Daily Market Comment – Nasdaq conquers new heights as US infections slow down

Posted on August 4, 2020 at 8:37 am GMT

Stocks gain altitude on slowing contagion and encouraging data Most currencies trade in wide ranges, but go nowhere Overall, market focus remains on Congress, where little progress is apparently being made Nasdaq hits new records as tech keeps the dream alive Positive sentiment dominated financial markets at the onset of the new week, with global stock indices and risk-sensitive commodities like oil edging higher, powered by a persistent slowdown in US infections and some encouraging manufacturing numbers. America reported fewer [..]


Daily Market Comment – Dollar shrugs off ratings downgrade, RBA in focus

Posted on August 3, 2020 at 8:29 am GMT

Dollar rebounds on profit-taking and short-covering, despite Fitch downgrade – is this a dead cat? Stocks remain near highs as tech giants fly, next big move depends on Congress Australia tightens lockdown in Victoria, telegraphing dovish shift by RBA overnight Dollar shows signs of life, but is it just flows? The world’s reserve currency staged a comeback on Friday and continues to lick its wounds at the start of the new week, shrugging off a credit ratings downgrade by Fitch. [..]


Technical Analysis – EURUSD pivots from 26½-month high; bullish signals intact

Posted on August 3, 2020 at 7:43 am GMT

EURUSD retreated abruptly from the recent multi-year high of 1.1908 with sellers attempting to cement further negative moves. This can be viewed in the pause of the blue Kijun-sen line and the latest weakening of the short-term oscillators. Despite the stochastic oscillator having turned bearish and the current stalling in the MACD and the RSI, positive signals are still present, as the MACD, in the positive region, remains above its red trigger line and the RSI holds above 70. Moreover, [..]


Week ahead – Can nonfarm payrolls halt the dollar’s descent?

Posted on July 31, 2020 at 12:43 pm GMT

It’s a huge week ahead, with the Reserve Bank of Australia and the Bank of England both announcing their rate decisions ahead of the all-important US employment data. For markets, the burning question is whether a decent payrolls report will be enough to halt the dollar’s relentless slide. The other variable that will impact most charts through the risk sentiment channel is whether Congress will reach a compromise on the new rescue package, and if so, how much they will [..]


Daily Market Comment – Dollar resumes slide; stocks struggle but tech bucks the trend

Posted on July 31, 2020 at 8:55 am GMT

Dollar slumps again as US economy crashes, heads for fiscal cliff Euro, pound and aussie catapult higher but yen’s jump raises eyebrows European and Asian shares skid but big tech earnings lift Nasdaq Dollar on track for worst month in decade The US dollar is headed for its worst monthly performance in nearly 10 years as economic and political woes in America increasingly undermine the world’s reserve currency just as the outlook elsewhere brightens somewhat. The US economy collapsed by [..]


‘King dollar’ falls from grace, growth concerns to blame? – Special Report

Posted on July 30, 2020 at 11:34 am GMT

The world’s reserve currency took a beating lately, as the resurgence of infections in the US painted a darker outlook for the nation’s economic recovery and sparked expectations for more action by the Fed. But FX is a two-way game, and the dollar’s downfall wouldn’t have been so sharp without better news out of Europe bolstering the euro. Is this just the beginning of a larger rally in euro/dollar that is predicated on Europe outperforming the US? It seems so, [..]


Technical Analysis – EURUSD revisits 20-SMA after meeting 2-year top

Posted on July 30, 2020 at 10:04 am GMT

EURUSD is testing the 20-period simple moving average (SMA) on the downside in the 4-hour chart following the bounce off the more than a two-year high of 1.1805. Immediate support is likely to come from the 1.1695 barrier, which overlaps with the flat blue Kijun-sen line, as the technical indicators are endorsing a negative mode. Below that, the 40-period SMA at 1.1660 and the 1.1625 support could be in the spotlight. The MACD is weakening beneath its trigger line in the positive territory, and the stochastic is moving sharply lower, approaching the 20 level after the reversal [..]


Daily Market Comment – Fed soothes stimulus anxiety; dollar pares losses

Posted on July 30, 2020 at 8:53 am GMT

Fed tight lipped on new forward guidance but reaffirms pledge on easy policy Stocks buoyed but cautious ahead of tech earnings, US GDP and jobs data Dollar falls on Powell remarks, then bounces back; gold slips Fed maintains course, ups pressure on Congress The Federal Reserve left monetary policy unchanged on Wednesday but warned of a “slowing in the pace of the recovery”. Having already implemented a full range of tools in its fight against the coronavirus, the Fed’s decision [..]


Euro to shrug off grim GDP data as outlook brightens on recovery plan – Forex News Preview

Posted on July 29, 2020 at 10:55 am GMT

GDP data out of the Eurozone on Thursday and Friday are expected to show the continent is facing its worst economic crisis since the second world war. Yet, the euro is looking the most bullish against the US dollar in a very long time. A strong stimulus response, combined with relative success in bringing the COVID-19 outbreak under control, has raised confidence in Europe’s ability to not only fight the crisis but to come out of it stronger. Hence, worse-than-expected [..]


Daily Market Comment – Tough stimulus talks weigh on markets; dovish Fed might help

Posted on July 29, 2020 at 8:32 am GMT

Dollar finds support from stalled stimulus talks amid splits in Congress Stocks struggle on poor earnings, stimulus delay; gold pauses rally Fed might bring some cheer if it reinforces dovish message Fiscal cliff worries mount as talks drag on Fears that the United States could be headed for a fiscal cliff undermined investor sentiment on Wednesday as Congress was no closer to reaching a deal on a new virus relief bill. An agreement before the month-end deadline is looking increasingly [..]

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