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GBP rebounds 1.15% after sharp fall
The EURUSD is steadily moving toward the 1.1000 handle on the back of a solid USD appetite. The Federal Reserve (Fed) meeting minutes due today should distinguish between a slide below 1.10, and a rebound off this level. The negative bias should remain below the 1.1115 (major 38.2% retracement on Sep 30th to Oct 12th decline). Intermediate resistance is eyed at 1.1083 (minor 23.6%).

The USDJPY traders remain seller-at-dip above the critical 102.60 level (major 38.2% retracement on Sep 27th to Oct 6th & 200-hour moving average). The developing positive trend, sustained by higher US yields and stronger US dollar, should encourage an attempt to 104.20 before 104.50/105.00. Breaking below the 102.60, we could see a deeper correction to 102.12 (major 50%).

The GBPUSD rebounded 1.15% in Asia after falling another leg down to 1.2088 on no news, suggesting that the market remains heavily short-GBP on the back of the rising Brexit concerns. The oversold conditions on daily basis should encourage a minor recovery, yet the 1.2295 (major 38.2% retracement on Sep 29th to Oct 7th crash) should be cleared to send Cable to the bullish consolidation zone for a solid recovery to 1.2402 / 1.2440 (100-hour moving average / Fibonacci 50% level) before 1.2585 / 1.2618 (major 61.8% retrace / 200-hour moving average).

The AUDUSD rebounded from 0.7530, the downtrend channel’s base building since Sep 29th. We turn neutral and watch the critical 0.7619/0.7612 resistance (200-hour moving average / major 38.2% retracement on Sep 15th to Sep 29th rise), which should distinguish between a short-term bullish for a re-test of 0.7650 / 0.7710 area (minor 23.6% retrace / Sep 29th high) and a further drop to 0.7515 (minor 76.4% retrace) before 0.7455 (Sep 15th low), mid-term support.

Gold remains little changed. The 200-day moving average ($1274) remains the major mid-term resistance as traders disinvest along with the improvement in US yields. Support is eyed at $1250/$1245 before $1210 (Fibonacci 50% retracement on Dec 16th to Jun 5th rise). Only a successful recovery attempt above $1274, could encourage a rise to $1297 (minor 23.6% retrace).

WTI consolidates gains above the $50/barrel level. The sentiment remains positive for a further recovery toward $53/$55. The market remains buyer-in-dips at $50.15/$50 (minor 23.6% retrace on Sep 20th to Oct 10th rise / 200-hour moving average), $48.92 (major 38.2% retracement).

14-12-2020

GBP jumps on Brexit talks extension
The British pound has jumped in early trading this week after the UK Prime Minister and EU Commission President agreed to extend Brexit talks beyond Sunday. MARKETSThe S&P 500 fell on Friday, wrapping up a losing week, as the outlook for additional fiscal… Read more

10-12-2020

AirBnB IPO today
At its IPO price of $6 per share, Airbnb ABNB, is expected to raise at least $3.5 billion with an initial market capitalization topping $40 billion. MARKETSStocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares strug… Read more

9-12-2020

S&P 500 closes over 3,700
MARKETSThe S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite clim… Read more

8-12-2020

Global stock market cap reaches $100 trillion for 1st time
The value of all the stocks in the world put together has reached a giant $100 trillion for the first time. MARKETSThe Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminen… Read more

4-12-2020

Pfizer vaccine supply chain problems
MARKETS The S&P 500 fell slightly from record high. Major U.S stocks indices cut gains quickly in the final hour of trading after Dow Jones reported Pfizer now expects to ship half of the doses it had previously planned this year after finding raw materia… Read more

2-12-2020

Dollar Purge Continues
The US dollar dropped to fresh two-and-a-half year lows on Tuesday, with EUR/USD rising above the widely-watched 1.20 handle. MARKETSNews• Stocks in Asia-Pacific were mixed in Wednesday morning trade after major indexes on Wall Street surged to record highs o… Read more

1-12-2020

Bitcoin hits record high
The price of Bitcoin climbed 8.7% on Monday to reach a fresh record high of $19,857.03 - overtaking its previous peak made in 2017. MARKETSNews• Asia stocks rise as the Caixin/Markit manufacturing Purchasing Managers’ Index for November came in at 54.9 — its… Read more

30-11-2020

OPEC meeting starts
Today OPEC+ begin a 2-day meeting to decide whether to begin producing an extra 2 million barrels per day of oil, or delay for another 3-6 months. MARKETSNews• Asia-Pacific markets are mixed this morning while S&P 500 futures are down half a per cent. Ind… Read more