Stocks roar higher, yen stumbles as new infections plateau in Europe Is this recovery sustainable though, or just another bear market rebound? Oil remains in focus as OPEC+ postpones meeting – will they cut enough? Risk appetite returns on hopes ‘peak virus’ is behind us Global markets woke up in a better mood on Monday, with stocks in Tokyo gaining roughly 4% and futures pointing to a similar open in New York, as a slowdown in new infections in [..]
The pandemonium in financial markets has calmed down somewhat, but that serenity seems fragile and investors will keep a close eye on how fast the virus is spreading in America, which is now entering the most painful phase. On the bright side, Europe looks close to a ‘peak’ in new cases. That said, markets will probably remain nervous until the US shows signs of stabilization too, and since that point might be weeks away, risk aversion could linger. As for [..]
Oil surges then dips as markets question Trump’s claim of a Russia-Saudi Arabia deal Stocks turn lower as oil boost fades, services PMIs spread gloom Dollar set for weekly gains; unlikely to be held back by poor NFP Oil spikes as Trump ups pressure on Russia and Saudi Arabia Oil prices saw their biggest daily jump on record on Thursday after President Trump tweeted that Russia and Saudi Arabia – the world’s biggest oil producers after the United States – [..]
USDCAD continues to find support from the mid-Bollinger band located at 1.4155, after a retracement from the multi-year top of 1.4667. Though price action has somewhat slowed, assisting this positive picture are the ascending simple moving averages (SMAs) and their intact bullish mode. Additionally, the short-term oscillators hold a positive bearing. The MACD, despite falling below its red trigger line, is still deep in the positive zone, while the RSI remained in the bullish section, hovering above the 50 level. [..]
Risk sentiment sours again on mounting virus fallout, pulling stocks lower Manufacturing PMIs heighten recession fears; US ISM PMI next in focus Fed tries to ease dollar funding pressure but unable to keep currency down for long Stocks head south as virus panic returns It was a poor start to the second quarter for stock markets around the world as the growing coronavirus pandemic shows no sign of slowing, with the number of cases globally shooting past 800,000 yesterday. Stocks [..]
USDCAD has been congested within a downward-sloping channel on the four-hour chart over the past two weeks that seems to be part of a bullish flag formation. Technically, the pattern is a positive trend signal that the price will resume its upward direction once it breaks above the flag. The fact that the price has jumped above the middle Bollinger band which is also the 20-period simple moving average (SMA) suggests that the market could push towards the upper band [..]
USDCAD is currently finding some footing at the mid-Bollinger band, which is encapsulated between the 1.4013 level – that being the 38.2% Fibonacci retracement of the up leg from 1.2951 to 1.4667 – and the inside swing high of 1.3994, after pivoting from a multi-year high of 1.4667. Despite the short-term oscillators displaying a negative mode for now, the negative momentum backing the retracement in the price seems to have weakened, with the RSI stalling above its neutral mark and [..]
US jobless claims signal the economy is in recession, but stocks gain ~6% Is this the beginning of a new uptrend, or just a bear market rally? In FX, dollar continues to sink as liquidity pressures ease, but yen stays in demand Markets shrug off horrible US jobless numbers A record-shattering 3.3 million Americans filed for unemployment benefits last week, more than quadrupling the previous record and providing the clearest indication to date that the US is headed for a [..]
Global stocks rebound sharply as Democrats and Republicans agree on $2 trillion stimulus package But has the market truly bottomed, or is this another dead cat bounce? In FX, risk-taking is back; commodity currencies recover as dollar and yen retreat Is gold turning the corner? Epic turnaround for stocks Global markets staged a heroic recovery on Tuesday. The Dow Jones climbed almost 11.4% to record its strongest day since 1933 as investors took heart that the US Congress would [..]
Dollar inches down as Fed goes all out, announces unlimited QE and expands purchase universe Wall Street closes lower, unimpressed by Fed – but set to recover today as Congress moves closer to a deal In broader FX market, the retreating dollar lifts all other boats Fed drops equivalent of hydrogen bomb on markets The Federal Reserve went ‘all in’ yesterday, promising to buy unlimited amounts of Treasury bonds and mortgage backed securities (MBS) to stabilize financial markets and negate [..]
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