UK economy contracts in August, adding to risk of recession
The UK gross domestic product data showed that the economy contracted by 0.3% in August, against expectations for zero growth and vs 0.2% expansion in July.
Annualized figure pointed to continuous and strong slowdown in economic growth,…
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Gold extends steep downtrend as dollar firms
Spot gold hits one-week low in European trading on Tuesday, in extension of Monday’s 1.6% fall, holding in a steep downtrend for the fifth straight day.
Near-term action remains pressured by risk aversion that continues to lift dollar, in…
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Bulls look for a break of new 24-year high
The USDJPY is trading just ticks ahead of new 24-year high (145.90, posted on Sep 22) in European session on Tuesday.
Bulls regained traction after a quick pullback from 145.90 peak found firm ground just above psychological 140.00 support…
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Broad risk aversion pushes Aussie to new multi-month low
The Australian dollar extend the bear-leg from Oct 4 lower top (0.6547) into sixth straight day, hitting the lowest since Apr 2020, in early Tuesday’s trading.
Broad risk-off mode on economic uncertainty and growing geopolitical tensions…
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Bulls face strong headwinds from falling daily cloud
WTI oil price eases in early Monday, following strong acceleration on Friday and last week’s 15% advance (the biggest weekly rally since the last week of February).
Traders start to collect profits as daily studies are overbought and…
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Bears are taking a breather above Fibo support at 1.1053
Cable starts the week in a quiet mode and holding within a narrow range above 1.1053 (Fibo 38.2% of 1.0348/1.1489 upleg / last Friday’s low) where the strong fall in past three days found temporary footstep.
Near-term structure…
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Better than expected US labor data in September fuel expectations for Fed’s another 0.75% rate hike
The report from the US labor sector showed that employers hired more workers than expected in September, while the unemployment fell to 3.5% from 3.7% previous month, pointing to tight labor market.
US non-farm payrolls rose to 263K in…
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Euro may fall further on robust US jobs data
The Euro edges higher in European trading on Friday, consolidating a sharp fall on Wed/Thu (2.04%).
Renewed risk aversion which dragged the euro lower, is likely to gain pace as markets expect a robust US jobs report that would give a…
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Dollar Index keeps firm tone ahead of key US jobs data
The dollar index is holding within a narrow consolidation in early Friday, following strong rally in past two days (up almost 2%) which retraced 50% of 114.72/109.95 pullback, adding to signals that corrective phase from new 20-year high…
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Near-term structure weakens after a double failure at 1.1500 barrier
Cable remains in red for the second day, pressured by weaker risk sentiment and downbeat report from the BoE, which showed raised expectations for inflation in one year time to 9.5% from 8.4% estimation in August and expectations for 4.8%…
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