The British pound on Tuesday momentarily strengthened against its main currency rivals, notably the euro and the U.S. dollar, as U.K. Prime Minister Theresa May made a final bid to pro-European Union members of parliament to support her deal to exit from Europe's trade bloc, which included the chance of a second referendum. May's Brexit deal has already been rejected three times by U.K. lawmakers, with the premier's latest effort being widely viewed as a last-ditch effort to get her Brexit deal passed, with the promise of a second referendum on Brexit, holding the potential to sway those lawmakers committed to remaining an EU member. May's comments, made at the end of a summit of EU leaders in Brussels, initially, took the British pound sharply higher against the the U.S. dollar and the euro , with a dollar buying $1.2754, up 0.2%, but it had been up $1.2813 at Tuesday's peak. The shared currency, meanwhile, was buying £0.8754, down 0.2%, but it had been as low as £0.8725, according to FactSet data.
Investing.com - Bitcoin renewed its bid to mount a sustained surge above the $8,000 handle on Tuesday, shrugging off a widely-expected delay by U.S. authorities on a bitcoin fund that many believe has the potential to be a game changer for the crypto industry.
(Reuters) - Euro zone consumer confidence rose by 0.8 point in May from the April number, figures released on Tuesday showed. The European Commission said a flash estimate showed euro zone consumer morale ...
The Turkish lira on Tuesday was retreating against the U.S. dollar as the government told local banks to slow process currency purchases, a fresh attempt to tamp down speculative bets on lira, according to reports.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to an uptrending Gann angle at 1.1155.
The lack of safe-haven demand, higher yields and increased demand for risky assets should keep a lid on gold prices today. A potential upside breakout by the U.S. Dollar could also trigger a plunge in prices. Not only is the dollar being supported by rising rates and safe-haven demand, but weakness in the Euro and British Pound are also contributing to a firmer greenback.
The Loonie is getting dragged due to rising crude prices. During the Asian session, the pair had attempted to resist the downfall but failed to persist. Traders expect upside on the release of US Housing Data.
London markets shook off a weakening pound and a disappointing industrial orders figure to erase Monday’s decline. The U.K.’s FTSE 100 (UK:UKX) is higher at 7,366.1, rising 0.8% to more than wipe out Monday’s 0.5% decline.
The S&P; 500 rose 17 points or 0.6% by 9:44 AM ET (13:44 GMT), while the Dow gained 128 points or 0.5% and tech-heavy Nasdaq composite was up 66 points or 0.9%.
Potential gold investors are being left frustrated and sidelined by the yellow metal’s lack of momentum despite an escalating trade war, heightened concern about stability in the Middle East, recent stock market gyrations and the decline of bond yields towards an 18-month low.
Brexit tensions and positive Greenback playing tug-of-war with Cable, bringing it down significantly. UK PM Theresa May to discuss her “New Modified Deal” today.
Based on the early price action and the current price at 97.900, the direction of the June U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 97.950.
Economic Calendar stays lighter amid lack of EUR-specific events. Meanwhile, Greenback traders staying bullish over the upcoming US Housing Data.
In commodities, crude oil gained 0.7% to $63.67 a barrel. Gold futures fell 0.1% to $1,275.45 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.2% to 97.907.
May is definitely an interesting month on the market. It is hard to generally say if this is a month of a USD, or safe heavens or for example Bitcoin.
Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the long-term uptrending Gann angle at .6886.
Based on the early price action, the direction of the USD/JPY on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 110.030. A sustained move over 110.030 will indicate the presence of buyers. Taking out 110.318 will negate the reversal top, while a move through the 50% level at 110.355 could trigger a spike into the short-term Fibonacci level at 110.672.
Look for the downtrend to continue at a pace of .001 per day as long as the NZD/USD remains under this level. Crossing to the weak side of the downtrending Gann angle at .6509 will indicate the selling pressure is getting stronger. This could trigger an eventual break into .6465 and .6424.
Investing.com -- The dollar hit a fresh three-week high against its developed-market peers in early trading in Europe Tuesday, after Federal Reserve Chairman Jerome Powell indirectly argued against cutting interest rates in the near term due to the already-high level of corporate debt.
The RBA talks of rate cuts to pin back the Aussie Dollar as trade war jitters linger. Another quiet day on the stats leaves geopolitical risk in focus.
Investing.com - Prices of safe-haven gold slipped on Tuesday in Asia, while stock markets rebounded as traders cheered a reprieve in U.S.-China trade tensions after Washington temporarily eased restrictions on Chinese telecommunications giant Huawei.
Investing.com - The Australian dollar slipped against its U.S. counterpart on Tuesday in Asia after the Reserve Bank of Australia hinted that it would consider a case for a rate cut in June.
The Australian dollar rallied as much as 1% on Monday after the incumbent Liberal-National government retained power in a surprise election result defeating the favored Labor party.