Cable slumped to its lowest levels since September of 2017 on Monday, as fears over the possibility of a hard Brexit took hold. In an interview with the Sunday Times published on August 5th, Trade minister Liam Fox estimated a 60% chance of a no-deal Brexit taking place. This ‘hard Brexit’ would leave the EU and the U.K. … Read more
EUR/USD is under pressure with price coming precariously near the 2018 low of 1.1508 reached on May 29th. Price is confined within a descending triangle pattern and bears are looking for a potential breakout to the downside. Looking at the weekly chart we can see that price is nearing the 50% retracement of the upmove that … Read more
Gold prices fell to their lowest levels in over a year on Thursday, following the release of a report from the World Gold Council showing that the yellow metal has had the worst start to a year since 2009. Gold continued moving lower in early trading on Friday, reaching the shelf of support made by the … Read more
Gold showed little reaction to Wednesday’s as-expected FOMC Statement, ending the day marginally lower. The Federal Open Market Committee voted unanimously to keep the target range for its benchmark rate at 1.75 percent to 2 percent and upgraded its assessment of the U.S. economy to ‘strong’. The downtrend in gold began in April 2018 and price … Read more
Gold sank to its lowest levels since December 11th of 2017 in early trading on Thursday. The yellow metal has been pressured by the hawkish stance of the Federal Reserve, a strong US dollar and a robust U.S. economy. On Tuesday the Trump administration announced a list of tariffs of 10 percent on $200 billion … Read more
The U.S. dollar continued to strengthen against the Japanese yen in early trading on Thursday, reaching fresh six month highs. On Wednesday USD/JPY rallied above the key psychological level of 112 for the first time since January 10th. USD/JPY was boosted by Wednesday’s better than expected U.S. inflation data, increasing the probability that the Federal … Read more
Daily gold chart with US Dollar overlay On Tuesday the Trump administration announced a list of tariffs of 10 percent on $200 billion in Chinese goods, escalating the trade war between the world’s two largest economies. “For over a year, the Trump Administration has patiently urged China to stop its unfair practices, open its market, … Read more