Investing.com -- The dollar is continuing its march higher early Wednesday in Europe, enjoying further support from a strong corporate earnings season at home coupled with better-than-expected economic data.
The Kiwi Dollar and Aussie Dollar take another hit early. The Bank of Canada and corporate earnings could give the Greenback more upside on the day.
Investing.com - Gold prices slipped on Wednesday in Asia, pressured by strong earning reports stateside and strong U.S. housing data released overnight.
Tuesday’s price action suggests at least one rate cut has been priced in so it possible that we see a “sell the rumor, buy the fact situation.” However, weaker than expected numbers should drive the Aussie sharply lower.
With some financial sector corporate earnings results out of Europe, another set of positive U.S earnings results may not be enough…
Investing.com - The Australian dollar fell to near six-week lows on Wednesday in Asia after the release of inflation data that was softer than expected.
The U.S. dollar on Tuesday gains ground against most of its major trading partners, hitting an intraday 22-month high.
Along with the greenback upliftment, the primary rival (EUR/USD) which always benefits from a dollar plunge, dropped significantly. Crude WTI Futures traded at a new high near $66.60 per barrel elevating the commodity-linked CAD. USD/JPY lost 30 pips in a matter of a few minutes.
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Gold markets broke down a bit during the trading session on Tuesday, slicing through sideways support that I had pointed out previously. Beyond that, we also stay below there although there was a bit of a bounce later in the day. At this point though, we have seen where gold is going.
The US dollar initially fell during trading on Tuesday but did find a bit of a bit against the Japanese yen later in the day. By doing what it has done, it shows that there is significant buying underneath as we continue to press up against major resistance.
The British pound went back and forth during the trading session on Tuesday as traders came back to work from the Easter holiday. We sliced through the 1.2950 level, which is an area of major support and it now looks as if we are ready to drift lower.
The British pound initially tried to rally during the trading session on Tuesday but has seen enough selling pressure to turn things back around and start reaching towards the ¥145 level. Just below though, there is a lot in the way of support.
The Euro fell rather hard during the day on Tuesday as European traders came back to work. In fact, the Euro only budged slightly higher to kick off the day and then fell straight down towards which should be a relatively supportive area.
The Aussie dollar rolled over again during the trading session on Tuesday, as we continue to slice to lower levels. We are currently trading around the 0.71 level, which of course will attract a certain amount of attention in the markets, but at this point I’m still interested in buying.
Thin trading conditions could also be helping to exaggerate the sell-off. The Australian and New Zealand markets were closed on Friday and Monday. And they close again on Wednesday. If the major banks and institutions are still on the sidelines, volatility could be heightened and small orders could drive the markets violently in either direction.
With U.S. rates rising and Japanese rates being capped by Bank of Japan policy, the widening spread between U.S. Government bonds and Japanese Government bonds is also helping to make the U.S. Dollar a more attractive asset.
Investing.com - The dollar rose against a basket of major currencies Tuesday as new home sales surged to a 17-month high, suggesting resilience in the U.S. housing market after disappointing existing home sales numbers.
The Bank of Canada is widely tipped to leave interest rates unchanged on Wednesday when policy makers convene for the April central bank meeting.
Based on the early price action, the direction of the June Comex gold futures contract will be determined by trader reaction to the uptrending Gann angle at $1274.30 and the major 50% level at $1272.70.
U.K. stock indexes head solidly higher Tuesday, in post-Easter action, as investors in the commodity-heavy index get the first chance to react to a surge in crude-oil prices.
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