The USD is melting down in the short term as the US Dollar Index has failed to confirm its reversal. USDX was rejected by the near-term upside obstacles, a further drop will bring USD’s depreciation versus its rivals.
To support the effort to rebuild the country's petroleum following the devastating impact of COVID-19 on the global economy, the United Bank for Africa Plc (UBA) on Tuesday announced a $1.5billion financing package for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). UBA to Facilitate $1.5bn Financing for NNPC, NPDC. How does it affect forex? Please come and join our discussion to win mobile phone credit!
WikiFX| Daily F.X. Analysis, August 12 |Arslan Ali Butt-KOL
Gold has decreased as much as $1,864 level today, the massive drop was signaled by Friday’s bearish engulfing pattern. Now, is traded at $1,893 level, right below the $1,900 psychological level, a false breakdown below this obstacle will signal the end of the corrective phase.
Prices of precious metals have been rising on the weak DXY since March and even soared in July, wherein silver and gold crowned the best performers with the biggest monthly gains in the decade. Prices of spot gold increased by 11.25% in July while spot silver even picked up 36.40%. Although palladium and platinum swelled 7.95% and 9.22% respectively, it is notable that platinum spot prices have been remaining stable since the beginning of this year, rather than seeing aggressive growth as other three precious metals.
WikiFX| Daily F.X. Analysis, August 11 |Arslan Ali Butt-KOL
EUR/USD has developed a reversal pattern on the Daily chart, but only another lower low will really validate this formation and a potential reversal. The rate is traded at 1.1742, the next downside target is represented by 1.1695 - 1.1700 area.
After plummeting to $-40 in April, WTI crude oil extended rally to as high as $42.51 in last month. Although it currently remains range bound between $42.51 and $38.50, there is possibility afterwards that it will settle lower and then stay weak.
WikiFX News (10 Aug) - Gold prices broke the barrier of $2,000 per ounce for the first time last week but saw a pullback on Friday. What strategy is acceptable for investors in future tradings?
EUR/USD is traded at 1.1797 level, right below the 1.18 psychological level and it seems a little heavy after Friday’s strong drop. The pair remains bullish even if we’ll have a minor retreat in the short term.
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On July 29, the rating agency Fitch revised its outlook on Japan's Long-Term Foreign-Currency Issuer Default Rating to negative from stable, citing the sharp coronavirus-induced economic contraction in Japan. It also affirmed Japan’s sovereign rating at 'A'.
WikiFX| Daily F.X. Analysis, August 7 |Arslan Ali Butt-KOL
EUR/USD is trading in the red today at 1.1847 level, way below 1.1917 yesterday’s high, it remains to see how it will react after the US NFP report will be released later today. The bullish bias remains intact as long as the rate is located above the 1.18 level, further growth is favored as the USDX is still under pressure.
Gold prices hit a record at the end of last week, creating a new milestone in a surge that began in late 2018 and has gathered momentum during the coronavirus pandemic. Gold soared roughly 30% in 2020 to stop just short of closing at $2,000 a troy ounce—which is an all-time high in New York trading as it surpassed the Nasdaq Composite Index of highflying technology stocks.
WikiFX| Daily F.X. Analysis, August 6 |Arslan Ali Butt-KOL
WikiFX News (6 Aug) - WTI crude oil embraced a steep rise in prices, up 4.5% to the high level of $43.68, compared to its low level of $41.76. It has recorded a fresh five-month high since March 6. Nevertheless, the outlook of oil remains uncertain because of the insufficient upward momentum in future oil prices resulted from the sluggish job growth in the United States.
GBP/USD is bullish and is expected to approach and reach new highs in the upcoming hours as the Bank of England has maintained its monetary policy. The pair is traded at 1.3156, above 1.3125 today’s opening, the next target is set at the 1.3171 former high.
WikiFX| Daily F.X. Analysis, August 5 |Arslan Ali Butt-KOL
EUR/USD is strongly bullish in the short term as the USDX has dropped again, weakening the greenback. The pair has managed to jump right above the 1.18 upside obstacle signaling further growth.
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