All Articles Tagged - gold

Forex Market Review (European Session) – Aussie bounces after RBA Lowe says next rate move is up; Turkish lira hits record low

Posted on November 21, 2017 at 4:25 pm GMT

The aussie overperformed its peers during the European session, posting a strong rebound after the RBA governor ruled out the possibility of expanding stimulus monetary policy. On the other hand, the Turkish lira hit a record low against the greenback after the Turkish president threatened to take control of the Central Bank of the Republic of Turkey (CBRT). Speaking at a dinner event in Sydney, the RBA governor underlined that “there is not a strong case for a near-term adjustment [..]

Forex Market Review (Asian Session) – Euro weakness on political risks supports dollar; aussie down after RBA minutes

Posted on November 21, 2017 at 8:36 am GMT

Trading conditions were thin on Tuesday as economic releases were few, while the US was in a holiday mode ahead of the Thanksgiving Day on Thursday. Japan is also celebrating its Labour Thanksgiving Day on Thursday. The dollar remained steady at one-week high levels during the session as political noise in Germany continued to weigh on the euro. The aussie touched a five-month low after the RBA meeting minutes signalled concerns on subdued wage growth. The euro recouped some of its losses made yesterday in Asia, [..]

Forex Market Review (European Session) – Euro fails to rebound after Draghi’s dovish words; pound gains on Brexit hopes

Posted on November 20, 2017 at 4:22 pm GMT

Political noise in Germany continued to draw markets’ attention during the European trading hours as the economic calendar was lacking major releases and any progress on the US tax reforms was expected only after the Thanksgiving holidays. The euro was on track to erase losses made in the previous session but dovish remarks by the ECB President pressured the currency. The dollar was in the green during the session while the pound drifter higher as hopes on Brexit negotiations moving [..]

Technical Analysis – Gold bullish above 1290 in near term

Posted on November 20, 2017 at 11:55 am GMT

Gold has shifted to a more bullish bias in the near-term after strong upside momentum last Friday pushed the metal above a key Fibonacci level. On the 4-hour chart, a bullish signal was given by the crossover of the 50-period moving average above the 200-MA. On Friday, prices rallied after a break above the 23.6% Fibonacci (1283.47) of the downleg from 1357.47 to 1260.59. Momentum faded when the market reached overbought levels. The 4-hour RSI crossed above the 70 level [..]

Forex Market Review (Asian Session) – Dollar stuck in a tax trap; aussie gains little on employment data

Posted on November 16, 2017 at 8:44 am GMT

Weakened prospects on the US tax reforms continued restricting the dollar’s gains in Asia despite Wednesday’s encouraging data cementing a third-rate hike this year, while a mixed employment report in Australia did little to support the aussie. On Wednesday, two Senate Republicans expressed their opposition to the tax plan, claiming that they would not support a plan which favours corporations over other enterprises including small companies. Particularly the new version produced on Tuesday aims to activate permanent tax cuts for corporations and only temporary tax cuts [..]

Forex Market Review (European Session) – Dollar and stocks falter; euro and yen shine

Posted on November 15, 2017 at 3:48 pm GMT

Markets remained in risk-off mode in European trading on Wednesday, with risk assets coming under pressure while safe-havens flourished. The US dollar extended its losses against the yen despite another batch of solid data out of the United States today. The euro rallied to a one-month high against the greenback, but the pound remained range-bound. The yen was the day’s strongest currency, though its driver was not the upbeat third quarter GDP figures released in Japan earlier in the day [..]

Forex Market Review (Asian Session) – Dollar struggles ahead of inflation figures; aussie takes a knock after wage data

Posted on November 15, 2017 at 8:42 am GMT

On Wednesday, the dollar performed poorly relative to its major counterparts in Asia, failing to recover on the back of a stronger euro and on continued concerns on the future of the US tax overhaul. Its Australian peer, however, was the worst performer during the session, as wage growth readings out of the country missed expectations. The dollar index, which gauges the dollar’s strength against six major currencies hovered around a three-week low of 93.56 (-0.25%) after stronger-than-expected GDP growth readings released [..]

Forex Market Review (European Session) – Euro jumps to 3-week high on upbeat GDP; pound slips on inflation miss

Posted on November 14, 2017 at 3:40 pm GMT

The euro enjoyed its strongest daily gain in a month as upbeat GDP numbers out of Europe lifted sentiment for the region. The pound came under pressure though after UK inflation missed expectations, while the US dollar remained below session highs despite US producer prices rising more than anticipated. Stronger-than-expected growth in Europe’s largest economy during the third quarter set the tone for today’s European session as investors were once again drawn to the improving outlook for the region. German [..]

Forex Market Review (Asian Session) – Pound slides as UK parliament votes on Brexit bill; aussie bounces on business confidence

Posted on November 14, 2017 at 8:56 am GMT

Ahead of a busy day in terms of economic data out of the UK, the US and the Eurozone, the pound moved lower as doubts over May’s leadership continued weighing on the currency, while markets were also cautious whether British lawmakers would approve the government’s Brexit bill. The aussie was the biggest winner of the session, gaining on business confidence despite disappointing figures out of China pressuring the currency. With the UK Prime Minister Theresa May facing increasing political challenges following a report published by the Sunday Times newspaper and stating that [..]

Forex Market Review (European Session) – Sterling performs worst among majors on added cloud of uncertainty; dollar higher

Posted on November 13, 2017 at 3:37 pm GMT

In the absence of major economic releases during today’s European session trading, forex markets were focused on upcoming data, a central banking conference set to take place tomorrow and developments on the political front, in particular Brexit and the US tax reform. Sterling was the worst performing major currency. The dollar’s index against a basket of currencies was 0.1% higher at 1520 GMT. On Friday, it hit 94.26, its lowest since October 26 as developments on the US tax front [..]

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