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US Open Note – Dollar moves south after soft CPI; euro rises above 1.21 

Posted on February 10, 2021 at 2:34 pm GMT

Dollar eases after US CPI; US stocks still up The selling interest in the US dollar is continuing, with its index against a basket of currencies flirting with the fourth consecutive red day after the release of the US CPI data. The annual inflation rate remained unchanged at 1.4% for January, the same as in December and marginally below expectations of 1.5%. Month-on-month, consumer prices went up 0.3%, in line with forecasts from 0.2% before. Powell and other policymakers at the Fed have suggested that [..]

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Technical Analysis – WTI futures’ compass points north; bias optimistic

Posted on February 9, 2021 at 9:26 am GMT

WTI oil futures maintain a bullish tone but appear to be mildly faltering just shy of a resistance belt of 58.75-59.01, after the commodity’s recent rally above the 53.92 ceiling of a consolidation phase. The bolstering Ichimoku lines are feeding the ascent, while the simple moving averages (SMAs) are defending the bullish picture. The short-term oscillators are conveying an upside preference despite transmitting some easing in positive momentum. The MACD, way above zero, is beyond its red trigger line, while [..]

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US Open Note – Dollar back to gains despite calm day; euro steady

Posted on February 8, 2021 at 2:05 pm GMT

Dollar records some gains; US stocks at record highs In a quiet day, the major theme is the inflation expectations in the US that continue to rise. Treasury Secretary Yellen is asking for a larger stimulus package to bring the economy back to full employment. The dollar seems ready to resume its recovery. The US dollar index is moving marginally up, while dollar/yen is approaching the 105.70 level again, hitting the 200-day simple moving average (SMA). In the stock market, an index tracking global bourses met another all-time [..]

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US Open Note – Dollar pauses its rally after NFP; oil still up

Posted on February 5, 2021 at 2:05 pm GMT

Dollar steady after NFP report The US dollar lost some ground after the publication of the non-farm payrolls report but is still steady today around 105.50 against the yen, as there’s a good argument that the numbers make a big stimulus package more likely. The US dollar index is moving lower, while US stocks are recording new highs. The US economy added 49K jobs in January, compared to market expectations of a 50K rise and -227K previously, while the unemployment rate declined to 6.3% from 6.7% in the preceding month. US President Joe [..]

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Daily Market Comment – Vaccine-led rally back on, dollar stands tall

Posted on February 5, 2021 at 10:11 am GMT

Rising hopes that vaccinations will soon bring an end to lockdowns fuel global equities Dollar eases slightly but USD bulls may have already reawakened; NFP eyed Pound jumps after BoE says negative rates not imminent, euro steadies Stocks gripped by normalization hopes Progress in the global vaccination campaign and expectations of more easy money are powering world stock markets to fresh highs on hopes that a return to normality is nearing. A significant drop in new Covid infections in most [..]

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Daily Market Comment – Dollar gains more ground on stimulus hopes but stocks softer

Posted on February 4, 2021 at 9:57 am GMT

Dollar at fresh 2-month high as US yields rise further on stimulus expectations But Wall Street turns more cautious, Asian stocks wobble on Chinese liquidity worries Pound skids ahead of Bank of England decision, euro can’t catch a break Dollar strengthens further on rosy US outlook Rising optimism about the US economic outlook lifted the greenback to a fresh 2-month top on Thursday as investors bet that the American economy will outperform on the back of the Biden administration’s pledge [..]

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Daily Market Comment – Dollar, stocks rise in tandem as Democrats push ahead with stimulus

Posted on February 3, 2021 at 10:05 am GMT

Democrats move to fast-track Biden’s stimulus package through Congress Wall Street surges for second day on earnings beats, brighter outlook US yield curve steepens, lifting the greenback; euro gets left behind Stimulus and vaccine hopes buoy markets Optimism about a stronger economic outlook and an ebb in the pandemic continued to gather pace on Wednesday, erasing last week’s jitters that sent stocks plunging and the dollar soaring. Equities have since made a powerful comeback, but the US currency has only [..]

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Daily Market Comment – Dollar holds firm after gains as stimulus eyed; Reddit frenzy eases

Posted on February 2, 2021 at 10:06 am GMT

Dollar approaches 2-month top as stimulus hopes push up yields, euro falters Stocks rise again as Wall Street rebounds, retail craze cools, silver plunges Aussie bounces back, shrugs off surprise QE boost by RBA A dollar comeback? The US dollar appears to be on the rise again, mirroring a similar upward drive in 10-year Treasury yields in recent days. Expectations that the United States is moving closer to another big stimulus package lifted the greenback to near 2-month highs against [..]

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Technical Analysis – WTI futures at a standstill as bullish drive wanes

Posted on January 28, 2021 at 8:49 am GMT

WTI oil futures’ ascent appears to have hit a snag following the near three-month uptrend from the 34.02 trough, which stretched to the 53.92 high. The Ichimoku lines are reflecting the freeze in positive momentum, while the climbing simple moving averages (SMAs), are all endorsing improvements in the price of the commodity. The short-term oscillators are also demonstrating the latest price consolidation but directional hints seem to be fairly subdued. The RSI and the MACD – the latter a tad [..]

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Technical Analysis – WTI futures extend consolidation; upside risks remain

Posted on January 26, 2021 at 12:28 pm GMT

WTI oil futures are pushing slightly higher within a sideways market that has progressed after oil touched a near 11-month high of 53.92. The easing in the incline of the 50-period simple moving average (SMA) and the directionless Ichimoku lines are further feeding the range-bound price format. However, the soaring 100- and 200-period SMAs are preserving the positive bias. Furthermore, the short-term oscillators, although currently feeble, also seem to favour the upside. The MACD, marginally above its signal line, is [..]

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