Talking-Forex.com
Talking-Forex.com
The early FX price action today was dominated by the USD index breaking through the 92.50 level yesterday, with many questioning the validity of such an overly dovish view on the USD. New highs in Cable saw 1.4770 trade, while relentless pressure on USD/CAD saw 1.2500 finally giving way, but to all of 40 ticks below here before the sharp turnaround. All eyes were on USD/JPY and EUR/USD however, where the former trade within 5 ticks of 105.00 before levelling out, though we are far from citing a recovery here, especially with Wall Street deep in the red as we go into the London close. EUR/USD gains through 1.1500 have led to 1.1600 also being taken out, but not too much time spent above here before the turnaround back under 1.1550. Early on in London, UK manufacturing PMIs were a key factor in generating the reversal in Cable, which has now extended 2 cents from the highs mentioned above. The index has now fallen below the 50.0 pivot (49.2), but with the latest ICM EU poll showing the leave camp in the lead, GBP losses are not too hard to reason out. The CAD retrace was purely Oil led as WTI has taken out $44.0, while in the overnight session, the RBA rate cut had the AUD on the back foot through the day, and we are now eyeing stops through .7500 here. NZD is proving resilient though despite the GDT index falling 1.4% in the latest auctions. WMP rose a mere 0.7% vs futures pricing in a 5% rise.
The information within this website has been prepared and issued by Talking Forex on the basis of publicly available information and other sources believed to be reliable. Whilst all reasonable care is taken to ensure that the facts stated are accurate, neither Talking Forex nor any director, officer or employee shall in any way be responsible for its contents. This document is intended to provide clients with information and should not be construed as an offer or solicitation to buy or sell securities.You may cancel your service at any time, just contact us from the FAQ/support page quoting your registration email address and we will cancel your subscription as of the next billing cycle or refund your trial deposit.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.