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Gold – Gravitates to $1200 Again

Gold for Wednesday, December 3, 2014 After making repeated runs at the resistance level at $1200 and failing every time, gold fell sharply away a few days ago before surging higher again in the last 48 hours to back above $1200 and reaching a new one month high above $1220 in the process.  Over the […]

USDCAD upside means resistance could be tested again

The USDCAD pair seems to have found support upon a near term fibonacci retracement, leading to some buying coming into the market today. However, with a major resistance trendline within reach, it means we could either see another bout of selling soon or else a highly notable upside breakout. On the weekly timeframe, there is […]

Australian Dollar Hit 4 Year Low on High Volume Before RBA

Talking Points: Dollar Drops as Commodities Rebound and Equities Slide Australian Dollar Hits 4 Year Low on High Volume Before RBA Swiss Franc: EURCHF Doesn’t Rally Far After ‘No’ Vote on Gold Dollar Drops as Commodities Rebound and Equities Slide In a day scarred by volatility, the Dollar notably ended the day in the red. […]

Bitcoin Continues to Trade in a Tight Range

Bitcoin is continuing to trade inside the tight range mentioned in our roundup yesterday. After opening the day at $377.64 on BTC-E, prices rallied $4 dollars to a daily high of $381.91. But in a predictable fashion, the highs got sold and few hours later BTC/USD was trading $9 dollars lower at $372.87. We are […]

Week in FX Americas – BoC’s Poloz to Stay the Course

Central banks remain “front and centre” Loonie penalized by crude prices 25% fall in oil prices adds +0.3% to U.S GDP Demons of deflation persist Friday’s surprising +2.8% annualized Canadian gross domestic product (GDP) gain in the third quarter is unlikely to persuade Governor Stephen Poloz at the Bank of Canada (BoC) to change course […]

Gold – Drops Sharply Below $1150 with Eyes on $1130

Gold for Monday, December 1, 2014 After making repeated runs at the resistance level at $1200 and failing every time, gold has now fallen sharply away.  It is now eyeing off the previous support level around $1130 which may play a role and prop it up again.   It wouldn’t be surprising to see $1130 seriously […]

Chinese and eurozone figures disappoint ahead of US PMI

Disappointing Chinese and eurozone PMIs weigh on sentiment this morning; Central Bank decisions and US jobs report to come this week; Swiss vote against increasing Gold holding; US PMI readings in focus ahead of busy data week. The week has got off to a slightly negative start on Monday as some less than pleasing PMI […]

US Dollar, Pound May Weaken if Soft News-Flow Dents Rate Hike Bets

Talking Points: Aussie Dollar Sinks on Chinese Deposit Insurance Scheme, Soft PMI Report British Pound May Decline as Weak News-Flow Undermines BOE Outlook US Dollar Vulnerable if ISM Pullback Weighs on Fed Rate Hike Speculation The Australian Dollar underperformed in overnight trade, falling as much as 0.8 percent on average against its leading counterparts. The […]

Bitcoin in Another Range-Bound Trading Session

Bitcoin is trading in another range-bound session today. In a pattern we’ve been seeing a lot lately, the cryptocurrency first rallied $8 dollars to a daily high if $382.31 only to fall back down in the later part of the day. Prices closed at $377.32 on BTC-E, just $3 dollars higher compared to their open. […]

Week in FX Europe — No Thanksgiving for OPEC

OPEC punishes energy prices Russia to feel the squeeze Deflation demons awake on OPEC decision Look out for gold this weekend Energy prices continue to make records. Today, OPEC (the Organization of the Petroleum Exporting Countries) is back calling the shots, and putting the squeeze on global crude producers, commodity currencies, trade balances and Russia […]

Oil Continues Decline after OPEC Decision Last Week

US crude prices plunged on OPEC’s decision to not cut output, but light trading on Friday after the U.S. Thanksgiving Day holiday meant there could be more losses when markets return to full strength next week, traders said. U.S. crude’s front-month contract closed $7.54, or 10.2 percent, lower at $66.15 per barrel—its lowest settlement since […]

Falling oil prices to act as QE4

Oil prices tumble as OPEC play chicken Multiyear low Oil prices to act as QE4 Japanese inflation falls, pushing Nikkei higher Eurozone CPI to dominate after key fall in German CPI. A mixed-looking open is expected for European markets, following a particularly strong Asian session. The release of poor inflation data from Japan drove much […]

EUR/USD Rebound Post-EZ CPI a Preview for ECB Next Week?

Talking Points: EURUSD puts in another higher low on H4. USDOLLAR Index can’t break 11,372 high. See the ‘high’ importance events on the DailyFX Economic Calendar. Inflation expectations remain an issue headed into the final ECB policy meeting of the year next week, which is why the Euro hasn’t been able to mount a full-scale […]

Bitcoin Flat in Slow Sunday Session

Bitcoin is trading mostly flat in a slow Sunday session. We opened at $371.56 on BTC-E. From here prices rallied to a daily high of $377.99 around mid-day. But soon after BTC/USD fall back down to the $370 mark. We are currently trading not far from the lows at $373 per coin on BTC-E, $374 […]

Bitcoin Metrics Point to Disappointing Black Friday

Bitcoin is trading slightly down today. Prices closed $4.66 dollars lower on BTC-E after a roller-coaster session. The initial buying bid up prices to $385.76, a gain of 2.5 percent but in the next few hours all the gains were reversed and BTC closed the day at $371.34. We are currently trading not far from […]

Bitcoin Stable, No Sign of Selling (Yet)

Bitcoin is trading stable on Black Friday. There is no sign of large scale selling (yet). After opening at $365.58, BTC/USD fell $11 dollars to a daily low of $354 flat. But prices didn’t stay low for long and soon bitcoin staged a large $21dollar rally that topped out at $375 per coin. We are […]

Japan Imported US Oil First Time in 4 Years

Japan imported U.S. oil for the first time in four years as companies find ways around a four-decade ban on American exports and the Asian nation seeks to cut its dependence on Middle East suppliers. Japan, which relies on Saudi Arabia for 33 percent of its supply, imported about 300,000 barrels of oil from the […]

A Snapshot of Central Bank Thinking

Rate divergence to continue European Central Bank Credibility on the Line Inflation Stymies the Bank of Russia The Fed’s Game of Show and Tell Some of the main central banks continue to eye handcuffing investors to a low rate environment throughout the first half of 2015. The current exception to the loose monetary policy regime […]

GBPJPY ascending triangle looking bullish

The GBPJPY pair is currently trading within an ascending triangle formation, following a major round of buying in the past month and a half. Given both the technical and fundamental outlook, I expect to see the pair break out to the upside for a continuation higher. The daily chart shows that the pair is currently […]

Euro Heading Into Turbulent Fundamental Seas

Talking Points: Dollar: US Capital Markets are Closed, But Not the Currency Euro Heading Into Turbulent Fundamental Seas Yen Crosses Far More Sensitive to Policy Comments with Risk Sidelined Dollar: US Capital Markets are Closed, But Not the Currency With the US heading into its Thanksgiving holiday, liquidity was seen draining from the system. Given […]