Yahoo Finance's Alexis Christoforous and Jared Blikre break down the latest market action after the Philadelphia Fed Business Survey beats analyst expectations and Jobless Claims print the lowest headline number since December, 1969.
Investing.com – Gold prices dropped to a one-year low on Friday. Despite a stock market and dollar index dip after U.S. President Donald Trump criticised the central bank’s decision in raising interest rate, which would normally signal a move higher for the yellow metal, gold prices also headed down.
Investing.com – Cryptocurrencies prices were mixed on Friday, with Bitcoin trading slightly below the $7,500 mark after a rally earlier this week.
Investing.com – Bitcoin was modestly higher Thursday as traders continued to bet further upside beckoned for the crypto as inflows into the market held steady.
Investing.com – Gold prices moved off lows Thursday as the dollar came under pressure after President Donald Trump said he was "not happy" about U.S. interest rate hikes, while renewed trade-war tensions pressured other metal prices.
Bitcoin showed further resilience Thursday, building on sharp gains made earlier in the week. Often in the past, sharp moves higher in the price of the No. 1 digital currency have been followed by pullbacks, or at the least, consolidation. This time, bitcoin has recorded five consecutive winning days and the “price drift,” when an asset continues in the same direction after a sharp move, suggests there’s more to come for world’s biggest digital currency, analysts say.
Investing.com – The dollar reversed course against its rivals Thursday after U.S. President Trump said he was "not happy" about Federal Reserve rate hikes but downside was limited amid optimism over the U.S. economy.
Gold prices tumbled but closed off the lows of the session following news that Donald Trump said he hoped the Federal Reserve would not raise interest rates. Initially the yellow metal was on the defensive as stronger than expected jobless claims and a robust Philly Fed survey buoyed the greenback generating headwinds for gold prices. The trend remains downward with target support near the July 2017 lows at 1,204. Momentum remains negative as the MACD (moving average convergence divergence) histogram prints in the red with a downward sloping trajectory which points to lower prices. The RSI (relative strength index) is printing a reading of 25, below the oversold trigger level of 30 which could foreshadow a correction.
Trade wars rattle global currency markets, but the degree by which foreign exchange trading has been impacted is perhaps most easily observed through the effect on Japan’s yen, says Credit Suisse trading strategist Alive Marino.
Metal prices continued to falter on Thursday amid trade concerns and a strengthening U.S. dollar. Comex gold futures for August delivery decreased 0.88% to a one-and-a-half-year low of $1,217.10 a troy ounce as of 10:58 AM ET (14:58 GMT). The precious metal was held back as trade tensions continued after China said the White House was wrong to blame Chinese President Xi Jinping for blocking progress on a trade deal.
The U.S. dollar moved broadly higher Thursday, both against its developed and emerging rivals, while China’s yuan dropped to a low not seen since last July.
European stock markets finish lower Thursday, pulling back from a one-month high as mining stocks track a selloff in the metal prices, and the latest round of earnings reports rolled out.
Investing.com – Wall Street was lower on Thursday as trade tensions resurfaced.The S&P 500 lost six points or 0.21% to 2,809.58 as of 9:42 AM ET (13:42 GMT) while the Dow decreased 57 points or 0.23% to 25,141.37 and tech heavy NASDAQ Composite was down 10 points or 0.13% to 7,844.27.Trade tensions continued after China said the White House was wrong to blame Chinese President Xi Jinping for blocking progress on a trade deal. White House trade adviser Peter Navarro told CNBC that the U.S. President Donald Trump's trade strategy is not as disruptive as many describe. ...
U.K. stocks ended higher on Thursday and the pound tumbled after disappointing British retail sales stoked speculation the Bank of England may refrain from hiking interest rates in August.
While it’s always nice to think about the upside potential of the stock market, it’s equally important to think about the downside risk. Is it possible that investors have been so mesmerized by the quest for $1 trillion in market valuation by Amazon, Apple or Microsoft that investors have forgotten about downside exposure? We could soon find out.
Investing.com - The dollar hit one-year highs against a currency basket on Thursday, sending the euro below the $1.16 level after bullish comments be Federal Reserve Chairman Jerome Powell cemented expectations for two more rate hikes this year.
Investing.com - The pound dropped below the $1.30 level on Thursday as a result of an unexpected drop in consumer spending in June, further slimming the chances of a Bank of England rate hike in August.
Investing.com – U.S. futures pointed to a lower opening bell as earnings season and trade tensions continued to rattle investors.
Investing.com - Copper and gold prices fell to the lowest levels in a year on Thursday amid a wider selloff in metals fueled by the stronger dollar and building trade tensions.
Based on the early price action and the current price at 1.1593, 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 1.1609. Watch the price action and read the order flow at 1.1609 all session. Trader reaction to this angle will tell us if the selling is getting stronger, or if aggressive buyers are coming in to take profits and stop the price slide.
Emerging market foreign exchange trading is growing at a double-digit clip this year, as economic and political worries stoke volatility and sell-offs in currencies such as the Chinese yuan, Turkish lira and Mexican peso, industry data shows. 'G10' currencies from the developed world still dominate the $5 trillion-a-day forex market but emerging markets represent a growing share, particularly in spot trading.
While six-week long descending trend-line continue restricting the AUDUSD’s near-term upside, the pair has to sustain its dip beneath the 0.7340 horizontal-support in order to revisit the recent low around 0.7310. In case the pair continue declining below 0.7310, the 61.8% FE level of 0.7255 could please the sellers. On the upside, a clear break of 0.7420 TL can trigger the pair’s recovery towards 0.7475-80 region, which if conquered could escalate the rise to 0.7510 and the 0.7550 resistances. Assuming that Bulls keep fueling the quote beyond 0.7550, the 0.7605, the 0. ...