Forex Market: GBP/USD remains supported above 1.2300 but upside seen limited by Brexit uncertainty, other risks

May 29, 2020 11:45 am
GBP/USD maintained ground above the 1.2300 mark during late European trade on Friday, mostly on weaker US Dollar, while risks such as Brexit uncertainty, rising debt, sluggish recovery and negative interest rates continued to weigh on Sterling, restraining the upside. “The medium-term outlook remains negative for sterling as the no-deal Brexit anxieties will likely curb […] Read more

Commodity Market: Gold edges up for a second day as markets await Trump’s press conference “on China”, US data string

May 29, 2020 9:18 am
Having retreated to a two-week low on Wednesday on economic recovery optimism, Gold prices edged up for a second straight day on Friday, as worsening relations between Beijing and Washington seemed to have taken hold of market sentiment, supporting demand for safe haven assets. The precious metal is also poised to register its second straight […] Read more

Forex Market: EUR/GBP trades near one-week highs as German retail sales shrink less-than-expected in April, more macro data ahead

May 29, 2020 6:40 am
EUR/GBP remained in proximity to fresh one-week highs during early European trade on Friday, after a report by the Federal Statistical Office showed German retail sales had dropped at a slower-than-expected rate in April. Retail sales decreased at a monthly rate of 5.3% in April, while the median analyst estimate had pointed to a 12.0% […] Read more

Commodity Market: Gold rebounds from two-week lows on worsening US-China relations, new massive stimulus packages

May 28, 2020 9:32 am
Gold prices rebounded from two-week lows overnight and the yellow metal extended gains during European trade on Thursday, as brewing tensions between Beijing and Washington supported demand for haven assets. Gold also drew support by the recently unveiled stimulus packages worth $1.1 trillion in Japan and EUR 750 billion in the European Union respectively, aimed […] Read more

Forex Market: EUR/GBP trades near one-week highs after EU recovery package announcement and ahead of key macro data

May 28, 2020 6:55 am
EUR/GBP remained in a tight range close to yesterday’s one-week high (0.8994) during early European trade on Thursday, as the single currency was still supported after the announcement of a massive EU economic recovery package. “The Commission is today proposing a new recovery instrument, called Next Generation EU, within a revamped long-term EU budget. In […] Read more