America’s Roundup: Dollar gains as U.S. debt ceiling concerns keep traders nervous, Wall Street ends sharply lower, Gold recovers, Oil gains after Saudi official warns short sellers-May 24th,2023
Europe Roundup: Sterling falls to two-month low as inflation pressures mount, European shares falls, Gold firms, Oil down nearly 3% as Russia downplays additional OPEC+ cuts-May 25th,2023
Europe Roundup: Pound heads for biggest weekly gain in six months, European shares gains, Gold gains, Oil prices rise after U.S. debt deal, all eyes on OPEC meeting
Europe Roundup: Sterling falls to three-week low against dollar , European shares rise , Gold drops ,Oil prices ease as all eyes on US debt ceiling talks
Europe Roundup: Pound drops to one-month low ,European shares falls, Gold extends slide, Oil rises on supply outlook, Saudi speculator warning
America’s Roundup: US dollar drops after Fed's Powell hints at June pause , Wall Street slips, Gold gains, Oil slips as debt talks pause, Fed warns of high inflation
America’s Roundup: US dollar retreats from five-week high,Wall Street advance, Gold gains, Oil gains over 1%, ends losing streak on tightening supplies-May 16th,2023
America’s Roundup: Dollar gains after strong jobs data, Wall Street ends up, Gold slips,Oil up over 2% after US debt deal and jobs data, focus turns to OPEC+
Europe Roundup: Euro gains on dollar pullback , European stocks rises ,Gold gains, Oil rebounds on fading risk of U.S. debt default-May 19th,2023
Europe Roundup: Euro edges lower against dollar, European shares mixed, Gold trades in tight range, Oil steady after U.S. debt deal but rate hike worries linger-May 29th,2023
America’s Roundup : Dollar hits two-month high, Wall Street ends mixed, Gold hits 2-month low, Oil settles lower as Russia downplays additional OPEC+ cuts-May 26th,2023
America’s Roundup: Dollar backs off highs after Fed officials suggest skipping June rate hike, Wall Street falls, Gold firms, Oil settles lower on weak China data, stronger US dollar-June 1st,2023
Europe Roundup: Euro steadies near two-month low as inflation drops in relief for ECB , European stocks rebound from two-month lows , Gold subdued , Oil steadies as higher inventories balance U.S debt bill progress-May 1st,2023
America’s Roundup: Dollar hits seven-week high, Wall Street ends sharply higher, Gold slips, Oil settles up $2 on optimism about US debt ceiling, demand-May 18th,2023
America’s Roundup: Dollar edges down following U.S. debt ceiling deal, Gold steadies, Oil ticks up as markets weigh U.S. debt deal, rate hike possibility-May 30th,2023
Europe Roundup: Euro gains against dollar, European stocks muted , Gold edges higher,Oil steady as U.S. default risk offsets demand outlook-May 22nd -2023
Europe Roundup: Sterling hits 1-week high as UK jobless rate falls, Swiss franc, yen rally on Trump uncertainty, crude oil rebounds - Wednesday, May 17th, 2017
Economic Data Ahead
Key Events Ahead
DXY: The dollar slumped to multi-week lows versus the yen and Swiss franc as rising political uncertainty in the U.S. surrounding President Trump underpinned demand for safe-haven assets. The greenback against a basket of currencies traded 0.2 percent down at 97.96 having hit a low of 97.86 earlier, it’s lowest since Nov. 9. FxWirePro's Hourly Dollar Strength Index stood at -130.75 (Highly Bearish) by 1100 GMT.
EUR/USD: The euro rallied to a fresh 6-month high above the 1.1100 handle as the dollar tumbled across the board on the back of increasing political uncertainty in the US surrounding President Trump. Moreover, the major gained some momentum following the release of Eurozone's final CPI figures, which came in at 0.4 percent in April, while core CPI stood at 1.2 percent, both in line with estimates. The European currency traded 0.2 percent up at 1.1107, having touched a high of 1.1122 earlier, its highest since Nov. 9. FxWirePro's Hourly Euro Strength Index stood at 107.79 (Highly Bullish) by 1100 GMT. On the higher side, major resistance is around 1.11300 (61.8% retracement of 1.16163 and 1.03400) and any break above targets 1.1180/1.1200. The near support is around 1.1050 (23.6% retracement of 1.05694 and 1.11221) and any break below targets 1.0991 (23.6% retracement of 1.05694 and 1.11222)/1.0950.
USD/JPY: The dollar slumped to a near 2-week low against the Japanese yen as another controversy around the U.S. President Donald Trump fuelled demand for safe-haven assets. The pair traded 0.6 percent down at 112.41, having touched a low of 112.23 earlier, its lowest since May 5. FxWirePro's Hourly Yen Strength Index stood at -21.48 (Neutral) by 1100 GMT. The pair is facing support at 112.36 (21- EMA) and any break below will drag the pair down till 111.80 (100- EMA)/110.50 (61.8% retracement of 108.13 and 114.36). On the higher side, any break above 113.40 will take it to next level till 114.35/115.50 likely.
GBP/USD: Sterling rose to a fresh 1-week high after data showed Britain's unemployment rate in the January-March period unexpectedly fell to its lowest level in nearly 42 years at 4.6 percent. Moreover, the major gathered some momentum after EU Brexit negotiator Barnier stated that he hoped for a deal with UK and no intention were there to end up without a deal. Sterling trades 0.4 percent up at 1.2968, having hit a high of 1.2977 earlier, its strongest since May 10. FxWirePro's Hourly Sterling Strength Index stood at 77.09 (Slightly Bullish) by 1100 GMT. On the higher side, major resistance is around 1.3000 and any break above will take the pair till 1.3050/1.3088 in the short term. The major support is around 1.2830 low made on May 5th and any break below will drag it down till 1.2780 (23.6% retracement of 1.2108 and 1.2987)/1.2720 (200- 4H MA). Against the euro, the pound traded 0.2 percent up at 85.64 pence, retreating from a 1-1/2 month low of 86.14 touched earlier in the session.
USD/CHF: The Swiss franc hit a seven-week high against the U.S. dollar as an intensifying political controversy around U.S. President Donald Trump triggered a fresh bout of risk-off market sentiment. The major slumped 0.2 percent to 0.9840, having hit a fresh low of 0.9820 earlier, its weakest since March 27. FxWirePro's Hourly Swiss Franc Strength Index stood at 94.78 (Slightly Bullish) by 1100 GMT. The jump from 0.9549 to 1.0340 will come to an end if it breaks below 0.9812 low formed on Mar 27. Any break below will drag the pair down till 0.9640. On the higher side, 0.9900 will be acting as major intraday resistance and any break above will take it till 0.9960/1.000/1.0030/1.0070.
AUD/USD: The Australian dollar dropped after rising for five consecutive sessions as U.S. political uncertainty triggered a cautious sentiment across the global markets. The Aussie trades 0.3 percent down at 0.7406, having hit a high of 0.7445 on Monday, it’s strongest since May. 3. FxWirePro's Hourly Aussie Strength Index stood at -6.35 (Neutral) by 1100 GMT. On the lower side, near term support is around 0.7390 and any close below will drag the pair till 0.7325/0.7300. The near term resistance is around 0.7450 (21 EMA) and any break above targets 0.7530 (100 day MA).
European shares slumped in early trade as increasing worries about political turmoil in the U.S. sent investors seeking safety into defensive sectors and safe-haven assets.
The pan-European STOXX 600 index lost 0.3 percent to 394.80 points, while the FTSEurofirst 300 index declined 0.3 percent to 1,553.17 points.
Britain's FTSE 100 trades 0.02 percent up at 7,520.82 points, while mid-cap FTSE 250 fell 0.1 percent to 19,845.28 points.
Germany's DAX shed 0.3 percent at 12,760.12 points; France's CAC 40 trades 0.5 percent lower at 5,380.23 points.
Crude oil prices gained over 1 percent as efforts by Saudi Arabia and Russia to extend output cuts boosted market sentiment, despite an unexpected increase in U.S. crude inventories. International benchmark Brent crude was trading 1.5 percent up at $51.99 per barrel by 1045 GMT, having hit a high of $52.58 on Monday, its strongest since Apr. 21. U.S. West Texas Intermediate rose 1.3 percent to $48.86 a barrel, after rising as high as $49.63 on Monday, its highest since Apr. 28.
Gold prices rallied to a two-week high as equity markets slipped and the dollar tumbled amid political uncertainty after a source said U.S. President Donald Trump asked the FBI to end an investigation into his former security adviser. Spot gold rose 0.8 percent to $1,245.48 per ounce by 1048 GMT, having touched a high of $1,248.58 earlier, its strongest since May 3. U.S. gold futures were up 0.6 percent at $1,243.50 per ounce.
The U.S. Treasuries gained on expectations of a rise in the country’s initial jobless claims, scheduled to be released on May 18. The yield on the benchmark 10-year Treasury slumped 3-1/2 basis points to 2.29 percent, the super-long 30-year bond yields plunged nearly 3 basis points to 2.96 percent and the yield on short-term 2-year note traded 2 basis points lower at 1.28 percent.
The UK gilts sharply bounced despite a fall in the country’s unemployment rate for the month of March. The yield on the benchmark 10-year gilts slumped nearly 2-1/2 basis points to 1.11 percent, the super-long 30-year bond yields plunged nearly 3 basis points to 1.74 percent while the yield on the short-term 2-year traded 1 basis point lower at 0.12 percent.
The German bunds slightly gained on after reading the Eurozone’s consumer price inflation index (CPI) for the month of April, released today that matched consensus estimates. The yield on the benchmark 10-year bond, fell 1 basis point to 0.42 percent, the long-term 30-year bond yields also slipped 1 basis point to 1.24 percent and the yield on the short-term 3-year bond traded 1/2 basis point lower at -0.61 percent.
The New Zealand bonds gained at the time of closing despite witnessing a rise in dairy prices at the latest GlobalDairyTrade (GDT) price auction. At the time of closing, the yield on the benchmark 10-year bond, slumped 2-1/2 basis points to 2.93 percent, the yield on 7-year note also plunged 2-1/2 basis points to 2.60 percent and the yield on the short-term 2-year note too traded 1 basis point lower at 1.94 percent.
The Australian government 10-year bond yields slumped, tracking strength in the U.S. Treasuries. The yield on the benchmark 10-year Treasury note, slumped nearly 5 basis points to 2.54 percent, the yield on 15-year note remained flat at 2.99 percent and the yield on short-term 2-year also remained steady at 1.66 percent.