Forex News

WTI Coiling After OPEC+ Production Cut Agreement

Mirroring the likely path of a post-COVID-19 economic recovery, traders are gradually filtering back to their desks after a long holiday weekend. With volumes running far lower than usual and many major markets still closed, we’re cautious about reading too much into current prices, but the latest developments in the oil market cannot be ignored. …

USD/CAD Traders Playing “Stop Hunt”

The day after Easter has historically been a slow day in world market trading as many countries are still off for the Holiday.  However, the US markets are open.  On a normal trading day, markets are typically quiet near the 3:00pm ET New York fix.  However, on a day such as today, when many participants …

OIL MARKET WEEK AHEAD: The ball is in non-OPEC producers’ courts

While parts of Europe are tentatively dipping their toes into a lighter form of a lockdown, with Austria planing to reopen businesses from next week and Denmark restarting schools, the pandemic is claiming a much higher toll in the US. Given that the US is a little bit behind Europe on the virus spread curve, …

Don’t Fight the Fed!

How many times have you heard the saying “Don’t Fight the Fed”?  Over the course of the last month, the Fed has taken very aggressive actions to help fight off the economic effects of the coronavirus.  Some of which include: Cutting rates by 100bps in March to near 0% Launching Quantitative Easing (QE4) worth $700 …

Gold Tracking Toward Its Highest Close in 7+ Years – Can We Break $1700?

Amidst the profound disruptions wrought by the global COVID-19 pandemic, it’s reassuring to see an example of a market reaction that “makes sense.” That brings us to this morning’s Federal Reserve announcement of an unprecedented new program to provide $2.3 trillion in new loans, including purchases of investment-grade and high-yield bonds in the secondary market. …

Good Friday Holiday

Tomorrow,  much of the world is on Holiday, celebrating Good Friday.  Many stock and bond markets around the world will be closed, such as the US, UK, Germany, France, Spain, Italy, Australia, and Canada.  Therefore, one may expect that with many market players taking the day off, that the FX markets should be quiet.  That …

Silver and Gold -Which is Better to Own Right Now?

It’s been quite a ride for the two precious metals since the coronavirus outbreak began in late February.  Gold (XAUUSD) up in a new recent high on March 9th and for 8 of the next 9 trading days, traded lower, down almost 15% as gold was sold to raise cash for margin in stocks as …

Triple Whammy for USD/CAD Tomorrow

Thursday could be an extremely volatile day for the USD/CAD.  Tomorrow, Canada releases the Employment Change for March, which is expected to be -350,000 vs +30,300 in February.  As with the US Nonfarm payrolls last week, Canada is expecting a large drop in employment due to the coronavirus. Recall in the US last week, that …

USD/NOK is Following Oil and the US Dollar

Yesterday, the Norwegian Health Minister, Bent Hoeie, said that the coronavirus is “under control” in Norway and that “a person carrying the novel coronavirus in Norway contaminates now on average 0.7 other individuals.” Before lockdown restrictions were implemented, the average was 2.5 to other individuals.  Good news for the Norwegian Krone, however this isn’t the …

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