Risk warning: Trading is risky. Your capital is at risk. Exinity Limited is regulated by FSC (Mauritius).
Risk warning: Trading is risky. Your capital is at risk. Exinity Limited is regulated by FSC (Mauritius).

The FXTM Loyalty Program

Refer a friend to earn $50 each

Become a Strategy Manager

Apple Appstore Google Play

Forex News Timeline

Wednesday, November 25, 2020

GBP/USD remains choppy inside the 13-pips trading range, currently around 1.3357, while heading into Wednesday’s London open. The pair traders mark in

GBP/USD looks for a clear direction between 1.3353 and 1.3366.UK’s Gove pushes EU, Labour leader Keir Starmer suggests backing any deal.Heaviest borrowing cost since World War Two pushes British Chancellor Sunak towards more spending announcements.US GDP, FOMC minutes and vaccine updates are additional catalysts to watch.GBP/USD remains choppy inside the 13-pips trading range, currently around 1.3357, while heading into Wednesday’s London open. The pair traders mark indecisiveness amid a lack of major data/events as well as mixed clues for Brexit. Also challenging the pair’s move could be the cautious mood ahead of the UK’s Autumn Forecast Statement and US GDP, not to forget FOMC minutes. Brexit hopes dim even as Labour Party backs anything… Although the Labour Party Leader Sir Keir Starmer is expected to back a Brexit deal to try to win back the North, his allies claim, per The Sun, mixed signals from Tories and US President-elect Joe Biden’s interference spoil the mood. UK’s senior minister Michael Gove said that the European Union (EU) must move too if there is to be a Brexit deal. On the other hand, Biden insists no Irish boundaries during his first comments after getting rights to have access to information prepared for US President. Elsewhere, Britain’s Society of Motor Manufacturers and Traders (SMMT) pushed negotiators for a deal by the end of 2020 as “failure to do so could cost the sector 55.4 billion pounds ($74 billion) in tariffs by 2025,” said Reuters. Also flashing red signals for no-deal Brexit were from the BOE Governor Andrew Bailey who tried to tame British Finance Minister Sunak’s comments suggesting, “The UK will remain a global leader for asset management after Brexit.” Against this backdrop, the British government is on track to borrow roughly 400 billion pounds ($534 billion) this financial year, making it the highest level since 1944, compared to the GDP, as per Reuters. Even so, Chancellor Sunak is expected to announce extra spending “to ease a backlog in the health system, counter a surge in unemployment and build new infrastructure in a one-year Spending Review that he is due to deliver to parliament at around 1230 GMT,” said Reuters. Other than Sunak’s speech, the preliminary reading of US Q3 GDP, expected 33.1%, as well as minutes of the latest FOMC meeting, will also be important to watch. Additionally, recent positives concerning the coronavirus (COVID-19) and its vaccine should also be checked for further upside. Technical analysis Although monthly support line, near 1.3330 now, portrays GBP/USD strength, nearly overbought RSI conditions join receding strength of the bullish MACD to suggest fear of a pullback unless the quote successfully crosses September 02 high of 1.3402.  

EUR/USD trades above 1.19, as coronavirus vaccine optimism and easing US political uncertainty keeps risk assets better bid and the safe-haven dollar

EUR/USD ekes out gains as dollar remains on the offer. Risk remains bid on easing of US political uncertainty. Volatilty may rise later Wednesday with the release of crucial US economic data.  EUR/USD trades above 1.19, as coronavirus vaccine optimism and easing US political uncertainty keeps risk assets better bid and the safe-haven dollar under pressure.  On Tuesday, President Trump said that his aides would cooperate with President-elect Joe Biden's transition to the White House. That eased concerns of prolonged economic uncertainty in the US, bolstering the risk sentiment, which strengthened earlier this month after drugmakers Pfizer and Moderna announced their experimental vaccines' positive results.  The US stocks rallied, and the Dow Jones Industrial Average topped the 30,000 level for the first time on record. The risk-on has been carried forward to Wednesday. The futures tied to the S&P 500 are currently up 0.3%, and the major Asian indices are flashing green following overnight gains on Wall Street.  As such, the dollar is extending losses overnight losses. EUR/USD jumped from 1.1833 to 1.1896 on Tuesday and is currently hovering near 1.1907, representing a 0.14% gain on the day.  With the Eurozone data calendar light on Wednesday, the pair remains at the mercy of the broader market sentiment during the European trading hours.  Later, the focus would shift to several US economic reports scheduled for release on Wednesday, including revisions to third-quarter Gross Domestic Product, Personal Income, Personal Spending, New Home Sales, and Durable Goods. A big beat on expectations may draw bids for the dollar, capping the upside in EUR/USD.  From a technical analysis standpoint, the Nov. 9 high of 1.1920 is the level to beat for the bulls.  Technical levels  

One-month risk reversals on gold, a guage of calls to puts, has dropped to -0.725 to hit the lowest level since April 22, according to data source Reu

One-month risk reversals on gold, a guage of calls to puts, has dropped to -0.725 to hit the lowest level since April 22, according to data source Reuters.  A negative risk reversal is the result of put options drawing stronger demand than calls or bullish bets. As such, the decline in gold's risk reversal represents increased demand for put options or bearish bets. In other words, investors are adding bets to position for weakness in the yellow metal.  The guage topped out at 1.35 on Nov. 6 and has been falling ever since. Gold dived below the long-held support of $1,850 earlier this week and is currently trading near $1,804, representing a 0.13% drop on the day.     

USD/INR consolidates the previous day’s losses while trying to keep 74.00 during early Wednesday. In doing so, the pair justifies Bloomberg’s optimist

USD/INR wavers near two-week low, keeps downside break of six-week-old support line.Bloomberg said that Indian economy showed more signs of a recovery in October.USD/INR consolidates the previous day’s losses while trying to keep 74.00 during early Wednesday. In doing so, the pair justifies Bloomberg’s optimistic analysis of the Indian economy while also respecting the downside break of an ascending trend line from October 12, marked on Tuesday. “Demand during the festival season helped boost three of the eight high-frequency indicators tracked by Bloomberg News last month, while three were unchanged and two deteriorated,” as per Bloomberg. GDP, trade numbers and activity data are among the eight catalysts tracked by the news. Other than the upbeat forecast for the Indian economy, broad risk-on mood, mainly backed by hopes of further stimulus from the US and improvement in the world’s largest economy backed by the President-elect Joe Biden, also weigh on the quote. Further, recent downbeat data from the US, namely the Consumer Confidence and Michigan Fed Manufacturing Index, offered additional weakness to the USD/INR prices. That said, stocks in Asia Pacific print mild gains while taking clues from the S&P 500 Futures amid hopes of the coronavirus (COVID-19) vaccine acting as an extra back-up to the risks. Moving on, risk catalysts to remain as the key drivers ahead of the US Q3 GDP as well as the FOMC minutes. Read: US GDP Preview: Good reasons for an upside surprise, but not necessarily a dollar surge Technical analysis With the normal RSI conditions backing the downside break of the key support, now resistance around 74.05, USD/INR sellers can target a 50-day SMA level of 7383 during further downside. It’s worth mentioning that the 21-day SMA and monthly resistance line, respectively around 74.27 and 74.60, challenge the bulls even if they manage to regain the stand above the previous support line. Trend: Further weakness expected  

The country's sound and diverse economic fundamentals The pandemic response highlights Australia's flexibility and capacity to use fiscal policy to bu

The country's sound and diverse economic fundamentals The pandemic response highlights Australia's flexibility and capacity to use fiscal policy to buffer against shocks Broad diversification of Australian industry, and flexibility, the competitiveness of the economy to support sustainable recovery over the next few years Debt burdens will climb to around 18% of GDP in the fiscal year, does not foresee a material weakening in the sovereign credit profile   developing story ...

At the current price of $1,804 per ounce, gold is trading quite close to the widely-followed 200-day Simple Moving Average (SMA) of $1,797. The safe-h

Gold eyes first test of the 200-day SMA since March. The metal risks closing below the long-term SMA support.At the current price of $1,804 per ounce, gold is trading quite close to the widely-followed 200-day Simple Moving Average (SMA) of $1,797.  The safe-haven metal is about to test the long-term SMA for the first time since March.  A break below that support cannot be ruled out, as the 14-day Relative Strength Index (RSI) is reporting bearish conditions with a below-50 print. Further, MACD histogram, an indicator used to gauge trend strength and trend changes, is charting deeper bars below the zero line, indicating a strengthening of the bearish momentum.  A close below the 200-day SMA would shift the focus to $1,765 (May 18 high).  On the higher side, the former support-turned-hurdle of $1,850 is the level to beat for the bulls.  The metal dived below the long-held floor of $1,850 earlier this week, signaling a resumption of the decline from the record high of $2,075 reached in August.  Daily chartTrend: Bearish Technical levels  

After more than a month of delay, Hong Kong Chief Executive Carrie Lam finally speaks at the government’s annual policy address, before a Legislative

After more than a month of delay, Hong Kong Chief Executive Carrie Lam finally speaks at the government’s annual policy address, before a Legislative Council, during early Wednesday. The comments, shared via Reuters, suggest that the national leader favor political links with China while also saying, “Government’s urgent priority was to restore the Chinese-ruled city’s constitutional order and pull its political system out from the chaos.” It was also mentioned in the speech that Hong Kong will expand the scope of connect program with China. On a different page, China eased listing rules for Taiwanese firms while saying, per the Global Times (GT), there are no policy barriers for Taiwan firms to list on the Chinese mainland. FX implications Although news from Hong Kong signals further tension between China and the Western world, the Asian nation’s equity index Hang Seng prints over 1.0% gains by press time.

Oil has climbed to fresh multi-month highs, extending Tuesday's price gains as optimism emanating from potential coronavirus vaccines overshadows inve

WTI rallies to fresh eight-month highs near $45.50. Expectations for vaccine-led global economy recovery power gains. The API reports a large buildup of inventories in the weeke ended Nov. 20.Oil has climbed to fresh multi-month highs, extending Tuesday's price gains as optimism emanating from potential coronavirus vaccines overshadows inventory build-up in the US.  West Texas Intermediate (WTI), the North American oil benchmark, is currently trading at $45.50 per barrel, representing over 1% gains and the highest level since March 6.  Large crude build On Tuesday, the American Petroleum Institute (API) reported crude oil inventories of 3.8 million barrels for the week ending Nov. 20, beating analysts' forecast of an inventory build of just 127,000 barrels.  So far, however, the large inventory, a sign of weak demand, has failed to put brakes on oil's rally. The black gold has risen from roughly $34 to levels above $45 this month. Prices jumped over 4% on Tuesday to register its biggest single-day gain since Nov. 9.  Hopes for a swift vaccine-led global economic recovery in 2021 seem to be powering gains in oil. Drugmakers Pfizer and Moderna announced encouraging results of their respective experimental vaccines earlier this month, boosting demand for risk assets.  Technical levels  

AUD/USD prints mild losses while taking round to the intraday low of 0.7351, currently down 0.07% near 0.7355, during early Wednesday. The pair refres

AUD/USD consolidates the heaviest losses in three weeks below 0.7400.MACD turns bearish, 200-HMA adds to the downside filter.Bulls eye the yearly top during fresh rise past-0.7400.AUD/USD prints mild losses while taking round to the intraday low of 0.7351, currently down 0.07% near 0.7355, during early Wednesday. The pair refreshed the highest levels since September 02 earlier in Asia but buyers failed to keep the reins afterward amid a lack of data/events. That said, the quote portrays a bearish chart pattern on the hourly (1H) formation as the MACD also flashes red by press time. As a result, the sellers are likely to take risks if AUD/USD prices slip below 0.7337 support while eyeing the 200-HMA level of 0.7300. In a case where the AUD/USD bears dominate past-200-HMA, the mid-November bottom around 0.7220 should return to the chart. Meanwhile, the upper line of the said bearish chart pattern, at 0.7390 now, precedes the 0.7400 round-figure to question the AUD/USD buyers. Though, successful trading beyond the 0.7400 threshold may not refrain from crossing the yearly peak surrounding 0.7415. AUD/USD hourly chart Trend: Pullback expected  

Zero-yielding store of value assets such as gold could continue attracting buyers in the near-term, as a significant number of euro investment-grade b

Zero-yielding store of value assets such as gold could continue attracting buyers in the near-term, as a significant number of euro investment-grade bonds are on track to begin the new year with negative yields.  Bank of America puts that number at 42%, as noted by Jeroen Blokland, Portfolio Manager for the Robeco Multi-Asset funds.  The global stockpile of negative-yielding bonds recently reached fresh record highs above $17.5 trillion.  While coronavirus vaccines may become available in the next three to six months, major central banks are unlikely to halt monetary easing any time soon. As such, the stockpile of negative-yielding bonds could continue to rise.

Turkey's lira fell for the third straight trading day on Tuesday, pushing USD/TRY well above 7.9191 – the 38.2% Fibonacci retracement of the sell-off

Turkey's lira fell for the third straight trading day on Tuesday, pushing USD/TRY well above 7.9191 – the 38.2% Fibonacci retracement of the sell-off from 8.5777 to 7.5119.  The close above the Fibonacci level indicates that the correction from record highs has ended, and the bulls have regained control. The pair could soon challenge the next resistance at 8.1706 (61.8% Fibonacci retracement) – more so, as the MACD histogram, an indicator used to gauge trend strength and trend changes, is about to cross into bullish territory above zero.  A close below the 50-day Simple Moving Average at 7.8986 would shift risk in favor of a re-test of recent lows.  Daily chartTrend: Bullish Technical levels Resistance: 8.1706 (61.8% Fibonacci retracement), 8.3679 (4-hour chart hurdle) Support: 7.8986 (50-day SMA), 7.5119 (recent low)

China’s Pres. Xi: Ready to boost coronavirus vaccine cooperation with Germany more to come ...

China’s Pres. Xi: Ready to boost coronavirus vaccine cooperation with Germany  more to come ...

“We expect China’s economy will return to the proper range of development next year,” Premier Li Keqiang said at a joint media briefing Tuesday alongs

“We expect China’s economy will return to the proper range of development next year,” Premier Li Keqiang said at a joint media briefing Tuesday alongside the leaders of six international economic institutions, per Bloomberg. Additional quotes “China’s macro policies will remain stable, effective, and sustainable.”

AUD/JPY is looking to extend its three-day winning trend. While the pair is currently trading in the green, it is yet to establish a foothold above 77

AUD/JPY backs off from the session high of 77.05 to 76.96. Australia's construction work done fell more-than-expected in the third quarter. AUD/JPY is looking to extend its three-day winning trend. While the pair is currently trading in the green, it is yet to establish a foothold above 77.00.  At press time, the pair is trading near 76.96, having put in a high of 77.05 early Wednesday. The bulls failed to secure a close above 0.70 on Nov. 9 and Nov. 11.  Aussie data disappoints Construction work completed in the third quarter declined by 2.6%, led by a sizeable drop in the activity in the state of Victoria caused by coronavirus restrictions.  Economists had projected a smaller 1.9% contraction in the construction sector.  The weak data may have played a role in weakening the AUD's bid tone and ensuring the break above 77.00 is short-lived.  However, with the US political uncertainty fading, the risk sentiment is likely to remain strong and keep the pair better bid. On Tuesday, President Trump said his aides would cooperate with President-elect Joe Biden’s transition to the White House, easing concerns about a long-drawn-out period of uncertainty.  Technical levels  

Gold has paused its two-day sell-off on Wednesday, although the risks remain skewed to the downside heading into the economic data dump slated for rel

Gold has paused its two-day sell-off on Wednesday, although the risks remain skewed to the downside heading into the economic data dump slated for release from the US docket. Investors sold-off the safe-haven gold alongside the US dollar amid a risk-on market profile, driven by coronavirus vaccine progress, Biden transition and fiscal stimulus hopes. Reduced US pollical uncertainty and expectations of swifter economic rebound on strong PMIs have dashed hopes of additional stimulus, weighing negatively on the yellow metal.How is gold positioned technically ahead of key US data? The Technical Confluences Indicator shows that the XAU/USD pair faces stiff resistance around $1812, where the SMA5 four-hour and Bollinger Band one-hour Middle converge. The next relevant upside target is seen at $1816, which is the intersection of the Fibonacci 38.2% one-day and SMA100 15-minutes. A sustained break above the strong cap at $1818 is needed to extend the recovery momentum from four-month troughs. That level is the meeting point of the pivot point one-month S2 and Bollinger Band one-day Lower. Further up, the Fibonacci 61.8% one-day at $1824 could guard the upside. On the flip side, a robust cushion awaits at $1805, which is the convergence of the pivot point one-week S3 and Bollinger Band 15-minutes Lower. The four-month low at $1800.40 will be the next target for the sellers. Fierce support at $1796 remains at risk if the selling pressure intensifies. At that level, the SMA200 one-day coincides with the Bollinger Band four-hour Lower. Here is how it looks on the tool   About Confluence Detector The TCI (Technical Confluences Indicator) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies. Learn more about Technical Confluence

US dollar index (DXY) retraces the previous day’s losses around 92.10 during early Wednesday. The greenback gauge marked the heaviest losses in three

DXY consolidates recent losses with a bounce off 92.07.Biden’s market-positive rhetoric joins vaccine hopes amid a light calendar.US GDP, FOMC minutes will decorate calendar as trade/political headlines, virus updates entertain traders.US dollar index (DXY) retraces the previous day’s losses around 92.10 during early Wednesday. The greenback gauge marked the heaviest losses in three weeks the previous day as US President-elect Joe Biden’s power shift began amid hopes of the coronavirus (COVID-19) cure from global pharmaceutical companies. Recently, Biden got powers to receive the collection of classified intelligence reports prepared for the President before he spoke to unite the US. The Democratic Party member also signaled an end to damaging executive orders, which in turn offered an additional reason for the global markets to cheer the ex-Vice President’s leadership. It’s worth mentioning that expectations that Janet Yellen will offer sound economic policies, as she did during her stint at the Fed, to combat the coronavirus (COVID-19) added strength to the optimism. Furthermore, China’s readiness to offer the vaccine by the end of 2020 also pleased the bulls off-late. On the contrary, Biden’s no for the Irish border and likely economic damage by the time vaccine arrives challenge the market sentiment. That said, Asian stocks and the S&P 500 Futures join the US 10-year Treasury yields to mark mild optimism across the board by press time. Though, cautious sentiment ahead of US third quarter (Q3) preliminary GDP and FOMC minutes seem to have triggered the latest bounce amid a light calendar. While the US Q3 GDP is expected to confirm the 33.1% flash readings, FOMC minutes will be closely observed for knowing the mood at the Fed after Chairman Jerome Powell recently showed concern for the economic calendar of the covid. Read: US GDP Preview: Good reasons for an upside surprise, but not necessarily a dollar surgeTechnical analysisMonday’s bottom near 92.00 holds the key to a yearly trough surrounding 91.75 as oversold RSI conditions battle bearish catalysts.  

NZD/USD is currently trading in a sideways manner near 0.6975, having faced rejection at the psychological hurdle of 0.70 on Tuesday. The 14-day relat

NZD/USD in statsis as daily chart shows uptrend fatigue. A pullback to widely-followed SMA support may be seen. NZD/USD is currently trading in a sideways manner near 0.6975, having faced rejection at the psychological hurdle of 0.70 on Tuesday.  The 14-day relative strength index is reporting overbought conditions with an above-70 print. The MACD histogram is producing smaller bars above the zero line in a sign of weakening of the upward momentum.  As such, the pair could pull back to the 10-day Simple Moving Average (SMA), currently at 0.6910. A close below the average would neutralize the immediate bullish view.  On the higher side, 0.70 is the level to beat for the bulls.  Daily chartTrend: Bullish Technical levels  

GBP/JPY tests a three-day-long support line while flashing 139.62 as a quote during the early Wednesday. The pair recently took a U-turn from 139.83,

GBP/JPY eases from two-week top amid bearish MACD.Confluence of 100-HMA, 50% of Fibonacci retracement lures sellers.Fortnight-old resistance line limits immediate upside before 12-week-long falling trend line.GBP/JPY tests a three-day-long support line while flashing 139.62 as a quote during the early Wednesday. The pair recently took a U-turn from 139.83, the highest level in a fortnight amid bearish MACD signals. Hence, sellers are targeting a confluence of 100-HMA and 50% Fibonacci retracement of November 11-19 downside, near 138.40/35, while trying to break the 139.55 nearby trend line support. During the fall, the November 16 high around 138.90 can act as a buffer whereas the monthly bottom close to 137.20 can please the GBP/JPY bears afterward. Alternatively, an upside clearance of the adjacent resistance line, at 139.82 now, will have to cross another falling trend line, from September 01, currently around 139.85, before eyeing the 140.00 threshold. If at all the bulls manage to cross the 140.00 psychological magnet, the monthly high near 140.30 and the early-September low close to 140.50 may test the uptrend towards the yearly peak of 142.71. GBP/JPY hourly chart Trend: Pullback expected  

According to the latest Reuters poll of 40 strategists, the S&P 500 index is set to rise 9% by the end of 2021, as the coronavirus vaccines rollout is

According to the latest Reuters poll of 40 strategists, the S&P 500 index is set to rise 9% by the end of 2021, as the coronavirus vaccines rollout is likely to boost a post-pandemic economic and corporate earnings recovery. Key findings“The benchmark S&P 500 will finish 2021 at 3,900, a 9% gain from its close Monday of 3,577.59. The index is expected to end 2020 at 3,600, close to its current level.” “Wall Street analysts expect S&P 500 earnings to jump 23% in 2021 after falling more than 15% in 2020, according to tn I/B/E/S data from Refinitiv.” “Asked when earnings will return to pre-COVID-19 levels, most respondents said it would happen within a year.” “The Dow Jones industrial average, which was near 30,000 through Monday, will finish next year at 32,500, up around 10% from Monday's close.” “Some strategists predict the gains in cyclical will extend far into 2021, but others say the rotation may not be long-lived.” “Strategists in the poll said expectations the Fed will remain accommodative help to bolster the case for equities next year.” Related readsS&P 500 Futures poke a fortnight high around mid-3,600s on Biden’s upbeat rhetoricWall Street Close: Biden transition propels Dow Jones to record high, S&P 500 closes at all-time top

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY reference rate at 6.5749 vs. Tuesday’s 6.5809. The PBOC injected a CNY120 billion via

On Wednesday, the People’s Bank of China (PBOC) sets the USD/CNY reference rate at 6.5749 vs. Tuesday’s 6.5809. The PBOC injected a CNY120 billion via seven-day reverse repos in open market operations (OMOS) while CNY100 billion matured. Therefore, the net injection stood at CNY20 billion, the same as that seen on Tuesday.

In the view of Westpac’s Senior Economist Justin Smirk, gold prices have peaked alongside risk aversion and are seen lower over the next two years. Ke

In the view of Westpac’s Senior Economist Justin Smirk, gold prices have peaked alongside risk aversion and are seen lower over the next two years. Key quotes (via Kitco News) “Gold to average below $1,760 an ounce by the end of next year and then drop all the way to $1,633 at the end of 2022.” “The situation will turn around only by mid-2023, when the precious metal will begin to climb and rise to $1,848 by September 2024, according to the long-term forecast.” “This outlook comes as gold has been on a losing streak amid better economic data and more risk-on sentiment in the marketplace in light of positive COVID-19 vaccine news.”

S&P 500 Futures portray market optimism, up 0.50% near 3,650, during the initial hour of Tokyo open on Wednesday. The risk barometer recently got a pu

S&P 500 Futures rises 0.50%, marks three-day uptrend.US President-elect Joe Biden speaks after getting initial rights of the national leader.Vaccine hopes battle Brexit headlines amid a light calendar.S&P 500 Futures portray market optimism, up 0.50% near 3,650, during the initial hour of Tokyo open on Wednesday. The risk barometer recently got a push from Biden’s comments to unite the US and end the damaging executive orders after the news of the power transition from Donald Trump favored risk-on mood the previous day. Other than the Democratic Party member’s latest powers to receive the collection of classified intelligence reports prepared for the President, his outlook for the further stimulus also favored the market sentiment. Additionally, expectations that ex-Fed Chair Janet Yellen will offer sound economic policies and combat the coronavirus (COVID-19) added strength to the optimism. Further, China’s signals that the covid vaccine will be out by 2020 end contrasts the update that Tokyo will have higher activity restrictions for three weeks from this weekend. It should also be noted that Biden’s push for no Irish border and the Saudi Arabia-Iran tension offers additional pressure on the market bulls. Not only the S&P 500 Futures but Asian stocks also track Wall Street’s gains while the US 10-year Treasury yields rise by 1.1 basis points (bps) to 0.89% by press time. Read: Wall Street Close: Biden transition propels Dow Jones to record high, S&P 500 closes at all-time top While market hopes for US economic recovery, preceded by the stimulus, joins the upbeat news concerning the COVID-19 vaccine, a light calendar may offer a little hindrance for the optimists ahead of the US third quarter (Q3) GDP and FOMC minutes. Read: US GDP Preview: Good reasons for an upside surprise, but not necessarily a dollar surge

AUD/USD rises to the fresh high since September 02, currently easing to 0.7367, amid Wednesday’s Asian session. In doing so, the aussie pair marks 0.1

AUD/USD inches closer to 0.7400 even as Aussie data probe bulls.Australia’s Q3 Construction Work Done dropped more than -2.0% forecast.Trading sentiment stays upbeat as US President-elect Joe Biden accelerates towards the White House.Vaccine hopes, trade/political headlines can entertain traders ahead of US Q3 GDP.AUD/USD rises to the fresh high since September 02, currently easing to 0.7367, amid Wednesday’s Asian session. In doing so, the aussie pair marks 0.10% intraday gains while taking rounds to the multi-day top of 0.7374. That said, AUD/USD bulls recently ignored downbeat housing data from Australia. The Constriction Work Done for the third quarter (Q3) dropped below -2.0% forecast and -0.7% previous readouts to -2.3% QoQ. The reason could be traced from the global market’s optimism concerning the US economy as President-elect Joe Biden has recently been allowed to receive the President’s Daily Brief, the collection of classified intelligence reports prepared for the national leader. Following the announcement, the Democratic Party member showed readiness to unite America while also showing concerns for the Northern Ireland border. Not only Biden’s readiness to help the US overcome the coronavirus (COVID-19), most likely via further stimulus, but expectations of sound policy moves by ex-Fed Chair Janet Yellen also favor the AUD/USD buyers. Additionally, downbeat US data and global rush towards the risk offered extra strength to the upside momentum. While portraying the upbeat mood, S&P 500 Futures challenge a two-week high after its Wall Street counterpart offered the highest daily closing on record. Moving on, a lack of major data can keep the traders directed towards the risk headlines ahead of the preliminary reading US Q3 GDP. It’s worth mentioning that strong GDP figures from the US than 33.1% forecast can trigger fresh pullback moves. Technical analysis A sustained break of the mid-September top near 0.7345 keeps AUD/USD buyers hopeful towards breaking the 0.7400 round-figure and aim for the yearly high near 0.7415. Meanwhile, 10-day EMA, currently near 0.7285, offers an additional downside filter.  

USD/JPY is attempting a minor recovery above the midpoint of the 104 level in Asian trading this Wednesday, as the bears take a breather after the 30-

USD/JPY selling stalls, but not out of the woods yet.Gains in S&P 500 futures, Treasury yields save the day for the bulls.Risk-on flows to keep DXY undermined ahead of US data dump. USD/JPY is attempting a minor recovery above the midpoint of the 104 level in Asian trading this Wednesday, as the bears take a breather after the 30-pips drop seen in the US last session. The major retreated from 104.75 highs in the American trading, as the US dollar tumbled across the board on a record rally in the US stocks amid improved economic prospects. The coronavirus vaccine progress and strong US business activity data boosted hopes for a quick economic turnaround. The Biden transition kicking off also joined the broader market optimism. In the first of Tuesday’s trading, the spot followed the strength in the greenback and the uptick in the S&P 500 futures. Therefore, it can be seen that USD/JPY remains at the mercy of the US dollar dynamics while the risk sentiment remains a key market driver. At the time of writing, the spot trades at 104.52, adding 0.08% on the day and recovering from a dip to session lows of 104.42. The pause in the overnight sell-off can be attributed to the extension of the rally in the US Treasury yields, which save the day for the bulls. Meanwhile, the advance in the Asian equities, in the wake of the Wall Street upsurge, also helps put a floor under the major. The yen remains on the offers amid downbeat Japanese corporate service price index data and a 2% rally in the Nikkei 225 index.             Next of relevance for the major remains a bunch of critical US economic releases due for release later in the NA session. Markets gear up for the US Preliminary Q3 GDP, Initial Jobless Claims, Durable Goods and Core PCE Index among other minority reports.   USD/JPY technical levels  

EUR/USD buyers attack 1.1900 as markets in Tokyo open for Wednesday’s trading. In doing so, the major currency pair not only tests the weekly top but

EUR/USD teases weekly high while eyeing a 12-day-old resistance line.An ascending trend line from November 17 also challenges the bulls.200-HMA, immediate rising support line can probe the pullback moves.EUR/USD buyers attack 1.1900 as markets in Tokyo open for Wednesday’s trading. In doing so, the major currency pair not only tests the weekly top but also targets a descending trend line from November 09. Considering the bullish MACD and the quote’s ability to stay above 200-HMA, the EUR/USD bulls are likely to keep the baton and break the 1.1905 immediate resistance line. However, another upward sloping trend line resistance, at 1.1910 now, as well as the monthly high near 1.1920, could offer a noisy run-up beyond 1.1900. On the flip side, an ascending support line from Monday, at 1.1860, near to the 200-HMA level of 1.1852, can restrict the pair’s pullback moves. It should, however, be noted that any further weakness past-1.1852 will eye for the weekly bottom surrounding 1.1800. EUR/USD hourly chart Trend: Pullback expected  

Australia Construction Work Done registered at -2.6%, below expectations (-2%) in 3Q

With the race of the coronavirus (COVID-19) flashing positive signs off-late, the Bank of America (BofA) eyes further recovery in the oil market condi

With the race of the coronavirus (COVID-19) flashing positive signs off-late, the Bank of America (BofA) eyes further recovery in the oil market conditions. Additionally, the US bank expects a high for Brent oil near $60 for 2021 summers in the Northern hemisphere backed by easing travel restrictions to boost demand. That said, WTI eases from the highest since early March while taking rounds to $44.85. The energy benchmark flashed the heaviest rise last two weeks the previous day amid market optimism over the US President-elect Joe Biden’s transition as the national leader. Read: WTI eases from multi-day high to sub-$45.00 area on API stockpiles

USD/CAD drops to 1.2997, down 0.05% intraday, during Wednesday’s Asian session. Following its drop to November 09 low before a few hours, the quote ha

USD/CAD wavers inside less than 10-pip trading range near the 1.3000 threshold.RSI has a gap before reaching the oversold territory, suggesting further weakness.21-day SMA offers immediate resistance ahead of mid-month high.USD/CAD drops to 1.2997, down 0.05% intraday, during Wednesday’s Asian session. Following its drop to November 09 low before a few hours, the quote has been wobbling between 1.2994 and 1.2999. Even so, a sustained trading below 21-day SMA and an absence of oversold RSI conditions favor the bears. As a result, a descending trend line from September 01, at 1.2911 now, gains the USD/CAD bears’ attention off-late. Though, the monthly low near 1.2930 can offer an intermediate halt during the downside. In a case where the USD/CAD sellers chose to ignore RSI conditions during their reign past-1.2911, the October 2018 low near 1.2780 will gain the market’s attention. Alternatively, 1.3030 and 21-day SMA around 1.3120 offer immediate resistance during the USD/CAD bounce. However, November 13 high close to 1.3172 and the 1.3200 round-figure could challenge the recovery moves ahead of directing the USD/CAD buyers toward the monthly top around 1.3370. USD/CAD daily chart Trend: Further weakness expected  

The UK government is on a brink of a “systemic economic crisis” as it braces for departure from the European Union (EU) amidst a second wave of the co

The UK government is on a brink of a “systemic economic crisis” as it braces for departure from the European Union (EU) amidst a second wave of the coronavirus pandemic, the Guardian reports, citing a confidential Cabinet Office briefing.     developing story ....

Silver (XAG/USD) extended its bearish momentum into the second straight day on Tuesday, now holding the lower ground above the $23 level. The bears ar

Silver remains vulnerable with daily RSI still stays bearish.XAG/USD teasing a rising channel breakdown on the daily chart.200-DMA is in sight for the XAG bears but Wednesday’s close is critical. Silver (XAG/USD) extended its bearish momentum into the second straight day on Tuesday, now holding the lower ground above the $23 level. The bears are gearing up for another leg lower, especially after the bulls managed to defend the rising trendline support, then at $23.23, avoiding a rising channel breakdown on the daily chart. Therefore, Wednesday’s close below $23.29 is critical to confirming a bearish breakdown, which could open floors towards September lows of $21.65. Acceptance below that level could expose the 200-daily moving average (DMA) support at $20.47. The 14-day Relative Strength Index (RSI) is on a recovery mode although turns flat at 39.45, indicating that a minor bounce could be in the offing before the sell-off resumes. Alternatively, the bulls could attempt a bounce towards the powerful barrier around $24.20, the confluence of the 21 and 50-DMAs. Further north, the bullish 100-DMA at $24.67 could challenge the bulls’ commitment. XAG/USD: Daily chart XAG/USD: Additional levels
 

Japan Corporate Service Price Index (YoY) came in at -0.6% below forecasts (1.2%) in October

USD/TRY wobbles around 8.0000 during the early Asian session on Wednesday. In doing so the pair halts a three-day uptrend while keeping pullback moves

USD/TRY consolidate gains from 8.0507 after three-day winning streak.Turkish Manufacturing Confidence eased, Capacity Utilization improved in November.Turkey-Germany tussle, bombings in border near Syria and virus woes offer background music while hope of US stimulus favor the bulls.US GDP, risk catalysts become the key for short-term direction.USD/TRY wobbles around 8.0000 during the early Asian session on Wednesday. In doing so the pair halts a three-day uptrend while keeping pullback moves from the highest since November 11. Although risk-on mood favors the USD/TRY buyers, notable run-up by Wall Street benchmarks triggers the cautious move off-late. Even so, the tussle between Germany and Turkey, over the EU military mission in the Mediterranean, joins the news of the bombing in the North Syrian area that shares borders with Ankara to favor the bulls. Additionally, the Daily Sabah marks the doubling of the daily coronavirus (COVID-19) infection figures in Turkey, compared with the previous week, while stating 460,916 total cases and 12,672 death toll by Tuesday. Furthermore, hopes of US stimulus also gets strong as US President-elect Joe Biden now has the right to receive the President’s Daily Brief, the collection of classified intelligence reports prepared for the national leader. Also propelling the upbeat expectations could be chatters surrounding Janet Yellen’s role as US Treasury Secretary and increasing odds that the vaccine will be out sooner than later. Amid these plays, S&P 500 Futures flirt with a two-week top after its Wall Street counterpart marked record daily closing on Tuesday. Although Turkey has no major data/events scheduled for published the preliminary readings of the US third quarter (Q3) GDP will be interesting to watch for the USD/TRY traders. However, risk news shouldn’t be ignored in the meantime. Read: US GDP Preview: Good reasons for an upside surprise, but not necessarily a dollar surge Technical analysis 21-day SMA near 8.0330 probes the USD/TRY bulls cheering an upside break of 50-day SMA, currently around 7.9100.

AUD/JPY rises to 76.92 amid the initial Asian session on Wednesday. The pair jumped towards the monthly, flashed on November 11, while cheering the up

AUD/JPY takes the bids near monthly high flashed earlier in November.Bullish MACD, sustained trading beyond 10-day and 50-day SMAs favor the buyers.50-day SMA offers additional filter to the downside.AUD/JPY rises to 76.92 amid the initial Asian session on Wednesday. The pair jumped towards the monthly, flashed on November 11, while cheering the upside break of 10-day SMA the previous day. However, a falling trend line from September 10 challenges the bulls by press time. Even so, bullish MACD and the pair’s successful trading above the key SMAs keep the buyers hopeful of breaking the 76.95 immediate upside hurdle while eyeing the 77.00 threshold. It should also be noted that the monthly peak near 77.10 also challenges the AUD/JPY bulls before propelling them to the September 10 high of 77.73. Meanwhile, October’s top around 76.50 offers immediate support should the quote takes a U-turn from the key resistance line. Though, 10-day and 50-day SMA levels, respectively close to 76.20 and 75.30, may probe the sellers afterward. During the downside, AUD/JPY bears may catch a breather around the 76.00 round-figure and an upward sloping trend line from November 02, at 75.87 now. AUD/JPY daily chart Trend: Bullish  

Amid expectations of the rapid rollout of coronavirus vaccine globally, French President Emmanuel Macron said the covid vaccinations could start being

Amid expectations of the rapid rollout of coronavirus vaccine globally, French President Emmanuel Macron said the covid vaccinations could start being administered as soon as the end of the year in the country if approved by regulators. “We will very likely, and pending authorization by health authorities, start vaccination of the most vulnerable populations, hence the elderly, as soon as the end of December, early January,” President Macron said Tuesday. Meanwhile, Global Times reported that “it is possible for China to approve a vaccine by the end of this year to meet the urgent need of some countries severely hit by the epidemic,” citing some experts. Promising results from vaccine trials is boosting the global market sentiment, as investors remain hopeful that life could return to normalcy in 2021 while anticipating a swifter economic rebound. AstraZeneca on Monday said its COVID-19 vaccine was 70% effective in trials and could be up to 90% effective while Pfizer-BioNTech’s and Moderna’s covid vaccine showed over 90% efficacy.   developing story ....

Gold bears catch a breather around $1,807/08 amid the early Wednesday morning in Asia. The yellow metal dropped to the lowest since July 20 the previo

Gold struggles to keep $1,800 threshold while taking rounds to four-month low.Biden’s formal power shift, vaccine hopes enthuse market sentiment.DJI30, S&P 500 closed at the record top, DXY eased.Headlines from the US, concerning vaccine and other risk events remain as the key drivers.Gold bears catch a breather around $1,807/08 amid the early Wednesday morning in Asia. The yellow metal dropped to the lowest since July 20 the previous day but refrained from breaking the $1,800 round-figure. The hopes of the US stimulus and recovery from the coronavirus (COVID-19) keep the gold bears hopeful. Even so, the metal’s latest U-turn may have respected the cautious mood ahead of 200-day SMA amid oversold RSI conditions on the daily chart. US President-elect Joe Biden started speaking, firstly for the Irish border and then US unity, after getting the right to receive the President’s Daily Brief, the collection of classified intelligence reports prepared for the president. This suggests that America may now have movements over the much-awaited COVID-19 stimulus before the expiry of the current spending bill on December 11. Also favoring the bulls were calls of ex-Fed Chair Janet Yellen’s role as the upcoming Treasury Secretary as well as downbeat US Consumer Confidence and Richmond Fed Manufacturing data. Though the covid woes aren’t wiped out and the vaccine is still far from here, at least over two months, which in turn question the gold sellers near the key supports. Also probing the further downside is the Brexit risks and trade tussle between China and the West. Against this backdrop, Wall Street benchmarks pleased the bulls whereas the US 10-year Treasury yields also rose back towards 0.90%. While a lack of data/events may push the gold traders towards risk news, updates from the US and concerning the vaccine may get major attention. Technical analysis In addition to the key 200-day SMA level near $1,797/98, the mid-July bottom around $1,790 also adds a filter to the yellow metal’s downside. Meanwhile, gold buyers are less likely to take entries until prices stay below September’s low close to $1,848.50. Overall, oversold RSI conditions can push the bears to catch a breather around key supports mentioned above. Though, any further weakness past-$1,790 will not hesitate to recall May month’s top near $1,765.  

GBP/USD closed Tuesday trade with gains of a little over 30 pips or just shy of 0.3% amid broadly soft US dollar conditions. The pair currently trades

GBP/USD is consolidating just above 1.3350 as sterling traders await further information on the state of Brexit talks.The pair has formed a short-term pennant, implying a breakout is likely, subject to fundamental confluence.GBP/USD closed Tuesday trade with gains of a little over 30 pips or just shy of 0.3% amid broadly soft US dollar conditions. The pair currently trades just above 1.3350. It’s quiet… too quiet For the first time in a long time, it was all was very quiet in terms of Brexit news flow on Tuesday, aside from UK Minister Michael Gove reiterating his usual stance that the EU needs to move for there to be a deal. As things stand right now, UK PM Boris Johnson and EU Commission President Ursula von der Leyen are supposedly supposed to be talking at some point later in the week, with the PM seeing the conversation as an opportunity to push a deal over the line. There has also been some chatter surrounding 1) a mini-deal to give more time for a full deal to be agreed upon (in other words, an extension) and 2) a review clause after 10-15 years for both sides to assess whether or not they are happy with how things stand. The former suggestion goes strongly against the current rhetoric from the current Brexiteer UK government, while the latter suggestion might be interesting in so far as it might encourage more flexibility in negotiations if both sides know there will be a chance to tweak aspects of any deal they don’t like down the line. Amid the lack of new information regarding the state of EU/UK trade negotiations to drive GBP, the currency has broadly conformed to US dollar flows/global risk dynamics. Unfortunately, quiet on the Brexit front is unlikely to persist, and as fresh information comes out, GBP is likely to become choppy again. GBP/USD consolidates within short term pennant, subject to breakout Recent GBP/USD price action seems to be consolidating nicely within a pennant formation; the upper bounds of this pennant is a downtrend linking the Monday and Tuesday highs at just under 1.3400 and 1.3380 respectively – these two levels will be the first areas of resistance to note in case of an upside break of the pennant, which could perhaps be spurred by fresh signs of progress towards a Brexit deal. The lower bounds of this pennant is an uptrend linking last Thursday’s low at 1.3200 to this Monday’s low at 1.3264 and Tuesday’s low at just below 1.3300. These levels will be the most important areas of support to note in case of a downside break of the pennant. A downside break of this pennant could coincide with negative news on the state of Brexit talks (i.e. in the worst-case scenario, say id talks collapsed).GBP/USD one hour chart

“I hope that we will be able to secure a good deal with the European Union.” “The European Union needs to move as well and it needs to acknowledge tha

The European Union (EU) must be flexible too if both sides want to reach a Brexit deal, the British Cabinet Minister said on Tuesday, as cited by Reuters. Key quotes “I hope that we will be able to secure a good deal with the European Union.” “The European Union needs to move as well and it needs to acknowledge that we voted to take back control and that’s the most important thing.”   developing stroy ....

The Reserve Bank of New Zealand (RBNZ) Deputy Governor Christian Hawkesby speaks alongside Governor Adrian Orr following the Financial Stability Repor

If the Reserve Bank of New Zealand (RBNZ) had not eased monetary policy further, the NZD/USD exchange rate would be higher by 5-10%, Deputy Governor Christian Hawkesby said while speaking alongside Governor Adrian Orr following the Financial Stability Report publication this Wednesday. more to come ...

NZD/USD pays a little heed to RBNZ Governor Orr’s downbeat comments despite stepping back a few pips to 0.6971 amid the early Wednesday morning in Asi

NZD/USD keeps the choppy trading above 0.6965, easing five pips off-late.RBNZ Governor Adrian Orr says low interest rates ensure NZD’s competitiveness, RBNZ FSA struck upbeat statements.Market sentiment stays upbeat on US President-elect Joe Biden’s power shift.A light calendar in Asia highlights risk news for fresh impulse.NZD/USD pays a little heed to RBNZ Governor Orr’s downbeat comments despite stepping back a few pips to 0.6971 amid the early Wednesday morning in Asia. The reason could be spotted from the upbeat sentiment concerning Biden’s formal entry into the White House affairs. In addition to favoring the lower interest rate, not rate cuts though, RBNZ Chief Orr also assured intention to work with the government on long-term goals of housing affordability. The central banker closely turned down Finance Minister Grant Robertson’s push for considering housing prices for remit on Tuesday. Read: RBNZ’s Orr: Low interest rates ensures NZD exchange rate remains competitive With Donald Trump’s hesitant acceptance of defeat in the 2020 US General Elections, Biden now has the power to receive the President’s Daily Brief and the collection of classified intelligence reports prepared for the national leader. Having gained that, the Democratic member recently crossed wires while opposing the Irish border issue. Even so, hopes that the Democratic government will push for stimulus, together with expectations of pro-economic plans from ex-Fed Chair Janet Yellen, likely to be the next Treasury Secretary, also backed the risk-on mood. Also favoring the optimists were upbeat news on the coronavirus (COVID-19) vaccine. That said, Wall Street benchmarks like DJI30 and S&P 500 recently closed at the record highs by the end of Tuesday whereas the US 10-year Treasury yields also gained 2.6 basis points to 0.88% by press time. Considering the lack of major data/events, NZD/USD traders may extend the current upside momentum with a lesser pace. Though, risk news can keep entertaining the market players. Technical analysis A downside break of December 2018 top near 0.6970 can recall the early 2019 high surrounding 0.6945/40. Alternatively, the 0.7000 round-figure and the mid-2018 peak close to 0.7045 lure the NZD/USD buyers.  

AUD/USD trades slightly below highs set on Tuesday of just below 0.7370, having recovered from a sizeable setback midway through the day that saw the

AUD/USD is currently trading just below Tuesday highs at 0.7369, as bulls eye a push towards the 0.7400 level.A significant improvement in global risk appetite gave AUD a boost on Tuesday and sets the currency up well for the coming Wednesday Asia session.To the downside, significant levels of support to note are just below 0.7350 and around 0.7340.AUD/USD trades slightly below highs set on Tuesday of just below 0.7370, having recovered from a sizeable setback midway through the day that saw the pair drop as low as 0.7310. AUD/USD closed Tuesday out with gains of just shy of 80 pips or slightly over 1.0%. AUD boosted amid risk-on flows Fundamental developments thus far on the week seem to have ticked all the right boxes to send risk assets higher; AstraZeneca will be distributing vaccines for use in a few weeks, US data has broadly come in better than expected while European data has not been as bad as feared, US President Trump has allowed the formal transition process in the transition of power to the Biden Administration (first steps to him officially conceding the election) and US President-elect Joe Biden has selected former Chairman of the Fed Janet as his Treasury Secretary (a “safe pair of hands”). US equities closed the US session with solid gains, with the S&P 500 back close to all-time highs and the Dow Jones going above 30K for the first time. Meanwhile, European equities also closed with solid gains and the MSCI World Index hit all-time highs and crude oil markets hit their highest levels since March. Thus, risk-sensitive currencies outperformed on Tuesday at the expense of the likes of USD, CHF and JPY. Out of the G10, AUD is unsurprisingly the second-best performer after NOK (the Aussie has the highest beta to USD besides NOK out of the G10 currencies). Fundamental news out of Australia has been sparse so far on the week, with the currency largely thus far trading on global themes/US dollar dynamics. Comments from RBA Deputy Governor Debelle during Tuesday’s Asia session added nothing new, while Australian trade numbers went under the radar. Looking ahead, Wednesday’s Asia session will see the release of Australian Construction Work Done for Q3, but this data is unlikely to distract AUD from global dynamics. AUD/USD bulls eyeing a push towards 0.7400 With AUD/USD just below its Tuesday highs at 0.7369, a test soon is likely. If the pair can manage to break above this level, the door will have been opened for an advance towards the 0.7400 level, given the lack of further significant levels of resistance in the interim. Beyond this psychological level resides year-to-date highs at just below 0.7420. With NZD/USD already pressing to fresh multi-year highs this week, some catch up in AUD/USD is entirely possible. Conversely, in the downside scenario, AUD/USD has some fairly decent levels of support to take note of; just below 0.7350 is the 16 September high, followed by the 9 and 17 November highs at 0.7340. A break below these levels takes AUD/USD back into the 0.7220-0.7340ish range that is had conformed to for most of the last two weeks.AUD/USD four hour chart

The euro is pushing higher on the late US session on Tuesday to retest session high at 1.1895 which, so far, remains intact. The pair has bounced up f

EUR/USD bounces up at 1.1840 to approach 1.1900 resistance area.The euro appreciates against a weaker USD amid higher appetite for risk.Euro rallies to 1.1900 are good selling opportunities – Rabobank.The euro is pushing higher on the late US session on Tuesday to retest session high at 1.1895 which, so far, remains intact. The pair has bounced up from intra-day support at 1.1840 and is nearing resistance area in the vicinity of 1.1900   Euro advances against a weaker USD The positive market sentiment generated after the pharmaceutical giant AstraZeneca released the promising result of its COVID-19 vaccine on Monday has extended into Tuesday’s trading. The safe-haven dollar has been weighed by the upbeat market sentiment that has reflected into solid advances on the main equity indexes. In the US, President Trump has finally accepted a formal transition in the US and Joe Biden has announced the appointment of former Fed chair, Janet Yellen, as the next Treasury Secretary, which has been welcomed by the market and has contributed to sustaining the positive mood.     On the macroeconomic front, Eurozone figures have beaten expectations. The German IFO business climate survey and third quarter’s GDP have shown better than expected readings. US data, on the other hand, has been mixed, with the good news on housing prices offset by the downbeat consumer confidence. EUR/USD: rallies to 1.1900 seen as good selling opportunities – Rabobank From a wider perspective, the Rabobank FX Analysis Team sees the euro unlikely to breach 1.20 and contemplates rallies to 1.1900 as good selling opportunities: “The repeated failure of the currency pair to move above the 1.19 level comes at a time when fundamentals factors may also be putting some hurdles in front of the EUR (…) We would favour selling any further rallies towards EUR/USD1.19 in the near-term.”  Technical levels to watch    

“Low-interest rates ensured the New Zealand dollar exchange rate remains competitive,” the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said

“Low-interest rates ensured the New Zealand dollar exchange rate remains competitive,” the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said in a scheduled speech on Wednesday. Additional quotes Commited to meet our remit.   NZD/USD remains unfazed on Orr.   more to come ....

WTI drops a few cents to $44.87 after the American Petroleum Institute (API) released weekly oil inventory reports at the start of Wednesday’s Asian s

WTI steps back from the highest in more than eight months to revisit the sub-45.00 area.API inventories rose less than 4.174M during the week ended on November 20.Saudi Arabia confirms Iran’s hand in the Houthi attack.Risk-on sentiment stops the bears with eyes on EIA data.WTI drops a few cents to $44.87 after the American Petroleum Institute (API) released weekly oil inventory reports at the start of Wednesday’s Asian session. The black gold filled the early-March gap while rising to the eight-month high the previous day as global markets cheered optimistic signals from the US. As per the industry data, conveyed by the API, US Weekly Crude Oil Stock eased to 3.8 million barrels versus the previous addition of 4.174 million barrels during the week ended on November 20. Although the figures eased from the previous, market consensus backed a contraction in the actual outcome and hence the oil buyers stepped back after the release. Even so, hopes of further stimulus and the upbeat news from the coronavirus (COVID-19) race keep favoring the oil bulls. The commodity’s rush to the multi-day top the previous day mainly took clues from the White House where US President-elect Joe Biden got formal powers to receive the President’s Daily Brief and the collection of classified intelligence reports. The upbeat outcome of AstraZeneca’s results of vaccine trials and chatters that Janet Yellen will be the next Treasury Secretary also favored the energy buyers. Further, news from the Arabiya that the Saudi Cabinet Iran supported Houthi Military to carry out terrorist operations offered additional strength to the WTI prices. Looking forward, oil bulls will keep their eyes on the official inventory data from the Energy Information Administration (EIA) up for publishing at 15:30 GMT on Wednesday. Forecasts suggest a draw of 0.333 million barrels during the week ended on November 20 versus the previous addition of 0.768 million barrels. Technical analysis A sustained close beyond the August high of $43.86 will keep the WTI buyers hopeful of attacking March’s high of $48.74.  

US President-Elect Biden: We do not want a guarded border in Ireland more to ocme ...

US President-Elect Biden: We do not want a guarded border in Ireland   more to ocme ...
Scroll Top