Forex News

November 29, 2020
AUD/USD: Bulls cheer risk-on mood to attack 0.7400 ahead of China PMI
AUD/USD stays positive, wavers between 0.7381 and 0.7392 off-late, around three-month high. S&P 500 refreshed record high, DXY probes September low. Vaccine hopes, US dollar weakness favor the bulls, Brexit jitters, virus woes and Aussie-China tussle test the upside momentum. Australia’s TD Securities Inflation, China’s NBS Manufacturing PMI to offer immediate direction, risk catalysts remain…
November 29, 2020
WTI Price Analysis: March top lures the bulls as OPEC struggles over output hike
WTI keeps upside break of 61.8% Fibonacci retracement, nears highest in nine months. OPEC struggles to agree over output even as some participants back a delay in the production hike. Ascending trend line from March adds to the upside filter. WTI nears the end of November while revisiting the early-March tops, closed around $45.70 on…
November 29, 2020
GBP/USD: Bears look to retake controls amid Brexit woes, vaccine hopes
GBP/USD keeps a downside break of monthly support line, eyes further weakness. Hopes of regulatory approval to leading covid vaccines battle Brexit jitters. EU’s Barnier reaches London, UK PM Johnson is likely to be approached by the bloc’s leader. GBP/USD trims monthly gains while declining in the last week to re-test 1.3300. The pair awaits…
November 29, 2020
OPEC: No agreement to delay output hike, so far
OPEC and allies led by Russia have yet to find a consensus on oil output policy for 2021, after an initial round of talks on Sunday and ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters. There was support in delaying the hike but there was no widespread agreement between members….
November 29, 2020
Forex Today: Dollar weakness continues, Gold plummeted
Here is what you need to know on Monday, November 30: The American dollar was the worst performer on Friday, falling against all of its major rivals, but the pound. The EUR/USD pair was the best performer, reaching a fresh 2-month high of 1.1963. The GBP/USD pair fell for a second consecutive day as the…
November 29, 2020
Gold Price Analysis: Is the XAU/USD bull market over? – TDS
Last week’s sell-off in gold, which ensued after a breach of the long-term strong support at $1850, raised doubts whether the bull market is nearing an end. Still holding an upbeat outlook on the yellow metal, TD Securities (TDS) Commodity Strategist Daniel Ghali explained that the drivers that pushed gold to new highs back in…
November 29, 2020
Iraq’s Oil Minister: Will not seek exemption from OPEC+ deal
  Iraq Oil Minister HE Ihsan Abdul Jabbar Ismaael said in a local media outlet that the OPEC’s second-largest oil producer will not ask for an exemption from the OPEC+ oil output cut deal. Key quotes “Oil prices are expected to reach about $50 at the beginning of 2021.” “The commitment of members to the deal would…
November 29, 2020
BOE’s Haldane: Focus on inflation risks as economic recovery gathers pace
Inflation could rise by more than expected on hopes for a quicker economic upturn induced by the coronavirus vaccine progress and massive stimulus, the Bank of England (BOE) Chief Economist Haldane said in a speech to a University College London webinar on Saturday. Key quotes “As the economic recovery gathers pace next year, it will be…
November 29, 2020
UK set to approve Pfizer-BioNTech coronavirus vaccine from December 7 – FT
 The Medicines and Healthcare Products Regulatory Agency (MHRA), the UK’s medical regulator, is likely to give a green signal to the coronavirus vaccine co-developed by BioNTech SE and Pfizer Inc from December 7, the Financial Times (FT) reported, citing unnamed sources. The vaccine deliveries would begin within hours of the authorization, the sources added. The…
November 28, 2020
Gold Price Analysis: XAU/USD sees firstly weekly close below $1800 since mid-July
Gold lost 4.5% on the week, the worst week since end-September. Stops got triggered after gold breached the $1800 critical threshold. Coronavirus vaccine progress-led economic optimism hammered gold. Gold (XAU/USD) finally breached the critical $1800 support on Friday, closing the week below that level for the first time since July 16. The spot eroded 4.5% of…