break the red Tenkan-sen line. Lower, support could run [..]

Euro could get positive boost from flash PMI figures; ECB minutes on the agenda too – Forex News Preview

Posted on May 20, 2020 at 1:37 pm GMT

The Eurozone’s flash PMI readings for the month of May will hit the markets on Thursday at 08:00 GMT, likely showing a reviving business sector as most member states moved forward with their re-opening plans. The data are expected to contribute to the bullish atmosphere the German-Franco deal for a virus relief fund created for the euro this week, exposing the currency to fresh buying pressure. On Friday, the ECB meeting minutes could clarify if there is any willingness for [..]

Daily Market Comment – Stocks trapped in ‘no man’s land’, but yen slides

Posted on May 20, 2020 at 9:15 am GMT

Equities pull back as vaccine doubts set in, still stuck in a range Yet broader FX market in a ‘risk on’ mood, yen bruised by BoJ news Bank of England speakers in focus today ahead of Fed minutes Markets look for another catalyst as vaccine rally falters The vaccine-powered euphoria that propelled stocks higher at the start of the week gave way to skepticism on Tuesday, as reports blasted the lack of data in Moderna’s vaccine study, stressing that the [..]

US flash PMIs may bring glimmer of hope as Fed minutes likely to be downcast – Forex News Preview

Posted on May 19, 2020 at 11:49 am GMT

Federal Reserve chief Jerome Powell has had a busy public speaking week and his schedule will remain busy as he testifies before Congress on Tuesday and participates in a ‘Fed Listens’ event on Thursday. The minutes of the April 28-29 FOMC meeting are also due this week (Wednesday, 18:00 GMT) and policymakers will likely strike a downbeat tone amid warnings of a slow recovery. However, with markets seeking any excuse – the latest being the Moderna vaccine trial – to [..]

Daily Market Comment – Vaccine hopes power markets higher, can Powell add more fuel?

Posted on May 19, 2020 at 9:17 am GMT

Vaccine headlines, Fed stimulus bets, and EU recovery package propel stocks higher Yen, dollar, and franc suffer as euro and commodity currencies cheer Fed chief testifies before US Senate today (14:00 GMT), can he keep the ‘party’ going? Perfect storm for stocks Risk appetite returned with a vengeance to global markets on Monday, with the S&P 500 (+3.15%) having its best day in weeks amid a perfect storm of news around a virus vaccine, more Fed stimulus, and a European [..]

Daily Market Comment – Stocks and gold climb as Fed hopes overpower trade fears

Posted on May 18, 2020 at 9:23 am GMT

US equities set to open higher, gold soars after Fed chief’s ‘whatever it takes’ moment But escalating US-China tensions & second wave fears lurking in the background Pound sinks as investors brace for Brexit talks to fall apart Powell turbocharges gold, lifts stocks Global markets are in a good mood on Monday, with commodity currencies recovering and Wall Street set for a ~1.5% higher open, following a ‘whatever it takes’ moment from Fed Chairman Powell. In remarks published over the [..]

Technical Analysis – EURUSD making baby steps within congested area

Posted on May 18, 2020 at 7:15 am GMT

EURUSD has been in a tighter range the past week, maintaining its two-month old trendless style within the 1.0770 and 1.0890 borders while also being unable to sustain strength above the 20-day simple moving average (SMA). With the RSI and the MACD showing no sign of improvement in the bearish area, there is little optimism for a meaningful rally. Still, some buyers could return to the market if the pair manages to clear the 20-day SMA currently approaching the 61.8% Fibonacci [..]

Week Ahead – Reopening woes and trade fears dent sentiment

Posted on May 15, 2020 at 12:45 pm GMT

The coming week seems relatively quiet. The preliminary PMIs for April in the UK, US, and Eurozone will give us an update on how much businesses have suffered, while the minutes of the latest Fed meeting might reaffirm the central bank’s willingness to do even more, even as Chairman Powell hints that Congress should take the lead. Overall though, the most important variables for investors may be how quickly new virus cases increase now that economies are partially re-opening, and [..]

Daily Market Comment – US-China tensions simmer but markets still betting on recovery

Posted on May 15, 2020 at 8:55 am GMT

Trump threatens to “cut off” relationship with China as row over virus spread escalates But market fallout limited as hopes of recovery and more stimulus prevail Dollar headed for weekly gains, eyes US retail sales data Trump continues attack on China President Trump stepped up his fierce criticism of China as he continued to blame the country for failing to stop the spread of the coronavirus. Speaking to Fox Business Network on Thursday, Trump cast doubt on future trade links [..]

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