All Articles Tagged - gold

US Open Note – Stocks laid back as dollar flickers some life despite dip in yields

Posted on June 8, 2021 at 2:41 pm GMT

Risk appetite vanishes; inflation and taper talk jitters persist Although the market outlook is largely optimistic, economies are emanating a lethargic vibe and seem to be searching for an assisting jolt to rekindle risk appetite. Investors may be looking aimlessly to the ECB and the Fed to provide markets with immediate booster jabs. Nonetheless, investors’ radars remain set around taper talks and price pressures and for sure the ECB’s and the Fed’s rhetoric around these issues will be cautious and [..]

US Open Note – Risky currencies cheer on dollar weakness as stocks ease

Posted on June 7, 2021 at 12:54 pm GMT

Dollar fails to move up again after disappointing NFP The eagerly awaited NFP release for May on Friday was better than April’s figure, however, it disappointed investors. The unemployment rate fell to 5.8% but the greenback finished the day sharply lower. Today, dollar/yen is continuing the selling interest with weaker momentum, trading near 109.40, while the US dollar index is recovering some losses. US stock futures were slightly on the downside after a positive day on Friday. In Washington, the two main parties are sticking to their different approaches on [..]

Technical Analysis – Gold eyes trendline support after Thursday’s drop

Posted on June 7, 2021 at 8:01 am GMT

Gold stabilized Thursday’s pullback around the 20-day simple moving average (SMA) and near the March ascending trendline, raising some hopes that the bulls could soon fight back. Although downside risks remain elevated as the momentum indicators maintain a downward direction, the Stochastics have reached a familiar support area, and the RSI seems to be consolidating above its 50 neutral mark, making an upside correction possible in the short-term. A decisive close above the 1,900 number could boost the price towards [..]

Weekly Comment – EUR rally loses fizz ahead of ECB; USD hoping for another CPI boost

Posted on June 4, 2021 at 12:05 pm GMT

EUR is on the backfoot ahead of Thursday’s ECB policy meeting but Lagarde will have her work cut out in putting on a convincing dovish front so there is hope yet for euro bulls. It’s been a rare positive week, however, for USD and further gains could be on the cards if next week’s US inflation data shoots higher again. The highlights: ECB policymakers have played down a taper move at the June meeting. But even if they were to [..]

Daily Market Comment – Dollar comes alive, tech stocks struggle ahead of nonfarm payrolls

Posted on June 4, 2021 at 8:29 am GMT

· Dollar jumps, gold tanks after strong jobs data fuels hopes for NFP today · Tech stocks struggle for altitude amid Fed tapering and tax worries · Fed chief Powell speaks, Canadian employment data also due NFP buzz and ISM data revive the dollar The US dollar came back to life yesterday after some encouraging data releases revived concerns about an earlier withdrawal of Fed liquidity and forced traders to hedge some of their short bets on the reserve currency. [..]

US Open Note – Optimism on US jobs outlook grows ahead of NFP; stocks, gold down

Posted on June 3, 2021 at 1:13 pm GMT

The sound of silence The FX community maintained a silent mode for another day as traders eagerly waited for Friday’s nonfarm payrolls to clarify whether the calls for monetary tightening could step up in the coming months. Despite the Fed’s refusal to shift towards the tapering side in previous months, the central bank seems to be slowly feeding the ground for a hawkish turn, with Philadelphia’s Fed President Patrick Harker arguing on Wednesday that “it is time to at least think about thinking about [..]

US Open Note – Stocks muted near highs, dollar receives hawkish shot

Posted on June 2, 2021 at 2:44 pm GMT

Stocks risk appetite fades; dollar briefly gains an edge US major indices remained largely unchanged near their highs, while the dollar got a boost from the Fed tapering talk-jab, which saw the greenback regain the upper hand over some of its peers in the forex space. The dollar index extended yesterday’s price developments towards the 90.20 mark but the recent dollar strength may not prove so sustainable, especially as this week’s market sentiment is highlighted by NFP payrolls. The EUR/USD [..]

Technical Analysis – Gold pulls back but upside trend still in play

Posted on June 2, 2021 at 11:56 am GMT

Gold remains under pressure, reaching the 40-period simple moving average (SMA) in the last four-hour session. The short-term technical indicators are returning to a bullish signal, with the stochastic oscillator creating a positive crossover within the %K and %D lines, while the RSI is sloping upwards around the neutral threshold of 50. The next target to watch is the five-month high around 1,916, before heading towards the 1,959 resistance, registered in January 2021. In the negative scenario, the lower band [..]

US Open Note – Stocks improve after US holiday, dollar even ahead of US data

Posted on June 1, 2021 at 1:40 pm GMT

Stocks flash risk-on and dollar holds neutral; gold and oil hover near highs Risk-appetite seems to have accumulated after the US Memorial Day holiday with US major indices continuing to improve. The vulnerable dollar remains defenceless receiving no assistance from yields, with the 10-year yield at depressed levels around 1.55%. The dollar index is largely static around 89.85, underperforming against its forex peers. Although the US economy remains robust with rising consumption despite inflation picking up, the news today could [..]

Daily Market Comment – Dollar struggles ahead of key data, OPEC decision coming up

Posted on June 1, 2021 at 8:22 am GMT

· Dollar drops in thin trading, turns gaze to ISM data and Fed speeches · OPEC meeting unlikely to roil markets, but Iranian negotiations might · Aussie unscathed by RBA, gold continues to rampage Greenback trades heavy The US dollar was the main mover in an otherwise quiet session on Monday, with American and British traders away on public holidays. There doesn’t seem to be an end to the dollar’s suffering. Inflation is heating up and yet the Fed remains [..]

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