News

Risk for US Dollar (USD) remains on the downside; oversold conditions suggest any decline may not reach 149.50. In the longer run, the odds of USD breaking clearly below 149.50 are increasing, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

According to reports, Chile’s largest Copper mine producer plans to significantly increase its premium for key European customers, Commerzbank’s Head of FX and Commodity Research Thu Lan Nguyen notes.

New Zealand Dollar (NZD) is likely to consolidate in a range of 0.5705/0.5750. In the longer run, the outlook for NZD is neutral now, and it is likely to trade in a range between 0.5685 and 0.5770, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Small businesses are struggling under President Trump’s global trade war, with some warning they may have to close their companies if consumer demand falls.

According to Bloomberg reports, Chinese smelters are taking advantage of the current high world market prices and want to increase their exports, which is likely to have contributed to the recent decline in Copper and Zinc prices, Commerzbank’s Head of FX and Commodity Research Thu Lan Nguyen notes.

Gold has pulled back on Friday after hitting a fresh all-time high at the $4,380 area, yet with downside attempts contained above $4,300 so far.

• Inflation and growth risks are more tilted to the downside
• More euro appreciation is possible
• 2028 price forecast is important for the next ECB move

Simkus has been a dovish member for some time and he’s not deviating from that stance here. In any case, the vast majority of the governing council doesn’t see the need for another cut.

This article was written by Giuseppe Dellamotta at investinglive.com.

The risk selloff since last week is starting to resurface and in the case of cryptocurrencies, the pain is starting to deepen. For Bitcoin, the drop on Friday last week fell short of testing the 200-day moving average (blue line). That before a bounce earlier this week stalled around its 100-day moving average (red line) instead. But amid the latest selloff today, we’re starting to see the technical lines crack and that could spell more trouble for the cryptocurrency heading into the weekend.

Bitcoin now trades to fresh lows in four months, dropping just below $104,000. But more importantly, price is threatening a firm break below its 200-day moving average as circled above. This will mark the first time that the cryptocurrency trades under both its key daily moving averages since April.

And amid the surging run in the past six months where it posted as much as 65% gains, are we due a more significant correction?

With the selloff in stocks still running today, this will be a spot to watch as the hurt in risk sentiment is very much amplified in cryptocurrencies.

On a side note, if you’ve been invested in things like collectibles since the summer, this will be a good litmus test to see how much of an impact cryptocurrencies do have on the spending appetite in that space.

This article was written by Justin Low at investinglive.com.

The Swedish krona is the second-best performer this week, rising even more than the euro as equities sold off yesterday. This sounds rather odd given SEK’s usually high beta (especially relative to the euro) to risk assets, ING’s FX analyst Francesco Pesole notes.

US Dollar (USD) continued to drift lower on dovish remarks from Fed officials, surprise turn lower in Philadelphia business outlook, extended US government shutdown, falling UST yields and the negative sentiments on some US regional banks over exposure to auto bankruptcy.