Daily Market Comment – US stimulus delays cool sentiment

Posted on January 26, 2021 at 9:33 am GMT

Delays in Biden’s relief timeline keep animal spirits in check Euro/dollar retests key support region as Eurozone troubles grow Gold in a holding pattern, waiting for the next catalyst Have retail traders ‘broken’ the market’s plumbing? Volatility is back It’s been a hectic start to the new week. US stock markets took a sharp dive on Monday for no apparent reason, but quickly recouped those losses and still managed to close at record highs. It seems that an army of [..]


Technical Analysis – USDJPY holds near the upper surface of bearish channel

Posted on January 25, 2021 at 9:58 am GMT

USDJPY is falling further in the short-term and prices continue to drift lower from the 103.88 resistance, finding some support at the 20- and 40-period simple moving averages (SMAs). The short-term technical indicators are pointing to more weakness in the market. The MACD and the RSI are flattening near the zero level and the 50 line respectively. The next target to the downside is the 103.55 support. At this stage the market would likely see a resumption of the downtrend [..]

Daily Market Comment – Global markets in a cheerful mood, but risks abound

Posted on January 25, 2021 at 9:45 am GMT

Wall Street set for new record highs as California lifts stay-at-home order Dollar stable as traders look to Fed meeting, sterling near recent peaks But geopolitics, virus mutations, and stimulus talks threaten a reality check Stocks sail higher as investors focus on the positives American equity markets continue to trade like a runaway train, setting the tone for most other assets. Expectations for a massive spending package from Congress are riding high, and with the Fed chief recently reaffirming that [..]

Daily Market Comment – Stocks retreat, dollar edges up as virus concerns creep in again

Posted on January 22, 2021 at 10:11 am GMT

Equity rally loses steam after strong weekly gains amid renewed virus jitters Talk of Biden tax increases also undermines risk appetite, lifting the dollar Poor data pull down pound and aussie but euro fares better after ECB stays put Virus outbreaks, recession fears cap risk rally The stimulus-led stock market rally faltered on Friday as investors paused for breath after sharp gains in a week when US President Joe Biden formally took office, reaffirming expectations of higher spending and borrowing [..]

Daily Market Comment – Wall Street at fresh record as Biden sworn in; euro up ahead of ECB

Posted on January 21, 2021 at 10:10 am GMT

Hopes of more stimulus and relief over Biden’s peaceful transition lift sentiment US stocks close at new record highs as strong earnings add extra fuel Dollar skids again, euro bounces off lows ahead of ECB decision Optimism high as Biden enters White House After four tumultuous years, Trump’s presidency came to a historic end on Wednesday, as Joe Biden marked his first day at the White House by spreading a message of hope and unity to a fractious nation. While [..]

Technical Analysis – USDJPY gets squeezed below major resistance

Posted on January 20, 2021 at 7:04 am GMT

USDJPY is trapped between its 20- and 50-day simple moving averages (SMAs) and beneath the surface of the crucial 10-month old descending channel as the 104.00 level keeps cancelling bullish actions. The RSI and the MACD remain flat around their neutral levels, whereas the bullish cross between the red Tenkan-sen and Blue Kijun-sen lines is currently providing hope that the next move in the price could be positive. The latter, however, awaits a confirmation above the 104.00 number and the channel’s topline, while [..]


Bank of Japan: Yen at the mercy of global forces – Forex News Preview

Posted on January 19, 2021 at 1:58 pm GMT

The BoJ is expected to take no action when it concludes its meeting early on Thursday, despite an escalating covid outbreak and a deflationary storm hitting Japan. In fact, some reports suggest the BoJ is considering scaling back some of its ultra-aggressive policies, but admittedly, this is not the time to be discussing an exit. As for the yen, its fate hangs on how global bond yields and risk sentiment develop, so US stimulus news may be the most crucial [..]

Daily Market Comment – Wall Street eyes Yellen testimony, dollar eases

Posted on January 19, 2021 at 9:31 am GMT

Stocks perk up after slow start to the week as focus turns to Yellen and earnings Hopes that Biden administration will spend “big” bolsters sentiment Euro steadies as Italian worries abate, dollar retreats Yellen to tell US lawmakers to “act big” After a sluggish start to the week, risk sentiment improved late on Monday as investors turned their attention on incoming Treasury Secretary Janet Yellen’s confirmation hearing before the Senate today (1500 GMT), while bracing themselves for a slew of [..]


Technical Analysis – USDJPY remains under pressure; maintains short-term bearish bias

Posted on January 18, 2021 at 11:08 am GMT

USDJPY remains under pressure and risk is still to the downside as prices continue to drift lower from the 140.00 psychological level and are hovering around the 38.2% Fibonacci retracement level of the down leg from 105.65 to 102.60 at 103.77. The short-term technical indicators are pointing to more weakness in the market. Looking at the 4-hour chart, the price is looking capped by the 20 and 40-period simple moving averages (SMAs), while the MACD and the RSI are flattening [..]

Daily Market Comment – Strong China GDP can’t shake off virus blues, dollar firms

Posted on January 18, 2021 at 9:55 am GMT

Markets wrestle vaccine and stimulus optimism with worsening near-term gloom Upbeat Chinese GDP highlights global growth disparity as US retail sales sag Euro stuck in the doldrums, eyes Italian confidence votes China notches up positive full-year growth in 2020 As most major economies struggle under the weight of the pandemic, China is demonstrating to the world that a full recovery from the virus slump is possible. China’s gross domestic product (GDP) rose by an annual rate of 6.5% in the [..]

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