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EURUSD

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European PMIs may be scary, but euro has bigger fish to fry – Forex News Preview

Posted on April 21, 2020 at 1:26 pm GMT

The Eurozone’s preliminary PMIs for April will be released on Thursday at 08:00 GMT, and the numbers could be scary. However, investors don’t pay much attention to economic data nowadays, so the euro might be driven by risk sentiment and politics instead. The meeting of EU leaders – also on Thursday – is an asymmetric upside risk, but the currency’s broader outlook still seems negative. Too little, too late The European Union’s weak institutional framework has come back to bite [..]

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Daily Market Comment – Oil trades negative as storage space runs out

Posted on April 21, 2020 at 9:18 am GMT

WTI oil price goes negative as physical storage space runs out Loonie and other oil-sensitive currencies retreat But little impact in other assets – mild risk aversion only Yen and dollar gain on defensive flows, stocks turn red, kiwi drops Oil price turns negative as energy market craters For the first time ever, the price on a barrel of WTI crude oil fell to zero yesterday and then traded negative, falling as low as -$40.32/barrel in a move so unprecedented [..]

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Daily Market Comment – Oil plummets, but stocks hold their ground

Posted on April 20, 2020 at 9:24 am GMT

Loonie drops as WTI crude oil plummets to two-decade low Yet, rest of the market still calm – stocks near recent highs, yen and gold retreat Are stocks exaggerating the V-shaped recovery, or is there nothing else to buy? Demand fears devastate oil prices The energy market is back under immense pressure, with WTI crude falling below $15 per barrel today for the first time since 1999 as investors increasingly realize that there’s so much excess supply that storage space [..]

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Technical Analysis – EURUSD trades quietly within key borders

Posted on April 20, 2020 at 7:35 am GMT

EURUSD started the week in a quiet mood, making limited moves within the 1.0800 zone as the momentum indicators continue to lack bullish appetite. The RSI has been unable to climb forcefully above its 50 neutral mark for more than a week, the MACD has been moving sideways, while the Stochastics are heading towards their 20 oversold area, all reducing the odds for an important upside correction. For the bears to take control in the near-term, the 61.8% Fibonacci of [..]

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Daily Market Comment – Virus drug hopes, Trump reopening plan fuel optimism; dollar holds firm

Posted on April 17, 2020 at 8:28 am GMT

Risk appetite returns on promising coronavirus drug and hope of shutdowns ending soon Stocks re-energized, gold dips but dollar resilient China reports first ever drop in GDP, but markets stay positive Trump wants to reopen economy, markets like it The mid-week souring in risk sentiment is seeing a turnaround as optimism for a way out of this virus crisis returns to the markets. After a series of data showing a collapse in key US economic indicators, ranging from retail sales [..]

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Week Ahead – Global PMIs could sober up investors

Posted on April 16, 2020 at 12:45 pm GMT

With the worst of the pandemic now behind Europe and the US also approaching a peak, markets have turned their sights to when economies will re-open. Stocks have recovered on hopes for a ‘return to normal’, but importantly, safe havens like the yen and gold are also gaining. The combination suggests that traders are still playing defense, and that the recent stock rally may be built on shaky foundations. Indeed, investors might be downplaying the scale of this crisis, and [..]

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Daily Market Comment – Dire US data send stocks spinning, dollar flying higher

Posted on April 16, 2020 at 8:46 am GMT

Fears of global economic slump heightened after dreadful US data Flight to safety hammers stocks, lifts dollar Talk of easing lockdowns fails to comfort markets Markets spooked as gloomy predictions start to turn to reality Reality has come back to bite the markets, taking the steam out of the relief rally in stocks, as investors grapple with the prospect of economic devastation from the virus pandemic. Data released in the United States on Wednesday showed a record slump in retail [..]

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Daily Market Comment – Dire US data send stocks spinning, dollar flying higher

Posted on April 16, 2020 at 8:39 am GMT

Fears of global economic slump heightened after dreadful US data Flight to safety hammers stocks, lifts dollar Talk of easing lockdowns fails to comfort markets Markets spooked as gloomy predictions start to turn to reality Reality has come back to bite the markets, taking the steam out of the relief rally in stocks, as investors grapple with the prospect of economic devastation from the virus pandemic. Data released in the United States on Wednesday showed a record slump in retail [..]

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Technical Analysis – EURUSD hovers in symmetrical triangle in near term

Posted on April 16, 2020 at 7:25 am GMT

EURUSD has been struggling within a symmetrical triangle over the last month, remaining within the squeezed Bollinger bands in the 4-hour chart. The ascent from the three-year low of 1.0635 drove the pair until the 1.1145 resistance but failed to hold near this level. According to the technical indicators, the MACD is flattening marginally below the zero line with weak momentum, while the stochastic is heading slightly up, above the zero level, confirming the recent neutral mode on price. A [..]

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Daily Market Comment – Stocks under pressure amid growth jitters; dollar off lows

Posted on April 15, 2020 at 8:36 am GMT

Uncertainty about growth outlook resurfaces after IMF warning, weighing on stocks Dollar pulls higher as risk aversion sets in US earnings and retail sales data could make for a rocky ride Stocks muted as growth jitters return Equity markets were struggling for momentum on Wednesday as the IMF’s latest economic forecasts served as a reminder to investors that the virus crisis will take a heavy toll on the global economy. In its April report, the IMF projected that the global [..]

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