Source: PaxForex Premium Analytics Portal, Technical Insight The Bank of Japan published the minutes of the December 17-18 monetary policy meeting. The only notable thing in it was that some Central Bank members pointed out a moderate weakening of the US dollar against the yen and urged to keep a close eye on the movements in the markets, including the foreign exchange market. The Central Bank should not hesitate to soften policy if pandemic developments warranted it: Some members believe the Bank should analyze the effects...
Source: PaxForex Premium Analytics Portal, Technical Insight Gold prices dropped sharply on Friday amid the strengthening dollar, but the past week was the best of the last five for the precious metal due to expectations of massive fiscal stimulus in the U.S. Gold spot fell 1.27% to $1,846.2 a troy ounce. Nevertheless, gold has gained more than 1% since the beginning of the week. The problem for gold is that it seems to be getting good support at about $1,800, but there is a sense that the dollar has retreated from the lows. GOLD...
Source: PaxForex Premium Analytics Portal, Technical Insight The Reserve Bank of New Zealand (RBNZ) may not need to cut interest rates after New Zealand's consumer price index unexpectedly rose in the fourth quarter, Bloomberg reported, citing Jarrod Kerr, chief economist at Kiwibank in Auckland. NZD/USD, 30 min Pivot: 0.7210 Analysis: Provided that the currency pair is traded above 0.7185, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 0.7210 Take Profit 1: 0.7245...
Source: PaxForex Premium Analytics Portal, Technical Insight U.S. stock indices showed weak and mixed trends in trading Thursday, but the Standard & Poor's 500 and Nasdaq Composite managed to reach new records. Investor optimism about stronger-than-expected corporate reporting is offset by signs that the labor market still can't recover. Despite a choppy start to 2021, the U.S. stock market has mostly continued to rise in recent days, with all three major indexes adding 2% or more since the beginning of the year. It is...
Source: PaxForex Premium Analytics Portal, Technical Insight Canadian Prime Minister Trudeau said he was disappointed by new US President Joe Biden's order to halt the construction of the Keystone XL oil pipeline on the US-Canada border. As Trudeau noted, "We applaud the president's determination to fulfill his commitments to combat climate change, but we are disappointed with the Keystone XL decision, although we understand the president's intention to fulfill his campaign promises." USD/CAD, 30 min...
