Gold prices edge up 0.15% amid thin trading on US Independence Day. XAU/USD reached a two-week high of $2,365 Wednesday, driven by weak US jobs data and heightened Fed rate cut expectations. Traders shift focus to Friday's Nonfarm Payrolls report, … [Continue reading]
GBP/USD Price Analysis: Trends up, faces strong resistance at 1.2770
GBP/USD rises to 1.2757, up 0.14%, during UK general elections. Resistance at 1.2760/77, where 61.8% Fibonacci and trendlines converge. If surpassed, next targets: 1.2800 and YTD high at 1.2894. Support levels: 1.2736 (50% Fibonacci), 1.2700, … [Continue reading]
Federal Reserve still waits for economy slowdown – UBS
US markets are closed as the country celebrates its attempt to escape rule by a monarch. There has been media speculation about US President Biden’s candidacy for re-election. Markets are not likely to react to such speculation at this stage. … [Continue reading]
German Factory Orders drop 1.6% MoM in May vs. 0.5% expected
Germany’s Factory Orders unexpectedly fell in May, according to the official data published by the Federal Statistics Office on Thursday, suggesting that the German manufacturing sector recovery is in the doldrums. Over the month, contracts for goods … [Continue reading]
Australia’s Trade Surplus narrows to 5,773M MoM in May vs. 6,678M expected
Australia’s trade surplus narrowed to 5,773M MoM in May versus 6,678M expected and 6,548M in the previous reading, according to the latest Aussie foreign trade data published by the Australian Bureau of Statistics on Thursday. Further details … [Continue reading]
NZD/JPY Price Analysis: Pair surpasses 98.00, establishing new cycle highs
NZD/JPY resumes its bullish trend, surpassing 98.00 mark and hitting new cycle highs. Immediate supports identified at 97.50 and 97.00 markers represented by 20-day SMA in case of potential corrections. As the pair rides uncharted terrain it might … [Continue reading]
US Dollar plunges post ADP data and ahead of FOMC minutes
US Dollar saw severe selling pressure after soft ADP figures from June. Markets boosted their bets for a September Fed rate cut. Keen market focus remains on the upcoming FOMC minutes from the June meeting. On Wednesday, the US Dollar, represented … [Continue reading]
Brazil Industrial Output (YoY) came in at -1%, above expectations (-1.7%) in May
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or … [Continue reading]
ADP Employment Change Preview: US private sector expected to add 160K new jobs in June
The ADP report on Employment Change is expected to print 160K in June. The Federal Reserve may continue delaying interest rate cuts on strong employment reports. The US Dollar is technically bullish and may reach 106.45 with an upbeat report. … [Continue reading]
Gold price struggles to lure buyers, downside seems limited ahead of FOMC minutes
Gold price trades with a negative bias for the second successive day on Wednesday. The downside seems limited as traders await more cues about the Fed’s rate-cut path. Hence, the focus remains glued to the release of the FOMC meeting minutes later … [Continue reading]