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GBP/AUD is forming a potential bullish continuation pattern, with RBA minutes, Australian unemployment and Bank of England commentary among the catalysts that could spark a breakout.
Gold (XAU/USD) shows signs of quiet accumulation above $4,000 despite US dollar strength, with fading bearish momentum and dip buyers eyeing a rebound.
News over the weekend, including continued Houthi strikes in Riyadh has had negative impact on foreign currencies so far, especially those where the economy relies on energy imports. The EUR/USD is particularly vulnerable as lingering concerns over French fiscal policy continue to undermine the euro.
News over the weekend, including continued Houthi strikes in Riyadh has had negative impact on foreign currencies so far, especially those where the economy relies on energy imports. The EUR/USD is particularly vulnerable as lingering concerns over French fiscal policy continue to undermine the euro.
Gold came under renewed pressure in the first half of Monday’s session, alongside weakness across the major FX pairs, especially the EUR/USD. The gold weakness follows a relatively sharp two-day rally at the end of last week, which had raised hopes that the metal may finally have found a floor.
Deteriorating steelmaker profitability, seasonal weakness and bearish technicals are weighing on iron ore. But with the price testing critical support, there's genuine two-way directional risk despite the substantial headwinds facing bulls.
USD/CAD rally shows signs of exhaustion despite weak Canadian jobs data, while AUD and GBP could offer CAD bears better opportunities.
Global indices managed to bounce back towards the end of the week as risk mood improved following Thursday’s drop in bond yields and a slight decline in oil prices. But by late Friday afternoon, oil prices had made back most of Thursday’s drop and the bond markets remained under some pressure as European bourses closed for trading.
Aussie is pressing a key trend barrier after rebounding from support, with next week’s CPI report poised to test the recovery.
Markets went from risk off to risk on yesterday afternoon and we have since kicked on with some follow-up buying of stocks, gold and silver, while the dollar has also shown signs of weakness. Risk appetite turned positive after bond yields and oil prices both retreated yesterday.
The yen has reacted to falling US yields, but the euro faces a different problem. Could French government bond yields provide the additional push needed to break EUR/USD's downtrend?
Gold bears approach major support around $4,000, while USD/CHF shows signs of a bearish reversal. Middle East tensions add to market uncertainty.
The global equity markets remain under pressure and with oil surging higher again this week, we have even more reason to remain cautious. Already, the S&P and Nasdaq were running support from only a handful of hyperscalers and AI stocks. But even these indices have started to take notice of the deteriorating market breadth and global indices. Still, for me, the ongoing weakness is becoming more evident in the Dow and the small-cap Russell 2000 indices, and as such I will continuing watching these markets closely to provide a more accurate signal about the health of the stock markets.
