Mixed commodity currencies

20 November, 2015

It is going to be a quiet end to the week with a rather bare economic calendar today. As a result markets are calm going into the week end following a quiet Asian session overnight that had a positive bias to it. Investors seem to be more accepting of a possible Fed rate hike next month but for now the dollar’s strength has been put on pause, in particular against the Aussie which is testing 0.7200 at the time of writing and continues to hold above the 0.7000 level, but the major support in AUDUSD is seen below here at 0.6900. Although the link between the Aussie and Chinese economy is not as strong as it once was, heightened expectations of continued stimulus from China could see AUDUSD hold the 0.7000 level, but this will be tested in the weeks ahead as the next FOMC on 16th December nears.

The rate to watch today however is USDCAD as we see Canadian retail sales and inflation data at 13.30 GMT. The loonie has been feeling the pressure not only from the recent dollar strength, but the weakness in crude prices which hover just above their multi-year lows set in August. USDCAD is trading at 1.3310 this morning with major resistance seen around the 1.3400/50 area and any softer than expected Canadian data could see that tested today.


Source link  
Markets recede from the recent highs

A strong Nonfarm Payrolls caused pressure on the stock markets, reducing the chances of the interest rates lowering by the Fed in the upcoming months...

Gold resumes rally, pushing past $1400

Gold prices resumed a push higher on Monday, as flows into the precious metal continued on improved prospects for easier monetary policy from...

Gold rises as markets slip

Market caution continues to support gold. Quotes of this metal rose to $1337, repeatedly trying to push above this year highs at the 1340-1360 area...


Trump says Brexit should happen

President Donald Trump promised the U.K. a "phenomenal trade deal" Tuesday, on the second day of his state visit to Britain...

Euro and Gold instead of Dollar

Gold rose on Monday to the highest levels since February, reaching $1327 per ounce. In the first hours of the Tuesday trading session, there...

Markets recover after the drop

The markets decline on investors' fears that trade conflicts will drag on and slow down demand, and this dynamic coincided with breaking through important...


Markets pressured by Huawei problem

Alphabet and some other American IT companies have suspended business with Huawei, which is one of the first examples of major consequences for...

The climate is changing rapidly

British people need to fly less, drive electric cars, eat little meat and turn their home thermostats down to 19 degrees Celsius (66 Fahrenheit) in order to rein...

Chinese stocks saw their worst week

Chinese stocks have taken investors on a ride this year. Shanghai and Shenzhen have been the best performing global markets this year, with the Shanghai...

  


Share it on:   or