GBP/USD Tests Weekly R2
Yesterday, the GBP/USD exchange rate tested the resistance level—the weekly R2 at 1.2758. During Friday morning, the rate continued to test the given resistance. Given that the currency pair is supported by the 55-hour SMA and the monthly R1 at...
Risk-Off on Double Dip Worries and Intensifying US-China Tensions
The financial markets are generally in risk-off mode in Asia, following the selloff in US overnight. Worries over a double dip recession increased after initial jobless claims unexpectedly rose for the first time in nearly four months. Selloff was most...
USD/JPY Breaks Key Support, EUR/USD & GBP/USD Rally
Key Highlights USD/JPY failed to clear a crucial resistance zone near 107.40 and 107.50. It declined and broke a major support near 106.70. The US Initial Jobless Claims in the week ending July 18, 2020 increased from 1,307K to 1,416K....
Asia Morning: Tech Shares Lead US Market Sell-off
On Thursday, U.S. stocks encountered a sell-off. The Dow Jones Industrial Average fell 353 points (-1.31%) to 26652, the S&P 500 dropped 40 points (-1.23%) to 3235, and the Nasdaq 100 slumped 290 points (-2.67%) to 10580. Nasdaq 100 Index:...
Winning Main Street trade is moving too far, too fast, PNC’s Amanda Agati says
PNC Financial’s Amanda Agati warns a winning Main Street trade may burn investors. According to the firm’s chief investment strategist, fundamentals don’t support small cap value’s recent strong run. “If you just look at things from a forward P/E [price...
July jobs report could show no progress and even reversal as virus spreads
Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. John Sommers II Persistently high unemployment claims show the impact of the spreading...
Mnuchin says GOP plan for unemployment extension will be based on ‘70% wage replacement’
The Republican coronavirus relief plan will extend enhanced unemployment insurance “based on approximately 70% wage replacement,” Treasury Secretary Steven Mnuchin said Thursday. The Treasury secretary also said a payroll tax holiday, which President Donald Trump has repeatedly pushed for, “won’t be...
Covid-19 spurs domestic bank M&A in Africa
Access Bank’s Zambian subsidiary announced plans for the acquisition of a 100% stake of domestic lender Cavmont Capital Holdings Zambia in mid July. Following the collapse of Equity Bank’s plans to acquire Atlas Mara’s subsidiaries in Rwanda, Zambia, Mozambique and...
European PMIs: More Good News for the Euro?
With the EU recovery fund deal now in the rear-view mirror, euro traders will turn their sights to the Eurozone’s preliminary PMIs for July, due at 08:00 GMT Friday. Forecasts point to an uptick in all indices, reflecting the smooth...
Weekly claims turn higher as coronavirus jobs crisis inflicts more damage
The number of Americans who filed for unemployment benefits rose more than expected last week as the coronavirus pandemic inflicted more damage to the U.S. economy. The Labor Department said Thursday initial jobless claims came in at 1.416 million for...
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