Investing.com – Gold prices traded roughly unchanged on Tuesday as the dollar’s rebound from session lows kept a lid on upside momentum in the precious metal ahead of the release of the Federal Reserve’s May meeting minutes.
Investing.com – The dollar moved off session lows as the euro reversed its earlier gains amid ongoing political uncertainty in Italy, while the pound resumed its downward trend adding to dollar strength.
The dollar struggled to stay near a five-month high on Tuesday as investors look ahead to the Fed minutes. The Federal Reserve releases the latest minutes from its monetary policy meeting on Wednesday. Investors will be looking closely for any sign of tightening monetary policy.
Gold prices consolidated forming a doji day where the open and the close are at the same level which reflects indecision. Prices are hovering below resistance after tumbling into a new range, and are poised to test lower levels. Resistance is seen near the 10-day moving average at 1,301, while support is seen near the December lows at 1,240. The 10-day moving average crossed below the 200-day moving average which relates that a short-term down trend is now in place. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal in oversold territory.
The EUR/USD bounced slightly on Tuesday but the trend for a lower exchange rate remains intact. U.S. yields edged lower, easing pressure on the currency pair despite a jump in the U.S. Philly Fed services index. U.S. chain store sales fell in the latest week, while the ECB is focused on Italy. The EUR/USD attempted to rebounded but ran into resistance near the 10-day moving average at 1.1841.
Investing.com - Gold prices inched higher on Tuesday as increased risk appetite limited gains in the precious metal, keeping it close to the low for the year hit a day earlier.
China said Tuesday it would cut import tariffs for automobiles and some car parts starting on July 1. Tariffs would be lowered to 15% from the current 20% to 25%, while tariffs on auto parts would be cut to 6%.
Euro-hopeful Bulgaria does not yet meet the criteria to adopt the single currency, the European Commission will say on Wednesday in an assessment of European Union countries that must one day switch to the euro. Unlike bigger and richer EU countries that still use their own currency, such as Sweden and Poland, Bulgaria, the EU's poorest member, is eager to join the euro zone and wants to begin the two-year waiting period in May or June. Apart from Britain, which will leave the EU next year, and Denmark, which has a permanent exemption from adopting the euro, all EU countries are legally obliged to join the single currency once they meet all the criteria.
Cryptocurrencies were lower on Tuesday, with Bitcoin nearing the $8,000 mark, not far from last week’s low of $7,972.40. Bitcoin was trading at $8,201.10, falling 3.45% as of 8:20 AM ET (12:20 GMT) on the Bitfinex exchange. Despite the decrease in digital asset values, the second largest Bitcoin mining firm has announced plans to raise $2 billion in an initial public offering in July.
Investing.com – Wall Street looked set to continue its rally on Tuesday, as trade war worries between the U.S. and China eased.The S&P 500 futures was up three points or 0.13% to 2,736.50 as of 6:44 AM ET (10:44 GMT) while Dow futures increased 41 points or 0.16% to 25,043.0. Meanwhile tech heavy Nasdaq 100 futures rose 22 points or 0.32% to 6,938.00.China said Tuesday it would cut import tariffs for automobiles and some car parts starting on July 1. Tariffs would be lowered to 15% from the current 20% to 25%, while tariffs on auto parts would be cut to 6%. ...
Regulators in Canada and in the U.S. have disclosed that they will soon launch an expansive crackdown on a number of the cryptocurrency investment schemes. The same message was also echoed on Monday by the North American Securities Administrators Association. SEE: China’s IFCERT Tracks Down 421 Fake Cryptocurrencies; 60% Run By Overseas Servers The launch of […] The post Regulators Disclose Plan To Crack Down On Cryptocurrency Investment Schemes appeared first on Market Exclusive.
Investing.com - The dollar pulled back from a five-month high against major rivals on Tuesday, as traders opted to take profits after the recent rally, while Forex traders focused on testimony to the UK Treasury Select Committee.
Based on the early trade, the direction of the gold market the rest of the session is likely to be determined by trader reaction to the major Fibonacci level at $1296.20.
Investing.com - Gold prices were little changed in early dealings on Tuesday, hovering not far off a 2018 low struck in the previous session, as improved appetite for riskier assets sapped demand for the yellow metal.
The USD/JPY has formed a progressive Zig-Zag pattern and at this point it seems like bullish momentum is shaping up for a new push higher. 110.90-111.05 is the POC zone and if the price manages to stay above 110.70 we might see higher levels. Next targets are 111.35, 111.61 and 111.77. Watch for a potential bounce from the POC zone.
A dip in Treasury yields and the U.S. Dollar could be supportive for gold over the short-run as investors prepare for the release of the latest Fed meeting minutes on Wednesday at 1800 GMT.
The market started off the week with a positive momentum bouncing higher from the 1.17 level which offered enough psychological support. The 1.18 level on the top is an important psychological resistance and market can witness some selling pressure from there.
The end of the last week and the start of this one are great for the currencies from the antipodes: AUD and NZD. In the battle of those two, the AUD seems a bit stronger, that is why we will focus on the first one. On the AUDJPY, we can see a very interesting buying opportunity.
The direction of the Forex pair the rest of the week is likely going to be controlled by the comments of several Fed officials and the minutes of the U.S. central bank’s last monetary policy meeting due to be released on Wednesday at 1800 GMT. Regarding the minutes, investors will focus on the Fed’s inflation outlook.
A quiet day on the economic data front leaves the markets to consider what lies ahead, while BoE Governor Carney could catch the markets napping this morning should he deliver a surprise on the policy front.