2020-11-26 • Updated
EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
XAU/USD: Gold after a remarkable sell off is trading significantly lower and bears still struggling to keep price above the 23.6% retracement area.
US markets are closed for Thanksgiving on Thursday. Biden urged Americans to avoid big family gatherings and to wear protective masks and maintain social distancing as COVID-19 cases soar. Wednesday's economic data showed that US jobless claims increased for a second consecutive week suggesting more pain ahead as business restrictions and partial lockdowns continue to hurt employment. In Europe, a survey showed that German consumer morale fell further heading into December, as a partial lockdown in Europe's largest economy hit households' income and willingness to spend money. Markets participants are closely watching trade talks between Britain and the European Union, with little more than a month until the status-quo transition period ends on Dec. 31. Britain's finance minister said on Thursday that "it's clear what the shape of the deal looks like" but that the United Kingdom should not be stretching for a deal at any cost.
Eurozone government bonds were little changed, with Germany's benchmark Bund yield at -0.571%, as investors waited for the European Central Bank's October meeting minutes. Merkel told parliament that lockdown measures will be in place until at least the end of December and possibly much longer.
Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism after three major pharmaceutical companies announced progress on vaccines that could start to be rolled out before the year-end. European shares were mixed on Thursday and world shares held near all-time highs after a strong Asian session in which market euphoria around COVID-19 vaccines, Joe Biden's US presidential election win, and hopes for further stimulus outweighed worsening US data.
World shares are having their best month on record this November, boosted by a slew of positive vaccine announcements and hopes that Biden's administration will deliver more economic stimulus and political stability.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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