Forex News

10:45
August 3, 2020
WTI drops below $40 on demand worries, OPEC+ output increase
WTI extends slide after closing previous week in red. OPEC+ is set to ramp up its output from August. Rising coronavirus cases globally revive concerns over demand outlook. Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West…
10:45
August 3, 2020
EUR/USD Price Analysis: Rising bets for a move to 1.1700
EUR/USD adds to Friday’s losses and drops to the low-1.17s. Further losses now target the 1.17 neighbourhood near-term. EUR/USD closed Friday’s session within the negative territory as the move to fresh +2-year tops beyond 1.19 the figure lacked follow through. The pair looks offered as it comes from overbought levels and the door is now…
10:45
August 3, 2020
Silver Price Analysis: XAG/USD faces fierce uphill battle to recover – Confluence Detector
Silver has been on the foot, falling alongside other precious metals and assets as the US dollar is reasserting its strength in August. Can XAG/USD return to the highs seen in July? The technicals are pointing lower despite fundamental reasons to see higher silver prices.  XAG/USD was pushed higher by the increase in XAU/USD –…
10:45
August 3, 2020
Bitcoin Market Update: BTC/USD calms down after a roller-coaster weekend, bullish trend intact
Bitcoin regained ground above $11,000 after a sharp sell-off. Bitcoin's realized market value hit an all-time high. Bitcoin (BTC) has been range-bound on Monday. The first digital asset lived through a volatile weekend and settled above $11,000 after a collapse to as low as $10,500 on Sunday. At the time of writing, BTC/USD is changing…
10:30
August 3, 2020
US Dollar Index Price Analysis: Recovery targets 94.00 and beyond
DXY is extending the rebound from recent lows in the mid-92.00s. The area above the 94.00 barrier emerges as the next hurdle. DXY’s bounce of +2-year lows near 92.50 (Friday) has already reclaimed levels well above 93.00 the figure at the beginning of the week. In fact, further north comes in the 94.00 hurdle ahead…
10:15
August 3, 2020
EUR/JPY Price Analysis: Initial contention seen at 200-hour SMA at 123.78
EUR/JPY comes under pressure and approaches 124.00. Further south emerges the 200-hour near 123.80. EUR/JPY recorded fresh yearly peaks beyond 125.00 the figure on Friday following the sharp sell-off in the Japanese safe haven. The ongoing corrective downside could extend further and test the 200-hour SMA in the 123.80 region. A deeper pullback carries the…
10:15
August 3, 2020
Prospect of higher inflation in the US to weaken the dollar over the long-run – Capital Economics
The dollar fell by about 5% in trade-weighted terms in July. Some argues that a stronger euro or massive money-printing by the Fed are behind this move lower but Neil Shearing from Capital Economics believes the prospect of higher inflation in the US compared to its peers is the explanation which stands out for the…
10:00
August 3, 2020
EUR/USD: Failure to hold a weekly close above 1.1797 warns of near-term exhaustion – Credit Suisse
EUR/USD has reversed its brief move above 1.1900 with the market seeing a weekly close back below its downtrend from 2008 at 1.1797. This adds weight to the view for a temporary pullback, with support seen at 1.1734/31 and then at 1.1655, per Credit Suisse. Key quotes “Even though EUR/USD managed to move briefly above…
10:00
August 3, 2020
Fed expected to keep the “lower for longer” stance – UOB
Senior Economist at UOB Group Alvin Liew assessed the latest FOMC event. Key Quotes “The Federal Reserve’s July 2020 FOMC (Decision on 29 July, 2am SGT) in a unanimous and widely expected decision, kept its policy Fed Funds Target rate (FFTR) at the range of 0.0% and 0.25% while the Fed Board of Governors also…
9:45
August 3, 2020
NZD/USD faces some downside risk over the near-term – HSBC
The global economic recovery will continue to be the driver of movements in the kiwi. Furthermore, RBNZ's upcoming monetary policy meeting on 12 August is likely to provide a check on the near-term strength in the NZD, according to economists at HSBC.  Key quotes “For the NZD specifically, the low virus transmission numbers are a mixed…