Daily Market Comment – Currencies take a breather ahead of risk events, stocks retreat

Posted on December 10, 2019 at 9:22 am GMT

FX market stays quiet as news flow dries up and traders await Fed decision tomorrow Pound perks up as Tories maintain poll lead; Yougov model today at 22:00 GMT may be critical Currencies snooze, equities retreat as investors position for risk events   It was a very quiet session for financial markets, with most major currency pairs trading in tight ranges and ending little changed overall, without any major news to drive the price action. Stocks inched lower, with the [..]

Daily Market Comment – Dollar jumps on solid NFP; markets brace for huge week

Posted on December 9, 2019 at 9:21 am GMT

Greenback and stocks cheer after blockbuster jobs report, but yen tells a different story Loonie nosedives on weak employment data, despite higher oil prices Calendar is low key today, but week is packed: Fed, ECB, UK election, tariff decision Dollar shoots higher as nonfarm payrolls smash expectations It was all about the US employment data on Friday, which easily beat forecasts. Nonfarm payrolls clocked in at 266k, much higher than the expected 180k, with last month’s print also revised up. [..]

Technical Analysis – GBPUSD runs to 8-month high; overbought near key resistance

Posted on December 9, 2019 at 8:41 am GMT

GBPUSD closed significantly above the tentative descending trendline stretched from the 2018 high of 1.4375 that looked to be part of a bullish pennant formation. The price inched up to an eight-month high of 1.3179 on Monday but remained close to the key 1.3175 resistance mark, with the RSI and the Stochastics hinting that buying pressure is overloaded and downside corrections are likely in the short-term. Still, overbought signals would only be confirmed if the indicators show a clear downside reversal. In case sellers [..]

Week ahead – Fed and ECB meetings to serve as appetizers for UK election

Posted on December 6, 2019 at 1:58 pm GMT

The main event will be the UK general election on Thursday, which could decide what form Brexit takes and shape the pound’s fortunes for months. Central bank meetings will serve as a prelude. The Fed is set to keep rates unchanged, and may reinforce the message that it will remain on hold for a while. The ECB will hold its first gathering under the leadership of Christine Lagarde, but is unlikely to provide any fireworks. Instead, trade news could dominate, [..]

Daily Market Comment – US employment data to dictate mood; OPEC can’t lift oil

Posted on December 6, 2019 at 9:08 am GMT

Spotlight falls on the US jobs report today; risks around dollar asymmetric Is European fiscal stimulus not a pipe dream after all? OPEC pledges deeper production cuts, but oil doesn’t ‘buy it’ In Britain, Boris Johnson debates Jeremy Corbyn for the final time Nonfarm payrolls: Mind the asymmetry The main event today will be the US employment report for November, due at 13:30 GMT. Forecasts point to another solid data set, with nonfarm payrolls (NFP) expected to clock in at [..]

Daily Market Comment – Markets climb on hopes Trump is bluffing; pound soars

Posted on December 5, 2019 at 9:33 am GMT

Risk appetite returns on reports suggesting Trump was just posturing on trade Pound surges as election polls show Tories consolidating their lead Loonie climbs on less-dovish BoC signals, looks to OPEC meeting Optimistic trade headlines breathe life back into riskier assets US stock markets snapped a three-day losing spell on Wednesday, with the S&P 500 gaining 0.63% on the back of a report claiming that American and Chinese negotiators are “moving closer” to agreeing the amount of tariffs that would [..]

Daily Market Comment – Markets rattled as Trump says “no deadline” for trade deal; gold jumps

Posted on December 4, 2019 at 9:29 am GMT

Risk mood darkens after Trump hints he’s in no hurry to sign trade deal with China US bill on China’s treatment of Muslim minorities further raises tensions between the two countries Safe havens soar as stocks and Treasury yields slide US ISM non-manufacturing PMI awaited; BoC decision eyed too Trump sends markets spinning as trade deal hopes fade Risk sentiment was dealt another blow on Tuesday after US President Donald Trump dampened hopes of an early resolution to the long-running [..]

Technical Analysis – GBPUSD bulls prepare to challenge the 1.3011 peak

Posted on December 3, 2019 at 9:40 am GMT

GBPUSD while directionless is attempting a new push towards the five-month high of 1.3011, which is aided by the recent bullish crossover of the 200-day simple moving average (SMA) by the 50-day one and the rising slopes of the 50- and 100-day SMAs. The technical indicators suggest that positive momentum is improving. The RSI is rising in bullish territory, while the MACD – although still in the positive zone – is below its red trigger line but looks to move [..]

Daily Market Comment – Dollar sinks on Trump tariffs and poor ISM PMI

Posted on December 3, 2019 at 8:57 am GMT

Trump expands trade war by imposing tariffs on South American metal imports Renewed trade frictions and unexpectedly weak ISM manufacturing PMI dampen sentiment Stocks turn negative; dollar plunge lifts euro Aussie jumps as RBA remains in wait-and-see mode; kiwi rallies too Trump ratchets up trade war by announcing tariffs on metal imports The long-running trade war took another twist yesterday after President Trump shocked markets by announcing tariffs on aluminium and steel imports from Brazil and Argentina. Citing the “massive [..]

Daily Market Comment – Yen skids on upbeat China data even as trade deal faces delay

Posted on December 2, 2019 at 9:16 am GMT

Markets in risk-on mood on better-than-expected Chinese manufacturing PMIs Still plenty of caution though, as US and China struggle to conclude ‘phase one’ deal Pound slips as Tories’ poll lead narrows further Oil bounces back after Iraq says deeper cuts to be discussed at OPEC+ meeting Sentiment lifted by rebound in Chinese factory activity December got off to a positive start after data over the weekend and on Monday showed manufacturing output in China unexpectedly rose in November. China’s official [..]

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