Although
the local currency could remain buoyed by repeated central bank intervention,
external risks in the form of global trade tensions could create headwinds down
the road. With speculation of higher U.S interest rates also boosting the
Dollar and accelerating capital outflows from emerging markets, this is
certainly bad news for EM currencies which may depreciate further.
Stocks rebound on
solid U.S earnings, Gold gains slightly
Global
equity bulls were lingering in the vicinity during Tuesday’s trading session as
investors diverted some attention from trade war concerns to focus on strong
U.S corporate earnings. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Asian
stock markets have ventured higher following the robust earnings-led gains on
Wall Street overnight. Although the positive domino effect from Asia is likely
to support European equities and trickle back down to Wall Street later this
afternoon, upside gains may be limited this week. With escalating U.S - China
trade tensions eroding investor confidence and renewed U.S sanctions on Iran
compounding to the uncertainty, market sentiment is likely to remain cautious
moving forward.
Dollar bulls take
a breather, but remain in control
The
Dollar has slipped against a basket of currencies today as investors engaged in
a bout of profit taking after prices kissed the 95.50 level during the previous
trading session. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Dollar
strength is likely to remain a dominant market theme as escalating U.S - China
trade tensions prompt investors to seek protection in the Dollar, which is now
seen as a safe-haven asset. Another major theme that continues to stimulate
buying sentiment towards the Greenback is the heightened speculation over
higher U.S interest rates this year.
Regarding
the technical picture, the Dollar Index remains bullish on the daily charts.
Bulls need to conquer the 95.50 resistance level to open a clear path towards
96.10 and 96.50, respectively. Although a breakdown below 95.00 could trigger a
decline towards 94.80, bulls remain in firm control above the 94.18 higher low.
Sterling turns to
Dollar for support
Investors
should be under no illusion that the Pound’s appreciation today has to do with
a change of sentiment towards the currency. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
With
fears over the possibility of hard Brexit leaving investors extremely wary of
holding the Pound, the currency’s outlook remains tilted to the downside.
Although a vulnerable Dollar has offered Sterling bulls a false sense of
security today, investors may simply exploit the rebound to drive prices lower.
The
technical picture illustrates that the GBPUSD remains firmly bearish on the
daily charts. Bears remain in firm control below the 1.3000 psychological level
with 1.2900 and 1.2860 acting as important checkpoints for bears if the downside
momentum holds.
Commodity
spotlight – Gold
Gold
was offered support in the form of a weaker Dollar during Tuesday’s trading
session with prices trading around $1215 as of writing. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
While
the precious metal could struggle higher in the near term if the Dollar
continues to weaken, the medium-to-longer term outlook for Gold remains
bearish. It is becoming quite clear that the Dollar is starting to outshine
Gold as a safe-haven asset while expectations of higher U.S interest rates have
translated to further pain for the zero-yielding metal. With the bearish
fundamentals behind the yellow metal’s depreciation well-aligned with the
technical, further downside is certainly on the cards.
Focusing
on the technical perspective, Gold continues to fulfil the prerequisites of a
bearish trend on the daily charts as there have been consistently lower lows
and lower highs. Sustained weakness below $1213 could invite a decline towards
$1200. Alternatively, a solid breakout and daily close above $1213 may trigger
a rebound towards the $1224 lower high.
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