Investing.com - Gold prices edged up on Wednesday while the dollar remained unchanged, as investors awaited a speech by Federal Reserve chairman Jerome Powell due later in the day.
Investing.com - The yuan was flat on Wednesday after China reported a mixed economic report card for October. The dollar was unchanged as traders awaited Federal Reserve chairman Jerome Powell’s speech later in the day.
Investing.com - Cryptocurrency prices were mixed on Wednesday morning in Asia, with Bitcoin alone edging up among other major digital tokens, and HSBC investing in New York-based blockchain startup Axoni on Tuesday.
The euro and sterling constitute around 70 percent of the weight in the dollar index. The British pound traded at $1.3009 on Wednesday, gaining 0.3 percent as traders reduced bearish bets after Britain and the European Union agreed a preliminary text that would allow the United Kingdom to leave the EU with a deal that avoids a chaotic "hard Brexit" departure. "The bullish sentiment has certainly returned for the pound, but we need to see the finer details of the draft deal and May needs support from her ministers," said Michael McCarthy, chief market strategist at CMC markets.
The direction of the December Comex Gold market the rest of the week will be determined by trader reaction to the 50% level at $1206.60 and the 61.8% level at $1197.20.
While inflation figures out of the UK and U.S and 3rd quarter GDP numbers out of Germany will be in Focus, it could all come down to Brexit and Italy.
Euro zone GDP growth will hit a faster albeit still modest rate this quarter, allowing the European Central Bank to end its stimulus programme next month as planned, despite economic and political concerns, a Reuters poll found. The Nov 8-13 poll of nearly 90 economists predicted economic growth of 0.4 percent this quarter, double the unexpectedly weak 0.2 percent - the slowest pace in the bloc more than four years - of the third.
Investing.com - Gold broke below its long-held perch of $1,200 an ounce on Tuesday before settling above that key psychological level, keeping alive bullion fans' hopes of a recovery as equity markets struggled again.
Bitcoin prices are mostly unchanged Tuesday, extending the recent lull in price activity that has pushed a popular gauge of volatility to its lowest level in almost two years.
Investing.com – The dollar eased against its rivals Tuesday, amid a surge in sterling after the European Union and Britain agreed a draft text of a Brexit withdrawal agreement, though doubts lingered about whether the U.K. parliament would back the deal.
The price of oil, one of Canada's major exports, plunged to lows not seen since last November due to ongoing worries about weakening global demand, oversupply and declines across other asset classes, including equities. U.S. crude oil futures settled 7.1 percent lower at $55.69 a barrel. The slide in oil prices "is delivering a very, very hard blow to the Canadian dollar," said Karl Schamotta, director global markets strategy at Cambridge Global Payments.
European rivals of the U.S. dollar rebound Tuesday from their sharp selloff at the start of the week, as Brexit hopes support Britain’s pound though the infighting in London continues.
U.K. stocks struggle for gains and end the session little changed on Tuesday, trailing a stronger performance by European markets as investors grapple with a strong British pound triggered by hopes for a Brexit deal.
The Italian government failed to produce a revised deficit target requested by the European Commission, with Rome officials instead saying they would stick to a budget deficit that is 2.4% of gross domestic product and economic growth that is a 1.5% of GDP for its 2019 budget plan, according to Bloomberg News. Italy was slated to resubmit a new proposal on Tuesday with a failure to do so likely intensifying a dispute with the European Union because the original draft ran afoul of eurozone fiscal rules. Citing an official from the far-right League, Bloomberg said the Italian government will defend its proposal, which had already been rejected by eurozone officials. The 10-year Italian government bond yield was flat at 3.450%, while the 10-year German bond yield was up 2.2 basis points to 0.410%. The euro strengthened against the U.S. dollar, rising 0.4%, with the dollar changing hands at $1.1261, compared with with $1.1220 late Monday.
Gold prices rebounded near trend line support as the dollar eased and stocks attempted to stabilize. Gold prices gained traction as the euro stabilized as the US announced a larger than expected budget deficit. Gold prices rebounded near support which is an upward sloping trend line that comes in near 1,199.
Given the EURUSD’s extended downturn beneath 1.1300-1.1285 support-area, comprising 200-week SMA, the pair is likely to avail the 1.1120 and the 1.1020 rest-points prior to meeting the 1.1000 round-figure. In case the pair continue trading southwards past-1.1000, the 1.0835-25 and the 1.0770 may entertain the Bears. Alternatively, a D1 close beyond 1.1300 can trigger the pair’s recovery targeting the 1.1360 and the 1.1430 immediate barriers ahead of confronting the 1.1500-1.1510 resistance-area. During the pair’s successful rise above 1.1510, the 1.1580 and the 1. ...
Gold markets fell a bit during the trading session on Tuesday, breaking below the $1200 level. This is an area that features a lot of support on longer-term charts, so I think it’s interesting that we are trying to form some type of hammer.
The US dollar tried to rally during the trading session on Tuesday but pulled back to form a shooting star. This of course shows that there is a lot of resistance above, and at this point I think it makes sense that we get a pullback, even more so than I did yesterday.
The British pound rallied during the day on Tuesday, filling the gap from the open of the week. However, we are starting to rollover from that area so one would expect to see sellers come back into the market.
The British pound rallied significantly during the trading session on Tuesday, filling the gap from the open of the weekend looks likely to continue to try to go higher. At this point though, I think we are setting up for a selling opportunity closer to the ¥149 level.
The Euro bounced a bit during the trading session on Tuesday, as it looks like the market is trying to retest the 1.13 handle above. At this point, I’m looking for some signs of exhaustion to start selling, because breaking below the 1.13 level was very crucial.
The Australian dollar bounced a bit during the day on Tuesday, but still remains well below the recent highs, and is giving back some of the gains midday. Because of this, I think we continue to see negativity in this market, and it is probably only a matter time before we fall again.
Investing.com - The dollar was lower on Tuesday, but still remained near a 16-month high in anticipation of Federal Reserve rate hikes.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.29% to 97.10 as of 10:54 AM ET (15:54 GMT), but remained near Monday’s high of 97.52.The greenback continued to push higher amid expectations that the Federal Reserve will raise rates in December and beyond, as the U.S. economy gains strength. ...
The British pound extended its gains on Tuesday as U.K. and European Union officials found an agreement to avoid a so-called hard border between Northern Ireland and the Republic of Ireland, according to Ireland's national radio and television broadcaster RTE. The report said negotiations regarding the border had concluded. Earlier, Bloomberg reported that a deal on the so-called backstop could be reached within the day. The border debate has long been one of the most controversial issues hamstringing the negotiations between the U.K. and the European Union. Sterling extended its rally and climbed to $1.3005 on the back of the report, versus $1.2851 late Monday in New York. The euro-sterling pair weakened 0.7% to £0.8672. The U.K.'s main stock benchmark, the FTSE 100 was flat at 7050.95 following the report, while the yield for the 10-year British government bond was up 6.9 basis points to 1.510%, according to Tradeweb data.