Turkish lira hits new record low on growing fears of further inflation rise
The Turkish lira hit new record low against dollar on Wednesday (8.7536) as Turkey’s President Erdogan continues to push the central bank to lower interest rates that sparked fresh sales of lira as investors fear that inflation may surpass…
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Dollar regains traction and looks for retest of 110 barrier
The dollar edged higher on Wednesday following a triple downside rejection at daily Tenkan-sen (109.37) that limits negative impact from last Friday’s bull-trap above 110 mark.
The dollar firmed on rising optimism that US jobs data will…
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Euro eases after weak German data, risks deeper pullback on strong US labor figures
The Euro dips further on Wednesday following strong upside rejection on Tuesday that left bearish daily candle with long upper shadow.
Fresh weakness was helped by significant drop in German retail sales (Apr -5.5% vs -2% f/c), while…
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Oil surges to 31-month high on hopes for strong rise in demand
Oil prices surged on Tuesday, inflated by expectations for growing fuel demand during the summer driving season in the US, continuation of slow increase in supply by OPEC+ group and strong Chinese factory data that support hopes for further…
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Cable hit new 2021 high, impressive rally in May signals further advance
Cable hit new 2021 high at 1.4249 on Tuesday, underpinned by growing optimism that booming UK housing market would contribute to a broader pick up in inflation and the subsequent reaction of the Bank of England, but gains were tempered by…
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The Reserve Bank of Australia left rates unchanged as expected
The Reserve Bank of Australia left its cash rate at record lows on the policy meeting today, keeping the policy unchanged for its sixth consecutive meeting, despite the economic conditions improved greatly and moved above their pre-pandemic…
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Gold eyes $2000 barrier as bulls accelerate in May on growing inflationary pressure
Spot Gold keeps firm tone and consolidating under new nearly three-month high ($1912) on Monday, supported by weak dollar while growing inflationary pressures lift gold’s appeal as the metal is used as a hedge against inflation.
The other…
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Friday’s bull-trap warns of deeper pullback
The dollar is standing at the back foot in European trading on Monday following Friday’s inverted hammer (bearish signal) which was formed after four-day advance stalled on probe above 110 barrier.
Rising risk of pullback is verified by…
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Euro extends sideways mode as traders remain cautious on possible changes in CB’s stance
The Euro remains in directionless mode for the third consecutive day after pullback from new multi-week high (1.2266) reached minimum correction level at 1.2133 (Fibo 23.6% of 1.1704/1.2266) but was strongly rejected here.
Near-term action…
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High cost of raw materials slows China’s factory activity, but services sector continues to recover
China’s Manufacturing PMI ticked lower in May - 51.0 vs 51.1 in April and 51.1 forecast – while services sector continued to move in the recovery track, as the index rose to 55.2 from 54.9 previous month, remaining close to the highest…
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