All Articles Tagged - gold

Asian Session – Yen rises on weaker dollar and strong Japanese data

Posted on August 10, 2016 at 8:12 am GMT

The yen firmed against major currencies on Wednesday as fading risk appetite and weak US data weighed on the dollar. Hourly output per worker in the US fell for the third straight quarter, raising concerns about the prospect of future GDP growth in the US. The dollar slipped below the 102 level against the yen after the data and drifted further lower in Asian trading today to stand at 101.40 yen in late session. Further aiding the yen today were [..]

European session – Pound hits 1-month low and dollar also falls back, but equities shine

Posted on August 9, 2016 at 3:14 pm GMT

Global equities were the main winners today from the risk-on mood that has prevailed since Friday’s solid US jobs report as currency markets suffered in lacklustre trading. The dollar fell back in today’s European session and the pound also came under pressure, while the yen firmed. European equities were heading for a fourth day of gains and US shares also opened in positive territory on Tuesday. The S&P 500 was once again flirting with record highs at 2185.6 in late [..]

Daily FX Outlook| 08-08-16

Posted on August 8, 2016 at 10:14 am GMT

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Technical Analysis – Gold struggling to hold above 1330 on increased downside pressure

Posted on August 8, 2016 at 9:28 am GMT

Gold prices extended Friday’s sharp losses today to hit an intra-day low at just above 1330. The commodity continues to face downward pressure with the stochastics trending down and falling below 50, while prices today slipped below the 20-day moving average. Further losses are therefore possible in the near term with support likely to come at around the 1325 area. Below that, the 50-day moving average comes into focus at 1310. A drop below the 50-day moving average would shift [..]

Asian Session – Dollar extends post-NFP gains; China trade data disappoints again

Posted on August 8, 2016 at 7:59 am GMT

Risk appetite continued to rise on Monday following Friday’s stronger-than-expected non-farm payrolls report, which helped improve the outlook for the US economy. The dollar extended its gains into today’s Asian session, while Asian equities rallied to one-year highs on the back of the risk-on mood. One of the biggest gainers was the Nikkei 225 index in Tokyo, which closed up 2.4%. However, shares in China were up by a smaller 0.9% as disappointing trade data weighed on the Chinese market. [..]

European Session – Dollar recovers following ADP jobs and ISM data; gold retreats

Posted on August 3, 2016 at 2:56 pm GMT

The US dollar trimmed some of yesterday’s losses especially against the euro and has stabilized against the yen. Despite stronger Eurozone PMI data, the euro was softer today, falling back below the key $1.12 level. Final July PMI figures showed slightly stronger services and composite readings than the preliminary estimates. The index for Services PMI came in at 52.9, higher than the 52.7 expectation and up from the preliminary 52.7 number. The final composite PMI printed a reading of 53.2 [..]

European Session – Dollar pares back losses but sterling weaker on PMI downgrade

Posted on August 1, 2016 at 2:50 pm GMT

Major currencies struggled for direction in lacklustre trading in today’s European session as the dollar recovered only modestly from last week’s drop, while the pound took a knock from weak PMI data. The US dollar managed to hold above 102 yen after plunging below the level on Friday following surprisingly weak US GDP data for the second quarter, which dampened the likelihood of a tightening in Fed policy this year. Comments from Fed policymakers provided only limited support to the [..]

European Session – Gold rises to 2-week high on post-FOMC weakened dollar

Posted on July 28, 2016 at 1:51 pm GMT

The US dollar remained weak today after tumbling following the release of the FOMC statement late on Wednesday. The decision by the Federal Open Market Committee to keep interest rates on hold brought down the greenback. The only major currency weaker than the US currency was sterling. The pound fell versus its major counterparts on speculation of a rate cut by the Bank of England at its policy meeting next week. Cable slipped to a session low of $1.3136 after [..]

European Session – Oil prices tumble after inventories data; Dollar weak on dismal durable goods data and caution ahead of FOMC

Posted on July 27, 2016 at 2:53 pm GMT

Currency markets were relatively quiet ahead of the FOMC outcome later today. The Federal Reserve will conclude a two-day policy-setting meeting and is widely expected to keep rates on hold. But investors will look at the statement for clues into when the Fed will hike interest rates next. The US dollar was broadly weaker against its major counterparts. It came under pressure following a bigger-than-forecast drop in US durable goods orders in June which may spur some concerns about the [..]

Technical Analysis – Gold stuck in neutral bias as momentum wanes

Posted on July 25, 2016 at 1:33 pm GMT

Gold has slowly drifted lower from its 1¼-year high of 1375 at the start of the month to move towards the 38.2% Fibonacci retracement level of the May-July upleg from 1199.64 to 1375.00. The 23.6% Fibonacci level has proven a key resistance area around 1335 in recent days, with prices struggling to make much headway above this level. Both the RSI and the MACD are pointing to continued waning of momentum, with the RSI dipping just below neutral ground, though [..]

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