The consensus: Indonesia’s rupiah will trump India’s rupee. Opinion polls show Indonesian President Joko Widodo is set to win the April 17 vote, while Indian Prime Minister Narendra Modi’s position appears less secure following regional defeats for his party late last year. “The rupiah offers a better risk-reward for investors than the rupee,” said Rainer Michael Preiss, an executive director at Taurus Wealth Advisors Pte. in Singapore.
The evidence is in and we have to conclude that gold isn’t breaking sharply because the U.S. Dollar is not that strong. Therefore, demand for dollar-denominated gold should not be dropping as one may think. The data clearly shows that as a gold trader, you shouldn’t be worried about the U.S. Dollar at this time, but rather the Euro.
Judging from the way the dollar index is weighted, the best bet for another surge to the upside will be a weaker Euro, Japanese Yen and British Pound.
The ECB, the FED, and the RBA release meeting minutes in the week, as the markets look for any more signs of a possible recession. Trade talks also resume.
Investing.com - This week precious metal traders will closely monitor movements in the U.S. dollar, one of the biggest drivers for gold, with U.S.-China trade talks continuing in Washington and Federal Reserve minutes and U.S. economic reports on tap.
Investing.com - Despite a holiday-shortened week in the U.S. the economic calendar for this week is busy, with U.S.-China trade talks continuing in Washington and Federal Reserve minutes and U.S. economic reports on tap.
Trade talks delivered strong gains across the European and U.S equity markets last week. What’s on the horizon for the DAX and EUR?
Risk appetite towards Latin America was broadly boosted by Mary Daly suggesting the U.S. Federal Reserve may hold off on raising borrowing costs in 2019. Mexican officials said the government would infuse $3.6 billion into ailing state oil firm Pemex, aiming to bolster its finances and avert a further credit downgrade. Daly's comments enabled the peso to wipe away the losses it incurred after the announcement on Pemex.
Bitcoin prices slump midday Friday, with one expert cautioning that further declines were on the horizon for the world’s most popular digital asset.
Speculators reduced their bullish bets on the U.S. dollar in the week ended Jan. 22 to the smallest position since September, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. In a wider measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net short position valued at $27.55 billion, down from $32.03 billion, a week earlier.
The U.S. dollar loses its strength in late Friday trading amid President Donald Trump’s signing of a spending bill that will avoid a renewed partial government shutdown and his declaration of a national emergency on border security.
President Donald Trump has sent a letter to the House and Senate informing them that he has declared a national emergency. The declaration allows the secretary of defense to order units or reservists to active duty to support Department of Homeland Security activities at the southern border and to "engage in emergency construction as necessary to support the use of the Armed Forces and respond to the crisis at our southern border."
European stocks finish sharply higher Friday, helping the pan-European benchmark produce its best weekly gain since early November, as investors cheer signs of progress on a U.S.-China trade deal.
Gold markets fell a bit during the week but found support underneath the turn things around and form a bit of a hammer. The hammer of course was preceded by another one, showing just how resilient the market has been.
The US dollar rallied again during the week, breaking towards the 61.8% Fibonacci retracement level. However, we are starting to run into a bit of resistance, which of course makes sense as the Japanese yen is a bit of a safety currency.
The British pound has fallen again during the week but is testing a rather important area on the chart that could cause a lot of market reaction, if we can get the proper headlines right along with it.
The British pound went back and forth during the Japanese yen during the trading week, as we continue to see a lot of noise out there. However, we have recently seen a massive turnaround, and I think it is going to be crucial to the future of this market.
The Euro drifted a bit lower during the week as we continue to see concerns about the German economy and the global economy as well. Ultimately, I think that the market does have a significant amount of support underneath though.
The Australian dollar went back and forth during the week but continues to find support at the same level that we have been paying attention to for some time. Because of this, I think that we do have more of an upside risk than anything else.
The US dollar fell a bit during the trading session on Friday, as we continue to see a lot of resistance above at the 200 day EMA. At this point, the 61.8% Fibonacci retracement level has offered significant resistance as well, but as we go into the weekend it looks like we are trying to find some type of footing.
The British pound initially fell during trading on Friday but found enough support at a crucial juncture to turn things around and show fight yet again. This continues to be a lot of noise, but that’s typical if you’re going to get a trend change.
The British pound pulled back a bit against the Japanese yen during the trading session on Friday but found enough support to turn around of form a bit of a hammer early in the day. This is a good sign, and it looks as if the British pound is finding buyers to turn things back around again.
The Euro try to break down during the trading session on Friday, after comments by an ECB member. However, it has shown a resilient attitude, as we have turned right back around to show signs of life.
The Australian dollar initially fell during the trading session on Friday but turned around to show signs of life again. Quite frankly, I think that the Aussie has found its bottom for the most part and that the market will eventually go higher.