Daily Market Comment – Euro flatlines but stocks lifted by vaccine and stimulus progress

Posted on July 21, 2020 at 8:50 am GMT

EU strikes compromise deal on a virus recovery fund but euro pares gains Positive vaccine headlines drive Nasdaq to record close as key earnings loom Win-win situation for gold as it climbs to 9-year highs Focus turns to talks on US fiscal package and Brexit; dollar sags but pound upbeat Europe gets its fiscal bazooka; euro pauses for breath European Union leaders ended a marathon summit on Tuesday with a classic fudge as a compromise deal that significantly waters down [..]

Daily Market Comment – Stocks steadier after crashing again; dollar also firmer

Posted on March 17, 2020 at 9:17 am GMT

Wall Street suffers biggest drop since 1987 crash as investors flee stocks Growing virus response still not enough to quell market turmoil Gold remains on a down path as panicky investors turn to cash Pound underperforms along with commodity and EM currencies Bloodbath on Wall Street There was no escaping the market carnage on Monday as extraordinary moves by the Federal Reserve and other central banks to restore investor confidence failed spectacularly. Shares on Wall Street plunged by the most [..]


Technical Analysis – EU Stocks 50 Index hits 4½-year high but momentum is waning

Posted on December 19, 2019 at 3:38 pm GMT

EU Stocks 50 Cash Index (EU50) hit a fresh 4½-year high of 3777.61 earlier this week, extending the recovery from last December’s 2-year trough of 2907.25. However, the positive momentum has since started to ease and technical indicators support the retreat in price action. The stochastics have fallen off overbought levels and the RSI is also sloping downwards. However, both remain in bullish territory, so a resumption of the uptrend is likely as long as the downside correction is brief. [..]

Daily Market Comment – Markets whipsaw on conflicting trade headlines; US-China deal moves closer

Posted on November 7, 2019 at 9:28 am GMT

US-China trade deal appears back on after earlier reports of a possible delay causes brief spike in risk aversion Yen led on a roller-coaster ride by on-off-on trade deal prospects Pound steady ahead of Bank of England meeting US and China reportedly agree to roll back some tariffs Trading got off to a volatile start on Thursday as negative headlines late on Wednesday quickly turned positive. Doubts emerged about the likelihood of the US and China being able to sign [..]


Technical Analysis – EU50 index looks overbought above uptrend line; golden cross forming

Posted on April 4, 2019 at 12:47 pm GMT

The blue chip EU50 stock index restored bullish dynamics after meeting resistance at the 200-day moving average (MA) and hit a six-month high of 3,440 on Wednesday. While the RSI and the fast stochastics are warning over an overbought market, as the former is crawling above 70 and the latter is ready for a bearish cross above 80, a golden breakout between the 50- and the 200-day MAs is in progress, a sign that the recent upward pattern may extend [..]


Technical Analysis – EU50 stock index bulls look exhausted below descending line

Posted on February 21, 2019 at 3:29 pm GMT

The blue chip EU50 stock index has impressively improved since the start of the year, adding 10% to its value to reach four month highs.The market is currently testing the previous peak of 3,263 and the downward trendline drawn from the top of July 2018 at 3,535 but the RSI is close to its 70 overbought mark suggesting that the rally is overdone. A failure to break the downward pattern could see prices falling into the 3,214-3,192 area, encapsulated by the high on [..]


European Open Preview – Pound spikes higher on Brexit news; eurozone PMIs and key Canadian data coming up

Posted on November 23, 2018 at 8:47 am GMT

Here are the latest developments in global markets: FOREX: The dollar is nearly 0.3% lower against a basket of six major currencies on Friday, looking set to post a third day of declines in a row, without any fresh catalyst behind these moves. Meanwhile, the British pound soared on Thursday, buoyed by news that EU and UK negotiators reached an accord on the draft political declaration, setting the stage for the deal to be approved by EU leaders over the weekend. [..]


European Open Preview – Dollar retreats a bit as risk aversion takes a breather; ECB minutes due

Posted on November 22, 2018 at 8:49 am GMT

Here are the latest developments in global markets: FOREX: The dollar index is a little lower on Thursday (-0.12%), extending losses from yesterday that were owed to disappointing US durable goods data and reports the Fed will debate whether to pause its hiking cycle early next year. The euro clawed back some of its recent losses, aided by optimism that the EU-Italy standoff may be resolved diplomatically. STOCKS: Wall Street closed mostly higher on Wednesday for the first time this week, amid [..]


European Open Preview – Dollar capitalizes on risk-off mood; euro eyes Italian budget saga

Posted on November 21, 2018 at 8:46 am GMT

Here are the latest developments in global markets: FOREX: The dollar index is slightly lower on Wednesday (-0.17%), giving back some of the significant gains it recorded in the previous session as investors sought the safety of the world’s reserve currency. The loonie was the biggest underperformer, weighed down by another plunge in oil prices. Meanwhile, the yen and the franc attracted inflows amid the broad-based risk aversion, though both are a little lower today, as sentiment seems to have turned [..]


European Open Preview – Dollar extends pullback; BoE’s Carney appears before parliament

Posted on November 20, 2018 at 8:47 am GMT

Here are the latest developments in global markets: FOREX:The dollar index is marginally lower on Tuesday (-0.08%), extending the losses it posted in the previous session as US bond yields declined and a disappointing NAHB index fueled speculation the US economy may have peaked. The Swiss franc was the best performer, attracting inflows amid risk aversion in markets, while the euro followed closely in its tracks. The pound was little changed amid no fresh Brexit news, though investors may turn [..]

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