FX

Gold bears catch a breather near the lowest since June 2020. Treasury yields stay strong near one-year top as Fed’s Powell joined the league of ECB but couldn’t placate bond bears. Vaccine war gains news entry of Australia after Italy blocks AstraZeneca jabs. All eyes on US NFP, stimulus updates amid a light calendar in

WTI erases gains, returns to the red in the European session.  Bearish RSI suggests more downside in the offing. OPEC+ outcome much-awaited alongside Powell’s speech. WTI (futures on NYMEX) drops back below $61, shedding over $1 from daily highs of $61.87, as the bulls turn cautious ahead of the all-important outcome from the OPEC and its

The Nasdaq 100 was the worst performing major US index on Wednesday, as Big Tech was sold amid rising yields. Rotation into economic “reopening” stocks exacerbated this trend, while bad data weighed on the whole market. Fed Chair Powell’s remarks on Thursday will be closely followed regarding how the bank could counter rising yields. The

According to strategists at Credit Suisse, rising real yields should put further pressure on gold. XAU/USD has already seen an important break of support at $1765 to mark a top and a more serious fall. See – Gold Price Analysis: Difficult to ignore bearish trend in XAU/USD – OCBC Key quotes “Gold has finally bowed to rising

NZD/USD wavers around weekly top after a two-day winning streak. New Zealand GDT Price Index data jumped, WMP rallied to the strongest in seven years. DXY reversed from one-month top amid cautious sentiment ahead of the key events. NZ Building Permits, ANZ Commodity Price Index, Aussie GDP and China’s Caixin Services PMI to decorate the

USD/CNH could now extend the move to the 6.5150 level in the next weeks, according to FX Strategists at UOB Group. Key Quotes 24-hour view: “USD traded between 6.4650 and 6.4780 yesterday, narrower than our expected range of 6.4600/6.4950. The quiet price actions offer no fresh clues and USD could continue to trade sideways. Expected

US stocks surged on Monday for their best day since June as focus returned to an overwhelmingly positive macro backdrop. The S&P 500 rallied back to the north of the 3900 level, up 2.4% on the day. Wall Street saw its best day since June 2020, with the S&P 500 rallying 2.4% from below 3850

The UK manufacturing sector activity expanded at a faster pace than expected in the month of February, the final report from IHS Markit confirmed on Monday.  The seasonally adjusted IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) was revised higher to 55.1 in February versus 54.9 expected and 54.9 first readout. The figure climbed to a two-month

The watchlist for the week ahead consists of a couple of compelling day trading opportunities for the open as well as plenty of action down the line following the higher volatility and sharp moves of last week.  We have GBP/JPY, and GBP/CHF (correlated pairs) for which are priorities of the list for the open, while

GBP/USD is stabilising around the 1.3950 mark as the week draws to a close. On the week, having been up over 1.6% at highs, GBP/USD looks set to finish the week down 0.3%. GBP/USD is stabilising around the 1.3950 mark as the week draws to a close, sharply below multi-year highs set back on Wednesday

Tech stocks saw a modest recovery on Friday as long-term bond yields dropped sharply. The rest of the stock market remained under pressure, however. Focus next week will be on key US data releases, fiscal stimulus headlines and more remarks from Powell. US tech stocks saw a modest recovery on Friday, with the Nasdaq 100

US bond yields fell sharply on the final trading day of the week. 10-year yields, having hit the mid-1.50s% on Thursday, dropped back to 1.40% on Friday. After surging all week, US bond yields are seeing a sharp retracement on Friday, as bond-buying ramped up into the close of US trade. The selling is most

The upside momentum in USD/CNH has improved and allows a potential move to 6.5150 in the next weeks, noted UOB Group’s FX Strategists. Key Quotes 24-hour view: “Our expectation for USD to ‘edge lower’ was incorrect as it staged a surprisingly sharp rally to an overnight high of 6.4970. USD extended its gains to 6.5080

GBP/USD has dropped sharply in the last few hours but bounced at 1.4000. The downside is primarily a result of a US bond yield surge-induced recovery in the US dollar. GBP/USD sold off sharply over the past few hours, dropping from session highs in the 1.4180s set shortly after the start of US trade to

USD/JPY gained traction for the third consecutive session and shot to over one-week tops. The underlying bullish tone, rallying US bond yields remained supportive of the move up. The USD bulls remained on the defensive, albeit did little to hinder the positive momentum. The USD/JPY pair maintained its bid through the first half of the

EUR/USD looks set to finish the session around 1.2150, having bounced from lows around 1.2110. Dovish Fed speak has helped boost risk appetite, which weighed on the safe-haven dollar and helped the pair recover. On the face of it, the fact that EUR/USD is set to finish a second consecutive session hardly changed suggests that

DXY remains under mild downside pressure near 90.00. Chief Powell reiterated the Fed’s ultra-accommodative stance. Second testimony by Powell, Fedspeak, housing data next on tap. The US Dollar Index (DXY), which gauges the greenback vs. a bundle of its main competitors, trades slightly into the negative territory and close to the key support at the

Toward the end of trading Tuesday, the Dow traded down 0.19% to 31,461.29 while the NASDAQ fell 1.43% to 13,340.01. The S&P also fell, dropping 0.38% to 3,861.77. The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 28,190,620 cases with around 500,310 deaths. India confirmed a