17 September, 2018
Renewed USD selling helps regain positive traction at the start of a new week. The up-move lacked follow-through amid absent fundamental drivers/relevant data.
The GBP/USD pair built on its steady intraday climb and refreshed session tops in the last hour, recovering a major part of Friday's corrective slide from six-week tops.
News that the Labour party is set to vote against PM May Chequers' Brexit deal, coupled with a batch of upbeat US economic data prompted some fresh selling around the major on Friday. The selling pressure aggravated after a report indicated that US President Donald Trump wanted to proceed with tariffs on $200 billion worth of Chinese goods.
Despite growing fears about a full-blown US-China trade war, renewed US Dollar selling was seen as one of the key factors behind the pair's positive momentum at the start of a new trading week. The British Pound got an additional boost after the UK Finance Minister Phillip Hammond reaffirmed prospects for a Brexit deal this autumn.
The uptick, exclusively driven by the USD price dynamics, lacked any strong follow-through momentum beyond the 1.3100 handle amid absent relevant UK economic data. Later during the early North-American session, the release of Empire State Manufacturing Index will now be looked upon to grab some short-term trading opportunities.
Momentum beyond the 1.3100 mark is likely to confront resistance near the 1.3135 area, above which the pair seems all set to aim towards challenging the 100-day SMA barrier near the 1.3180 region. On the flip side, the 1.3060-50 region might continue to protect the immediate downside, which if broken might turn the pair vulnerable to slide further towards the key 1.30 psychological mark.
Analysts at ING are expecting the EUR/USD pair to trade back to 1.12 over coming months, guided by the modest dollar strength. There's very little..
The precious metal traded with a mild positive bias for the fourth consecutive session on Friday, albeit seemed struggling to build on its positive move beyond...
The minutes of the US Federal Reserve December 15-16 meeting was published yesterday. The Fed had in its December meeting raised the interest rates from record low levels for the first time in a decade...
Oil prices reversed daily losses during the New York session amid profit taking in the absence of fundamental catalysts. WTI turned positive for the day after hitting a fresh 6-year low of $36.64 a barrel, and climbed back above $38.00 a barrel...
The European stocks rallied on Thursday as the investors now look towards the Dec 3rd European Central Bank (ECB) meeting, where Draghi is expected to announce additional stimulus measures...
The immediate resistance is seen at 1091.53 (hourly 50-MA), above which the prices could test 1100. On the other side, support is seen at 1085.44 (Fridayâ€™s low), under which the losses could be extended to 1070 (July lows)...
As per past patterns, a sharp rise in the manufacturing PMI is followed by an uptick in the services PMI figure. The manufacturing PMI released on Monday beat expectations by a wide margin and printed at 16-month high...
Gold prices in the EUR terms extended post-ECB gains today as the metal continues to cheer the prospects of fresh currency debasement in December- more QE/rate cut...
According to a recent Reuters poll, gold prices are expected to extend their weakness into 2016 with further declines in sight after a weak third quarter...