Daily Market Comment – Caution sets in after Trump signals Hong Kong action

Posted on May 27, 2020 at 8:40 am GMT

Dollar firms as Trump hints at end-of-week response against China over Hong Kong But stocks mixed as US-China tensions fail to dent recovery optimism EU divisions resurface, put a brake on euro’s advances US preps Hong Kong sanctions: only Asia takes note Asian stocks were under pressure on Wednesday as US President Donald Trump gave his clearest signal yet that his administration is planning a response to China’s tightening of its grip on Hong Kong. In a White House press [..]

Week Ahead – US-China feud to stay under spotlight as data takes a backseat

Posted on May 22, 2020 at 12:04 pm GMT

Virus recovery hopes have gotten a boost after preliminary PMI readings for May rebounded more strongly than expected, underscoring the market optimism. But with economic releases set to quieten down in the coming week, Washington’s increasingly hostile language against China threatens to upset the dubious risk-on theme. Any panic-driven sell-off in risk assets could be accentuated from another anticipated plunge in personal consumption and durable goods orders in the US, which will be the main data highlights of the next [..]

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 Technical Analysis – WTI futures retreat after the jump to 6-week high at 33.05

Posted on May 19, 2020 at 9:31 am GMT

WTI futures for July delivery advanced to a fresh six-week high of 33.05 on Monday before pulling slightly back, opening the way for more bullish actions on the 4-hour chart. The price has been creating an upside trend since April 28, and the 20- and 40-period simple moving averages (SMAs) posted a bullish crossover in the preceding sessions, backing the positive structure. The technical indicators send overbought signals, suggesting a possible pullback. The RSI has peaked above the 70 level and is heading south, while the MACD is losing momentum in the positive [..]

Daily Market Comment – US-China tensions simmer but markets still betting on recovery

Posted on May 15, 2020 at 8:55 am GMT

Trump threatens to “cut off” relationship with China as row over virus spread escalates But market fallout limited as hopes of recovery and more stimulus prevail Dollar headed for weekly gains, eyes US retail sales data Trump continues attack on China President Trump stepped up his fierce criticism of China as he continued to blame the country for failing to stop the spread of the coronavirus. Speaking to Fox Business Network on Thursday, Trump cast doubt on future trade links [..]

Daily Market Comment – Fed talks down negative rates, dollar likes it

Posted on May 12, 2020 at 8:26 am GMT

Dollar jumps as Fed officials downplay prospect of negative rates in the US Stocks slip as growing fears of second wave of infections weigh on sentiment Central banks in focus: more Fed speakers on the way, RBNZ decision awaited US yields rise as negative rate expectations fade The US dollar held onto its gains on Tuesday after surging yesterday on the back of rising Treasury yields. The yield on two- and five-year Treasury notes hit record lows on Friday as [..]

Daily Market Comment – Dollar and stocks crawl higher but markets on alert amid virus spike

Posted on May 11, 2020 at 8:33 am GMT

Dollar gains versus yen, stocks edge up as lockdown easing spurs bets of economic rebound But fears of second virus wave keep risk appetite in check, gold ticks higher Doubts about Trump’s commitment to US-China trade deal adds to subdued tone Safe-haven yen takes a tumble as more economies reopen The US dollar appeared to lose some of its safe-haven allure on Monday as signs of economic life in many parts of the world shifted the focus to the improving [..]

Technical Analysis – WTI futures’ correction calms ahead of the 50-day SMA

Posted on May 7, 2020 at 6:46 am GMT

WTI oil futures’ pullback ran out of steam before reaching the 50-day simple moving average (SMA) at the 26.00 handle. This price stall can also be seen in the hovering of the RSI above the 50 level and the smoothing of the incline of the red Tenkan-sen line. The short-term oscillators provide conflicting opinions. Looking at the RSI, it has run above its neutral mark while the MACD, in the negative zone, is increasing above its red trigger line towards [..]

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Technical Analysis – Could WTI oil futures confirm a bullish double bottom structure

Posted on April 30, 2020 at 10:30 am GMT

WTI oil futures for June delivery have been moving back and forth since the plunge to 6.62 last week, forming a double bottom pattern around the 10.00 level on the four-hour chart. The bullish reversal pattern, however, needs a confirmation above the neckline that is placed around the 18.00 mark to turn valuable. Currently, the momentum indicators are painting a positive picture for the short-term as the MACD is strengthening in the positive area for the first time since early April, the RSI is also comfortably within the [..]

Daily Market Comment – Stocks jump on virus drug hopes; Fed’s blank cheque pressures dollar

Posted on April 30, 2020 at 8:21 am GMT

Global stocks extend gains on potential treatment for coronavirus and dovish Fed But Trump’s China blame-game caps gains Powell signals more stimulus may be needed, puts dollar on backfoot ECB next on the agenda; will it pump more stimulus? Remdesivir boosts stocks again despite question marks Positive results from two clinical trials on the effectiveness of Gilead’s remdesivir drug once again raised hopes that the deadly coronavirus that has plunged the global economy into its worst crisis can be defeated. [..]

Daily Market Comment – Dollar edges down ahead of Fed; aussie’s bull run continues

Posted on April 29, 2020 at 8:35 am GMT

Dollar drifts lower in mostly risk-on mood ahead of Fed statement Virus success powers aussie to 7-week high, euro perks up too Oil steadies, stocks move higher in lacklustre trading Dollar pressured amid lockdown easing, eyes Fed meeting The mood of cautious optimism continues to prevail in the markets on Wednesday as several countries have begun or are preparing to ease their lockdown measures. Hopes that shuttered businesses will soon be able to reopen their doors has sparked a relief [..]

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