The Bank of England is getting ready for ‘Super Thursday’ this week when it inundates investors with its meeting minutes, the latest outlook report and a press conference on top of its policy decision. But having already beefed up its quantitative easing (QE) programme at the last meeting in June, the Bank is not expected to make any adjustments to its policy when it announces its decision at 11:00 GMT. Instead, Governor Andrew Bailey’s press conference at 11:30 GMT will [..]
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 [..]
GBPUSD hit a snag after its recent appreciation reached a near five-month high of 1.3169, slightly below a significant resistance at the 1.3200 level. The minor retreat in price is mirrored in the reduced bullish slopes of the Ichimoku lines and the bearish orientation of the stochastic oscillator around the 80 level. That said, the MACD and RSI maintain a paused positive demeanour, while the rising 50- and 100-day simple moving averages (SMAs) uphold a positive charge. The MACD, deep [..]
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 [..]
GBPUSD advanced considerably to an almost five-month high of 1.3142 during Thursday’s session, posting six green candles in a row in the 4-hour chart. The MACD oscillator is strengthening its momentum above its trigger and zero lines, however, the RSI is flattening in the overbought territory, indicating a possible downside retracement. The Ichimoku indicators and the short-term moving averages (SMAs) are still suggesting more gains in the near term. In case the pair rises above the 1.3142 barrier, it could meet resistance at the 1.3200 psychological mark – last seen in March – before [..]
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 [..]
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 [..]
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 [..]
GBPUSD has been in a strong bullish tone for seven consecutive days, climbing to a more than four-month high of 1.2903. The pair is challenging the upper boundary of an upward sloping channel, which has been holding since the end of March. In momentum indicators, the MACD oscillator is holding above its trigger and zero lines, while the RSI is approaching the overbought territory, suggesting a possible pullback in the short-term timeframe. The Ichimoku lines are still pointing upwards, while the 20- and 40-day simple moving [..]
Uncertainty about US outlook pushes dollar to 22-month low, lifting gold and euro Precious metal hits all-time high as Sino-US tensions boost haven demand Stocks steadier after selloff; earnings and FOMC meeting in focus US virus cases could be slowing but dollar still rattled The US dollar plumbed fresh lows on Monday, slumping to the lowest in nearly two years against a basket of currencies, as investors shunned the world’s number one reserve currency in favour of the traditional safety [..]
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