The British pound has a little recouped its losses and held slightly above recent lows, although the currency remains very vulnerable amid investors' fears that the UK is increasingly moving towards an ineffective Brexit. At the beginning of the week, British media reported that Brussels diplomats, informed after a meeting with the chief European envoy of British Prime Minister Boris Johnson, stated unequivocally that Johnson did not intend to make concessions to the European bloc. Recall that the new prime minister said that Britain would...
The price of Gold is marching higher as trade tensions are escalating between the US and China. Following the announcement of new tariffs by the US, China has pulled out of the US agricultural market in a precision strike against Trump’s economic aggression. Trade tensions are only expected to worsen from here with some analysts pointing out that President Trump needs to get the trade war going as it boosts his political capital with the base of the Republican voters. How much more upside does Gold possess? Subscribe to the PaxForex Daily...
Following yesterday’s global sell-off which drove traders to safe-haven assets such as gold and bonds, forex traders are now shifting through the aftermath. A light economic calendar will ease the pressure, but US President Trump’s escalation of the trade war with China will continue to dominate. New Zealand reported a better-than-expected employment report for the second-quarter, despite the ongoing glowing slowdown which gave a boost to the New Zealand Dollar as the RBNZ lowered its inflation expectations. The NZDJPY bounced off of strong...
The Chinese yuan fell by more than 1% to an 11-year low on Monday amid growing concerns about a sharp escalation of the US-Chinese trade war, which caused sales of other currencies in the region. Growing concerns about global trade led investors to rush to safe-haven assets, while the Japanese yen rose to a seven-month high against the dollar. Yuan unexpectedly broke the mark of 7 per dollar for the first time after the global financial crisis, a level that some market players consider to be the main support. Offshore yuan fell to a mark of 7...
Forex traders will get final PMI data out of the Eurozone for July and economists anticipate no change. Investor confidence on the other hand is predicted to slide further in August as the Eurozone economy continues to weaken. The ECB is now likely to step in which will pressure the Euro to the downside. With a no-deal Brexit on the horizon, how will the EURGBP perform over the next few weeks? Subscribe to the PaxForex Daily Fundamental Analysis and join our fast growing community of profitable forex traders! Here are the key factors to keep...
