It’s the start of a mini-tour of the EU as Johnson looks to change the Brexit script. An unyielding EU lies in wait and it may do more harm than good.
The upward-facing USD/CHF pair was aiming to breach above the overhead red Ichimoku Clouds. After displaying three consecutive positive sessions in a row, the Japanese Yen pair was attempting to breach above the 106.742 resistance.
Gold markets rallied slightly during the day on Tuesday as the $1500 level has attracted a certain amount of buying pressure. However, we may need to pullback in order to pick up enough momentum to go forward.
The US dollar broke down a bit during the trading session on Tuesday, reaching towards the bottom of the trading session on Monday. Because of this, it looks as if the market is going to roll right back over and go looking towards the ¥105 level.
The British pound fell a bit during the trading session on Tuesday, as we continue to see a lot of pressure on the British pound due to the Brexit. Quite frankly, I don’t see this changing anytime soon, and therefore I remain a seller of this currency pair.
The British pound has fallen a bit during the trading session on Tuesday as we continue to see a lot of weakness involving global risk appetite and of course the Brexit. All things being equal it’s likely that we will continue to see this pair fall.
The Euro fell again during the trading session on Tuesday, as we continue to see a lot of selling pressure. At this point, I think it makes sense that you can’t buy this pair, because quite frankly not only do we have very negative technical analysis, we have no fundamental reason to think things are changing anytime soon either.
The Aussie dollar continues to go back and forth during the Tuesday session, testing the resistance above, but it does look as if we are simply killing time to try to figure out which direction we are going next.
Bucking the trend, Argentina's peso shed over 1% even as the new Treasury Minister Hernan Lacunza sought to calm investors by saying the country will stand by the 2019 fiscal targets agreed with the International Monetary Fund, and work to stabilize its currency. After a tumultuous week marked by worries about escalation in U.S.-China trade tension, recession worries and a slump in Argentina's assets, financial markets steadied as major economies including China and Germany unveiled plans to support growth. With the U.S. dollar slipping, the Brazilian real and the Mexican peso rose about 0.6% as investors focused on minutes from the U.S. Federal Reserve's July meeting and the central bankers' meeting at Jackson Hole later this week, where Fed chief Jerome Powell is set to speak.
Talk of a synchronized world – all three economic superpowers are in a recession! The U.S. suffers from industrial recession, Japan from export recession, while Germany may fall into a broad economic recession. Will the gold market warm up to these news?
Based on the early price action and the current price at 1.1077, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1092.
Investing.com - U.S. futures were flat on Tuesday on a relatively quiet morning that in which Home Depot's quarterly update helped to dispel some concerns about the impact of the U.S.-China trade war on the domestic economy.
With yields dipping and the Japanese Yen inching higher, the price action in gold suggests that today may actually develop into a “risk-off” day. This is understandable since it’s been about a week since the yield curve inverted, signaling a recession, and the news hasn’t been all that supportive for the start of rebound in the global economy.
Investing.com - The euro recovered from earlier lows after Italy’s Prime Minister Giuseppe Conte said he is resigning ahead of no-confidence vote, putting the future of the Italian government in jeopardy.
Investing.com – Wall Street fell on Tuesday after mixed corporate earnings failed to ease concerns about the health of the U.S. economy.
Investing.com - Spot gold recovered the psychological $1,500 level on Tuesday as analysts bet on further support for the precious metal from central banks and falling yields.
A sense of positivity is sweeping across financial markets on Tuesday amid signs of progress in trade negotiations and hopes of stimulus in major economies.
A recovery attempt on Monday was short-lived as sellers took the exchange rate into negative territory late in the day to close for a fifth consecutive daily loss.
On the weekly chart, the USD/CAD pair had recently crossed below a 1-year old slanting support line, signaling reversal trend. Later today, the market would witness the release of the API Weekly Crude Oil Stock Change calculated since August 16.
Positive trade headlines and potential fiscal stimulus provided much-needed relief for investors who have been spooked by recessionary cheerleading and toppling bond yields. However, Boston Fed President Rosengren threw a small glass ice water on the risk market rally dubbing the fall in equities since the July FOMC meeting as “not very big”.