Europe Roundup: Euro struggles around $1.05 on gloomy PMIs, European shares falls, Gold dips, Oil rebounds as investors assess recession risks-June 23rd,2022
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 boosted by safety bid on recession fears, Wall Street ends higher, Oil climbs more than 2% as supply cuts outweigh recession fears-July 2nd,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
Market Roundup: Sterling rises as BoE's Pill sees further rate rises ahead, European shares gain, Gold dips, Oil rises on market caution over tight supply-June 21st,2022
America’s Roundup: Dollar gains, euro slips as Lagarde keeps July policy choices open, Wall Street stumbles, Gold little changed, Oil settles higher as major producers signal capacity limits-June 29th,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: Euro jumps as ECB holds unscheduled meeting, European stocks jump,Gold gains 1%, Oil prices fall as expected U.S. interest rate hike looms-June 15th,2022
America’s Roundup: Dollar weakens against euro, sterling in U.S. holiday trading, Gold slips, Oil rises as supply shortages outweigh recession fears-July 5th,2022
America’s Roundup: Dollar rises on safe-haven demand, Wall Street ends mixed, Gold drops over 2%, Oil tumbles 9% on recession demand destruction fears-July 6th,2022
America’s Roundup: Dollar pulls back as markets reassess Fed interest rate path, Wall Street ends higher, Gold edges higher, Oil settles up but posts a weekly decline on recession worries-June 25th,2022
Europe Roundup: Euro dips, dollar rises as growth fears mount, European shares falls, Gold extends falls, Oil prices up 3% on supply outages-July 1st,2022
Europe Roundup: Sterling retreats as UK inflation hits new 40-year high, European shares fall,Gold extends fall, Oil slumps by around $5-June 22nd,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 flat versus dollar, Gold rises, Oil prices edge higher ahead of G7 talks on new Russian sanctions-June 27th, 2022
America’s Roundup: U.S. dollar gains from one-week low, Wall Street ends up, Gold falls, Oil slumps 6% to four-week low on recession worries-June 18th,2022
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.