The dollar rose slightly against a basket of major currencies on Tuesday, while the euro came under pressure due to new signs of economic difficulties in the eurozone, while the pound was trading near a weekly low pending a key decision by the Supreme Court about Johnson’s decision to suspend parliament.
PMI data out of the Eurozone disappointed yesterday, especially out of the manufacturing sector. This pointed towards more weakness for the global economy. Trade worries have increased after the Chinese delegation cut its US trip short and returned home. This has provided a boost to gold as traders are once again seeking safe haven. After support around the $1,500 mark pushed this precious metal higher, will bullish momentum increase and push gold above resistance? Today’s fundamental analysis will take a look at the upside potential in this...
Brexit continues to be in the driving seat for the British Pound. Following positive comments out of the EU that a deal is possible before October 31st 2019, the British currency rallied. Sentiment shifted towards a more cautious tone after Ireland said that while the mood has improved, both sides remain a distance apart. Today’s CBI data out of the UK is expected to show weakness in order with a minor price recovery. Inflation is running slightly above the the Bank of England’s long-term price target. Will today’s data move the GBPAUD?...
Forex traders will start the new trading week with a series of preliminary PMI data out of the Eurozone. Economists predict a general improvement out of France, Germany and the Eurozone as a whole. The EURUSD has around its current support level with a rise in negative sentiment in the US Dollar after the Fed delivered its second consecutive 25 basis point interest rate cut, but without a clear fundamental driver for the Euro to the upside. How will this morning’s PMI data impact price action? Today’s fundamental analysis will take a look at...
Gold prices rose Friday and reached their first weekly rise in a month, supported by a weaker dollar, tensions in the Middle East and caution regarding trade negotiations between China and the United States.