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Gold off 1-1/2 week lows, but remains under pressure around $1270 Haresh Menghani

Gold recovered some of its early losses to 1-1/2 week low, albeit the up-move stalled near $1277.50 level and the metal has now retreated back to $1271 level.The precious metal gapped lower on Monday and dropped to its lowest level since April 11 after centrist candidate Emmanuel Macron won the first round of French presidential election sparked...

10:23 24 April /2017 Forex

French yields plummet post-elections Pablo Piovano

Yields of the French money markets are trading deep into the red territory at the beginning of the week in response to Macron’s win at the first round of the presidential elections in France on Sunday.Centrist and pro-EU candidate Emmanuel Macron won with nearly 25% of the votes vs. far-right candidate Marine Le Pen, with over 21% of the votes. However, both candi...

10:23 24 April /2017 Forex

EURUSD: 1.0341 lows look increasingly likely to have marked a bottom - TDS Sandeep Kanihama

According to the analysts at TDS, with the first round of French elections getting over, the political event risk is likely to dissipate and the 1.0341 lows set in early January look increasingly likely to have marked a bottom for the common currency.Key Quotes“This puts the ECB firmly in the driver seat and here we expect the central bank to announce taper before the end of the y...

10:23 24 April /2017 Forex

Citi: Constructive on Oil prices for H2 2017 on tightening supplies

Citi analysts said in a recent note, “We remain constructive on oil prices for the balance of 2017 as second quarter 2017 should see markets tighten as a result of the current OPEC/non-OPEC deal whilst an expected extension of the deal on May 25th should keep oil inventories drawing in the seco...

10:00 24 April /2017 Forex

EUR/JPY: Dip demand loses steam near 120, back below 119.50 Dhwani Mehta

The renewed bids seen behind the EUR/JPY cross in mid-Asia lost steam just shy of 120 mark in early Europe, sending the rate back below the mid-point of 119 handle.EUR/JPY offered at daily pivot of 119.94The EUR/JPY pair now advances +2.12% to 119.48, consolidating the latest leg higher to daily...

10:00 24 April /2017 Forex

NZD/GBP: Further downside coming towards 0.52 - Westpac Sandeep Kanihama

In view of Imre Speizer, Research Analyst at Westpac, last week’s break below 0.56 has been sustained for NZD/GBP cross, suggesting further downside toward 0.52 during the weeks ahead.Key Quotes“PM May’s announcement of a snap General Election triggered a sharp covering of GBP shorts on the basis that May’s majority and mandate for Brexit negotiations and domestic reforms will be ...

10:00 24 April /2017 Forex

US Dollar losing the grip below 99.00

The greenback, tracked by the US Dollar Index, remains depressed at the beginning of the week and is testing the key support around the 99.00 handle.US Dollar weaker post-French electionsThe sharp risk-on theme in the global markets following pro-EU candidate Emmanuel Macron’s win at the French presidential elections on ...

09:46 24 April /2017 Forex

US: 10-year yields moved back above 2.20% - BBH Sandeep Kanihama

Analysts at BBH explain that the US 10-year yields moved back above 2.20%, but until they manage to get back above 2.30%, it is not clear that the low is in place. Key Quotes“Indeed, they have struggled to get above 2.25%.  The June note futures contract has built a shelf around 125-24.  A break of that is necessary to boost confidence that a top is in place.  The technical indica...

09:46 24 April /2017 Forex

USD/CHF fills bearish gap to move back above 200-DMA Haresh Menghani

Having witnessed a bearish gap opening to 4-week low near the 0.9900 handle, the USD/CHF pair staged a remarkable recovery and managed to move back above the very important 200-day SMA.The pair reversed early losses and moved into positive territory to erode part of Friday's downslide amid a fresh wave of global risk-on trade, which tends to weig...

09:46 24 April /2017 Forex

USD remains under downward pressure - Westpac

Imre Speizer, Research Analyst at Westpac, explains that the US dollar remains under downward pressure amid skepticism regarding Trumps fiscal stimulus promises, uncertainty the Fed will maintain its projected rate hike path, and European political developments (most recent the French election results).Key Quotes“The threat of a US government shutdown will also hang over the dolla...

09:23 24 April /2017 Forex

When is German IFO and how this could affect EUR/USD?

German IFO Business Climate OverviewThe German Ifo surveys for April are lined up for release later today at 8GMT. The headline Ifo Business Climate Index is expected to tick higher to 112.5 in April versus 112.3 seen last month. The Current Assessment sub-index is seen a tad weaker at 119.2 this month, while the Ifo Expectations Index – indicating firms’ project...

09:23 24 April /2017 Forex

Oil: Technical indicators favor additional declines - BBH Sandeep Kanihama

The analysis team at BBH suggests that after the 7.4% decline in crude oil futures in the past week, technical indicators favor additional declines in the days ahead. Key Quotes“The June crude oil futures dropped fell each day last week for a 7.4% decline.  It appeared trigger stop losses selling as it fell through the  the 61.8% retracement objective of the rally...

09:23 24 April /2017 Forex

German IFO amongst market movers today – Danske Bank Sandeep Kanihama

Analysts at Danske Bank suggests that the German IFO expectations data will be amongst market movers for today’s session.Key Quotes“The figure is at a high level, pointing to strong GDP growth in Germany. The latest move higher reflects primarily better expectations for the manufacturing sector after a couple of years where these expectations moved broadly sideways. Looking ahead,...

09:23 24 April /2017 Forex

Hard Brexit may cost Germany EUR 6bn by 2020 - Bild Dhwani Mehta

Bild, a German tabloid, carried headlines citing that a Hard Brexit may cost Germany EUR 6bn by 2020, Livesquawk reports.

09:23 24 April /2017 Forex

French elections: Big win for Macron, and for French pollsters – TDS Sandeep Kanihama

Analysts at TDS note that the Emmanuel Macron won the first round of presidential voting, and Marine Le Pen will be joining him in the two candidate presidential run-off on 7 May.Key Quotes“The results for the top candidates were almost exactly in line with what polling had predicted, leaving us confident that we can look to a big Macron win in the second round, as polls have him ...

09:23 24 April /2017 Forex

NZD/EUR: Expect further declines to the 0.6400 area this week - Westpac Sandeep Kanihama

According to Imre Speizer, Research Analyst at Westpac, the initial French election results have boosted EUR and pushed NZD/EUR lower and they expect further declines to the 0.6400 area this week.Key Quotes“Centrist and pro-EU Macron won the first round, and is on course to defeat populist Le Pen in the second round on 7 May. This week it’s worth watching the ECB decision (27th). ...

09:23 24 April /2017 Forex

GBP/USD slips back below 1.28 handle Haresh Menghani

The GBP/USD pair struggled to build on the French election-led early momentum and continues to face some fresh supply on every attempted move towards mid-1.2800s. Currently trading around 1.2790 level, within striking distance of session lows, the pair's retracement from higher level could be attributed to a sharp rally in the US

09:00 24 April /2017 Forex

EUR/USD off 2017 tops, back around 1.0850

It is all about French elections and risk-on today. EUR/USD managed to gap higher to fresh 2017 peaks near 1.0920, although it has given away some ground to the current mid-1.0800s afterwards.EUR/USD boosted by Macron winThe pair met a wave of buying interest after centrist candidate Emmanuel Macron obtained almost 24% of votes v...

08:46 24 April /2017 Forex

Forex Today: EUR cheers French election R1 outcome, IFO eyed Dhwani Mehta

Volatility was back into markets in early Asia, after the outcome of the first round of the French election triggered a risk-on rally across the asset classes. As widely expected, Macron and Le Pen took the lead for the run-offs, which backed the credibility of the opinion polls. Further, with the polls showing Macron gaining over 60% support versus Le Pen’s 25% in the round 2, also fuelled the ri...

08:46 24 April /2017 Forex

CAD: Weakest of the major currencies last week - BBH Sandeep Kanihama

Analysts at BBH points out that the Canadian dollar was the weakest of the major currencies last week, losing 1.3%, with the US dollar moving above CAD1.35 for only the second time this year. Key Quotes“The technical indicators point to additional US dollar strength, with CAD1.3575-CAD1.36 being the next obvious target.   In addition to corresponding to the highs from Q4 16, it is...

08:46 24 April /2017 Forex