America’s Roundup: Dollar eases as growth fears push yields lower, Wall Street ends lower, Gold gains, Oil falls around 3% -June 23rd,2022
Europe Roundup: Euro dips as dollar stands tall ,European stocks slips, Gold ticks up, Oil prices rise as tight supply counters China COVID, recession worries-June 14th,2022
Europe Roundup : Euro edges up before ECB decision , European stocks slip,Gold subdued , Oil sticks near three-month highs despite China lockdowns –June 9th,2022
America’s Roundup: Dollar bounces from two-day slide,Wall Street plunges, Gold gains, Oil rebounds as new Iran sanctions fuel more supply concerns-June 17th,2022
Europe Roundup: Sterling heads for third week of losses as dollar stands tall, European shares gains, Gold falls, Oil rises on tight supply though interest rate hikes weigh-June 17th,2022
Europe Roundup:Sterling slips on weak GDP data, European shares falls, Gold falls 1%, Oil falls on Beijing's COVID-19 warning, inflation worries-June 13th,2021
America’s Roundup: Dollar dips after Fed statement, Wall Street closes higher, Gold rallies, Oil prices fall over 2% as Fed hikes interest rates-June 16th,2022
America’s Roundup: Dollar gains ahead of inflation data, euro falls after ECB, Wall Street ends lower, Gold falls,Oil slips on China lockdowns, but bullish trends intact-June 10th,2022
Europe Roundup: Euro rises with focus on ECB, European stocks muted, Oil prices stable as market balances recession fears with tight supply-June 20th,2022
Europe Roundup: Sterling set for second weekly decline vs dollar as economic outlook weighs, European stocks falls, Gold dips, Oil prices on track for weekly gain amid high U.S. demand-June 10th,2022
Europe Roundup: Sterling gains against weaker dollar , European shares rises, Gold firms, Oil surges above $1 but on course for second weekly declined on recession fears-June 24th,2022
America’s Roundup: Dollar index jumps to two-decade high as traders await Fed rate move , Wall Street slips, Gold eases, Oil prices settle down on fears of Fed and oil profit tax-June 15th,2022
America’s Roundup: Dollar gains as U.S. stocks fall, ECB decision on tap, Wall Street falls, Gold ticks up,Oil hovers near 13-week high on robust U.S. demand, China optimism-June 9th,2022
America’s Roundup: Dollar gains on hot U.S. inflation data, Wall Street ends down sharply, Gold rebounds, Oil falls as U.S. inflation data surges, China imposes lockdowns-June 11th,2022
America’s Roundup: Dollar scales fresh 2-decade peak, Wall Street ends sharply lower, Gold slides over 2%, Oil rises on tight supplies and choppy demand worries-June 14th,2022
Europe Roundup: Sterling dips on Brexit risks and economic woes, European shares rise,Gold firms, Oil extends gains as major producers flag capacity limits-June 28th,2022
Europe Roundup: EUR/USD hits 6-month high ahead French election, slide in oil prices keeps commodity currencies subdued - Friday, May 5th, 2017
Economic Data Ahead
Key Events Ahead
The dollar index is trading almost unchanged at the end of the week around the 98.60 area, closer to YTD lows. April’s Non-farm Payrolls in focus with consensus expecting the economy to have added 180K jobs during last month.
The index has once again took support near 98.70 and jumped till 98.93 at the time of writing. On the higher side, near term resistance is around 99.57 (21- EMA) and any close above will take the index till 100.03 (Apr 21st high)/100.33 (55- EMA).
Minor trend reversal only above 100.05.The near term support is around 98.70 and any break below will drag the index down till 98.
EURO extends consolidating in narrow range between 1.09498 and 1.08500 for the past two weeks. The pair broken the high of 1.09498 made after Macron won the first round of French Presidential elections and jumped till 1.09899.
On the higher side, near term resistance is around 1.1000 and any break above targets 1.1020/1.1070 level. The pair should close above 1.100 level for bullish continuation. The near term major support is around 1.0838 (200 day MA) and any close below confirms further weakness, a decline till 1.0780/1.07265 (61.8percent retracement of 1.06822 and 1.09899). Major intraday support is around 1.0940/1.08500.
EUR/GBP edges higher after bottoming out near 0.8470 in early trade. The pair seems to have gathered some buying interest and is testing the 0.8490 region. We see scope for test of 100-DMA at 0.8551. Violation there could see gains upto 0.8593 (200-DMA and then 0.86 (trendline).
Stochs and RSI on the weekly charts are slightly bullishly aligned. Stochs are on the verge of a rollover from oversold levels and RSI has turned north. On the daily charts the pair has closed above 20-DMA and we have seen a 5&20 DMA bullish crossover. The pair finds strong support by triple bottom at 0.83 levels and we see major weakness only on break below.
GBP/USD has shown a huge recovery after hitting weekly low at 1.2830 yesterday on account of positive UK economic data and is currently trading around 1.29366. UK Pound recovered after upbeat service PMI and added to this week’s better than expected manufacturing and construction PMI. Market awaits US NFP data for further direction.
The pair is facing major resistance around 1.29655 high made on Apr 28th 2017 and any violation above will accelerate the up move to 1.3000. A follow through buying above 1.3000 will take the pair till 1.3060/1.3090. On the lower side, near term support is around 1.28500 and any break the support will drag the pair till 1.27549 (Apr 21st low).
USD/JPY largely unchanged on the day, trades around 112.48 at the time of writing. Bears were in control, knocking the pair below 5-DMA support located at 112.26. Moreover, comments from the BOJ Chief Kuroda also offered fresh impetus to the Japanese currency, collaborating to the sell-off in USD/JPY.
On the charts, we see that the major has retraced from channel top resistance after upside momentum failed shy of 100-DMA. The pair has broken below 5-DMA at 112.23 to hit session lows of 112.15. Next major support is seen at 1H 200-SMA at 111.65. Focus remains on the crucial US NFP data due later in the NA session for further direction.
USD/CHF pair recovered part of yesterday's lost ground and edged higher from over one-month lows. The pair is currently trading around 0.98940 0.32percent lower. The pair should close above 200- day MA for minor bullishness. The minor jump from 0.95495 and 1.03436 will come to an end if it breaks below 0.98136.
The near term resistance is around 1.000 and any break above target 1.0024. Any break above 1.0024 will take the pair till 1.00413 (61.8percent retracement of 1.03435 and 0.98135)/1.0120/1.0170.On the lower side, support stands at 0.98135 and any decline below that will drag the pair till 0.9755.
European shares halted upside on Friday after a week of gains spurred by easing political worries, strong earnings updates and supportive macro data drove top indexes to fresh highs.
Britain's FTSE 100 gained 0.2 pct Friday. The pan-European index STOXX 600 was down 0.15 percent by 0925 GMT but on track to end the week with a gain of more than 1 percent, while France's CAC was down 0.2 percent. Germany's DAX was 0.23 pct lower at 12,618.25 points.
Hong Kong's Hang Seng and the Shanghai Composite Index both closed down 0.8 pct. Australia's S&P/ASX 200 lost 0.7 pct.
Oil slumps to near 6-month low before edging higher on OPEC cut talk. Market likely losing faith in speedy market rebalancing. Oil was trading near 5-month lows on concerns about a persistent glut despite assurances from Saudi Arabia that Russia was ready to join OPEC in extending supply cuts.
U.S. West Texas Intermediate (WTI) crude oil futures fell more than 3 percent in early trading to below $44 per barrel, the lowest since Nov 14. Benchmark Brent also fell 3 percent to below $47 per barrel, its lowest since Nov 30. Both Brent and WTI futures are down about 17 percent for the year so far despite the OPEC effort to support prices.
Tumbling stock prices on the back of sliding oil and iron ore prices saw investors take refuge in the safe-haven bullion. Spot gold rose 0.5 percent to $1,233.10 per ounce as of 0746 GMT, but on track for worst week since Nov, poised to end the week down about 3 percent.
Spot silver rose 0.8 percent to $16.41, set to close the week nearly 5 percent down, its third weekly decline. Platinum was up over 1 percent at $908.25 an ounce, set to dip over 4 percent this week. Palladium gained 0.2 percent to $805.20 an ounce and was poised for the worst week since the week of March 10.
U.S.: The U.S. Treasuries traded flat ahead of the Federal Reserve Chair Janet Yellen’s speech, scheduled to be held later in the day, besides the host of FOMC members’ speech lined up for today. Also, the country’s April labour market data is curiously awaited by market participants. The yield on the benchmark 10-year Treasury hovered around 2.35 percent, the super-long 30-year bond yields traded flat at 2.99 percent while the yield on short-term 2-year note also remained steady at 1.31 percent.
German: The German bunds gained amid a quiet trading session that witnessed data of least economic significance. The yield on the benchmark 10-year bond, fell 1 basis point to 0.37 percent, the long-term 30-year bond yields slumped 1-1/2 basis points to 1.16 percent and the yield on the short-term 3-year bond traded 1 basis points lower at -0.64 percent.
NZD: The New Zealand bonds ended the session on a weaker note after the Reserve Bank of New Zealand (RBNZ) remained upbeat in its inflation expectations, released early in the day. At the time of closing, the yield on the benchmark 10-year bond, jumped 1-1/2 basis points to 3.06 percent, the yield on 7-year note also climbed 1-1/2 basis points to 2.73 percent and the yield on short-term 2-year note traded 1/2 basis point higher at 2.11 percent.
AUS: The Australian government bonds slid, tracking weakness in the U.S. counterparts, following a series of strong economic data, released late Thursday. The fall in the number of initial jobless claims amid the Reserve Bank of Australia’s (RBA) slightly upbeat quarterly forecast released early today, added to the disappointment in safe-have assets. The yield on the benchmark 10-year Treasury note, rose nearly 1-1/2 basis points to 2.66 percent, the yield on 15-year note also climbed over 1 basis point to 3.07 percent and the yield on short-term 2-year traded 1-1/2 basis points higher at 1.73 percent.