Although
the chances of a breakthrough deal from lower-level talks are seen as unlikely,
the meeting could be a positive step towards easing trade tensions between the
world’s two largest economies. Asian shares traded mixed on Friday following
overnight gains on Wall Street. European equity markets could find support
today as optimism over the renewed trade talks boost investor sentiment.
Turkish Lira
stabilizes…. but for how long?
The
Turkish Lira has staged an incredible rebound against the Dollar this week
after freefalling to a record low below 7.23. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
The Lira was thrown a lifeline following reports of Qatar pledging $15 billion
in direct investments for Turkey. Prices recovered further after the nation’s
Finance Minister Berat Albayrak sought to calm investors during a conference
call. However, buying sentiment towards the Lira was later dealt a blow, after
the United States warned that Turkey will face more sanctions if the US pastor
Andrew Brunson is not released.
Taking
a look at the technical picture, while the Lira has scope to claw back more
losses, gains may be capped by the ongoing uncertainty. The USDTRY has scope to
challenge 5.71 if bears can maintain control below the 5.80 level.
Commodity
spotlight – Gold
Gold
prices nudged higher on Friday morning thanks to a softer US Dollar. However,
the yellow metal remains on track to post its largest weekly decline since the
middle of 2017. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
It is
becoming increasingly clear that the yellow metal has struggled to maintain its
safe haven allure, with investors rushing to the Dollar instead in these times
of uncertainty. With the Greenback heavily supported by US rate hike
expectations and safe-haven demand, Gold is likely to witness further losses
moving forward.
Regarding
the technical picture, the yellow metal is heavily bearish on the daily charts.
A breakdown below $1171 could invite a decline back towards $1160. A technical
rebound back towards the psychological $1200 remains a possibility if bulls are
able to push prices back above $1180.
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