Yahoo Finance's Adam Shapiro, Julie Hyman, Brian Cheung, and Heidi Chung join Yahoo News Reporter Stuart Henderson and Societe Macro Strategist Kit Juckes.
The British pound rises against rivals late Friday after U.K. Prime Minister Theresa May announced her resignation, after her deals to usher Britain out of the European Union failed and she lost the confidence of her political inner circle.
Greenback dropped to weekly low levels as April Goods Orders reports came out below estimates. Loonie extended yesterday’s plunge rally. XAU/USD pair is trading 0.55% weekly up.
The Gold markets initially fell during the week but found enough support at the $1270 level to rally again. This is an area that has been crucial more than once.
The US dollar initially tried to rally during the week against the Japanese yen but as you can see did pull back significantly to show signs of weakness again. While the US dollar strengthens against many other currencies, the Japanese yen is a bit of an outlier as it is considered to be “safer” than the greenback.
The British pound has been beaten up for some time, which makes quite a bit of sense considering that the Brexit continues to be a mess. With that being the case, it’s difficult to buy this market for the longer-term, but in general we are getting closer to the bottom than the top.
The British pound initially tried to rally during the week but gave back most of the gains to reach down towards the ¥138 region. That is a major support level, and I fully anticipate that it should hold the market, at least temporarily.
The Euro initially fell during the week but found enough support near the 1.11 level to turn around and bounce rather significantly. By forming the hammer on the weekly chart, this does suggest that we are trying to find a bottom.
The Australian dollar has stabilized a bit during the week, essentially printing a neutral candle stick. While this isn’t necessarily a sign that you should be buying, it is rather interesting because it forms a bullish harami. This is a candlestick pattern that is relatively rare.
Gold markets did very little during trading on Friday, as volume of course would have been very low. The market continues to look negative overall, but we did have a major bullish candle on Thursday. With that, we have to look at the bigger picture.
The US dollar stabilized against the Japanese yen during the trading session on Friday, as we continue to hover around the 109.70 level. This is a market that is highly sensitive to risk appetite, that tends to correlate quite nicely with the S&P 500.
The British pound initially tried to rally during the trading session on Friday but gave back quite a bit of the gains. Perhaps this move was in reaction to the fact that Theresa May has finally said when she is leaving. At this point in time though, the 1.27 level is offered enough resistance to turn this market right back around.
The British pound has initially tried to rally during the trading session on Friday but has given back quite a bit of the gains as more of a “risk off” attitude has creeped back into the markets.
The Euro rallied a bit during the trading session on Friday, reaching towards the 1.12 level. This begins a significant resistance barrier extending all the way to the 1.1250 level. With that in mind, even though things look very bullish I suspect that sellers could step in soon.
The Australian dollar went back and forth during the trading session on Friday, as we continue to see a lot of back-and-forth banter between the Aussie in the US dollar. Remember that this pair is highly sensitive to the US/China trade relations, and therefore it’s difficult to imagine that we are going to see a complete change in projector anytime soon.
Investing.com - Bitcoin attempted to mount a rally above the $8,000 level on Friday, amid rising expectations that bitcoin watchers are set to ramp up purchases of the popular currency ahead of a cut in overall supply.
Our call of the day, from analysts at Piper Jaffray takes a holiday from the trade headlines to make a prediction about Amazon shares. They say get ready for a 65% move higher.
God and silver are trading in consolidation mode after Thursday’s rally. Be aware of profit taking and rebalancing ahead of the weekend.
Based on the early price action, the direction of the EUR/USD on Friday is likely to be determined by trader reaction to the price cluster at 1.1185.
London’s markets ticked up on Friday, as investor concerns were dulled by U.S. President Donald Trump’s indication the ban on Huawei Technologies Co. could be eased
Sri Lankan shares snapped five straight sessions of gains on Friday in low trade amid worries over economic slowdown and lack of investor appetite for risky assets. ** Traders said the Easter day bombings and aftermath violence weighed on investor sentiment. ** Sri Lanka is unlikely to hit its full-year economic growth target of 3-4% following the Easter Sunday bombings, junior finance minister Eran Wickremeratne told Reuters on Tuesday.
Crude Oil prices showed slight recovery signs as traders felt a firm trend in global trade. However, escalating Trade tensions capped further Oil gains.