Gold price extends a five-day rally amid a broadly weakened US dollar. Risk aversion and falling Treasury yields fuel XAU/USD gains. A daily close above the 21-day SMA is key to further rallies. The price of gold (XAU/USD) is returning to the highest levels in two weeks, while the bulls continue to receive support from […]
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EUR/USD breaches 1.0700 ceiling and hits 4-week highs
EUR/USD hits fresh multi-week highs above 1.0700. The dollar remains on the tightrope amid growing risk appetite. Lagarde sees rates in positive territory in the third quarter. Traders’ optimism pushes EUR/USD to fresh 4-week highs in the 1.0735/40 region during the European session on Tuesday. EUR/USD driven by sentiment and Lagarde EUR/USD extends previous day’s […]
AUD/USD remains under pressure below 0.7100, decline looks supported
AUD/USD sees some selling on Tuesday and is under pressure from a combination of factors. Recession fears benefit the safe-haven USD and weigh on the perceived riskier AUD. An aggressive signal from the RBA could help limit deeper losses ahead of the US PMI and Powell’s speech. The pair AUD/USD has come under fresh selling […]
Breaking News: GBP/USD Slumps to Below 1.2500 Levels Amid Doubts Over Further BoE Rate Hikes
After reaching an intraday high at 1.2598 at the European open on Tuesday, the GBP/USD has tumbled nearly 120 pips to hit a two-day low at 1.2475. The pair trades at time of writing above 1.2480, losing 0.84% ​​daily. The decline has come after the release of UK services PMI data, which showed a sharp […]
UK: Preliminary services PMI plummets to 51.8 in May vs. 57.3 expected
UK Manufacturing PMI falls to 54.6 in May and misses estimates. The UK services PMI stands at 51.8 in May, well below expectations. Purchasing Managers Index UK Manufacturing PMI, seasonally adjusted, has fallen sharply to 54.6 in Mayvs. 55.1 expected and from 55.8 in the final reading for April. On the other hand, the preliminary […]
USD/JPY: A drop to 127.00 is still on the table – UOB
A downside correction in USD/JPY could visit the 127.00 zone in the coming weeks, say UOB Group currency strategists Quek Ser Leang and Peter Chia. Key comments 24 hour view: “We expected USD/JPY to ‘trade sideways into a 127.35/128.35 range’ yesterday. USD/JPY subsequently moved between 127.13 and 128.05 before closing broadly unchanged at 127.87 (+0.02%). […]
Eurozone: Preliminary manufacturing PMI disappoints at 54.4 in May
Euro zone manufacturing PMI stands at 54.4 in May, vs. 54.9 expected. The bloc’s services PMI falls to 56.3 in May against an estimate of 57.5. EUR/USD moves away from highs after Eurozone data. The expansion of the Eurozone manufacturing sector fell short of expectations in May, the latest survey of manufacturing activity from S&P […]
Germany: Preliminary manufacturing PMI rises by surprise to 54.7 in May
The index S&P Global Manufacturing PMI for Germany is up a tenth in May, standing at 54.7 compared to 54.6 in April, marking a two-month high. The result improves the 54 points expected by the market consensus. The Preliminary services PMI has retreated to 56.3, minimum of two months, after marking 57.6 the previous month. […]
Forex Today: Risk Rally Loses Flight, Spotlight on PMI Data and Powell Speech
This is what you need to know to trade today tuesday may 24: Markets appear to have turned cautious early on Tuesday, following Monday’s risk rally. The dollar index, which lost nearly 1% at the start of the week, posts small daily gains near 102.20 in European morning and US stock index futures are down […]
USA: Biden affirms that he will not change the strategic policy on Taiwan
When asked if there had been any change in policy after Monday’s comments that the US would engage militarily to defend Taiwana self-governing island claimed by China, the President Joe Biden Said no”. China’s Foreign Ministry warned the US not to underestimate its resolve on Taiwan following Biden’s comments the day before. market reaction The […]
