All Articles Tagged - gold

US Open Note – Dollar steadies; pound skyrockets after elections

Posted on May 10, 2021 at 12:29 pm GMT

US steadier after slump from soft NFP report Today is a quiet day, with the US dollar moving slightly higher after the poor US jobs reports on Friday, which indicated that the Fed will have to keep accommodative policy for longer. The greenback is likely to remain soft until there is a notable turnaround in US yields. The US dollar index is hovering slightly above the 90.10 barrier, having on Friday created the sharpest decline in five months. Euro/dollar is looking neutral after it reached a new ten-week high of 1.2176 and gold is developing around three-month [..]

Daily Market Comment – NFP disappointment hammers dollar, sends stocks flying

Posted on May 10, 2021 at 8:41 am GMT

· Soft US employment report eases fears around stimulus rollback · Dollar sinks in the aftermath, equities cruise to new record highs · Pound smiles after Scottish election results, gold sparkles NFP disappointment derails Fed tapering speculation A very disappointing US jobs report sent markets into a tailspin on Friday, as investors recalibrated their portfolios to reflect a longer period of support from fiscal and monetary authorities. Nonfarm payrolls clocked in at only 266k in April, falling miles short of [..]

Technical Analysis – Gold presents bullish vibes and eyes 200-MA

Posted on May 10, 2021 at 7:08 am GMT

Gold is echoing its bullish intentions again after recently finding a toehold around the 1,756 level followed by extra traction off the mid-Bollinger band around 1,770. The flattening out of the 100-day simple moving average (SMA) and the slight upturn of the 50-day SMA are together suggesting downward sentiment is losing strength. The short-term oscillators are indicating that positive momentum is gathering pace, endorsing price’s newfound upward drive. The MACD is strengthening above its red trigger line in the positive [..]

US Open Note – Dollar in tears after huge NFP miss; gold, euro soar

Posted on May 7, 2021 at 1:26 pm GMT

Nonfarm payrolls arrive significantly lower; Fed in focus The US jobs report was the highlight of the day, but the numbers did not come in as investors wished, with US nonfarm payrolls hugely missing the forecast of 978k to clock in at 266k and the unemployment rate disappointingly edging up to 6.1% versus 5.8% expected. March’s employment growth was also notably revised down, raising some doubts about how the hiring process is developing under the reopening phase and a booming [..]

Daily Market Comment – Dollar anxious ahead of nonfarm payrolls, equities roar

Posted on May 7, 2021 at 8:12 am GMT

· Dollar at week’s lows ahead of blockbuster US jobs report · Stocks stage a late rally, but it’s a dash to quality · Pound undecided after BoE adjusts QE, gold breaks out Nonfarm payrolls: How much is too much? The spotlight today will fall on the US employment report for April. Nonfarm payrolls are expected to clock in at 978k, with forecasts ranging from 2.1 million to 656k. This period captures the grand reopening of many US states as [..]

US Open Note – Pound temporarily spikes on BoE policy announcement; dollar powerless

Posted on May 6, 2021 at 1:20 pm GMT

Eurozone retail sales accelerate, but caution still needed Developed markets are caught in the middle of the vaccination rollouts and monetary and fiscal stimulus the euphoria and the uncertainties surrounding the immune responses, virus variants, lockdown measures and a premature monetary tightening. In a nutshell, hopes currently are for consumers and businesses to benefit from the massive stimulus as the reopening phase wraps up in several key economies, and indeed the data seem to be reflecting this optimism, with eurozone retail sales for March [..]

US Open Note – Stocks recoup lost ground, dollar retreats, gold steadies and oil climbs

Posted on May 5, 2021 at 2:27 pm GMT

Stocks recover and dollar bounces back As a slight return in risk assets seeps into markets and major US indices regain their buoyancy, the forex environment seems to be subdued. The Nasdaq is reclaiming yesterdays’ lost ground but at a slower pace than the S&P 500, while the Dow Jones is holding back at its all-time highs. The blow to markets footing was apparent in the US indices’ Tuesday tumble, corresponding to US Treasury Secretary Yellen’s erroneous choice of words [..]

Daily Market Comment – Wall Street trembles as Yellen channels her inner Fed chair

Posted on May 5, 2021 at 8:31 am GMT

· US Treasury Secretary Yellen talks about rate hikes, tech stocks suffer · But turmoil doesn’t spill over into FX, dollar gets only a minor boost · ISM non-manufacturing survey and ADP jobs report coming up Yellen sparks tech selloff Market participants just got a small preview of what could happen when interest rates finally start rising. A wave of selling gripped equity markets yesterday, with the tech sector caught in the eye of the storm after Treasury Secretary and [..]

Technical Analysis – Gold persists sideways as 1,800 border contests gains

Posted on May 5, 2021 at 8:12 am GMT

Gold is slipping below the mid Bollinger band, which has merged with the 50-period simple moving average (SMA) around 1,780 but the last two weeks of price action remain confined between the limits of 1,756 and 1,800. The 100- and 200-period SMAs are defending the latest up leg from the trough of 1,678 but the more static 50-period SMA is indicating the recent absence of necessary bullish sentiment. The short-term oscillators are reflecting stifled positive momentum and are marginally favouring [..]

Daily Market Comment – Dollar choppy, stocks resilient despite ISM miss

Posted on May 4, 2021 at 9:01 am GMT

· Dollar retreats after disappointing ISM report but bounces back · Sterling outperforms as speculation for BoE tapering grows · Gold capitalizes on subdued yields, RBA takes the sidelines Markets in wait-and-see mode after ISM survey The US dollar is still searching for direction. The reserve currency took a hit yesterday in the wake of a softer-than-expected ISM manufacturing survey and another reminder from Fed Chairman Powell that the world’s largest economy isn’t out of the woods yet, only to [..]

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