FX

Inflation concerns fade as Fed officials stay with the dovish theme. Oil takes flight as the Suez remains blocked. Stocks close out the week in the green but big tech struggles. Equities close nicely on Friday to cap a solid week of gains for the broader indices. The S&P 500 finished the week ahead by

Gold has been drifting higher as the market mood improves and US Treasury yields play a more limited role in determining the market direction. The precious metal is able to shine while other commodities are under pressure – concerns of a slow exit from the covid crisis have resurfaced.  How is XAU/USD positioned on the

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The United States’ economy could see an above-trend growth for some time, even beyond 2021, given the level of stimulus and pent-up demand, Richmond Federal Reserve Bank President Thomas Barkin said on Thursday, per Reuters. Additional takeaways “Won’t specify his interest rate outlook for coming years, says fed is tied to economic outcomes, not the calendar.”

One-month risk reversal on USD/CAD, a measure of the spread between call and put prices, regains put (bearish) bias with a drop to -0.061 from +0.148 seen on March 24 versus -0.1000 flashed on March 11, according to data source Reuters.  A call option gives the holder the right but not obligation to buy the underlying

S&P 500 is expected to see a lengthier consolidation and range-trading phase with supports for a setback seen at 3887/84, then more importantly at the 63-day average at 3839, as reported by the Credit Suisse analyst team.  See: S&P 500 Index to surge higher to 4100 in the next 12 months – Deutsche Bank Key quotes

XAG/USD is consolidating the downside impulse. Chances of a bullish correction are highly probable. XAG/USD is flat on the session so far following a down day for the precious metal on a choppy session on Wall Street. The white metal was under pressure and down by over 2.7% into the closing bell.  XAG/USD fell from a

UK CBI Manufacturing Order Book Balance climbed to best level in nearly two years. GBP/USD pair continues to trade deep in the negative territory around 1.3770. The data from the UK showed on Friday that the CBI’s Manufacturing Order Book Balance improved sharply to its highest level since April 2019 at -5 in March from

AUD/USD fades recent modest gains amid a lack of strong catalyst to the north. Easing of US Treasury yields favored equities amid Fed policymakers’ attempt to reject reflation fears. Virus, vaccine jitters continue ahead of the key Testimony from Fed Chair Powell and Treasury Secretary Yellen. AUD/USD struggles to extend the latest recovery moves around

Despite some sharp swings witnessed earlier last week, key levels for gold remain unharmed. The next significant XAU/USD move depends on US T-bond yields, FXStreet’s Eren Sengezer reports. See – Gold Price Analysis: XAU/USD to hover around $1850 by end-March 2022 – Deutsche Bank Key quotes “Several members of the FOMC, including Chairman Powell, will be

Gaps on the USD/TRY are expected in today’s open following the news that President Tayyip Erdogan abruptly sacked Turkey’s central bank chief on Saturday. A sharp interest rate hike to head off inflation was unwelcomed and Tayyip has thus replaced the former chief with a former ruling party lawmaker and critic of tight monetary policy. It was

President Erdogan fires Naci Agbal, CBRT Governor. CBRT rose rates by 200 basis points on Thursday to 19%.  New governor, a critic of high rates, likely to push for a dovish turn in monetary policy.  Turkey’s President Recep Tayyip Erdogan abruptly fired the governor of the Central Bank of the Republic of Turkey (CBRT), Naci

Turkish lira looks set to depreciate after Erdogan fires the central bank chief. USD/TRY rose sharply last week after CBRT rate hikes that will probably be reversed now. The USD/TRY finished last week at 7.19, and now it looks likely to open with a sharp upside gap following Tukey’s President Erdogan decision to fire the

Growth stocks outperformed value stocks on the final trading day of the week. The Nasdaq 100 gained and Dow dropped while the S&P 500 was caught in the middle and flat. The Fed hurt financials by announcing there will be no extension to SLR relief at the end of the month. It was a mixed

Spot gold prices are consolidating in the low $1740s, close the 21DMA which currently resides just above $1740. Next week, gold’s key drivers will be a bombardment of Fed speak, preliminary Markit PMIs and Core CPE inflation. Spot gold prices (XAU/USD) are consolidating in the low $1740s, close the 21-day moving average which currently resides

The USD/JPY pair is broadly unmoved but has drifted lower gradually from the intraday high earlier today at around 109.10 with the policy announcements from the Bank of Japan certainly not offering any reason to sell the yen further, per MUFG Bank. Key quotes “Our sense is that even though expectations were low on what

EUR/USD has been on the back foot near the entirety of Thursday’s session and has dropped back into the low 1.1900s. Rising US government bond yields have been the main factor driving the downside. But news of Covid-19 restrictions being tightened in France is weighing on the euro. EUR/USD, which has been under selling pressure

“The risks surrounding the euro area growth outlook over the medium term have become more balanced,” the European Central Bank (ECB) President Christine Lagarde said in her testimony before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels. Additional comments The ongoing vaccination campaigns, together with the gradual relaxation of containment