All Articles Tagged - gold

Weekly Comment – Resurgent USD looks to FOMC minutes for further boost

Posted on July 2, 2021 at 12:46 pm GMT

It’s been an exceptional week for USD, which has strongly come back in favour with investors following the Fed’s slightly hawkish tilt. However, fresh virus fears amid a rampant Delta variant in Asia have also boosted USD. Next week, it’s all about the FOMC minutes as the Fed will likely hint at the start of taper discussions. Highlights ahead: But first, all eyes will be on the RBA, which meets on Tuesday. A lot is at stake for AUD as [..]

Daily Market Comment – Dollar on the offensive ahead of NFP; OPEC+ decision postponed

Posted on July 2, 2021 at 8:59 am GMT

Dollar scales fresh highs as NFP forecasts edge up, hits 15-month peak versus yen Another mixed day for stocks as Asian growth worries persist but S&P 500 extends record streak Oil slips from highs as OPEC+ meeting delayed amid disagreements Dollar strength prevails on Jobs Friday The US dollar maintained its northward bound on Friday as investors awaited the hotly anticipated jobs report out of the United States for possible clues about Fed tapering. There have been subtle hints from [..]

US Open Note – Stocks near highs; dollar’s radar locked on payrolls

Posted on July 1, 2021 at 1:56 pm GMT

Markets tense prior to US Manufacturing PMI and ahead of NFP payrolls Yesterday’s stronger ADP employment numbers floated the dollar index up, reaching an intra-day high of 92.50 and now investors’ focus is locked on Friday’s NFP payrolls report, to underpin the greenback. Currently, the 10-year yields are at 1.43%, not aiding the dollar much. It remains to be seen if the US ISM Manufacturing PMI will also beat forecasts of 61.0 for June, which could help the dollar counter [..]

US Open Note – Dollar continues to move north after ADP release

Posted on June 30, 2021 at 1:03 pm GMT

The dollar held on to recent gains as virus concerns arose in a market already on edge before the NFP report on Friday that is considered as critical to the Federal Reserve’s monetary policy outlook. Any clues about labor market strength might put more worries on the Fed to move faster on interest rate hikes, potentially lifting the dollar, while data that falls short of expectations could put the currency at risk. In June, private businesses in the US recruited 692,000 workers, down from 978 [..]

Daily Market Comment – Dollar cools as Delta fears ease; Wall Street sets another record

Posted on June 30, 2021 at 9:15 am GMT

Fears over Delta variant subside slightly but soft data limit gains in Asian equities US shares hit fresh records but improved mood knocks dollar off highs Gold slips again, while oil’s rebound also falters ahead OPEC+ meeting Markets steadier as alarm over Delta variant eases Stocks in Asia were mostly in the green on Wednesday as concerns about the impact of tighter restrictions across the region to combat the highly contagious Delta variant abated slightly while another record close on [..]

Technical Analysis – Gold holds near 2½-month low; bearish bias

Posted on June 30, 2021 at 7:03 am GMT

Gold prices reached a fresh two-and-a-half-month low of 1,750 on Tuesday, driving the market in a bearish tendency. The 20- and 40-period simple moving averages (SMAs) are heading slightly south as well as the Ichimoku lines in the 4-hour chart. Looking at the technical indicators, the RSI is moving lower in the negative territory, confirming the recent downside move; however, the stochastic oscillator is trying to recoup some ground, jumping above the oversold region. If the price continues the selling [..]

US Open Note – Stocks near highs and dollar flickers green on hawkish Fed rhetoric

Posted on June 29, 2021 at 1:52 pm GMT

Markets prepare to digest Lagarde’s speech and US consumer confidence data After Friday’s weaker than expected PCE inflation, and expected tapering talk over the summer, not to mention yesterday’s confident tone from Fed officials around their inflation goal, the main focus will turn to Friday’s payrolls report for clues in the labour sector. 10-year yields are at 1.48% and the dollar index is prodding above the 92.00 mark as the greenback’s reach is being felt across the forex arena, subduing [..]

US Open Note – Markets are calm ahead of data exposure later this week

Posted on June 28, 2021 at 12:41 pm GMT

Dollar flirts with 111 yen; euro retreats near $1.19 as greenback gains ground It’s been a quiet start to the week as the greenback is trying to improve its long-term structure with all the attention turning on the NFP report on Friday. The dollar is heading north just below 111.00 versus the Japanese yen, while the dollar index is finding a restrictive support at the 20-day simple moving average (SMA) near 91.50. The euro is holding near $1.19 for the fourth day in a row but [..]

Technical Analysis – Gold fails to test 1,760 again; neutral bias

Posted on June 28, 2021 at 7:36 am GMT

Gold prices are moving sideways in the short-term, developing within the 23.6% Fibonacci retracement level of the down leg from the record high of 2,074.89 to 1,676 at 1,770 and the 1,800 psychological number. Looking at the technical indicators, the stochastic oscillator is headed north following a positive crossover within the %K and %D lines, while the RSI is attempting to gain traction in negative area. However, the MACD continues to lose ground beneath its trigger and zero lines. The [..]

US Open Note – Dollar tumbles after PCE data

Posted on June 25, 2021 at 1:07 pm GMT

Dollar moves south as US futures hold steady Markets drove the dollar even lower after the release of the PCE price index on Friday. During the last couple of days, the dollar index has remained steady just below 92.00. The greenback is falling after the jump above the 111.00 psychological level versus the Japanese yen. US futures are currently trading in green on Friday. The core PCE, the Fed’s preferred inflation indicator rose by 3.4% y/y, up from 3.1% in the previous month and was in line with expectations. It is the highest reading [..]

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