Chatter on trade remains the key driver, with negative updates from Beijing weighing on risk appetite early. The RBA added further pressure on the Aussie.
Investing.com - Gold prices were little changed on Tuesday in Asia despite fading optimism over a possible trade deal between the U.S. and China.
Investing.com - The U.S. dollar was little changed on Tuesday in Asia as traders await clarity on the Sino-U.S. trade developments.
Gold markets initially pulled back during the trading session on Monday, but then turned around to show signs of strength again. By doing so, the market has confirmed that the $1450 level is in fact going to be support.
The US dollar initially tried to rally during the trading session on Monday to kick off the week but have turned around as the conversation between the Americans and the Chinese are seemingly changing every moment.
The British pound initially surged higher during the trading session on Monday and a “risk on” type of move, but at this point we have seen the market feel that the 1.30 level, so it makes quite a bit of sense that we simply continue the overall consolidation.
The British pound rallied initially during the trading session on Monday, reaching towards the crucial ¥141.50 level. However, we have been turned around completely as what was once optimism about the conversation of the weekend involving the United States and China has been overshadowed by pessimism.
The Euro has rallied slightly during the trading session on Monday, showing a proclivity to grind higher. However, there is a significant amount of resistance just above so at this point I’m waiting for selling opportunity.
The Australian dollar has done very little during the trading session on Monday to kick off the week, initially trying to rally but then found the area above the 50 day EMA as being a bit too expensive.
* China "pessimistic" about U.S. trade deal -CNBC * Chile peso falls after zooming on Friday * Brazil real firms, Mexican peso eases By Sagarika Jaisinghani and Shreyashi Sanyal Nov 18 (Reuters) - Latin American currencies firmed on Monday on hopes of a Sino-U.S. trade deal but pared some gains after a report that the mood in China was "pessimistic" about an impending resolution to the dispute. An index of Latin American currencies rose as much as 0.4% to a one-week high after Chinese state media said over the weekend that two sides had held "constructive" trade talks.
Investing.com – Gold was back on track to being a hedge to the trade war on Monday after talk of Beijing’s anxiety over President Donald Trump’s impeachment proceedings pricked the prospective U.S.-China trade bubble.
The pound rose on Monday as polls show incumbent U.K. Prime Minister Boris Johnson extending his lead in the run-up to the Dec. 12 general election.
Based on the early price action and the current price at 1.1059, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1069 and the uptrending Gann angle at 1.1049.
The market sees a trade deal between the US and China as more feasible after US economic adviser Larry Kudlow and Commerce Secretary Wilbur Ross were singing from the same song page suggesting a “Phase 1 deal” was near.
Investing.com - The U.S. dollar fell on Monday after CNBC reported that Chinese officials are pessimistic that a trade deal will be signed.
Gold prices dipped on Monday before recovering in response to a report saying that China was pessimistic about the near-term chances of a trade agreement with the U.S. CNBC cited a source in China as saying that Beijing was minded not to make any further concessions in talks in the near term, preferring to wait and see how the impeachment proceedings against President Donald Trump play out. If substantiated, that would reduce the odds of the phase one trade deal that both sides have publicly talked up, but repeatedly pushed back due to reported differences over issues ranging from tariffs to intellectual property rights.
Investing.com – Wall Street fell on Monday after reports that Chinese officials are pessimistic about a trade deal spooked investors.
Today’s reaction to the news is understandable since prices rose last week when the headlines read that the trade deal negotiations had hit a snag. Although the selling pressure is strong early Monday, there are still skeptics out there who cite the lack of details from the U.S. and China officials as reasons to remain cautious about the remarks.
GBP/USD advanced in early trading on Monday to take out a declining trendline that extends back to a high posted in October. The bullish break sets a positive tone with a likely first target of 1.3000.
The GBP/USD is building a flag chart pattern (red/blue lines), which typically indicates continuation. What is the main target of the uptrend?
EUR/USD is rallying to start the early week, attempting to post a third straight day of gains. The pair is near an important level where sellers are likely waiting.
It’s a very quiet start for the Pacific currencies, as investors wait for further news on the U.S.-China trade front. The Australian, New Zealand and Chinese currencies are all trading sideways on Monday.