RBA to stay put as flare-up threatens Australia’s envious virus record – Forex News Preview

Posted on July 3, 2020 at 12:36 pm GMT

The Reserve Bank of Australia is almost certain to keep monetary policy unchanged on Tuesday when it announces its decision at 4:30 GMT. Australia is one of only a handful of countries that can boast a successful virus containment policy and that success bodes well for its economy as it allows the RBA to take a backseat, which in turn is boosting the local dollar. However, with even Australia now facing a resurgence of coronavirus cases in some districts, will [..]

Week Ahead – Markets torn between conflicting narratives

Posted on July 3, 2020 at 12:26 pm GMT

The coming week looks relatively quiet in terms of crucial events, with the only highlights being the Reserve Bank of Australia (RBA) policy meeting and some economic data out of the US and Canada. As such, the dominant theme that will likely drive both currency and equity markets will be how the global virus picture evolves, particularly in the US, as the epic battle between stimulus-powered bulls and virus-fearing bears rages on. Bears wave the white flag Global markets continue [..]

Daily Market Comment – Record NFP jump overshadowed by US virus surge

Posted on July 3, 2020 at 8:51 am GMT

US economy adds record 4.8 million jobs in June but virus jitters cap risk appetite Stocks pare gains, dollar pulled in opposite directions Rising caution may shift attention back to stimulus as US, EU decisions pending US jobs report smashes forecasts but fails to lift markets The latest nonfarm payrolls report did little to dent expectations of a V-shaped recovery as a record 4.8 million jobs were restored in America in June, beating forecasts of an increase of 3 million. [..]

Technical Analysis – AUDUSD holds within bullish channel; golden cross registered

Posted on July 2, 2020 at 7:51 am GMT

AUDUSD has been on the sidelines over the past three weeks, but is still within the three-month old ascending channel, keeping hopes alive that the positive pattern may continue. In other bullish trend news, the 50- and 200-day simple moving averages (SMAs) managed to post a golden cross after more than two years, further brightening the medium-term outlook. A decisive close above the 0.7030-0.7080 restrictive area which the pair failed to successfully overcome this month could bring new buyers to the market, with [..]

Daily Market Comment – Gold soars on virus risks, softer dollar; US data awaited

Posted on July 1, 2020 at 8:41 am GMT

Gold extends bull run amid growing virus fears and US-China tensions; softer dollar helps too Stocks mostly positive as global recovery appears on track, but rally showing some signs of fatigue Markets await US ISM manufacturing and jobs data for direction Gold sets sights on $1800/oz as pandemic here to stay The safe-haven gold was scaling fresh 7½-year highs above $1785/oz on Wednesday even as investors maintained the view that the economic recovery from the pandemic will be a V-shaped [..]


Australian retail sales and China PMI may stir but not break aussie’s range – Forex News Preview

Posted on June 30, 2020 at 1:15 pm GMT

As markets grapple with the real threat of escalating virus cases derailing the global economic recovery, the risk-sensitive Australian dollar will be keeping an eye on a number of indicators out of Australia and China this week. The Caixin/Markit manufacturing PMI due from China on Wednesday (1:45 GMT) and Australian retail sales figures out on Friday (1:30 GMT) will be the main highlights for traders. Virus and economic success keep aussie supported After what seemed like an unstoppable rally, growing [..]

Daily Market Comment – Virus concerns cast aside as upbeat data boosts sentiment

Posted on June 30, 2020 at 8:38 am GMT

Stocks rebound as risk aversion eases on positive data from China and the US But virus worries linger as Australia and the UK impose local lockdowns Dollar heads higher, eyes Powell testimony and more US data Pound hammered by Brexit and virus woes Risk appetite improves on recovery optimism Hopes for a V-shaped recovery were bolstered after encouraging data out of the United States and China over the past 24 hours showed that the growth revival remains on track in [..]


Technical Analysis – AUDUSD moves sideways below 0.6900; positive momentum in medium term

Posted on June 29, 2020 at 9:57 am GMT

AUDUSD has been on the sidelines over the last two weeks as the 0.6975 resistance and the 0.6800 handle seem to be a real struggle for traders. Technically, the price could lose some ground in the short-term as the RSI is flattening below 50, while the MACD is flirting with its trigger and zero lines. A pullback on bearish cross within the 20- and 40-period simple moving averages (SMAs) and the lower surface of the Ichimoku cloud could keep the pair [..]

Daily Market Comment – Virus resurgence haunts stocks but dollar edges lower

Posted on June 29, 2020 at 8:30 am GMT

Markets start week in risk-off mode as virus surge halts reopening plans in the US Stocks slip, but less cautious mood in FX markets as dollar and yen pull back Pound bounces off lows as Brexit talks enter intensive phase Virus fears keep Wall Street on the back foot Worries that the world could be in the midst of a second Covid-19 outbreak continued to weigh heavily on market sentiment as the second quarter almost draws to a close. Stocks [..]

Week Ahead – NFP in focus as US virus cases spike, recovery in doubt

Posted on June 26, 2020 at 12:10 pm GMT

As the risk rally fizzles out amid rising concerns about a second wave of virus infections in the United States, the all-important jobs report has the capacity to either calm or scare jittery markets. With very few other top tier releases on the agenda next week, it’s hard to see anything other than the virus story driving investor sentiment. Special attention will be on the escalation of Covid-19 cases in the US and whether any states begin to reverse some [..]

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