Investing.com - Gold prices fell on Wednesday after a two-day climb as a rallying dollar took some of the bullish support from the precious metal as the Federal Reserve released details from its latest policy meeting.
Investing.com - The dollar rose against its rivals Wednesday, shrugging off soft housing market data ahead of the release of the Federal Reserve's September minutes.
CRYPTOWATCH Major cryptocurrency prices were trading marginally lower Wednesday. After rising as much as 10% on Monday, bitcoin, the world’s largest digital currency, broke out of a triangle formation, which if holds, one analyst said could point to another leg higher, testing another important level.
The U.S. dollar holds on to gains as minutes of the Federal Reserve’s last meeting underline expectations that interest rates have further to rise.
Gold prices edged lower and continued to trade sideways forming a bull flag pattern that is a pause that refreshes. The dollar gained traction against the Euro and the Pound despite softer than expected housing starts numbers. The weaker than expected US data was countered by softer inflation data in the UK and EU.
Investing.com - The U.S. dollar rose on Wednesday as traders waited for the latest meeting minutes from the Federal Reserve, while sterling was pushed lower over Brexit worries.The U.S. dollar index, which tracks the greenback against a basket of other currencies, rose 0.34% to 95.10 as of 11:07 AM ET (15:07 GMT).The meeting minutes from the Fed are released at 2:00 PM ET (18:00 GMT). The central bank took a more hawkish tone at its September meeting when it raised interest rates and dropped the word “accommodative” from its policy stance. ...
The S&P 500 fell 7 points, or 0.26%, to 2,820.70 as of 9:35 AM ET (13:35 GMT), while the Dow decreased 127 points, or 0.49%, to 25,671.38 and the tech-heavy Nasdaq Composite was down 10 points, or 0.13%, to 7,635.43.
Investing.com - Gold prices were largely unchanged on Wednesday, as investors looked ahead to minutes from the Federal Reserve's latest policy meeting for fresh clues into the outlook for monetary policy in the months ahead.
Based on the early trade, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the Fib level at $1235.80 and the 50% level at $1222.70.
Investing.com – U.S. futures pointed to a lower opening bell, as investors paused to digest earnings results and waited for the latest meeting minutes from the Federal Reserve.The S&P 500 futures fell 7 points or 0.27% to 2,810.25 as of 6:50 AM ET (10:50 GMT) while Dow futures were down 76 points, or 0.29%, to 25,706.0. Meanwhile tech heavy Nasdaq 100 futures decreased 19 points, or 0.26%, to 7,334.50. ...
Today’s US/Canadian data might provide some impetus ahead of FOMC minutes, while a modest USD rebound helped find decent support ahead of 1.2900 handle
Euro zone countries must each ensure their budgets are stable and economies competitive, German Chancellor Angela Merkel said ahead of a European Union summit on Wednesday, as Italy weighs expansionary budget plans that risk EU rejection. Italy, the euro zone's third largest economy, has prepared an expansionary 2019 budget that sets up a showdown with authorities in Brussels over compliance with EU rules. The European Commission may reject the plans.
Investing.com -The annual rate of inflation in the UK rose at at the slowest pace in three months in September according to data released on Wednesday, as consumer prices were pulled down by cheaper food prices.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to an uptrending Gann angle at 1.1552 and the 50% level at 1.1559. Basically, look for a downside bias on a sustained move under 1.1552. An upside bias is likely to develop on a sustained move over 1.1559.
Investing.com - The dollar edged higher against a currency basket on Wednesday, as market sentiment was boosted by strong earnings reports, dampening demand for safe haven assets.
Gold prices edged lower on Wednesday as equities and the dollar gained amid waning risk-averse sentiment and strong reports. US Futures point to a lower open ahead of the FOMC meeting.
Gold improved on Tuesday, but the market posted an inside move, which typically indicates investor indecision and impending volatility. Traders said the gains were related to short-covering. New longs appeared to be scarce since the rally in the equity markets forced them to re-evaluate their reasons for being long.
Euro zone inflation accelerated in September in line with market expectations, driven mainly by a spike in energy prices, but core inflation, which excludes energy and unprocessed food costs, edged lower, data showed on Wednesday. The European Union's statistics office Eurostat said consumer prices in the 19 countries sharing the euro rose 0.5 percent month-on-month in September for a 2.1 percent year-on-year rise, matching expectations of economists polled by Reuters. Energy prices were the biggest single contributor to the year-on-year gain, adding 0.9 point to the overall outcome.
The gold market traded sideways mostly through the Tuesday’s session as it has been trying to gain some momentum. The gold prices have shown strong upside momentum in the last several sessions and pull-back under this condition will offer a nice buying opportunity. The $1220 level underneath is an excellent support point for this market and will attract a lot of buyers into the market.
Inflation numbers came in softer than expected, which should ease pressure on the BoE further as the British Government attempts to garner a Brexit deal
The market could witness significant buying interest around the 1.31 and 1.30 level, all which are strong support points. The 0.71 and 0.70 levels underneath are the strong support points and the market is likely to hold on the levels. The pair retraced from the 61.8% of the Fibonacci level at 111.50 level, an area which has been important in the past.
Market worries about a “no-deal” Brexit are on the rise again after negotiations between London and Brussels hit a hurdle last weekend. What’s it mean for British pound?
Global stocks rise on Wednesday morning after yesterday’s strong earnings reports. Investors will focus on the Fed minutes today and China’s GDP on Friday.