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Forex Trading

The trading week in retrospect.

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Ahead of the end of the trading week, the US dollar was the dominating theme in markets, and it had several drivers. The world’s largest economy has been showing more signs of weakness and traders of opposing pairs capitalized on its weakness. US politicians have also failed to agree on a new relief package – triggering a fiscal-cliff in special federal employment benefits.

Gold spiked to new highs amidst reports that the president of the United States, Donald Trump was considering postponing the elections. An idea that was quickly dismissed by the US congress.

The US Gross Domestic Product has plunged by 32.9% annualized, which surprisingly is better than expected but is still the worst in history. The Federal Reserve also announced that some special lending schemes will be extended through year-end – showing the bank’s commitment to non-stop support towards reviving the economy.  

From the look of things, It seems that Fed Chair Powell and his colleagues prefer Congress to lead – using their spending powers, which the Federal Reserves does not possess. Republicans and Democrats were at odds over injecting further stimulus packages – especially the all-important federal unemployment benefits. Depressed US bond-yields – regardless of YCC – have also been weighing on the dollar.

The novel Coronavirus statistics remains worrying, with daily deaths rising well above 1,100. Hopes for a vaccine remains alive with Moderna  kicking off its Phase 3 trial, racing against AstraZeneca and the University of Oxford. These actions may have pushed the safe-haven dollar down – and it had already been unwinding the risk-aversion trade.

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Forex Trading

Gold dips after pmi release

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XAUUSD prices have slipped back towards where they traded for most of June. This is despite US yields and the dollar slipping back a little, which makes me think this move is more technically driven, than being a more bearish signal.

The yellow metal ran into resistance just above USD 1,835, around the same area it struggled a couple of weeks earlier. As long as it holds above USD 1,795, the outlook looks favourable. A move above that resistance zone could give the yellow metal a bit of a kick, with USD 1,855 then being key above here.

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Agri-Tech

You can now assign Nairaforex traders to your funds.

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Nairaforex one of Nigeria’s leading trading services has now opened their  functionality to the general public. With Nairaforex, users can now assign the best remote professional forex traders to their capital and earn returns within a specific period.

Nairaforex who employs traders who work remotely across Nigeria, South Africa, Kenya, Germany, France and other countries. With Nairaforex, you can easily assign these traders to your funds to trade on your behalf and get back reasonable returns at the end of a specified duration.

Each trader posses a different money-back guarantee, deliver within different periods and have different returns on the funds. Nairaforex has also included the functionality of assigning more than one trader to your funds for preferential purposes.

Go to Nairaforex.com to join Nairaforex now, and for more information.

Stay tuned to Nairainvest for more investment opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

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Forex Trading

NZD/USD continues bullish move.

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The New Zealand Dollar and United States dollar pair closed at its highest since March 4th on Monday, extending last month’s bottom.

The breakout above the 23.7% Fibonacci extension at 0.7175 and falling resistance from February have been confirmed, exposing the 38.2% level at 0.7318. Beyond the latter sits peaks from 2018, making for a critical zone of resistance between 0.7397 and 0.7438

Stay tuned to Nairainvest for more investment opportunities and opportunities and do not forget to subscribe to our newsletter for news at your doorsteps.

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