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Devata Tseng

Gold Trades Below Resistance Ahead of the Fed and NFP

We will see the release of the US ISM Manufacturing PMI, and ISM Prices Paid for January, at 15:00 GMT on Wednesday 1st February. The Fed will release Monetary Policy statement and interest rate decision at 19:00 GMT on the same day. Trump’s stance is in favour of a weak dollar, therefore the changes of the Fed’s economic projections and the performance of the upcoming Non-Farm payroll figure will be influential to dollar strength. On the 4 hourly chart, gold sot is trading below the near term ...

Devata Tseng

GBPUSD Retreats After Hitting a Six-Week High

Theresa May visited President Trump on Friday 27th Jan in Washington – she was the first foreign leader to visit the new US president. Trump told Theresa May that he believes Brexit will be a wonderful thing for Britain, and open the door to new trade deals. Trump has showed his support to NATO, which he called obsolete previously. Theresa May stated that ‘We are at a moment now when we can build an even stronger relationship’. GBPUSD broke the mid-term major downtrend line resistance on 23rd ...

Devata Tseng

US GDP, EURUSD Up or Down ?

We will see the release of the US Q4 GDP (QoQ annualized) at 13:30 GMT this afternoon. Despite the market consensus of 2.2% for the US Q4 GDP (QoQ). The quarter-on-quarter Q1 to Q3 US GDP final readings were 1.1%, 1.4% and 3.5%, showing a robust economic recovery. EURUSD has rebounded since the beginning of this year after testing the support line at 1.0350. It has been trading along the downside uptrend line support thereafter as a result of the weakening of the dollar. EURUSD has rallied 3.3% ...

Devata Tseng

How the UK US GDP and Trump-May Meeting will Affect the Markets ?

This Thursday and Friday, 26th and 27th January, will see the release of the two sets of crucial economic figures: the initial estimates of the UK and US Q4 GDP. The UK Q4 GDP (YoY and QoQ) will be released at 09:30 GMT on Thursday, while the US Q4 GDP (QoQ annualized) will be released at 13:30 GMT on Friday. The quarter-on-quarter Q1 to Q3 UK GDP final readings were 0.4%, 0.7% and 0.6%, showing a modest fall post the Brexit vote. The year-on-year final GDP readings were 2%, 2.1% and 2.2%, ...

Devata Tseng

AUDUSD Tests Major Resistance and Support Ahead of Q4 CPI

We will see the release of the Australian and New Zealand Q4 CPI figures (YoY and QoQ), at 00:30 and 23:45 GMT respectively, on this Wednesday 25th January. AUD/USD has turned bullish since early January, after testing the mid-term major support at 0.7150, as a result of the retracement of the dollar and the rebound of commodity prices. Aussie has been one of the best currency performers year to date, trading above the downside near- term major uptrend line support, with strong bullish ...

Devata Tseng

Can Supreme Court Ruling Help GBPUSD Remain Bullish ?

Tomorrow, Tuesday 24 January, around 09:30 GMT, the UK Supreme Court will release the Brexit lawsuit Ruling, on whether the UK Prime Minister Theresa May will need the UK parliament’s approval to invoke Article 50 of the Lisbon Treaty, to leave the EU. Last Tuesday 17th January, GBPUSD surged to a one-week high of 1.2415, which was the biggest intra-day rally since 2008. It was helped by Theresa May’s commitment on the UK parliament to vote on the final Brexit deal. The price retraced after ...

Devata Tseng

Cautious Gold on Trump’s Inauguration

Today is Donald Trump’s inauguration day, the ceremony will take place in Washington D.C. Donald Trump will officially become the 45th president of the United States. Gold prices have rebounded since mid-December, after testing the significant support line at $1120. On the 4 hourly chart, gold has been trading along the downside uptrend line support since the beginning of this year. However, the trend line was broken yesterday, testing the long term major resistance level at $1220. The 10 SMA ...

Devata Tseng

Cautious EURUSD Ahead of ECB Press Conference

USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco. Yellen stated that the US is approaching full employment. The US employment rate is less than 5% - near the level before the recession. In terms of inflation, although it has remained below the Fed’s 2% target, yet it is approaching this target. More importantly, she said a few times a year would be an appropriate pace for rate hikes, and the ...

Devata Tseng

GBPUSD Retreats Post Surge on Theresa May’s Hard Brexit Speech

Trump stated on Tuesday that a strong dollar is risky to the US economy, as it weakens competitiveness of US exports and corporate profits. A senior adviser to Trump also warned that a strong dollar could make it difficult for Trump to implement his policies and revitalize the US economy. The comments drove the dollar index 1.27% on Tuesday, plunging to the lowest level of 100.23 since 8th December. The UK Prime Minister Theresa May made a speech about Brexit on Tuesday. She said the UK will be ...