Forex - GBP/USD slips lower after downbeat U.K. data

The pound slipped lower agains the U.S. dollar on Tuesday, re-approaching a one-week trough after the release of downbeat U.K. data and as expectations for a U.S. rate hike before the end of the year continued to support the greenback.

GBP/USD hit 1.3060 during European morning trade, the session low the pair subsequently consolidated at 1.3068, shedding 0.28%.

Cable was likely to find support at 1.2871, the low of August 18 and resistance at 1.3280, the high of August 26.

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The Bank of England earlier reported that net lending to individuals increased by £3.8 billion in July, compared to expectations for a £4.9 billion rise. Net lending to individuals increased by £5.1 billion in June, whose figure was revised from a previously estimated gain of £5.2 billion.

Meanwhile, the greenback remained broadly supported after Federal Reserve Chair Janet Yellen said at the Jackson Hole symposium on Friday that the case for U.S. interest rate hikes has “strengthened” in recent months due to improvements in the labor market and to expectations for solid economic growth.

However, she did not indicate when the Fed would act, saying that higher interest rates will depend on incoming economic data.

Speaking shortly afterwards, Fed Vice Chair Stanley Fischer said Yellen’s speech was “consistent” with expectations for possibly two more rate hikes this year, opening the door to a September hike.
Sterling was also lower against the euro, with EUR/GBP adding 0.11% to 0.8547.

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Gold slips lower but remains near 2-week high-Sap Forex24

Gold prices slipped lower on Friday, but still remained close to a two-week high as the minutes of the Federal Reserve’s latest policy meeting continued to weigh on the greenback.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.26% at $1,353.65, not far from the two-week high of $1,355.75 hit overnight.

The December contract ended Thursday’s session 0.62% higher at $1,357.20 an ounce.

Futures were likely to find support at $1,338.60, Wednesday’s low and resistance at $1,360.80, the high from August 5.

Gold slips lower but remains near 2-week high-Sap Forex24

The precious metal lost some ground after data on Thursday showed that initial jobless claims decreased by 4,000 to 262,000 last week, compared to expectations for a 1,000 decline to 265,000.

Separately, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 2.0 this month from July’s reading of minus 2.9, in line with the consensus estimate.

But sentiment on the greenback remained vulnerable after the minutes of the Fed’s July policy meeting released on Wednesday showed that policymakers were still divided over the need to raise interest rates this year.

Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Elsewhere in metals trading, silver futures for September delivery dropped 0.52% at $19.638 a troy ounce, while copper futures for September delivery rose 0.21% to $2.172 a pound.

Gold slides lower with U.S. data in focus

Gold prices slid lower on Friday, as markets focused on the release of U.S. economic reports due later in the day for further indications on the strength of the economy.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.40% at $1,344.65.

The December contract ended Thursday’s session 0.14% lower at $1,350.00 an ounce.

Futures were likely to find support at $1,328.50, the low from August 9 and resistance at $1,354.20, the high from August 10.

International Market News

On Thursday, data showed that U.S. initial jobless claims decreased by 1,000 to 266,000 last week, disappointing expectations for a 4,000 drop to 265,000 last week.

Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Another report showed that the country’s retail sales rose by an annualized rate of 10.2% last month, confounding expectations for a 10.5% increase.

The data added to concerns over a slowdown in the world’s second largest economy. China is also the world’s second biggest consumer of gold.

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Different Stocks, Futures or Options, Currency Trading does not take place on a Stock exchange. It is not managed by any central governing body, there are no opening houses to commitment the trades and there is no adjudication panel to determine controversy. All members trade with each other based on credit contract. Essentially, business in the big, most liquid Forex Market in the world depends on nothing more than a figurative handshake.

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How does the Forex Market differ from other Markets? 

The FOREX Market is different from other markets in some other ways that are sure to raise monobrow. Think that the EUR/USD is going to decline downward? Feel free to short the pair at will. There is no rise rule in FOREX as there is in stocks. There is also no extremity on the size of your position (as there are in futures); so, in definition, you could sell $100 billion Cost of currency if you had the Money to do it. 

If your Greatest UAE client, who also happens to golf with the governor of the Bank of UAE, tells you on the golf course are planning to raise rates at its next meeting, you could go right onward and buy as much yen as you like. No one will ever charge you for representative trading should your bet pay off. There is no such thing as representative trading in FOREX.

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Gold rises to 4-week highs, U.S. data in focus

Gold prices rose to four-week highs on Friday, as the Bank of England’s decision to lower interest rates continued to support and as investors eyed the release of key U.S. employment data due later in the day.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.23% at $1,370.55.

Futures were likely to find support at $1,347.00, Thursday’s low and resistance at $1,374.90, the high from July 6.

International Market News

Gold prices moved higher after the Bank of England delivered its first rate cut in seven years on Thursday and announced more measures to stimulate the economy in a bid to ward off recession following Britain's vote in June to leave the European Union.

The BoE cut interest rates to a record-low 0.25% in a bid to buffer the economy from a downturn following the Brexit vote.

The central bank also boosted its quantitative easing program by £60 billion and slashed its growth forecast for next year. It now expects growth of just 0.8% in 2017, down from 2.3% in its May forecasts.

Almost all economists had expected the BoE to cut rates and many also expected it to resume its multi-billion-pound program of government bond purchases.

Forex - Aussie holds steady after RBA rate cut, kiwi moves higher

The Australian dollar was steady against its U.S. counterpart on Tuesday, after the Reserve Bank of Australia lowered interest rates to a new record-low, while the New Zealand dollar moved higher as sentiment on the greenback remained broadly under pressure.

AUD/USD was little changed at 0.7542, after hitting lows of 0.7492 earlier in the session.

The RBA lowered its benchmark interest rate from 1.75% to a new record-low of 1.50%, in line with expectations.

Speaking after the decision, RBA Governor Glenn Stevens said “recent data confirmed that inflation remains quite low.”

Market News

NZD/USD gained 0.45% to trade at 0.7204.

Meanwhile, sentiment on the greenback remained vulnerable after the advance read on second quarter U.S. gross domestic product showed on Friday a 1.2% annualized growth rate, well below expectations for 2.6%. First quarter GDP was revised lower to 0.8% from 1.1%.

The disappointing data lessened expectations for an early interest rate rise from the Federal Reserve.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 95.65, still close to Friday’s five-week lows of 95.33.