Today, Prime Minister Theresa May broadcasted a piece of advice to her successor. The drowning Fiber finally found a stoppage near 1.1200 level on Wednesday.
Gold prices broke out closing at a 6-year high as the dollar eased slightly and US yields slipped. Hedge fund investors Ray Dalio is seeing a case for gold as central banks get more aggressive with policies that devalue currencies and are about to cause a “paradigm shift” in investing. With President Trump saying Tuesday that there’s still a long way to go to reach a deal with China, threatening to slap tariffs on another $325 billion of Chinese goods, gold is becoming the strongest currency.
Based on the early price action and the current price at $1423.30, the direction of the August Comex market into the close is likely to be determined by trader reaction to the pivot at $1413.80.
Gold markets initially fell during the trading session on Wednesday, but then turned around to rally rather significantly as we are starting to see quite a bit of fear enter the marketplace. As such, the market suddenly looks as if it is ready to continue the longer-term uptrend.
The US dollar initially dipped higher during the trading session on Wednesday, and then turned around of form a bit of a hammer. Ultimately, that is a good sign as it looks like we are building up more upward pressure.
The British pound went back and forth during early trading on Wednesday, looking as if it is trying to stabilize near the 1.24 handle. However, we are decidedly in a bearish market so therefore it’s almost impossible to imagine a scenario where we should be buying.
The British pound fell a bit during the trading session on Wednesday, but then turned around to rally a bit. It looks as if breaking below the ¥135 level could kick off a bigger move though.
The Euro fell a bit initially during the trading session on Wednesday but then turned around to show signs of life again. Ultimately, this is a market that is trying to find support at a large, round, psychologically significant figure, as we continue to chop around.
The Australian dollar tried to rally during the trading session on Wednesday but failed and rolled over again to test a major round figure. Ultimately, this is a market that is trying to break out to the upside but doesn’t quite have the momentum.
If we had to pick one day, or one situation when a single market provided most indications during a single day, it would be yesterday’s performance of silver.
Weak housing data fueled buyers to take positions. In any case, gold rebound seems to be short-lived as the dollar index remains strong, and the good US retail sales data is still in play.
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 the long-term uptrending Gann angle at 1.1205.
Investors will get a chance today to react to several economic reports and speeches from Fed members. At 12:30 GMT, the U.S. will release reports on Housing Starts and Building Permits. At 18:30 GMT, Kansas City Fed President Esther George will speak. The Fed is also scheduled to release its latest Beige Book at 18:00 GMT. This report will offer insight into its assessment of manufacturing in the Northeast.
London markets drifted lower as the pound continued its descent and fresh trade war fears hit the FTSE 100.
The British pound on Wednesday traded at the lowest level in more than two years, as concerns about a hasty exit from the European Union continued to pressure the U.K. currency.
Investing.com - The U.S. dollar dipped slightly on Wednesday but still remained near one-week highs after the International Monetary Fund said the greenback is overvalued.
EUR/USD is getting lifted from the psychological 1.1200 handle with aid of better than expected CPI data out of the Euro area.
Investing.com – Wall Street was flat on Wednesday as concerns that lower interest rates will hit corporate bank earnings kept investors in check.
GBP/USD has shed about 1.3% in a two-day decline and is trading at levels not seen since the start of the year.
Markets continue to receive conflicting signals, but a wary mood prevails. Charles Evans from the Fed pointed to the possibility of reducing the rate immediately by 50 points in July, citing the risks of a global slowdown