All Articles Tagged - gold

Weekly Comment –USD looks to US CPI as gains trimmed after risk rebounds

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

The ECB meeting didn’t change much for EUR outlook even though bond purchases were scaled down. Fed policymakers were hawkish too, signalling tapering is firmly on the cards despite the NFP disappointment. However, USD has been unable to sustain its gains from earlier in the week. Can next week’s inflation and retail sales numbers provide much of a boost? The Highlights: US data will be investors’ focal point as the consumer price index is out on Tuesday and retail sales [..]

Technical Analysis – Gold advances curbed by 100- and 200 MAs

Posted on September 9, 2021 at 2:02 pm GMT

Gold has retraced to the vicinity of the horizontal 200-period simple moving average (SMA) at 1,794, where the price lately appears to be consolidating. The longer-term 100- and 200-period SMAs are not endorsing any clear price direction, while the bearing of the 50-period SMA, is suggesting a deeper bearish price correction. The Ichimoku lines are indicating a pause in downward pressures, while the short-term oscillators are signalling a pickup in positive momentum. The MACD, in the negative region, is just [..]

US Open Note – Market sentiment picks up and dollar takes a step back

Posted on September 8, 2021 at 1:52 pm GMT

Markets prepare for Bank of Canada meeting and US Jolts The major US indices have bounced back to earlier Asian levels, while the greenback has given up a tad of its gains, which it extended from yesterday. Renewed lockdowns and travel restrictions are not aiding growth and the persistently roaming delta variant is nourishing uncertainty around global recoveries, interfering with supply chains, which is feeding higher inflation. This seems to be producing a gloomy mood in the markets. The dollar [..]

Daily Market Comment – Dollar catches a bid; Johnson’s tax plan spooks pound

Posted on September 8, 2021 at 8:58 am GMT

Dollar stretches post-NFP rebound as yields creep up UK looks to tax hikes to cover Covid costs, pound slips to one-week low Loonie struggles ahead of Bank of Canada decision Dollar firms as November taper bets intensify The US dollar recouped more lost ground from the late August selloff as investors grew increasingly doubtful about whether Friday’s softer-than-expected jobs report would derail the Fed’s taper timeline. However, even though the Fed will likely still go ahead with tapering its monthly [..]

US Open Note – Dollar ticks green as markets eye central banks this week

Posted on September 7, 2021 at 1:51 pm GMT

Dollar demand weighs on major peers; US yields assist It appears markets have already forgotten Friday’s disappointing data regarding new jobs created. The somewhat upbeat market mood has lifted the US 10-year yield to 1.3664% and aided the greenback in its comeback today. The dollar index is pushing higher, currently at 92.40 and its renewed strength is reverberating across the forex arena in major pairs. The euro is at $1.1846, the pound is at $1.3770 and the USD/JPY pair has [..]

US Open Note – Dollar leads the FX space on Labor day; RBA policy decision eyed

Posted on September 6, 2021 at 1:24 pm GMT

US dollar in recovery mode after NFP loss A faster-than-expected slowdown in US employment growth has not entirely written off the case of bond tapering this year but was solid enough to kick the can down the road and raise speculation for a potential announcement in November rather than at this month’s FOMC policy meeting. A significant progress in the US labor market is a prerequisite for the Fed to start unwinding its massive stimulus program, but with jobs growth [..]

Technical Analysis – Gold bumps on the 1,835 wall; bullish phase still on the wires

Posted on September 6, 2021 at 7:57 am GMT

Gold bulls saw their efforts falling apart around the tough resistance of 1,835 on Friday despite setting a solid foothold around the 200-day simple moving average (SMA). The battle, however, is not over yet and the precious metal could make more attempts for an upside breakout beyond that ceiling as long as the RSI continues to trend upwards above its 50 neutral mark. The positive momentum in the MACD, which is comfortably growing above its signal and zero lines for the [..]

US Open Note – Dollar in tears after NFP miss; euro spikes above 1.1900

Posted on September 3, 2021 at 1:54 pm GMT

Nonfarm payrolls miss forecasts; dollar down US nonfarm payrolls took center stage on Friday, presenting an employment growth of 273k for the month of August, which was way below the forecast of 750k but still enough to press the unemployment rate to 5.2% as expected, and let average hourly wages to spike faster than analysts anticipated by 4.3% m/m. Despite some early warnings from the private ADP employment report and the ISM PMI business readings this week, the data spooked [..]

Weekly Comment – EUR gets lift from USD woes, eyes more hawkish ECB

Posted on September 3, 2021 at 1:38 pm GMT

USD’s losses accelerated this week, with a big NFP miss exacerbating the pain. But there’s not much prospect of a quick bounce back in USD as it’s looking like a very light calendar over in America. But it will be quite busy elsewhere. The ECB, BoC and RBA all meet and will likely be discussing tapering, one way or another. The highlights: The ECB meets on Thursday and could decide to ditch its commitment of “significantly higher pace” of asset [..]

US Open Note – Dollar consolidates losses as jobs day looms; stocks mildly up

Posted on September 2, 2021 at 1:37 pm GMT

US Jobless claims pin fresh low as expected The downbeat ADP private jobs survey and the dip in the employment component of the ISM manufacturing PMI created plenty of interest in the US initial jobless claims numbers on Thursday as anxiety continues to grow about whether Friday’s nonfarm payrolls will meet the criteria for the Fed’s bond tapering plans to start sooner rather than later. Encouragingly, though, the data presented a more or less expected outcome, showing an increase of [..]

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