Dollar Index Remains in Red and Could Drop to 200DMA on Close Below Daily Cloud
The dollar index fell further on Tuesday, extending Monday’s 0.8% fall (the biggest one-day drop since 27 Mar). The greenback weakened across the board on fresh risk demand, sparked by hopes that vaccine for coronavirus might be developed soon, following...
UK PMIs Unlikely to Rescue Pound from Mounting Risks
In Britain, the preliminary PMIs for May will hit the markets at 08:30 GMT Thursday, ahead of retail sales for April at 06:00 GMT on Friday. The PMIs are expected to rise, but to remain deep within contractionary waters, while...
USD/JPY Outlook: Rally Above Daily Cloud Approaches Key Fibo Barrier/200DMA
The pair jumped above thickening daily cloud on Tuesday and approaching pivotal barriers at 108.17/25 (Fibo 38.2% of 111.71/105.98 / 200DMA), with the action being boosted by fresh risk mode and exodus from safe havens. Today’s extension above 55DMA (107.52)...
U.S. housing starts fall sharply in April
U.S. homebuilding dropped to a five-year low in April, underlining fears that the novel coronavirus crisis would lead to the deepest economic contraction in the second quarter since the Great Depression. Housing starts tumbled 30.2% to a seasonally adjusted annual...
Euro Surges of Recovery Fund Hope, Yen Tumbles
Yen, Dollar and Swiss Franc remain generally weak today eventual risk rally starts to take a breather in European session. On the other hand, currency market have some what shifted from commodity currencies to Euro and Sterling. Euro is lifted...
GBP/USD Outlook: Cable Extends Recovery Despite Terrible Jobless Claims But Pivotal Barriers Stay So Far Intact
Cable extends Monday’s recovery, fueled by rise in global stocks and fresh risk appetite, to hit session high at 1.2267 (the highest since 13 May) in early European trading on Tuesday. UK jobs data showed increase in employment and lower...
Global Markets Enjoyed A ‘Full-Option Risk-On Session’ Yesterday With Equities
Markets Global markets enjoyed a ‘full-option risk-on session’ yesterday with equities, bonds and FX reacting accordingly. In weekend interviews, Fed Chair Powell highlighted the sever impact of the corona pandemic but reiterated the Fed’s commitment to support the economy. Two...
Sterling Soars on New UK Tariff Regime, Broad Based Risk Appetite Continues
Sterling surges notably today after UK announced new tariff regime after Brexit, allowing 60% of trade to be tariff free. In the background, markets are supported by solid risk appetite, on coronavirus vaccine optimism. New Zealand and Australian Dollar are...
Massive rally marks ‘frustration’ phase of the recovery, Canaccord’s Tony Dwyer says
It may be premature to turn bullish. Despite Monday’s massive rally, Canaccord Genuity’s Tony Dwyer finds stocks haven’t broken out of the ‘”frustration” stage of the recovery. He breaks down the post-market crash environment into three phases: Panic, relief and...
Powell to tell Congress the Fed is committed to using all tools to fight the unprecedented downturn
Federal Reserve Chairman Jerome Powell is reiterating his institution’s commitment to programs aimed at keeping markets functioning and getting money to those who need it during the coronavirus crisis. In prepared remarks that Powell will deliver to the Senate Committee on...
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