Investing.com - The U.S. dollar continued to fall against other currencies on Monday, while the pound gained ground as investors awaited an interest rate decision from the Federal Reserve.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.21% to 93.59 as of 10:21 AM ET (14:21 GMT).The Fed meets on Tuesday and Wednesday, with traders expecting a rate hike for the third time this year. The market has already priced in a 100% chance of a 25-basis-point increase.Chances of an increase in December were at 86.1%. ...
Investing.com - Stocks started lower Monday, with investors hesitant as a new batch of tariffs between the U.S. and China went into effect. But a wave of mergers produced a lot of activity in individual issues.
Other metals were mixed on the Comex, with silver futures falling 0.34% to $14.310 a troy ounce. Among other precious metals, platinum futures rose 0.30% to $835.40, while palladium futures increased 0.39% to $1,049.00 an ounce. Copper futures gained 0.16% to $2.862 a pound.
Cryptocurrencies fell on Monday, while Bitcoin eased from a two-and-a-half-week high as an academic study found that Tether does not impact its price. Bitcoin decreased 1.56% to $6,630.30 on the Bitfinex exchange, as of 8:52 AM ET (12:52 GMT). Cryptocurrencies overall were lower, with the coin market cap of total market capitalization at $219 billion at the time of writing, compared to $228 billion on Sunday.
Investors consider the health of Italy’s finances a major threat to the euro, so all eyes are on next week’s Italian budget proposal.
The U.S. dollar extends earlier losses on Monday, after European Central Bank President Mario Draghi said he expects European core inflation to rise, giving the euro a boost.
Investing.com – U.S. futures pointed to a lower opening bell on Friday as trade war tensions kept investors on edge.The S&P 500 futures fell 5 points or 0.18% to 2,928.50 as of 6:51 AM ET (10:51 GMT) while Dow futures lost 41 points, or 0.15%, to 26,713.0. Meanwhile tech heavy Nasdaq 100 futures decreased 28 points, or 0.37%, to 7,522.50.The U.S.-Sino trade war escalated on Monday, as U.S. duties on $200 billion of Chinese goods went into effect at 12:01 AM ET (4:01 GMT) and China accused the U.S. of bullying.China cancelled mid-level trade talks with the U.S. ...
European stocks struggle on Monday, weighed by renewed jitters, but there were some bright spots as mergers and acquisitions news buoyed shares of Sky and Randgold Resources.
European Central Bank President Mario Draghi on Monday said he expected a rise in eurozone consumer prices. Harmonized European inflation would likely hover around 1.7% every year until 2020 and 1.8% excluding food and energy in 2020, he said in introductory remarks at a hearing on economic and monetary affairs in the European Parliament. "This stable profile conceals a slowing contribution from the non-core components of the general index, and a relatively vigorous pick-up in underlying inflation." Draghi reiterated that ECB interest rates would remain at their current levels at least through the summer of 2019. Still, with inflation being a key puzzle piece for monetary policy, the euro strengthened in response. One euro last bought $1.1810, it's highest level since June, compared with Monday's session low of $1.1724.
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to the uptrending Gann angle at 1.1726.
Coming off the best week for digital currencies since late July, bitcoin, the world’s No. 1 digital currency, was trading marginally lower on Monday. In early action, a single bitcoin (BTCUSD) was changing hands at $6,588.19, down 1.3% since Sunday at 5 p.m. Eastern Time on the Kraken exchange, and off a late-Friday high of $6,808. Crypto bulls are riding high after to total market value of cryptocurrencies has risen by more than $20 billion over the past seven sessions, perhaps, signaling a halt in a monthslong bitcoin bear market, which has the price of the digital currency down more than 50% in 2018.
Investing.com - Litecoin was trading at $57.800 by 05:07 (09:07 GMT) on the Investing.com Index on Monday, down 10.06% on the day. It was the largest one-day percentage loss since September 5.
There are no major economic reports today, China and Japan are on holiday and the Fed starts its two-day meeting on Tuesday. Look for a low volume, low volatility trading session.
The Australian dollar was lower, with AUD/USD down 0.26% to 0.7271, while NZD/USD fell 0.19% to 0.6677 and USD/CAD gained 0.18% to 1.2938.
The news out of China seems to be having some negative impact on gold with the U.S. dollar cautiously higher.
Investing.com - Bitcoin and other major cryptocurrency prices were steady on Monday in Asia. Dubai boosted confidence in digital tokens by launching a blockchain-powered payment system on Sunday.
Trade war jitters return, weighing on the equity markets and commodity currencies, Trump’s 2nd general assembly speech tomorrow of little comfort.
Investing.com - Gold prices inched up while the dollar also gained on Monday as China cancelled its planned trade talks with the U.S.
The Euro breaks lower after testing the massively resistive 1.18 level in the Friday’s session, which was the top of the larger consolidation area. It is expected that the 1.17 level underneath is going to offer strong support to the pair and is likely to trade above this range for next couple of session to gain momentum to break higher. After rallying significantly in the last few session, the pair experienced some cooling down effect and tested the 0.7250 level underneath for support.
Investing.com - The Japanese yen edged up on Monday as China cancelled its planned trade talks with the U.S. The dollar also gained following the news.
GBP took a beating on Friday after PM May’s speech and talks of snap election further added bearish influence to British Pound.
The wider yield differentials and potential risk aversion in equities could cap upside in the EUR/USD ahead of the Fed.
Based on Friday’s close at $1201.30 and the recent price action, the direction of the December Comex Gold futures contract is likely to be determined by trader reaction to the short-term pivot at $1194.30.
The price action is being driven by momentum so taking out 112.874 will signal that the momentum is getting stronger. If accompanied by better-than-average volume then look for a possible test of the main top at 113.210, followed by 113.745. Taking out last week’s low at 111.665 will make 112.874 a new minor top. This could lead to moves into a 50% level at 111.490, followed by 119.859.