Modi is likely to return to power with an even bigger majority in parliament after a mammoth election that ended on Sunday, the exit polls showed, a far better showing than expected in recent weeks. The rupee put on as much as 1.2% to 69.36 against the dollar, its best intraday percentage gain since Dec. 18. Rushabh Maru, currency and commodity analyst with Anand Rathi Shares and Stock Brokers, said most exit polls have projected a "thumping majority" for the ruling government.
It’s a mixed start to the day, support for the Aussie Dollar kicked in, while the EUR and the Pound could be under pressure. EU elections loom…
Investing.com -- The dollar is pushing toward the two-year high it hit in April in early trading in Europe on Monday, after election victories for business-friendly incumbents in Australia and India offset ongoing worries over trade relations between the U.S. and China.
Based on last week’s price action and the close at 1.1157, the direction of the EUR/USD this week is likely to be determined by trader reaction to the major Fibonacci level at 1.1185. Watch the price action and read the order flow on a test of 1.1235 this week because strong buying volume on a rally through this level could launch the start of a very strong rally.
Based on last week’s price action and the prolonged move down in terms of price and time, the direction of the NZD/USD this week is likely to be determined by trader reaction to last week’s low at .6513. Taking out .6513 then recovering last week’s close at .6514 will put the NZD/USD in a position to form a potentially bullish closing price reversal bottom.
Based on last week’s price action and the close at 110.068, the direction of the USD/JPY this week is likely to be determined by trader reaction to the uptrending Gann angle at 110.180.
Investing.com - The Chinese yuan rose against the U.S. dollar on Monday in Asia. In a report published late Friday, the People’s Bank of China (PBOC) said they would continue with stimulus while keeping the currency steady.
Professional currency money managers just like most hedge fund managers, follow “The Herd Theory”. So when one starts to exit shorts aggressively, others tend to follow first then ask questions later. Therefore, we expect to see a solid short-covering rally over the near-term.
Over the short-run, the AUD/USD could get a boost from the election results, but gains are likely to be limited and prices could fall further because of the weakening economy and the expected rate cut.
Last week’s price action strongly indicates the U.S. Dollar is the biggest influence on the direction of gold prices. Gold prices could continue to get crushed if demand for the greenback rises from a combination of safe-haven demand and a strengthening U.S. economy.
The Australian Dollar now has the dubious honour of being the worst-performing G10 currency so far this month, in the leadup to its federal elections on May 18.
Australian Federal Elections go the way of the Aussie Dollar, with Brexit, EU elections, stats, and trade war chatter in focus in the week ahead.
Investing.com - After a week dominated by escalating trade tensions between the U.S. and China the trade war looks likely to remain to the forefront of investors’ minds, but this week will also feature Federal Reserve minutes, U.S. retail earnings and economic data as well as European Union elections.
Crude oil was supported primarily by worries over a possible supply disruption amid physical attacks on Saudi Arabian assets and US-Iran tensions. Natural gas rose as late spring/early summer heat became a new concern. Gold traders were burned by chasing headlines as the dollar regained strength on improving U.S. economic conditions.
The U.S – China trade war continued to grip the markets and, while the China economy showed cracks, U.S stats impressed.
Moody´s de México, ("Moody´s") has affirmed the B1 (Global Scale, local currency) and Baa3.mx (Mexican National Scale) issuer ratings of the Municipality of Ecatepec de Morelos, and changed the outlook to stable from negative. At the same time, Moody's affirmed the debt ratings of the municipality's MXN 250 million enhanced loan from BBVA Bancomer at Ba1/A1.mx.
Based on the early price action and the last price at $1276.30, the direction of the gold market the rest of the session is likely to be determined by trader reaction to a pair of Gann angles at $1278.30 and $1280.20.
Moody's de Mexico S.A. de C.V. withdrew the Ba3/Baa1.mx (Global Scale, local currency/Mexico National Scale) issuer ratings of the Municipality of Cuautitlán Izcalli and also withdrew the negative outlook. At the same time, Moody's de Mexico withdrew debt ratings of the MXN 200 million loan (original face value) with BBVA Bancomer of Baa3/Aa3.mx (Global Scale, local currency/Mexico National Scale) and the MXN 75 million loan (original face value) with Interacciones of Baa2/Aa2.mx (Global Scale, local currency/Mexico National Scale).
Robust growing USD Index pushed down all its major rivals. Hence, EUR/USD pair plunged despite positive Euro-specific data. Meanwhile, the Cable continued to douse in fall amid Brexit chaos.
After bitcoin's hot start to May -- the world's largest crypto currency by market cap is giving back quite a bit of ground. Yahoo Finance's Zack Guzman & Jeanie Ahn, along with Flat World Partners CEO Anna-Marie Wascher discuss.