Forex News

The Return of Gold as a Safe Haven

The US Federal Reserve took exhaustive measures today help provide more stimulus to a world economy which everyday seems to be on the brink of collapse.  Today’s measures aim to pump US Dollars into the system, as firms around the world scramble to secure funds for simple everyday operations, among other things. One of the …

Global PMIs should be Noteworthy

Tomorrow,  preliminary Purchasing Managers’ Indexes (PMIs) will be released globally.  This will be the world’s first significant economic data since the coronavirus has gone global.  According to Investopedia, the PMI is an index of the prevailing direction of economic trends in the manufacturing and service sectors.  A reading of above 50 represents an expansion and …

DXY: Greenback’s Pullback May be Short-Lived

Like it or not, the US dollar is the world’s reserve currency and therefore, the axis upon which the global financial system turns. As traders try to adjust to the rapidly-changing global health and economic outlook as COVID-19 spreads, the US dollar has served as both a source of funds and the most demanded asset …

Large Bounce in AUD/USD, But is it Enough?

Earlier this week, The Reserve Bank of Australia (RBA) had an emergency monetary policy meeting, in which they cut interest rates a record low of 25bps.  In addition, the RBA announced the start of their own quantitative easing program.  The government also put together a fiscal stimulus plan of nearly $10 billion dollars.  However, that …

OIL MARKET WEEK AHEAD: Hunkering Down

Next week will bring an ample amount of economic indicators but for the oil market the most serious ones will be information on the spread of the coronavirus. As the number of cases on both sides of the Atlantic are rising and the UK, Europe, and some US states are beginning to lockdown, one way …

US Philly Fed and Initial Claims are Just the Beginning

The US Philadelphia Fed Manufacturing Index  (Philly Fed) was released earlier today and the data was not encouraging.  The headline number was -12.7 vs an expectation of +15.  The February Philly Fed number was +36.  Today’s reading is the lowest since July 2012.  In addition, the new orders component fell from +33.6 in February to …

WTI: With Trump’s Intervention… Oil May Bottom

If traders didn’t already have a reason to wake up and pay attention, maybe this realization will help: We’re currently navigating times that hundreds of future books will be written about. For market participants, there’s arguably no market more interesting right now than oil. After yesterday’s big drop on fears of weak demand and illiquid …

Norway may Intervene and Buy Krone

Two of the largest moves we have seen over the past 2 weeks have been the strong bid in the US Dollar and the dramatic fall in the price of crude oil.  So, what happens to a country ‘s currency (vs the USD) that relies on oil and gas for 40% of its export revenue …

Oil Collapsing on Fears of Weak Demand and Illiquid Markets

The price of West Texas Intermediate Crude Oil (WTI) is crashing to levels not seen since January of 2002, in the wake of the turmoil after 9/11.  As my colleague Matt had written yesterday, WTI had a good chance of reaching support near 25.00.   This was due to the largest demand shock in history, Russia …

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