Trading Week Ahead-Tapering Talks Continue

This week's focus remained on US inflation as the USD continues to find a base maintaining buyer demand. The Fed testimony on day two was a highlight this week, and Fed Powell took a grilling from senators over high inflation, as well as the Fed’s current monetary policy. Powell reiterated the view that higher inflation looked to be transitory, but he acknowledged that price pressures were well above the central bank’s target.

Inflation and employment growth are both important factors to when the Fed will tighten the current easy monetary policy. “We’ve said that we would begin to reduce our asset purchases when we feel that the economy has achieved substantial further progress measured from last December,” Powell said Thursday. “We’re in active consideration of that now.”

Rate increases look to be forming a floor for the USD and could be a reason there’s lower short interest. Adding to inflationary worries was last Friday’s better than expected US retail sales data. The figures were strong, retail sales increasing to 0.6%, well above the -0.4% expected and the previous -1.3% figure. This goes back to the price pressures, the PPI another factor as it came in above expectations last week, hitting 1.0%. With government spending and now price pressures expanding, could this dial-up earlier rate rise expectations?

The USDCAD and USDCHF posted solid weeks. Risk majors declined with the AUD and EUR both hitting new weekly lows while the GBP spent most of the week range-bound. The Bank of England was accused of being addicted to printing money late last week by its peers. Inflation is also an issue in the UK, and the focus remains around when the central bank could start tapering its current bond-buying. The head of the BoE commented that he won’t be rushed into rate rise decisions.

Staying with rates, Westpac sees a possible 3x 25 point rate rises from the RBNZ in 2021. NZ CPI surprised this week, hitting 1.3%, well above the 0.7% expected.

Melbourne is back in another lockdown, has this affected Gold?

Delta Covid variant continued to develop last week, with infection rates continuing to skyrocket. Australia saw a second major city move back into lockdown. Is this the factor holding gold up? Gold ignored the USD last week, continuing to trade above the 1820 level. Oil was not as favored as it moved lower. Chinese GDP missed the mark but still came in at 7.9%

U.S. indexes bucked off the Fed as the Nasdaq and SP500 hit new records. The Nasdaq stubbled off highs on Thursday. European indexes finished mainly lower last week, as did the Nikkei.

This week, the European Central Bank’s monetary policy meeting could be seen as the critical event of the week. The focus will be on the ECB monetary policy and its own stimulus program. With the UK talking reductions, could we see anything like this from the ECB? Flash data rounds out the week. German services and manufacturing PMI data the high impact highlighted. But we also have EU, French, UK, and US data due.

US stocks indexes remain a focus, with prices remaining around all-time highs. Has inflation been discounted? It’s a hot topic, but for now, buyers seem to be liking the temporary comments and the message that the stimulus will continue until otherwise.

Lastly, Bitcoin might not be all over the headline atm, but we are keeping a close eye on the weekly chart as the price continues to test support seen from 31,700 to 32,000. If a new move lower set off, could this be 2018 all over again?

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

Daily Market View-U.S Stock Market-U.S stock indexes fell yesterday as a rally in growth stocks ran out of steam

U.S stock indexes fell yesterday as a rally in growth stocks ran out of steam, while economically sensitive cyclical gained as a fall in weekly jobless claims last week strengthened views about a recovery in the labor market. Mega-cap technology stocks including Apple Inc., Microsoft Corp, Amazon.com, Alphabet Inc., and Facebook Inc. fell between 0.7% and 1.7%. The S&P 500 technology sector index fell 0.9% and was on track to snap a four-day winning streak. Seven of the 11 major S&P sectors were trading lower, including consumer discretionary and communication services. Value-oriented sectors such as financials, industrials, and materials led gains yesterday, as the Labor Department said initial claims for state unemployment benefits fell 26,000 to a seasonally adjusted 360,000 for the week ended July 10, a 16-month low. However, investors have been fretting over a sooner-than-expected hawkish shift by the Federal Reserve amid signs of a steady economic rebound.

Dow Jones Industrial Average 

The Dow Jones Industrial Average rose 0.15%. The biggest gainers of the session on the Dow Jones Industrial Average were Honeywell International Inc., which rose 2.20% or 5.02 points to trade at 232.79 at the close. UnitedHealth Group Incorporated added 1.27% or 5.25 points to end at 420.00 and Home Depot Inc. was up 1.05% or 3.36 points to 322.58 in late trade. The biggest losers included Salesforce.com Inc., which lost 2.01% or 4.88 points to trade at 237.55 in late trade. Walgreens Boots Alliance Inc. declined 1.34% or 0.63 points to end at 46.25 and Intel Corporation shed 1.24% or 0.70 points to 55.82.

NASDAQ 100 The NASDAQ index lost 0.70%. The top performers on the NASDAQ Composite were Liquid Media Group Ltd which rose 67.09% to 2.6400, Cinedigm Corp which was up 37.04% to settle at 1.4800 and ATA Inc. which gained 28.02% to close at 3.815. The worst performers were Imv Inc. which was down 30.29% to 1.450 in late trade, 1895 of Wisconsin Inc. Bancorp which lost 28.82% to settle at 11.19, and Marin Software Inc. which was down 27.36% to 9.93 at the close.

Oil

Oil prices fell by more than $1 a barrel yesterday on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S fuel demand. U.S. West Texas Intermediate (WTI) crude settled at $71.65 a barrel, down $1.48, or 2.2%. The slide continued Wednesday's losses after Reuters reported that Saudi Arabia and the United Arab Emirates had reached an accord that should pave the way for a deal to supply more crude to a tight oil market. A deal has yet to be solidified, and the UAE energy ministry said deliberations are continuing. Talks among the Organization of the Petroleum Exporting Countries, Russia, and their allies, a group is known as OPEC+, broke down this month after the UAE objected to extending the group's supply pact beyond April 2022, saying the deal did not account for the UAE's increased output capacity. Several banks, including Goldman Sachs, Citi, and UBS expect supplies to remain tight in the coming months.

Precious and Base Metals

Gold prices today were headed for the fourth straight weekly gain, as investors took comfort from Federal Reserve Chair Jerome Powell’s stance that the U.S central bank would continue to support the economy and inflation will be transitory. Spot gold was flat at $1,829.14 per ounce but gained 1.2% so far this week. U.S gold futures edged up 0.1% to $1,830.30. Powell faced sharp questions about inflation and banking regulation in a hearing before the Senate Banking Committee on Thursday and repeated his pledge of “powerful support” to complete the U.S. economic recovery. Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement. The Federal Reserve will shutter its asset purchases program by the end-2022, according to a Reuters poll, with a few more economists now predicting a rate hike as early as next year, but they pegged new COVID-19 variants as the biggest economic risk. The economy in China, a leading consumer of gold, grew slightly more slowly than expected in the second quarter, weighed down by higher raw material costs and new COVID-19 outbreaks, fanning expectations that policymakers may have to do more to support the recovery. Silver was flat at $26.32 per ounce, palladium rose 0.1% to $2,731.96, and platinum dipped 0.1% to $1,136.94. Copper prices rose yesterday as lower than expected growth from top consumer China stoked hopes for more support for the world’s second-largest economy. China’s growth in the second quarter undershot expectations in a Reuters poll owing to slowing manufacturing activity, higher raw material costs, and new COVID-19 outbreaks. Meanwhile, U.S Fed chairman Jerome Powell told Congress he saw no need to rush the shift towards tighter post-pandemic monetary policy, which bodes well for liquidity and metals demand.

Traditional Agricultures

Corn futures retreated from a near two-week high hit in the previous session, although losses were limited by worries about crops in key U.S growing regions. Wheat dipped yesterday after a rally, while soybean ticked higher. Corn and soybeans are being underpinned by sustained dry weather.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

FOREX-U.S retail sales numbers are due for release today

For the past few weeks, the U.S dollar has oftentimes moved in a completely opposite direction from Treasury yields. That trend continued yesterday as the greenback shrugged off losses in 10-year rates to trade higher against all of the major currencies. Federal Reserve Chairman Powell may not be as eager to normalize monetary policy as other central banks but U.S data could force his hand. According to the latest report, jobless claims fell to a new post-pandemic low of 360K. Manufacturing activity in the Philadelphia region slowed but the Empire state index hit a record high. June retail sales numbers are due for release today and the risk is to the upside. Economists are looking for spending to fall for the second month in a row due to slower auto sales but with strong non-farm payrolls and higher wages, retail sales could beat expectations which would drive USD/JPY higher and EUR/USD lower. BoJ rate decisions are not generally big market movers especially when no policy changes are expected from the central bank. Still, a cautiously grim outlook is anticipated along with lower economic projections. Japan is struggling with the pandemic. Not only is the country in its fourth state of emergency but outbreaks have been reported at the Tokyo Olympics. While the commodity currencies sold off hard yesterday, EUR/USD is the most vulnerable to extended losses. Amidst all of the hawkish language by policymakers, ECB officials said they don’t want to taper until the time is right because Europe is still struggling with the delta variant, mixed data and a slow recovery. Tomorrow’s Eurozone CPI and trade reports will take a backseat to U.S retail sales. The selloff in sterling masked a sharp intraday reversal. GBP/USD almost hit 1.39 on the back of hawkish comments from the Bank of England. BoE member Saunders said it may become appropriate to withdraw stimulus soon which echoes yesterday’s comment from Deputy Governor Ramsden who said he could envision tightening sooner as he wouldn’t be surprised if CPI hit 4%. This would be a significant increase from the 2.5% YoY rate just reported. Labor market numbers were mostly better with jobless claims falling more than expected, the unemployment rate improving and average earnings rising sharply. All of this plays into our view that the BoE is preparing to taper again this summer.

 Euro

The single currency bounced off a more-than 3-1/2 month low against the U.S dollar after dovish comments by the Fed chief broke a recent spike in Treasury yields. In testimony to the U.S Congress, Fed Chair Jerome Powell said the U.S economy was "still a ways off" from levels the central bank wanted to see before tapering its monetary support. Overall, the EUR/USD traded with a low of 1.1823 and a high of 1.1880 before closing the day around 1.1877 in the New York session.

Yen

The Japanese Yen fell as the dollar is headed for its best weekly gain in about a month today, supported by investors' drift toward safety as rising COVID-19 infections loomed over the pandemic recovery. Solid U.S data and a shift in interest rate expectations after the Fed flagged sooner-than-expected hikes in 2023 have put a floor under the greenback. Overall, the USD/JPY traded with a low of 109.71 and a high of 110.24 before closing the day around 110.10 in the U.S session.

British Pound

The British Pound retreated further against the dollar and euro yesterday, shrugging off another set of stronger economic data and focusing on the impending end of activity curbs even as COVID-19 infection rates climbed. Britain is set to drop all COVID-linked activity curbs from next Monday, including mandatory mask-wearing. Overall, the GBP/USD traded with a low of 1.3754 and a high of 1.3898 before closing the day at 1.3897 in the New York session.

Canadian Dollar

The Canadian Dollar fell to near a three-month low against its U.S counterpart yesterday, hurt by dismal economic data and weakness in oil prices. Canada's scorching hot housing market is starting to cool, as buyers shift their focus from getting more space to getting back to normal after the COVID-19 pandemic. Overall, USD/CAD traded with a low of 1.2440 and a high of 1.2554 before closing the day at 1.2441 in the New York session.

Australian Dollar

The Australian Dollar has fallen again during the course of the trading session yesterday as the Australian dollar continues that very sickly, as the Australians have been locking parts of their economy down yet again. With this being the case, the market is likely to continue going lower, and it is worth noting that the US Dollar Index is on the verge of a breakout. Overall, AUD/USD traded with a low of 0.7408 and a high of 0.7485 before closing the day at 0.7421 in the New York session.

Euro-Yen

EUR/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also issuing a bearish stance. The Relative Strength Index is above 35 and lies below the neutral zone. In general, the pair has gained 0.63%.

Sterling-Yen

Currently, GBP/JPY is trading below 14 and above 50, 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 41 reading and lies below the neutral zone. On the whole, the pair has gained 1.15%.

Aussie-Yen

Currently, the cross is trading below 14, 50 and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 36 reading and lies below the neutral region. In general, the pair has gained 1.15%.

Euro-Sterling

This cross is currently trading below 14, 50 and 100 days moving average. Fast stochastic is indicating a bearish tone and MACD is issuing a bullish signal. The Relative Strength Index is above 44 and lies below the neutral region. Overall, the pair has lost 0.54%.

Sterling-Swiss

This cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 46 and lies below the neutral region. In general, the pair has gained 0.67%.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

Daily Technical Analysis-The euro continues to lose value against the dollar

EUR/USD Current level - 1.1807

The euro continues to lose value against the dollar and, despite its short-term correction from Wednesday, during yesterday's trading session the pair was down again. The forecasts are that this downward movement will continue and the pair will focus on a test of the local bottom and important support at 1.1773. The first important resistance is at 1.1891. During today's trading session, investors' attention will be focused on the data on the consumer price index for the Eurozone (09:00 GMT).

USD/JPY Current level -  109.99

Although in the first hours of today's trading session the currency pair saw an upward movement, the forecasts are that it will be short-term, after which the downward movement will continue. The first important support is the level at 109.53 and, if it is not broken, a short-term correction may follow. Important resistance is the level at 110.40.

GBP/USD Current level - 1.3824

Since the beginning of the week, the currency pair is in a relatively narrow range between 1.3909 and 1.3795 and these are the critical support and resistance. As a rule, if any of them is broken, this will determine the direction of the subsequent movement. However, expectations are for a downward movement and strengthening of the dollar against the pound.

DAX30 Current level - 15618

The German index is in a corrective phase after testing but failed to break the key resistance and a record high at 15807. The correction is projected to be short-term and limited by key support at 15358, after which the uptrend will recover and the index could test and break the said key resistance at 15807.

US30 Current level -  34948

The US blue-chip index has been consolidating since the beginning of the week, but the uptrend has not been broken and expectations are that the uptrend will return soon and the index will set new records. The first important resistance is at 35010, followed by 35062 and the record level at 35092. Critical support is at 34125.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

Daily Market View-U.S Stock Market-U.S monetary policy will offer “powerful support” to the economy

The S&P 500 ended with a gain after briefly hitting an intra-day record in a choppy session on Wednesday, as investors balanced worries about inflation with reassuring comments from Fed Chair Jerome Powell. Of the 11 S&P 500 sector indexes, utilities, and consumer staples were among the strongest, while energy sank over 3%. U.S monetary policy will offer “powerful support” to the economy “until the recovery is complete,” Powell told a congressional hearing in remarks that portrayed a recent jump in inflation as temporary and focused on the need for continued job growth. Powell’s comments followed data this week showing U.S producer prices increased more than expected in June and U.S consumer prices rose by the most in 13 years. Investors in recent weeks have focused on inflation, with many fearing a possible hawkish shift by the Federal Reserve, as well as a spike in coronavirus infections that could knock U.S equities off record highs.

Dow Jones Industrial Average

The Dow Jones Industrial Average rose 0.13%. The best performers of the session on the Dow Jones Industrial Average were Apple Inc., which rose 2.47% or 3.60 points to trade at 149.24 at the close. Meanwhile, Coca-Cola Co added 2.31% or 1.27 points to end at 56.29 and Honeywell International Inc. was up 1.65% or 3.69 points to 227.77 in late trade. The worst performers of the session were Chevron Corp, which fell 1.89% or 1.96 points to trade at 101.97 at the close. Boeing Co declined 1.69% or 3.86 points to end at 224.34 and Caterpillar Inc. was down 1.65% or 3.54 points to 211.65.

NASDAQ 100

The NASDAQ index declined 0.22%. The top performers on the NASDAQ Composite were SGOCO Group Ltd which rose 36.33% to 13.074, Datasea Inc. which was up 34.81% to settle at 3.950 and Bon Natural Life Lt which gained 33.26% to close at 11.86. The worst performers were Allena Pharmaceuticals Inc. which was down 35.47% to 0.8969 in late trade, Allied Healthcare Products Inc. which lost 31.13% to settle at 6.240 and Antelope Enterprise Holdings Ltd which was down 25.75% to 2.970 at the close.

Oil

Oil prices fell nearly 1% today, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S fuel stocks rose, raising concerns about demand in the world's largest consumer. U.S West Texas Intermediate (WTI) crude for August was at $72.51 a barrel, down 62 cents, or 0.9%. The market is not taking any chances. Prices are much overbought anyway so traders might want to take some money off the table before the deal is concrete. Talks among the Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, had broken down earlier this month after the UAE objected to extending the supply cut deal beyond April 2022. The deal will take some time to get finalized, but it seems the UAE will be allowed to produce more output next year. It seems OPEC+ will shortly have a plan to raise output and that is welcomed the news as surging demand had the oil market getting too tight.

Precious and Base Metals

Gold prices hovered near a four-week peak yesterday after U.S Federal Reserve Chair Jeremy Powell soothed investor fears by reassuring that he was in no rush to tighten policy, lifting the metal’s appeal as an inflation hedge. Spot gold was flat at $1,826.27 per ounce, having hit a peak since June 16 at $1,829.55 yesterday. U.S gold futures edged up 0.1% to $1,827.00. Powell stuck to the view on Wednesday that the current price increases are transitory and the Fed expects to continue its bond-buying until there is “substantial further progress” on jobs, with interest rates pinned near zero likely until at least 2023. Large stimulus measures tend to support gold, which is often considered a hedge against inflation and currency debasement. Growing inflationary pressures are going to keep investors on edge, but they are becoming more comfortable about the Fed’s stance, allowing them to continue to build positions in the market. The conditions are relatively supportive of further gains in gold. It’s not going to be a sprint but a very gentle, gradual trend higher for the year at the moment. Weighing on bullion’s appeal, the dollar found some footing during the Asian trade on the back of coronavirus jitters, after Powell’s comments caused the greenback to retreat from recent peaks. On the technical front, spot gold may test a resistance at $1,833 per ounce, a break above could lead to a gain at $1,853. Among other precious metals, silver edged up 0.1% to $26.26 per ounce. Copper prices lost ground in low volumes yesterday on tepid demand in top metals consumer China and uncertainty about rising inflation. A dip in physical demand in top metals consumer China was also weighing on the market after China’s copper imports fell for a third straight month in June. The high copper prices are having an impact on demand, which has reduced some of the downstream orders and we are seeing that in the lower Chinese import numbers in June.

Traditional Agricultures

Corn and soybean futures hit their highest in nearly two weeks yesterday as forecasts called for dry weather in the Midwest crop belt next week and continued dryness in the northern Plains, threatening crop prospects.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.

FOREX-The U.S dollar weakened against all of the major currencies

The U.S dollar weakened against all of the major currencies as Treasury yields took a tumble. Federal Reserve Chairman Powell admitted that inflation data has been higher than expected and they lack certainty on transitory inflation even though they believe that to be the case. This line is important because it reinforces the possibility of Fed taper this year. Powell sees the next six months as critical for inflation, to see if falls back like they expect. The fact that he still maintains the view that inflationary pressures will subside indicates that policy changes are a ways off. The Fed is trailing behind New Zealand, Canada, and the U.K central bank, and the worry are they will fall further behind on the curve and be forced to tighten more aggressively in the future. Looking ahead, the Empire State and Philadelphia Fed surveys will provide more insight into how quickly the Fed will act. If manufacturing activity continues to weaken, even if it is driven by supply chain disruptions, the Fed will wait. If manufacturing issues are resolved and activity accelerates, the pressure on the Fed to taper increases. Central banks are taking bigger leaps to normalize monetary policy and investors are wondering If the Federal Reserve is next. Yesterday, the Reserve Bank of New Zealand shocked investors by suddenly halting asset purchases. Although hawkishness was widely anticipated with a number of local banks forecasting a November rate hike, most expected the RBNZ to taper not cease asset purchases. But “more persistent consumer price inflation pressure,” that is “expected to build over time due to rising domestic capacity pressures and growing labor shortages,” prompted more aggressive action from the central bank. Unlike other countries, New Zealand’s labor market returned to pre-pandemic levels earlier this year and with the prices proving to be persistent, the Reserve Bank is worried that inflation could overshoot its target. The Bank of Canada also reduced monetary stimulus but their adjustment was less significant compared to the RBNZ. They scaled back bond buys for the second time in a row by 1 billion per week, which was more than the consensus forecast for an overall reduction of 1 billion.

Euro

The single currency traded lower as Eurozone industrial production fell in May by more than expected, driven down mostly by a drop in the output of non-durable consumer goods such as food and clothes, data released yesterday showed. Industrial output fell 1.0% month-on-month, whereas economists polled by Reuters had expected a 0.2% decline. Overall, the EUR/USD traded with a low of 1.1823 and a high of 1.1880 before closing the day around 1.1877 in the New York session.

Yen

The Japanese Yen gained as the dollar retreated from recent peaks today, following further reassurance from Federal Reserve chair Jerome Powell that he was in no rush to tighten policy, though losses were kept in check by investor's nerves ahead of Chinese growth data. Powell said overnight that high inflation seemed linked to reopening. Overall, the USD/JPY traded with a low of 109.71 and a high of 110.24 before closing the day around 110.10 in the U.S session.

British Pound

The British Pound climbed against the dollar yesterday as UK inflation rose more than expected to its highest in almost three years, stoking speculation the Bank of England will have to consider sooner whether to reduce its massive stimulus program. Inflation jumped in June further above the BoE's 2% target to hit 2.5%, its highest since August 2018. Overall, the GBP/USD traded with a low of 1.3754 and a high of 1.3898 before closing the day at 1.3897 in the New York session.

Canadian Dollar

The Canadian Dollar was up as the Bank of Canada reduced the scope of its bond-buying program but held its key interest rates at a record low. The loonie cut its gains against the U.S dollar following the Bank of Canada's announcement. The bank also warned that inflation would be higher than previously forecast over the near term. Overall, USD/CAD traded with a low of 1.2440 and a high of 1.2554 before closing the day at 1.2441 in the New York session.

Australian Dollar

The Australian Dollar gained as Australia's jobless rate, led by the country's remarkable recovery from the coronavirus pandemic, improved to a level last seen during the once-in-a-generation mining boom and may help bring forward the date of monetary policy tightening. 29,000 net new jobs were created in June, in line with forecasts for a 30,000 gain. Overall, AUD/USD traded with a low of 0.7460 and a high of 0.7532 before closing the day at 0.7482 in the New York session.

Euro-Yen

EUR/JPY is trading below 14, 50, and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also issuing a bearish stance. The Relative Strength Index is above 30 and lies below the neutral zone. In general, the pair has gained 0.63%.

Sterling-Yen

Currently, GBP/JPY is trading below 14 and above 50, 100 days moving average. Fast stochastic is issuing a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 33 reading and lies below the neutral zone. On the whole, the pair has gained 1.15%.

Aussie-Yen

Currently, the cross is trading below 14, 50, and 100 days moving average. Fast stochastic is giving a bearish tone and MACD is also indicating a bearish stance. The Relative Strength Index is above 28 reading and lies below the neutral region. In general, the pair has gained 1.15%.

Euro-Sterling

This cross is currently trading below 14, 50, and 100 days moving average. Fast stochastic is indicating a bearish tone and MACD is issuing a bullish signal. The Relative Strength Index is above 48 and lies below the neutral region. Overall, the pair has lost 0.54%.

Sterling-Swiss

This cross is trading above 14 and below 50, 100 days moving average. Fast stochastic is issuing a bullish stance and MACD is also indicating a bullish tone. The Relative Strength Index is above 42 and lies below the neutral region. In general, the pair has gained 0.67%.

Disclaimer

This information has been prepared for information only and does not constitute an offer or commitment. This information does not constitute investment advice as defined by the rules of the FCA.