Gold price spiked above $1,400 as tensions between the US and Iran have escalated and US President Trump signed new sanctions against Iran after the downing of a spy drone. The US claims the drone was flying in international waters while Iran claims it entered its sovereign air space. In addition, Iran claimed that US hacking attempts against the Iranian military failed, but that it remains open to talks if the US removes sanctions. Price action in Gold accelerated to the upside as traders sought safe haven assets, but is a round of profit...
The ongoing trade war between the US and China continues to show its ripple effects across the global supply chain and economy. New Zealand reported its trade balance during the Asian trading session, but it surprised to the upside. Exports as well as imports came in better than expected for May which boosted the New Zealand Dollar. This allowed the NZDUSD to extend its recovery after descending into a strong support area. How long can this recovery last? Today’s fundamental analysis will take a look at how price action in this currency pair...
On Monday, the euro rose to a three-month high against the dollar, as bearish sentiment against the US currency remained stable after the US Federal Reserve last week gave a signal that it could soon cut interest rates. The euro strengthened its rally last week, when it added 1.4%, and grew by 0.15% to $ 1.1386 at the start of Asian trading session today, reaching a maximum since March 22. At the moment, the EURUSD pair is trading higher at 1, 1382. The dollar index versus a basket of six major competitor currencies fell slightly to 96.107,...
A light economic calendar to start the last trading week of June will have forex traders focused on the rise in tension between the US and Iran, with the US announcing more sanctions. This has pressured oil prices higher at a time the global economy is slowing down which will further pressure consumers. The Euro started to retrace its losses against the Swiss Franc caused by dovish commentary out of the ECB after economic data showed signs of stabilizing. Today’s German IFO data will drive price action throughout the trading session, but...
Australian PMI data for June came in much better than expected. This was a rare sign of better-than-expected economic data in a global economy which is heading for its next recession. The Australian Dollar added to its recovery after the currency has been shunned by many forex traders due to its Chinese Yuan proxy status. As the US central bank has prepared markets for an interest rate cut, the AUDUSD is poised to accelerate higher after the breakout above its horizontal support area. Bullish momentum is on the rise, how far can it push price...
