UK retail sales data for December are due for release at 0930 GMT on Friday, with forecasts pointing to a tumble in monthly terms, but a rebound on a yearly basis. The actual prints could show whether the squeeze in real incomes continues to weigh on consumer spending, and may go a long way in […]
Here are the latest developments in global markets: FOREX: The dollar index deviated below one-week highs reached earlier in the Asia session, edging down to 90.62 (+0.10%). Higher US Treasury yields and hopes on corporate tax repatriations contributed positively to the index’s performance earlier. Dollar/yen was flat at 111.24 (-0.03%) and dollar/swissie tumbled to 0.9592 […]
European stock markets are looking for direction after bullish sentiment in the U.S equity markets and upbeat economic data from China. U.S markets got a boost from the recent tax changes and news of Apple paying about $38bn in tax on cash held outside the U.S and that the company plans to build a new […]
EURCHF has eased in the previous two days after it hit a three-year high of 1.1830 earlier this week. Prices broke above the 1.1800 psychological level on January 12 and are trading above their moving averages in the daily chart. It is worth mentioning that the pair has been developing within an upward sloping channel since August 2017. Short-term momentum indicators […]
Gold reached a more than a four-month high of 1344 during the past week, after an aggressive bullish rally from the 1236 support level. However, over the last two daily sessions, the price bounced off on the aforementioned resistance obstacle and posted a bearish move. The short-term technicals seem to be negative and point to more weakness in […]
For centuries, gold has been an important resource. Yet, gold has also been a major source of mystery. Is it a currency? Is it a commodity? Gold has been an important resource for centuries. It has been found in caves dating back to 30,000BC. The first evidence of human interaction between gold and humans can […]
Crude oil is the most important resource in the world. Without oil, the other resources that we enjoy would not be available at large scale. As a result, countries with huge oil reserves are some of the most successful. Take Norway as an example. This is a country of about 6 million people but it […]
NZDUSD is hovering at 4-month highs close to the key 0.7300 level. After extending a rally to 0.7330 on Wednesday, the market took a breather and is consolidating gains. The uptrend from December remains intact and NZDUSD maintains a bullish bias, with scope for another leg higher. NZDUSD is currently testing the 0.7300 level and focus […]
Here are the latest developments in global markets: FOREX: The US dollar index continued to recover on Thursday, trading nearly 0.4% higher and extending the gains it posted on Wednesday on the back of rising US treasury yields. STOCKS: Asian markets were mixed. Japan’s Nikkei 225 and Topix indices fell by 0.4% and 0.7% respectively, while Hong Kong’s […]
This morning, ahead of the European markets open at 07.00am GMT, we saw the release of a range of data from China. Chinese Retail Sales came in at 9.4% v an expected 10.1%, from a previous 10.2%. Industrial Production came in at 6.2% v an expected 6.0%, from a previous 6.1%, and probably the most […]
USDJPY has made a recovery to regain the 111 handle but the pair essentially remains in a neutral phase since mid-September. Momentum oscillators have improved and could potentially lead to another leg higher. There is immediate resistance at the 200-day moving average at 111.68. Prices need to at least rise above the 50-day MA (currently […]
CADJPY remains under pressure after the pullback on the 4-month high of 91.60. The pair plummeted towards the 88.50 support level and is now developing within the two medium-term simple moving averages of 50 and 100, at 88.60 and 89.12 respectively. Looking at the daily timeframe, technical indicators are holding near their neutral levels. The MACD oscillator slid below its trigger line […]
EURGBP has transitioned from trading in a channel higher, to trading in a sideways range. Resistance in the area around 0.89240 has been confirmed, leading to a selloff down below the moving average cluster in the 4-Hour chart. The 0.88595 support area has been breached today and for now, the 0.88477 level is holding. A […]
The GBPUSD pair has rallied strongly to trade above 1.38 especially against a weak US dollar. This has been encouraged by positive Brexit news, with Dutch and Spanish officials making it known last week that they would like a soft Brexit. Yesterday, European Council president Donald Tusk said, in his usual poetic manner, that Europeans’ […]
Here are the latest developments in global markets: FOREX: The US currency remained in the green versus a basket of currencies, while it is of note it managed to rebound after touching its lowest since December 2014 earlier on Wednesday. The dollar index was last up by 0.35% at 90.70. STOCKS: Most European bourses were […]
AUDCAD surged to a fresh almost 5-month high during today’s European session above the strong psychological level of 0.9900. The price headed for a test of the 0.9915 barrier and successfully surpassed it confirming the recent scenario for further gains. In addition, the pair jumped above the downward sloping channel, which has holding since May 2017 and […]
Australia’s employment report for December is likely to attract attention and is scheduled for release on Thursday at 0030 GMT. The unemployment rate is forecasted to remain unchanged at 5.4% for the month of December, while the employment change is expected to show that the economy added 9000 jobs, much less from the previous month. Meanwhile, the participation […]
EURJPY is in a neutral phase after the recent rally off the 113 area was exhausted and found strong resistance at the key 136 level. Short term price action is expected to continue sideways if the market fails to break out of the current consolidation range very soon. Looking at the 4-hour chart, the RSI […]
The Kiwi continued its upward trend against the dollar yesterday. The pair crossed the major psychological and technical level of 0.73 before ending the day slightly lower. The surge marked the sixth consecutive week of gains which started in November. As shown, the pair reached the lowest yearly level in November when it touched the […]
Today, at 3PM GMT, the Bank of Canada will release its first interest rate decision of the year. To traders, investors, and Canadians, this decision will be vital. As you recall, before the financial crisis of 2008/09, the base interest rate in Canada was 4%. Within and after the crisis, the BoC started providing support […]
Here are the latest developments in global markets: FOREX: The dollar – as gauged relative to six other currencies – is on the rise after recording its lowest since late 2014 earlier on Wednesday. The euro retreated after climbing above $1.23. STOCKS: The Japanese Nikkei 225 and Topix indices lost 0.35% and 0.2% respectively after […]
The BOC is expected to deliver an Interest rate hike of 25bps today as it seeks to catch up with an economy that is flying high. BOC’s Governor Poloz will deliver his decision and Press Conference, where he will outline the factors involved in making the decision. Chief among them will be the broad underlying […]
AUDUSD has been in a bullish phase since December, reaching the key 0.8000 level today, its highest point since September 2017. The market is pausing the rally at the moment, shifting the immediate bias to neutral after becoming overstretched. The RSI on the daily chart is in overbought territory above 70. As upside momentum has […]
Just two weeks after the start of the new year, the Bank of Canada will be the first in line to decide on monetary policy and as forecasts suggest the central bank will likely go with another rate hike. Some could say, though, that now is not the best time for Canada to welcome higher […]
China’s economy is expected to slow slightly in the fourth quarter of 2017 as government measures to curb pollution and deleverage highly indebted corporations and regional authorities take hold. The slowdown is expected to continue into 2018 as the government winds down the fiscal stimulus that helped 2017 growth beat its own target of 6.5%. […]
The Euro had gotten to a high of 1.22960 against the USD yesterday, before retracing to test support at 1.22000 this morning. The rally higher over the last few days took place despite the fact that trend line support was lost on the 8th of January. The pair spent the next three trading sessions below […]
The US 30 index rose to a fresh record high of 26,084.50 during today’s trading after significant advancing in the days that preceded. The positively aligned and steep upward sloping Tenkan- and Kijun-sen lines are indicative of the bullish sentiment that is in place in the short-term. The RSI, which is rising as well, is […]
Today, the Office of National Statistics (ONS) released a series of data including the CPI, House Price Index, PPI, and RPI. However, traders were paying a closer attention to the CPI numbers for December. In December, the agency released inflation numbers of 3.1%. This was a shock to policy makers and traders. In fact, the […]
Here are the latest developments in global markets: FOREX: After considerable declines in the days that preceded, the dollar is in the green relative to other major currencies during today’s trading, though it managed to recover only a relatively small portion of earlier losses. The dollar index was 0.3% up at 90.73. On Monday it […]
In 2017, palladium was the best-performing metal, having gained by more than 40%. Its rally started in January 2016 when its price bottomed at $440/OZ. Palladium reached an all-time price of $1100 in 2001 before starting a decline that saw it trade at about $187/OZ in 2003. To starters, palladium is a metal mostly found […]
