GemForex - weekly analysis
The week ahead: Currency Price action at the mercy of the Macro Sentiment
Mohicans markets：MHM Today News
On Monday,October 17, the UK announced the withdrawal of most of the tax reduction policies, which boosted market sentiment. The UK bond yield fell about 40 basis points collectively, driving the European and American long bond yields to fall generally, and the European and American stock markets to rise together. As risk sentiment rose, the dollar index fell below the 113 and 112 levels one after another in the session, closing at 112, a sharp drop of 1.068% to 112.11.
Mohicans markets：10.17-MHM European Perspective
On Monday,October 17, in the Asian session, spot gold rose in shock. At present, it is trading near 1652.5 US dollars/ounce, bargain hunting around 1640 and the US dollar has weakened slightly, providing a rebound momentum for the gold price. Since last weekend, the British government has been actively dealing with the pension crisis and tax cuts, and is prepared to issue a statement on the medium-term fiscal plan in advance, which helps the pound rebound and further depress the dollar.
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Mohicans markets：MHM Today News
On Friday, October 14, the dollar index rose 0.756% to 113.32. British political farce dominated the day's foreign exchange market. After Truss fired kwarten, the pound fell more than 1% against the dollar to below $1.12. After Truss appointed Hunter as the new Chancellor of the exchequer and announced a policy U-turn, the pound fell further against the US dollar, and then recovered some of its lost ground. The dollar rose to 148 against the yen, a new high since August 1990.
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Mohicans markets：10.14MHM European Perspective
On Friday October 14, during the Asian session, spot gold fluctuated in a narrow range. Currently, it is trading near 1668 dollars/ounce. The strong US CPI data released overnight supported the Federal Reserve's expectation of aggressive interest rate hikes, which once put pressure on gold prices, but the fall in US dollar and US bond yields provided support for gold prices.
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Mohicans markets：MHM Today’s News
On Thursday, October 13, the release of U.S. inflation data triggered sharp volatility across financial markets. The dollar index fell heavily below 113 after the CPI release, closing down 0.724% at 112.47. The daily volatility of the dollar index was nearly 200 points, and the yen once depreciated to the early 1990s level. The U.S. 30-year Treasury yield rose to 4%, which was the highest level since 2011. U.S. Treasury yields touched a 15-year high 2 years ago.
US equities surge after shrugging off hot CPI figure in chaotic session
US stocks ripped higher after a hot CPI figure saw the S&P 500 open over 2% down from the previous close only to finish up 2.6%. This came despite an Inflation figure that was higher than analysts expectations (8.1% YoY) at an 8.2% increase from September last year and a 40 year high.
AUD bounces strongly in line with US equity’s jump
The US indices pumped higher as holders of shorts had to close their positions which resulted in one of the strongest sessions in recent months. The US dollar finally dropped back down, and it gave the AUD some much needed relief and is showing some potential of a short-term reversal.
US stocks end slightly lower in a choppy session after hot PPI data and mixed FOMC minutes.
US markets mostly tread water ahead of CPI on 13th October figure, equities and the USD traded in a fairly tight range, a lack of expected chaos out of the UK and what were considered a mixed FOMC minutes saw markets in a holding pattern as traders await US inflation data.
10/14 Market report
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
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Mohicans markets ：October 13--MHM European Market
On Thursday, October 13, during the Asian period, the spot gold shock fell slightly, and currently traded at $ 1670 per ounce.
10/13 Market report
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
RCG markets. The latest South African Broker to join the ranks or another ticking time bomb?
If you have been trading in South Africa for any amount of time you would come to know how quickly brokers can turn to scams as the FSCA has shut down a considerable number of forex institutes. There are few local brokers you can trust as almost every day we encounter brokers with regulatory status and bad customer service. Today we look at the latest South African broker to join the industry and we will be looking to see if the broker is indeed reliable or not.
NAGA Secures New Seychelles License
NAGA Group, a retail FX and CFDs broker that focuses on social trading, has announced that it has received a financial license from the Seychelles regulator in order to expand its global operations. NAGA's founder and CEO, Benjamin Bilski, stated:
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Mohicans markets：MHM Today’s News
On Wednesday, October 12, the dollar index fluctuated in the 113 range and fell after the release of the Fed minutes, eventually closing flat; the 10-year U.S. bond yield moved higher and pushed 3.98% after the release of PPI data, but turned lower and lost 3.90% after the minutes were released. Spot gold pulled up after the release of the minutes to break through $1678 per ounce, closing up 0.48% at $1673.26 per ounce; spot silver barely held the $19 mark, closing down 0.85% at $19.03 per ounce
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