All Articles Tagged - gold

US Open Note – Dollar remains stable after CPI and before FOMC Minutes

Posted on October 13, 2021 at 1:11 pm GMT

US CPI data jumps to 13-year high; dollar still firm The main event today was the release of the US CPI data ahead of the FOMC minutes later in the session. The annual inflation rate increased to a 13-year high of 5.4%, up from 5.3% in August and beyond market estimates of 5.3%. Consumer prices increased by 0.4% monthly, slightly exceeding predictions of 0.3%. The dollar seems to be keeping its recent gains. USD/JPY is holding below the 34-month high of 113.70. However, the euro is recouping some losses, trading near $1.1565, after [..]

Daily Market Comment – Dollar turns to inflation data for more fuel

Posted on October 13, 2021 at 9:08 am GMT

King dollar reigns supreme ahead of US inflation and Fed minutes Stock markets wrestle with spike in short-term yields Earnings season kicks off, gold fights back, oil takes a breather Dollar capitalizes on Fed bets The main event today will be the release of CPI inflation numbers from America, a few hours before the minutes of the latest Fed meeting. Both the headline and core CPI rates are projected to have held steady in yearly terms, albeit at very elevated [..]

US Open Note – Yen is in vertical fall; oil surpasses $82

Posted on October 11, 2021 at 12:57 pm GMT

Yen plunges driving dollar/yen sharply higher As a new week begins, the yen continues to plunge, pushed lower by a comeback in Asian stocks despite a rise in Japanese yields. Indeed, the 10-year JGB yield, which is currently at 0.093%, is on its way to 0.1%. The pound is currently the strongest, thanks to hawkish statements from Bank of England officials over the weekend. The Australian Dollar is closely following, and it is leading other commodity currencies higher as well. The US dollar index is weakening, [..]

Technical Analysis – Gold moves with weak momentum in 4-month trading range

Posted on October 11, 2021 at 6:32 am GMT

Gold prices have been moving sideways with very weak momentum over the last couple of sessions, remaining below the 20- and 40-day simple moving averages (SMAs). The market has been in a trading range since June 16 and regarding the technical indicators the stochastic is heading south, approaching the oversold zone, while the RSI is flattening in the negative region. If the price dips further, immediate support for the bears could be the 1,723 support level before increasing the negative [..]

US Open Note – Stocks slip again, and greenback remains buoyant

Posted on October 6, 2021 at 1:43 pm GMT

Risk appetite absent as dollar resilient after ADP jobs data Risk sentiment remains somewhat suppressed today, while rising US yields and growing inflationary pressures have kept the advance in the reserve currency buoyant. Yesterday’s reading of 53.0 in the ISM services PMI’s employment component, may have assisted today’s upbeat ADP employment data, which showed private non-farm payrolls rising by 568K, beating the forecast of 425K. Stubbornly high inflation and a strong NFP number could provide fuel for the Fed to [..]

US Open Note – Stocks static and yields fail to aid dollar

Posted on October 4, 2021 at 2:22 pm GMT

OPEC and global energy risks; Central Banks and NFP report are drivers of the week Market uncertainty lingers but the greenback’s haven appeal remains muted, as a global energy crisis threatens recoveries across the globe. Stocks are slightly on the back foot to start the week and the dollar remains feeble as the 10-year yield provides no support. Uncertainty out of China around a property developer giant and rising energy prices, with the UK being hit the worst, maybe weighing [..]

Daily Market Comment – OPEC meeting in focus as energy crisis rages

Posted on October 4, 2021 at 9:14 am GMT

Wall Street rebounds after Merck covid pill, but sentiment fragile Dollar retreats a little as nonfarm payrolls week kicks off OPEC meeting today could be crucial amid unfolding energy crisis Stocks trapped in limbo Global markets continue to grapple with a variety of risks, from supply chains being in disarray to an energy crisis that has engulfed Europe and Asia, simultaneously threatening to hamstring economic growth and keep inflation hot for longer. This is precisely what the latest ISM manufacturing [..]

Technical Analysis – Gold’s bearish tone endures as price hike falters

Posted on October 4, 2021 at 8:53 am GMT

Gold’s recent bullish pressures have been muted around the mid-Bollinger band at 1,767 and downward forces are keeping the bearish outlook in play. The trendless simple moving averages (SMAs) are not clearly endorsing a definitive direction, but their marginal dipping indicates a slight preference in the price to adopt a downward trajectory. The short-term oscillators are conveying mixed signals in directional impetus. The MACD, in the negative region, has nudged a tad above its red trigger line, while the faltering [..]

Daily Market Comment – Stagflation risks bite stocks, safe havens shine

Posted on October 1, 2021 at 9:24 am GMT

Stocks under pressure as investors grapple with ‘mini stagflation’ Yen and gold shine amid flight to safety, dollar stays elevated ISM manufacturing survey and Fed speakers in focus today Wall Street bleeds Worsening supply chain disruptions and a raging energy crisis have joined forces lately to reawaken fears of a stagflationary blow to the global economy. Stagflation refers to a situation where growth slows down but inflation remains hot, a combination that hasn’t emerged since the 1970s. With energy bills [..]

US Open Note – Greenback still in positive mode as US government shutdown averted

Posted on September 30, 2021 at 1:10 pm GMT

Dollar completes green days; initial jobless claims and GDP published The dollar is still in a surging mode, with dollar index being in positive green for the fifth day in a row, hitting fresh one-year highs of 94.50. Also, dollar/yen is completing a new 20-month high at 112.07. Euro/dollar is hovering near the 20-month trough of 1.1567, posting aggressive losses in the last days. Finally, cable found support near $1.34 and is returning north. US futures are pointing for a positive open [..]

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