All Articles Tagged - gold

Weekly Comment – US inflation and Fed’s Chair testimony in the spotlight

Posted on January 7, 2022 at 2:34 pm GMT

Stocks staged a mid-week selloff in the aftermath of the FOMC minutes release, which revealed policymakers’ discussions for faster rate hikes and policy normalization in terms of balance sheet reduction. In the upcoming week, Fed Chair Jerome Powell’s testimony and US inflation take center stage, together with US retail sales and Chinese inflation data. Highlights: In America, three FOMC voting members are due to speak next week, while Fed Chair Jerome Powell is expected to testify before the Congress on [..]

Daily Market Comment – US dollar braces for nonfarm payrolls test

Posted on January 7, 2022 at 10:01 am GMT

US employment report today could be crucial for markets FX and stocks quiet, but spike in yields hurts gold Oil powers higher as supply disruptions get priced in Conflicting signs for US jobs The main event today will be the US employment report for December, which could be huge for the dollar and equities as rate traders are currently pricing in an 80% chance for the Fed to begin its hiking cycle in March. Nonfarm payrolls are forecast to have [..]

US Open Note – Dollar eases ahead of FOMC minutes

Posted on January 5, 2022 at 1:27 pm GMT

Investors are expecting the release of the FOMC minutes and, more crucially, the release of non-farm payrolls in the US later this week. Following a robust surge in government bond yields, the yen has remained the currency with the worst performance for the time being. The pound has managed to outperform the euro. Although the dollar is the second strongest currency, it is still stuck in a range, except against the yen. FX market view and FOMC minutes expectation The dollar is weakening ahead of the ADP employment [..]

Technical Analysis – Gold persists above 1800 mark at start of 2022

Posted on January 5, 2022 at 10:18 am GMT

Gold is currently trading around 1816, tracing the mid-Bollinger band higher, trying to keep intact the gradual climb in the commodity from the December 15 trough of 1,753. The bullish 50- and 100-period simple moving averages (SMAs) are endorsing the last three weeks of gains in the precious metal. The short-term oscillators are indicating a phase where positive momentum has yet to show any decisive signs of weakness. The MACD has overstepped the red trigger line again slightly above the [..]

US Open Note – Dollar hits five-year high against yen; OPEC next on the radar

Posted on January 4, 2022 at 1:45 pm GMT

Omicron virus does not affect economic recovery Despite concerns about the extremely contagious omicron virus subtype, investors are focusing on the economic recovery from the pandemic and central bank’s plans for stimulus reduction at this time. In the FX market, the focus today is on dollar/yen, which surged to a new five-year high of 116.33 as risk-on sentiment pressed safe-haven currencies such as the yen. It may be difficult for sellers to reverse the trend. The BOJ will stay the most dovish, so the weak [..]

Daily Market Comment – Stocks march higher, yen blasted as traders take on risk

Posted on January 4, 2022 at 9:55 am GMT

Investors load up on riskier assets, dump safe havens as new year begins US stocks hit new records, dollar follows yields higher, yen gets hammered OPEC meeting and ISM manufacturing survey coming up today Funds position for new year A sense of optimism dominated on the first trading day of the year. Money managers loaded up their books with riskier assets such as equities and dumped defensive plays like bonds, positioning themselves for another stellar year in financial markets. With [..]

US Open Note – US stocks storm higher and dollar rebounds as 2022 kicks off

Posted on January 3, 2022 at 2:20 pm GMT

Dollar recoups losses; Euro and cyclicals retreat The dollar ticked higher against most of its major rivals today, supported by the surging US Treasury yields, despite the risk-on sentiment in the first trading session of 2022. However, no major moves are expected in the forex spectrum as London, Europe’s main forex trading market, is closed today. On the other hand, the euro is on the retreat after the final German PMI figure came out weaker-than-expected earlier in today’s session. Moreover, the spread of the Omicron variant in Europe seems likely to [..]

Daily Market Comment – Dollar and stocks advance as new year kicks off

Posted on January 3, 2022 at 10:20 am GMT

Dollar begins year on front foot, equities hover near highs Omicron, inflation, central banks, and politics in the spotlight Quiet day ahead but rest of the week seems promising Dollar advances in thin markets Happy new year to everyone. The quiet tone that characterized trading last week has carried over, with limited moves in most assets to kick off the new year. Liquidity is still in short supply as several investment hubs in Asia and Europe remain shut for holidays. [..]

Technical Analysis – Gold loses steam after new 6-week high; bias bullish

Posted on January 3, 2022 at 9:03 am GMT

Gold marked a fresh six-week high of 1,831 in the first trading hours of 2022 before turning negative on the day. The pullback commenced near the 23.6% Fibonacci retracement of the latest upleg (1,680 – 1,877), but looking at the momentum indicators, the current weakness in the price is not a big concern yet. The RSI continues to trend upwards well above its 50 neutral mark, the MACD is gaining strength above its signal and zero lines, and the Stochastics [..]

Weekly Comment – US jobs and PMI data eyed as Omicron cases surge

Posted on December 30, 2021 at 2:47 pm GMT

Stocks staged a post-Christmas rally, reaching new highs amid thin trading volumes. Meanwhile, the Japanese yen has emerged as the undisputed loser in the FX arena, as Omicron fears ease, prompting traders to shift into riskier assets. In the upcoming week, the latest US employment data and FOMC minutes take center stage, together with a raft of PMI data from most major economies and European flash inflation figures. Highlights: Final Manufacturing PMI data for the Eurozone, US, UK, Japan and [..]

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