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From Forex News

FXStreet (Edinburgh) - In the opinion of analysts at BAML, sustained upside in the precious metal remains unlikely.Key Quotes“In our view, US monetary policy will remain a key gold price driver”.“The upcoming rate hike (our base case is that the Fed will tighten in September) should make a sustained gold price rally unlikely in the coming weeks”.“Of course, a higher US policy rate is also removing upside to gold through monetary policy differentials as aggressive easing by the ECB will likely keep pressure on the Euro”.“Looking further out, we reinforce our view that gold can be supported even if the US central bank turns less accommodative, as long as the Fed just normalises monetary policy, but does not hike aggressively; rising inflation and hence muted upside to real rates would also help”.For more information, read our latest forex news.

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FXStreet (Barcelona) - The KBC Bank Research Team gives an oil market update, and further expects the ongoing Greek debt crisis and Iranian nuclear talks to keep oil prices pressured to the downside.Key Quotes“The oil price fell by about 2% on Monday as jitters related to situation in Greece weighed on overall market sentiment. Price of the front-month contract on Brent therefore fell to a four-week low. Meanwhile, Reuters physical oil market data have confirmed earlier news about persisting overhang of supply in the Atlantic Basin as both CFD’s and Forties differentials are seen close to a multi-year lows.”“Apart from Greece, the market focuses on possible signs of agreement between P5+1 countries and Iran on its nuclear program. Though no details are known yet (or at least we are unaware of any), the general conclusion is that the talks are likely to extend beyond the self-imposed deadline of 30th June. Let us recall that if the deal was reached, Iran could export as much as 30 – 40 million barrels of oil that is said to be kept in floating storage and could in the short term increase its oil production by more than 500 thousand barrels per day.”“Both Greek debt saga and Iranian nuclear talks thus in our view pose a downside risk for oil prices. Moreover, a fresh round of negotiations between Libya’s internationally recognized government and self-declared one about reopening of pipelines blocked by protesters could support oil bears even further.”For more information, read our latest forex news.

From Forex News

FXStreet.com (Barcelona) For more information, read our latest forex news.

From Forex News

FXStreet.com (Barcelona) For more information, read our latest forex news.

From Forex News

FXStreet (Córdoba) - The Eurogroup will hold a meeting on July 13th to discuss the situation with Greece. Greece will hold a referendum on July 5 to decide whether it will accept creditors demands for austerity. Greek Prime Minister Alexis Tsipras has stated he will respect people's decision and proceed with negotiations with the Troika accordingly.For more information, read our latest forex news.

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FXStreet (Mumbai) - The British Pound is being favoured in the early US session, taking the GBP/USD to a session high of 1.5749. Gains capped at Fib resistanceThe pair is once again struggling to rise above 1.5749, which is the 23.6% Fib resistance of the move from 1.5169 to 1.5928 witnessed in June. The offers at 1.5749 pushed the pair down to 1.5740. For the time being the pair is hovering around 1.5740 levels. The latest uptick in the pair cannot be attributed to a specific fundamental news. Even the EUR/GBP cross is more or less steady around 0.7115. A hope of a last minute Greek deal could have pushed the relatively riskier GBP higher in line with the drop in the traditional safe haven assets – Gold, Treasuries.GBP/USD Technical LevelsThe immediate resistance is located at 1.5749 (23.6% Fib R of 1.5169-1.5928), above which gains the next major hurdle is seen at 1.5876 (50% Fib R of 1.7190-1.4564). On the flip side, a break below 1.57 could push the pair back to 1.5660 levels. For more information, read our latest forex news.

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FXStreet (Barcelona) - Mark Chandler, Global Head of Currency Strategy at Brown Brothers Harriman, offers the outlook for RBNZ and RBA policy, and for the NZD/USD.Key Quotes“Disappointing domestic survey data heightened expectations that the Reserve Bank of New Zealand will cut rates at its next meeting (July 23) and signal scope for additional rate cuts. The New Zealand dollar is trading at new multi-year lows today. It is difficult to talk about meaningful support until closer to $0.6500--a little more than 2.5 cents from current levels.”“Australian data in the form of private sector credit expansion was in line with expectations rising 0.5% in May for a 6.2% year-over-year rate. The RBA meets on July 7. In an earlier note, we erroneously suggested the market was pricing in a rate cut. The consensus calls for policy to remains on hold after the May rate.”For more information, read our latest forex news.

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FXStreet (Edinburgh) - The US dollar is now picking up pace vs. its Canadian neighbour on Monday, pushing USD/CAD back above the 1.2400 mark.USD/CAD firmer post-GDPThe pair gained some traction after Canadian GDP figures missed expectations during April, with the economy contracting at a monthly pace of 0.1% vs. forecasts for a 0.1% advance.Next of relevance in the pair will be US S&P/Case-Shiller index, Chicago PMI and the Consumer Confidence.USD/CAD levels to watchAt the moment the pair is up 0.10% at 1.2416 and a break above 1.2423 (high Jun.29) would open the door to 1.2442 (high Jun.9) and finally 1.2472 (high Jun.8). On the other hand, the next support lines up at 1.2304 (low Jun.29) followed by 1.2276 (low Jun.24) and then 1.2218 (low Jun.22).For more information, read our latest forex news.

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FXStreet (Córdoba) - Canadian gross domestic product fell 0.1% in April, the fourth consecutive monthly decline as a decrease in the output of goods-producing industries outweighed an increase in service industries, according to Statistics Canada.The reading missed expectations of a 0.1% increase and follows a 0.2% drop in March. The CAD weakened across the board in the wake of disappointing growth data.For more information, read our latest forex news.

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FXStreet.com (Barcelona) For more information, read our latest forex news.


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