According to three sources with knowledge of the outcome of China’s annual closed-door Central Economic Work Conference, said that Beijing plans to set a lower economic growth target of around 6% in 2020 from this year’s 6-6.5%, Reuters reports. A … [Continue reading]
EUR/USD Price Analysis: Euro ends the week in the green, hits highest since August
EUR/USD erased most of the intraday gains on Friday but ends the week mostly up. Resistance is seen at the 1.1155 and 1.1178 price levels. EUR/USD weekly chart EUR/USD is trading in a weak bear trend below the main SMAs. The market … [Continue reading]
US Dollar Index Price Analysis: DXY recovers after hitting lowest since July
DXY recovered from multi-month lows on Friday but it is still struggling below the 200 DMA. Support is seen at the 97.00 and 96.70 levels. DXY daily chart DXY (US Dollar Index) spiked down to its lowest since July and then recouped some of the … [Continue reading]
BoE to remain on hold for the foreseeable future – Wells Fargo
Next Thursday, the Bank of England will announce its decision on monetary policy. No change in rates is expected, particularly after the results of the general election in the United Kingdom. According to analysts at Wells Fargo, the central bank … [Continue reading]
GBP: Focus turns to Bank of England policy update after UK election – MUFG
Analysts at MUFG Bank argued that further gains in the pound (GBP) will prove more challenging as volatility eases. Key Quotes: “The reduction in Brexit and political uncertainty has encouraged a stronger pound with cable briefly rising above 1.3500 … [Continue reading]
Breaking: US will follow up on its promise to cancel tariffs on a phased basis, US stocks at fresh record highs
During the press briefing of China's State Council Information Office, officials noted that the phase one trade negotiations achieved major progress and added that the US agreed on the context of the phase one trade deal. The US will follow … [Continue reading]
UK: The great Brexit gamble paid off – Rabobank
In view of analysts at Rabobank, the great Brexit gamble has paid off with the UK Prime Minister Johnson getting his majority in the House of Commons. Key Quotes “It is certain that his majority is comfortable enough to get his Brexit-deal through … [Continue reading]
Netherlands, The Retail Sales (YoY) rose from previous 2.8% to 5% in October
Gold is losing altitude in Asia as investors are buying risk and selling safe havens on trade optimism. The yellow metal, a classic safe-haven asset, is currently trading at $1,464 per Oz, having hit a five-week high of $1,487 in the overnight … [Continue reading]
GBP/USD Technical Analysis: Back below 1.35, RSI offers strongest overbought signal since January 2018
GBP/USD has backed off from 19-month highs hit in early Asia. The RSI is flashing the strongest overbought reading in nearly two years. The indicator can stay overbought for prolonged period in a strong trending market. GBP/USD … [Continue reading]
USD/MXN rebounds after hitting a six-week low, from a key dynamic support
Mexican peso extends rally versus US dollar, reaches critical levels. Improvement in market sentiment helps Latin American currencies. The USD/MXN pair dropped earlier today to 19.03, the lowest intraday level since October 28. Later, it … [Continue reading]