The OECD improves global growth forecast for 2021
The Organization for Economic Cooperation and Development (OECD) has improved its global growth forecast for 2021 from 4.2% to 5.6% and expects the world economy to expand 4.0% in 2022.
The OECD also doubled US growth forecast to 6.5% on…
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Limited correction to precede bearish continuation
Spot gold rose from new nine-month low ($1676) on Tuesday, as dollar bulls are pausing and technical studies on daily chart are oversold, providing temporary support to the metal.
Overall picture remains negative for gold, as global growth…
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Bears face headwinds from 200DMA / upbeat German data
The Euro bounces from new 3 ½ low (1.1835) on Tuesday, as steep fall in past four days stalled on approach to 200DMA (1.1816), offsetting for now bearish signal on Monday’s close below 1.1887 (Fibo 61.8% of 1.1602/1.2349 upleg).
Better…
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Overbought daily studies warn of correction before bulls continue
Bulls are taking a breather on Tuesday, following strong bullish acceleration in past eight days which peaked at 109.23 today (the highest since June 8), but faced headwinds from 200WMA (109.00) and Fibo 38.2% of 2015/2016 125.84/98.99…
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Fresh inflation optimism halts pullback but near-term bias is still negative
Cable is holding within a narrow range above 1.3800 handle on Monday after pullback from new highest since 2018 was paused by optimistic comments from BoE’s Governor Bailey that the central bank is to get inflation up to 2% target and hold…
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Oil prices rise to the highest in 28 months
WTI oil surged to the highest since October 2018 on Monday ($67.95) as the sentiment further improved after the US Senate passed a $1.9 trillion economic stimulus package, while an attack on Saudi’s oil installations by Yemeni groups…
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Euro continues to travel lower after last week’s1.3% fall; ECB in focus
The Euro fell to new 3 ½ month low in early Monday’s trading, extending steep fall into fourth straight day.
The pair fell 1.3% last week, recording the biggest weekly loss since the last week of September 2020.
Last Friday’s close below…
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The activity in German industrial sector unexpectedly fell in January
The production in German industrial sector which includes manufacturing, construction and energy, fell 2.5% in January from December’s upwardly revised 1.9% and against forecasted increase of 0.2%.
The biggest contribution to January’s…
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Dollar rises to 3 1/2 month high after strong US labor data
The dollar jumped to 3 ½ month high on Friday after us labor data showed jobs growth accelerated above expectations in February.
Falling new Covid-19 cases and increased vaccination rate improved the sentiment, with better-than-expected US…
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Upbeat jobs data signal that US labor market recovery gains traction
US non-farm payrolls surged 379,000 jobs in February, compared to upwardly revised January’s figure from 49,000 to 166,000, after the payrolls fell for the first time in December and heavily beat expectations for increase by 182,000 jobs.…
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