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Dollar keeps steadier after yesterday's bounce.
Information is not investment advice
Ichimoku Kinko Hyo
EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
XAU/USD: Gold continuous to stand below 38.2% retracement area. Bearish pressure gains momentum once more.
EU Market View
Asian shares mostly held onto this week's gains on Thursday, despite hawkish remarks from a senior official at the U.S. Federal Reserve that boosted the dollar while weighing on risk appetite. The dollar edged higher in early European trading Thursday, after hawkish comments from the Federal Reserve prompted traders to price in an earlier tightening of monetary policy. The dollar has been in a state of flux over the last couple of months, first rising after the June meeting of the Federal Reserve saw several members bring forward their timetable for interest rate hikes before slipping back after Chairman Jerome Powell stated last week that interest rate increases were still in the distance.
Friday NFP release which is attracting the most attention. The median forecast is for 870,000 jobs, but there is a broad range of estimates given the potential impact of the spread of the delta Covid-19 variant n the labor market.
BoE will grow more optimistic and less dovish in today’s meeting but policy members as a group will be divided on tapering. At least one and likely two policymakers will vote for tightening. If there are more than two, we could see a sharply positive reaction in sterling.
Oil was up Thursday morning in Asia, with investors surprised by a build in US crude oil supply, but still supported by ongoing tensions in the Middle East. U.S. crude oil supply shows on Wednesday showed a build of 3.636 million barrels in the week to Jul. 30. Forecasts prepared by Investing.com had predicted a 3.102-million-barrel draw, while a 4.089-million-barrel draw was recorded during the previous week.
Gold was little changed on Thursday morning in Asia, as investors digested remarks from a top U.S. Federal Reserve official that indicated the central bank could begin asset tapering sooner than expected. The yellow metal gave up most of its overnight gains, however, after Fed Vice Chair Clarida suggested that conditions for higher interest rates can be met by end 2022. He also said the Fed could begin asset tapering later in the year, earlier than expected.
EU Key Point
- Australia: Melbourne to go into seven-day lockdown.
- Germany June factory orders +4.1% vs +1.9% m/m expected.
- US announced $750m weapons sale to Taiwan.
- Australia has 42 consecutive months of trade surplus.
- Australian state Queensland records another higher new COVID-19 case count today.
- Recap of comments from Fed's Daly - sees taper later this year or early 2022.
- Daly says her modal outlook is that the Fed will be able to taper later this year or early next year.
- UK says arrivals from France will no longer need to quarantine if they are fully vaccinated.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus