Indian authorities have launched a major push to bring rupee trading back home, alarmed by the rapid growth of an offshore market that limits their influence over exchange rates and can become disconnected from domestic trading. The country’s central bank is poised to open up domestic rupee markets to international investors, putting them on an equal footing with local entities for the first time, people familiar with the matter told the Financial Times. The moves come after the volume of rupee trading outside of India, a market that has existed since the mid-1990s, grew last year to more than double the size of the volumes traded onshore.
U.K. employment grew by 208,000 in the three months to November as the unemployment rate stayed at 3.8%, the Office for National Statistics reported Tuesday. Average weekly earnings stayed at 3.2%, and the claimant count for December edged up to 3.5% from 3.4%. The British pound rose after the publication of the data, with sterling rising to $1.3028 versus Monday's close of $1.3009.
President Donald Trump is due to deliver a speech to the World Economic Forum in Davos. While in Switzerland, Trump will be meeting with foreign counterparts including European Commission President Ursula von der Leyen, as attention turns to trade relations with Europe after the U.
Based on the early price action and the current price at 108.929, the direction of the USD/JPY the rest of the session on Tuesday is likely to be determined by trader reaction to the minor pivot at 110.040.
More stats due out of the UK could test the Pound further this afternoon. Earlier in the day, the BoJ held rates steady.
Investing.com - The Japanese yen is in demand Tuesday as a safe haven currency with the outbreak of the pneumonia-like virus in China sparking a bout of risk aversion.
It’s a mixed start to the day. Steering clear of key levels through the morning would support a breakout later in the day.
Gold markets did very little during the trading session on Monday, as the Americans were celebrating Martin Luther King Jr. Day. That being said, we are at extreme highs and it looks like we are ready to “kill time” in order to build up pressure again.
The US dollar has rallied a bit against the Japanese yen early on Monday, as we continue to see strength in general. At this point, the market will more than likely find buyers on dips as we have clearly broken through a major level at one point last week.
The British pound initially fell during the trading session on Monday but did recover a bit as we are starting to test the 1.30 level. The uptrend line is coming into play as well, although we are just short of the 50 day EMA.
The British pound initially gapped lower on Monday, but then turned around to show signs of strength. At this point, the gap has been filled, and it looks as if it is trying to continue going higher.
The Euro rallied a bit during the trading session on Monday but ran into a ton of trouble at the 1.11 handle, and then dropped. However, we have seen to try to recover since then as well.
The Australian dollar initially tried to rally during the trading session on Monday but found trouble at the 200 day EMA. The market has broken down towards the 50 day EMA which of course should show support.
Based on the early price action and the current price at 1.1085, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the main Fibonacci level at 1.1080.
The direction of the February Comex gold market the rest of the session on Monday will be determined by trader reaction to the minor top at $1564.20.
GBP/USD attempted to recover higher last week but sellers stepped in after a weak UK retail sales report that encouraged rate cut speculation.
Monday is a day off in the American markets due to the Martin Luther King’s Day. Because of the holiday, trading on other markets also promises to be muted.
Will 2020 turn out better than 2019 for the yellow metal? Gold prices don’t move in a vacuum – the macroeconomic situation definitely plays a key fundamental role.