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14 12, 2024

Giá cà phê tiếp tục đà tăng

By |2024-12-14T15:59:51+02:00December 14, 2024|Forex News, News|0 Comments


Giá cà phê hôm nay December 13, 2024 trên thị trường world quay đầu tăng trở lại so với phiên giao dịch ngày hôm qua. Giá cà phê trực tuyến hôm nay của ba sàn giao dịch cà phê kỳ hạn chính ICE Futures Europe, ICE Futures US và B3 Brazil được Y5Cafe cập nhật liên tục trong suốt thời gian giao dịch của sàn, được cập nhật như sau:

Kết thúc phiên giao dịch, giá cà phê Robusta trên sàn London lúc 3 giờ 20 phút ngày December 13, 2024 có đợt tăng giá mạnh sau một phiên giảm sâu trước đó từ 33 – 55 USD/tấn, dao động 5019 – 5194 USD/tấn. Cụ thể, kỳ hạn giao hàng tháng January 2025 là 5194 USD/tấn (tăng 33 USD/tấn); kỳ hạn giao hàng tháng March 2025 là 5152 USD/tấn (tăng 51 USD/tấn); kỳ hạn giao hàng tháng May 2025 là 5095 USD/tấn (tăng 53 USD/tấn) và kỳ hạn giao hàng tháng July 2025 là 5019 USD/tấn (tăng 55 USD/tấn).

Tương tự, giá cà phê Arabica trên sàn New York vào sáng ngày December 13, 2024, cũng có sắc xanh khi đồng loạt tăng giá nhưng không đáng kể so với kỳ hạn giao dịch trước đó, mức tăng từ 1.05 – 1.55 cent/lb, dao động 307.60 – 321.25 cent/lb. Cụ thể, kỳ hạn giao hàng tháng March 2025 là 321.25 cent/lb (tăng 1.05 cent/lb); kỳ giao hàng tháng May 2025 là 319.00 cent/lb (tăng 1.20 cent/lb); kỳ giao hàng tháng July 2025 là 314.45 cent/lb (tăng 1.40 cent/lb) và kỳ giao hàng tháng September 2025 là 307.60 cent/lb (tăng 1.55 cent/lb).

Tình nguyện viên người nước ngoài trải nghiệm hái cà phê tại Nông trại Moon’s Coffee Farm, TP. Pleiku, tỉnh Gia Lai. Ảnh: Hiền Mai

Kết thúc phiên giao dịch, giá cà phê Arabica Brazil sáng ngày December 13, 2024 thì có mức tăng, mức giảm tuỳ theo kỳ hạn giao dịch, mức tăng từ 1.85 – 4 USD/tấn (đối với các kỳ hạn tháng 12/24, 05/25, 07/25). Cụ thể, kỳ hạn giao hàng tháng December 2024 là 402.00 USD/tấn (tăng 4 USD/tấn); kỳ giao hàng tháng May 2025 là 397.75 USD/tấn (tăng 1.60 USD/tấn) và giao hàng tháng July 2025 là 391.60 USD/tấn (tăng 1.85 USD/tấn). Riêng kỳ hạn giao hàng tháng 03/25 là 404.50 USD/tấn (giảm 4.05 USD/tấn).

Tại thị trường trong nước, theo thông tin từ Giacaphe.com, giá cà phê hôm nay ngày December 13, 2024 trung bình ở mức 124.100 đồng/kg, tăng 1.000 đồng/kg so với ngày hôm trước.

Giá cà phê cao nhất thu mua ở các vùng trọng điểm của Tây Nguyên (Dak Lak, Lam Dong, Gia Lai, Dak Nong, Kon Tum) được ghi nhận ở mức 124.200 đồng/kg. Cụ thể, giá cà phê hôm nay tại Đắk Lắk có mức 124.000 đồng/kg, tăng 1.000 đồng so với hôm qua. Giá cà phê tại Lâm Đồng có mức giá 122.700 đồng/kg, tăng 700 đồng so với giá giao dịch hôm qua. Trong khi đó, giá cà phê tại Gia Lai hôm nay có mức giá 124.000 đồng/kg, tăng 1.000 đồng so với giao dịch ngày hôm qua. Giá cà phê tại Đắk Nông hôm nay có giá 124.200 đồng/kg, tăng 1.000 đồng so với hôm qua. Còn giá cà phê hôm nay tại tỉnh Kon Tum được thu mua với mức 123.700 đồng/kg, tăng 700 đồng/kg.

Giá cà phê trong nước, mà Giacaphe.com niêm yết mỗi ngày được tính toán dựa trên giá của hai sàn cà phê thế giới kết hợp với việc khảo sát liên tục từ các doanh nghiệp, đại lý thu mua tại các vùng trọng điểm trồng cà phê trên cả nước.

Y5Cafe luôn cố gắng để bám sát nhất với từng vùng, tuy nhiên sẽ có những ngày giá niêm yết không hoàn toàn khớp với giá cà phê thu mua tại địa phương của bà con, nhưng Y5Cafe tin rằng thông tin được niêm yết là nguồn thông tin tham khảo giá trị cho bà con.

Dự báo giá cà phê ngày 14/ 12 / 2024

Các thương nhân cho rằng giá sẽ tăng ở nhiều thị trường những ngày qua, điều này có thể khiến mức tiêu thụ chậm lại, đặc biệt là ở các nước đang phát triển.

Dự báo giá cà phê ngày mai 14/12/2024: Giá cà phê tiếp tục đà tăng
người dân phơi cà phê tại xã Liên Đầm, huyện Di Linh, tỉnh Lâm Đồng. Ảnh: Lê Sơn

Còn theo các nhà giao dịch thì mưa trái mùa đã quay trở lại tại Việt Nam, nhà sản xuất Robusta hàng đầu, có thể tiếp tục gây gián đoạn vụ thu hoạch và làm dấy lên những lo ngại mới về chất lượng. Robusta và Arabica ở một mức độ nào đó có thể thay thế cho nhau, do đó, sự thiếu hụt của loại này có thể làm gia tăng nhu cầu đối với loại còn lại.

Theo dự báo, giá cà phê thế giới vào ngày December 14, 2024, sau khi có phiên tăng tương đối mạnh vào ngày December 13, 2024, thì rất có thể giá cà phê tiếp tục tăng mạnh tại các sàn Robusta ở London, Arabica ở New York và Arabica Brazil. Do đó, giá cà phê trong nước cũng được dự báo sẽ chạm mốc lên 125.000 đồng/kg.

Bà Nguyễn Vi Hạ – Phó Giám đốc Công ty TNHH Nông Nguyên chuyên thu mua cà phê trên địa bàn thị trấn Di Linh, tỉnh Lâm Đồng cho biết, việc người dân đang e ngại chốt lời, cộng với thời tiết tại Lâm Đồng đang diễn biến phức tạp do mưa nhiều chưa có dấu hiệu dừng lại, điều này đã ảnh hưởng nghiêm trọng đến việc thu hoạch và phơi cà phê, dẫn đến lỗi lo lắng cho cả người dân lẫn doanh nghiệp thu mua do lo ngại chất lượng cà phê không đạt yêu cầu.

“Rất có thể một hai ngày tới sẽ khan hiếm cà phê cục bộ, dẫn đến doanh nghiệp không có hàng để xuất bán, do đó, tôi dự đoán giá cà phê ngày mai December 14, 2024 sẽ tiếp tục tăng, còn mức độ tăng thế nào thì rất khó đoán” – Bà Nguyễn Vi Hạ cho hay.

Sources: https://congthuong.vn/du-bao-gia-ca-phe-ngay-mai-14122024-gia-ca-phe-tiep-tuc-da-tang-364157.html



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14 12, 2024

USD/JPY Stages Five-Day Rally for First Time Since June

By |2024-12-14T06:32:01+02:00December 14, 2024|Forex News, News|0 Comments

US Dollar Outlook: USD/JPY

USD/JPY climbs to a fresh monthly high (153.75) as it stages a five-day rally for the first time since June, but the Federal Reserve interest rate decision may sway the exchange rate as the central bank is expected to further unwind its restrictive policy.

USD/JPY Stages Five-Day Rally for First Time Since June

USD/JPY appears to be mirroring the rise in long-term US Treasury yields as it extends the advance from the start of the week, and the exchange rate may continue to retrace the decline from the November high (156.75) on the back of US Dollar strength.

Join David Song for the Weekly Fundamental Market Outlook webinar.

David provides a market overview and takes questions in real-time. Register Here

 

US Economic Calendar

 

Looking ahead, the Federal Open Market Committee (FOMC) is expected to deliver another 25bp rate-cut at its last meeting for 2024, and more of the same from the Fed may produce headwinds for the US Dollar as the central bank continues to move toward a neutral stance.

At the same time, the FOMC may adjust the forward guidance for monetary policy as Chairman Jerome Powell and Co. are slated to update the Summary of Economic Projections (SEP), and the central bank may project a more gradual path in unwinding its restrictive policy should the SEP reveal an upward revision in the Fed’s interest rate dot-plot.

With that said, a hawkish Fed rate-cut may keep USD/JPY afloat as the central bank insists that ‘monetary policy decisions were not on a preset course,’ but a further shift in the carry trade may curb the recent in the exchange rate as major central banks continue to switch gears.

USD/JPY Price Chart – Daily

USDJPY Daily Chart 12132024

Chart Prepared by David Song, Strategist; USD/JPY on TradingView

  • USD/JPY extends the advance from the start of the week to register a fresh monthly high (153.75), and a close above 153.80 (23.6% Fibonacci retracement) may push the exchange rate towards 156.50 (78.6% Fibonacci extension).
  • A breach above the November high (156.75) opens up 160.40 (1990 high), but USD/JPY may struggle to retain the advance from the monthly low (148.65) should if fail to trade back above 156.50 (78.6% Fibonacci extension).
  • A breach below 151.95 (2022 high) may push USD/JPY back towards the 148.70 (38.2% Fibonacci retracement) to 150.30 (61.8% Fibonacci extension) zone, with the next area of interest coming in around 144.60 (50% Fibonacci retracement) to 145.90 (50% Fibonacci extension).

Additional Market Outlooks

Gold Price Forecast: Bullion Remains Below Pre-US Election Prices

Canadian Dollar Forecast: USD/CAD Climbs to Fresh Yearly High

GBP/USD Outlook Hinges on Break of December Opening Range

Australian Dollar Forecast: AUD/USD Falls to Fresh Yearly Low

— Written by David Song, Senior Strategist

Follow on Twitter at @DavidJSong

Get our guide to central banks and interest rates in Q4 2024



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14 12, 2024

USA EIA Cuts WTI Oil Price Forecasts

By |2024-12-14T03:54:20+02:00December 14, 2024|Forex News, News|0 Comments


In its latest short term energy outlook (STEO), which was released recently, the U.S. Energy Information Administration (EIA) lowered its West Texas Intermediate (WTI) spot price forecasts for this year and next year.

According to its December STEO, the EIA now sees the WTI spot price averaging $76.51 per barrel in 2024 and $69.12 per barrel in 2025. The EIA’s previous STEO, which was released in November, projected that the WTI spot price would average $77 per barrel in 2024 and $71.60 per barrel in 2025.

In its latest STEO, the EIA forecast that the WTI spot price will average $70.37 per barrel in the fourth quarter of this year, $69.67 per barrel in the first quarter of next year, $69.83 per barrel in the second quarter, $69.50 per barrel in the third quarter, and $67.50 per barrel in the fourth quarter.

The EIA’s November STEO saw the WTI spot price coming in at $72.32 per barrel in the fourth quarter of 2024, $73.67 per barrel in the first quarter of 2025, $73.17 per barrel in the second quarter, $71.17 per barrel in the third quarter, and $68.52 per barrel in the fourth quarter of 2025.

Both STEOs put the 2023 WTI spot price average at $77.58 per barrel and the third quarter 2024 WTI spot price average at $76.43 per barrel.

A research note sent to Rigzone by the JPM Commodities Research team last Friday showed that J.P. Morgan expects the WTI Crude price to average $76 per barrel in 2024, $69 per barrel in 2025, and $57 per barrel in 2026.

J.P. Morgan sees the WTI Crude price averaging $70 per barrel across the fourth quarter of 2024 and first quarter of 2025, $73 per barrel in the second quarter of 2025, $69 per barrel in the third quarter, and $65 per barrel in the fourth quarter, the report showed. The company expects the commodity to come in at $60 per barrel in the first quarter of 2026, $59 per barrel in the second quarter, $55 per barrel in the third quarter, and $53 per barrel in the fourth quarter, according to the report.

A BMI report sent to Rigzone on the same day by the Fitch Group showed that BMI expects the front month WTI Crude price to average $77 per barrel in 2024 and $73 per barrel in 2025.

Another report sent to Rigzone late Tuesday by Standard Chartered Bank Commodities Research Head Paul Horsnell showed that the bank expects the NYMEX WTI basis nearby future crude oil price to average $89 per barrel in 2025, $92 per barrel in 2026, and $103 per barrel in 2027.

That report revealed that Standard Chartered Bank sees the commodity averaging $86 per barrel in the first quarter of next year, $89 per barrel in the second quarter, $92 per barrel in the third quarter, $90 per barrel in the fourth quarter, and $88 per barrel in the first quarter of 2026.

In a Skandinaviska Enskilda Banken AB (SEB) report sent to Rigzone on Thursday, Ole R. Hvalbye, a commodities analyst at the company, warned that WTI positioning “remains in historically bearish territory”.

“Hedge funds and other institutional investors began rebuilding their positions in Brent last week amid OPEC+ negotiations,” Hvalbye said in that report.

“Fund managers added 26 million barrels to their Brent contracts, bringing their net long positions to 157 million barrels – the highest since July. This uptick signals a cautiously optimistic outlook, driven by OPEC+ efforts to manage supply effectively,” he added.

“However, while Brent’s positioning improved to the 35th percentile for weeks since 2010, the WTI positioning remains in historically bearish territory, reflecting broader market skepticism,” he continued.

To contact the author, email andreas.exarheas@rigzone.com





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14 12, 2024

XAU/USD buyers not ready to give up yet

By |2024-12-14T01:51:53+02:00December 14, 2024|Forex News, News|0 Comments


  • Gold price bounces early Friday after correcting from five-week highs of $2,726 on Thursday.       
  • Hot US PPI data boost hawkish December Fed rate cut bets, propping up the US Dollar, Treasury bond yields.
  • Gold price looks to regain $2,700 and beyond as the daily RSI stays bullish and the 50-day SMA holds.

Gold’s price looks to resume this week’s recovery to monthly highs of $2,726 early Friday, following Wednesday’s brief aberration. The US Dollar (USD) consolidates recent gains alongside the US Treasury bond yields amid a relatively light economic calendar heading into the weekend.

Gold price gears up for pre-Fed repositioning

Expectations of a hawkish US Federal Reserve (Fed) interest rate next week fuelled a fresh leg higher in the US Dollar and the US Treasury bond yields on Wednesday, unfolding a corrective decline in Gold price from multi-month highs.

Markets now believe that the Fed could send a hawkish message by signalling a pause in January following the expected 25 basis points (bps) rate cut at its December 17-18 policy meeting, especially after the US Producer Price Index (PPI) data came in hotter-than-expected.

The annual PPI rose 3.0% in November, above the market expectation of a 2.6% growth. Meanwhile, the annual core PPI rose 3.4% in the same period, surpassing the estimate of 3.2%. The monthly PPI and the core PPI rose 0.4% and 0.2%, respectively. Markets are fully pricing in a 25 bps rate cut by the Fed next week, the CME Group’s FedWatch Tool shows.

Meanwhile, the USD also drew support from a EUR/USD sell-off in the face of a dovish rate cut delivered by the European Central Bank (ECB). Additionally, rallying US Treasury bond yields on solid bond auctions this week underpinned the sentiment around the Greenback while capping the Gold price uptrend.

In Friday’s trading so far, Gold price is finding fresh demand as China’s stimulus optimism fades on increasing worries over the US-Sino trade war. In a gated story, the Wall Street Journal (WSJ) reported that China has already begun retaliating to the upcoming US President-elect Donald Trump’s tariffs by deploying non-tariff measures. “China launched a regulatory probe into Nvidia, threatened to blacklist an American apparel maker, blocked the export of critical minerals to the US and squeezed the supply chain for drones,” the WSJ said.

Markets will continue to take cues from broader market sentiment without any top-tier US economic data releases later in the day. The end-of-the-week flows and repositioning ahead of next week’s Fed policy decision will also play their part in driving Gold price.

Gold price technical analysis: Daily chart

Gold price faced rejection at higher levels on Thursday and turned south before finding support at the 50-day Simple Moving Average (SMA) at $2,671 early Friday.

The 14-day Relative Strength Index (RSI) has also witnessed a renewed upside while holding well above the 50 level.

If Gold price resumes the recovery momentum, it could retest the multi-week high of $2,726, above which 2,750, the confluence of the psychological barrier and the November 5 high, will act as a tough nut to crack.

A failure to defend the 50-day SMA support at $2,671 on a daily candlestick closing basis will prompt sellers to target the 21-day SMA at $2,650 once again.

The last line of defence for Gold buyers is seen at the previous week’s low of $2,613.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

 



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14 12, 2024

Hovers near 1.0500 post-ECB’s rate cut

By |2024-12-14T00:29:48+02:00December 14, 2024|Forex News, News|0 Comments

  • EUR/USD remains tethered to the 1.0500 mark, rebounding slightly to 1.0498 after testing weekly lows.
  • Technical analysis shows the pair is in a delicate balance, with potential to challenge resistance if it sustains above 1.0500.
  • Key resistances are set at 1.0530 and 1.0600, while supports loom near 1.0452 and the YTD low of 1.0331.

The EUR/USD remains reluctant to remain far from the 1.0500 figure for the fifth consecutive day, even though the ECB decided to cut rates on Thursday, which pushed the pair toward its weekly low of 1.0452. Nevertheless, buyers stepped in and lifted the exchange rate toward the current level of 1.0498.

EUR/USD Price Forecast: Technical outlook

The EUR/USD daily chart suggests the pair hovers near 1.0500, unable to edge lower decisively and retest year-to-date (YTD) low figures at 1.0331. Even though the pair is carving successive series of lower and lower highs, it might be difficult to extend its downtrend.

Momentum, as measured by the Relative Strength Index (RSI), suggests that buyers gain steam. If they achieve a daily close above 1.0500, this can give them a leg-up.

In that outcome, EUR/USD’s key resistance levels lie at the December 12 high of 1.0530, followed by 1.0600 and last week’s peak of 1.0629.

On the other hand, if EUR/USD remains below 1.0500, the major could extend its losses, past 1.0452. A breach of the latter will expose the November 26 low of 1.0424, followed by the November 22 swing low of 1.0331.

EUR/USD Price Chart – Daily

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.28% 0.41% 0.68% 0.02% 0.11% 0.13% 0.05%
EUR 0.28%   0.69% 0.97% 0.30% 0.40% 0.41% 0.33%
GBP -0.41% -0.69%   0.27% -0.38% -0.30% -0.28% -0.36%
JPY -0.68% -0.97% -0.27%   -0.64% -0.57% -0.55% -0.62%
CAD -0.02% -0.30% 0.38% 0.64%   0.08% 0.11% 0.03%
AUD -0.11% -0.40% 0.30% 0.57% -0.08%   0.02% -0.06%
NZD -0.13% -0.41% 0.28% 0.55% -0.11% -0.02%   -0.08%
CHF -0.05% -0.33% 0.36% 0.62% -0.03% 0.06% 0.08%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

 

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13 12, 2024

Natural Gas Price Forecast: Retreats and Faces Support Test at 20-Day Moving Average

By |2024-12-13T23:50:53+02:00December 13, 2024|Forex News, News|0 Comments


Retest of 20-Day MA Support Looks Likely

It looks like a test of the 20-Day MA may be in process. The 20-Day line, now at 3.19, was reclaimed on Tuesday with a bullish doji hammer candlestick pattern. So, this pullback will be the first real test of support around the 20-Day line since natural gas rose away from the line three days ago. Therefore, it should reject price to the upside. Keep in mind though that there were four days near the recent lows where trading occurred below the 20-Day line, then quickly recovered. That could happen again on this test.

Close Below 3.28 Would Fail to Confirm Weekly Breakout

An important observation to consider is indicated in the weekly chart (not shown). There was a bullish weekly reversal that triggered above last week’s high of 3.28 earlier this week. The high for the week was 3.56 and the low was 3.07. However, given today’s pullback and where natural gas is now trading, there is a risk that the weekly breakout will not be confirmed with a weekly close above last week’s high. Something to look at as a close below the high could be interpreted as another bearish indication that could lead to a longer recovery before natural gas is once again ready to test recent highs.

Traded Inside Month

Moreover, on the monthly chart (not shown), trading in December has been confined within November’s trading range. Might this month end with an inside month? There is a slight upward bias indicated as this month’s price range is contained within the upper half of November’s range and the high was a direct test of the prior high. But given the failure to break out to new highs yesterday and today’s bearish response, this may be indicating the next test of highs may not occur until next month.

For a look at all of today’s economic events, check out our economic calendar.



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13 12, 2024

Pound Sterling bulls give up amid renewed US Dollar strength

By |2024-12-13T20:26:48+02:00December 13, 2024|Forex News, News|0 Comments

  • The Pound Sterling hit three-week highs against the US Dollar but then corrected.
  • GBP/USD gears up for the Fed and BoE policy announcements, the grand finale for 2024.
  • Pound Sterling buyers will likely stay reluctant below the key 200-day SMA at 1.2820.

The Pound Sterling (GBP) failed to sustain at three-week highs against the US Dollar (USD), sending GBP/USD back under the 1.2700 threshold.

Pound Sterling gave into persistent US Dollar demand

It was a mixed week for GBP/USD traders. In the early part of the week, the Pound Sterling defended the previous week’s upswing only to surrender into persistent USD demand in the second half. A hawkish shift in the expectations of the US Federal Reserve’s (Fed) future interest rate path and the sustained advance in US Treasury bond yields kept the Greenback’s bullish undertone alive throughout the week. 

At the start of the week, the US Dollar picked up fresh haven demand as renewed geopolitical tensions emerged in the Middle East and amid China’s economic worries. This stalled the GBP/USD recovery at 1.2800. The sudden collapse of Syria’s government occurred over the weekend after Syrian rebels seized the capital, Damascus, ousting President Bashar al-Assad, who fled to Russia with his family seeking asylum. The toppling of Assad’s government ended a 13-year civil war and raised concerns over the political stability in the region.

Moving on, US Consumer Price Index (CPI) data on Wednesday aligned with market expectations, while Thursday’s Producer Price Index (PPI) inflation data came in hotter-than-expected and fuelled expectations that the Fed could turn to a wait-and-see policy approach after the expected 25 basis points (bps) interest-rate reduction next week.

Data showed that the US annual headline and core CPI rose by 2.7% and 3.3%, respectively, while on a monthly basis, both figures increased by 0.3%. On the other hand, The annual PPI rose 3.0% in November, above the market expectation of a 2.6% growth. Meanwhile, the annual core PPI rose 3.4% in the same period, surpassing the estimate of 3.2%. The headline PPI and the core figure rose 0.4% and 0.2% over the month, respectively. 

Exacerbating the pain in the GBP/USD pair, ample supply in the US bond market kept the US Treasury bond yields northbound and the Greenback at the monthly top against its major rivals. The US Treasury Department saw good demand for a $39 billion sale of 10-year notes, the final sale of $119 billion in coupon-bearing sales after a solid $58 auction of three-year notes on Tuesday. Furthermore, the latest data showed that the US government posted a $367 billion budget deficit for November, up 17% from a year earlier.

The fresh leg higher in the USD triggered a corrective decline in the Pound Sterling heading into the weekend, with the UK Gross Domestic Product (GDP) report for October adding to the GBP downside. The UK economy unexpectedly contracted 0.1% month-over-month (MoM) in October, compared to the expected 0.1% growth. The UK Industrial and Manufacturing Production also declined 0.6% MoM in the same period.

The Fed and BoE grand finale awaited

The final full week of this year appears nothing short of a blockbuster one, filled with top-tier UK and US economic data and central banks’ policy announcements.

Monday starts with the preliminary S&P Global Manufacturing and Services PMI data from both sides of the Atlantic, while Chinese activity data will also be closely eyed.

The UK labor market report will be published on Tuesday, followed by the US Retail Sales and Industrial Production data.

Wednesday will feature the UK inflation report, followed by the all-important Fed interest rate decision, Dot Plot chart and Chairman Jerome Powell’s press conference.

The BoE policy verdict will stand out on Thursday amid the weekly Jobless Claims and Existing Home Sales data releases.

The UK Retail Sales and the US core Personal Consumption Expenditure (PCE) Price Index will wrap up an eventful week.

Also of note will remain the Middle East geopolitical developments and global trade updates.

GBP/USD: Technical Outlook

GBP/USD sellers refused to give up as the previous week’s recovery attempt fizzled out shy of the 200-day Simple Moving Average (SMA) at 1.2820.

An impending death and the previous dual Bear crosses will likely continue to cause headwinds in the Pound Sterling in the coming days. 

The 50-day SMA is on the verge of crossing the 200-day SMA from above, which, if it occurs, will validate the Death Cross. 

Further, the 14-day Relative Strength Index (RSI) has returned to negative territory at around 40, backing the case for additional downside.

The Pound Sterling must crack the 200-day SMA at 1.2820 to reverse the renewed downward momentum.

The next relevant upside target aligns near 1.2850, the confluence of the psychological level and the 50-day SMA.

Fresh buying interest could emerge on a sustained move above the latter, opening the door for a test of the 1.2900 round figure, followed by the 100-day SMA at 1.2958.

Contrarily, if the selling intensifies, the previous week’s low of 1.2617 will be tested, below which the six-month low of 1.2488 will be put to the test.

The line in the sand for buyers is seen at the 1.2400 round figure.

 

Pound Sterling FAQs

The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).

The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.

Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.

Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

 

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13 12, 2024

XAG/USD retreats below $32.00 amid high US yields

By |2024-12-13T19:48:37+02:00December 13, 2024|Forex News, News|0 Comments


  • Silver struggles at $31.00, declines over 1% to test the 100-day SMA amid rising US bond yields.
  • Technical outlook sees potential consolidation between the 100-day and 200-day SMAs, with key support at $29.49.
  • Resistance levels ahead at $31.00 and $31.64, with potential upward movement towards $32.00 if regained.

Silver prices dropped on Friday after buyers could not hold prices above $31.00. Even though there are expectations that the US Federal Reserve will cut interest rates next week, US yields are rising, a headwind for the precious metals segment. The XAG/USD trades at $30.53, down more than 1%, testing the 100-day Simple Moving Average (SMA).

XAG/USD Price Forecast: Technical outlook

Next week’s events would provide a catalyst and define Silver’s path toward the end of the year. Despite this, the grey metal is set to finish with gains of over 30%, but in the short term, it could consolidate within the 100-day SMA and the 200-day SMA at $29.49.

If buyers push prices above $31.00, the next resistance level would be the 50-day SMA at $31.64. A breach of the latter will expose $32.00 before aiming for higher prices at $33.00.

Conversely, if sellers clear the 100-day SMA, the next support would be the $30.00 figure. Once hurdled, the next support would be the November 28 daily low of $29.64 before testing the 200-day SMA.

XAG/USD Price Chart – Daily

Silver FAQs

Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.

Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.

Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.

Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

 



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13 12, 2024

Euro shows no signs of life after ECB

By |2024-12-13T18:25:44+02:00December 13, 2024|Forex News, News|0 Comments

  • EUR/USD stays under bearish pressure in the European morning on Friday.
  • The technical outlook suggests there is more room on the downside before the pair turns oversold.
  • The dovish ECB tone and persistent USD strength weigh on the pair.

EUR/USD stays on the back foot and trades near 1.0450 on Friday after closing the fifth consecutive day in negative territory on Thursday. The pair’s near-term technical outlook shows that there is more room on the downside before the pair turns oversold.

Euro PRICE This week

The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the weakest against the US Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   1.03% 0.91% 2.00% 0.54% 0.37% 1.34% 1.66%
EUR -1.03%   -0.10% 1.09% -0.40% -0.56% 0.39% 0.71%
GBP -0.91% 0.10%   1.00% -0.30% -0.46% 0.49% 0.81%
JPY -2.00% -1.09% -1.00%   -1.47% -1.51% -0.78% -0.26%
CAD -0.54% 0.40% 0.30% 1.47%   -0.12% 0.79% 1.12%
AUD -0.37% 0.56% 0.46% 1.51% 0.12%   0.95% 1.28%
NZD -1.34% -0.39% -0.49% 0.78% -0.79% -0.95%   0.31%
CHF -1.66% -0.71% -0.81% 0.26% -1.12% -1.28% -0.31%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

The European Central Bank (ECB) lowered key rates by 25 basis points (bps) following the December meeting, as expected. In its policy statement, the ECB said that most measures of underlying inflation suggest that inflation will settle at around the Governing Council’s 2% medium-target on a sustained basis. In the post-meeting press conference, ECB President Christine Lagarde noted that they have discussed a 50 bps cut at the meeting and acknowledged that the recovery in the Euro area was slower than expected. The Euro came under selling pressure following the ECB event.

In the meantime, the US Dollar (USD) benefited from rising US Treasury bond yields in the American session on Thursday and didn’t allow EUR/USD to stage a rebound. The data published by the US Bureau of Labor Statistics showed that the annual Producer Price Index rose by 3% in November, at a stronger pace than the market expectation and October’s increase of 2.6%.

The economic calendar will not feature any high-tier data releases on Friday. Ahead of next week’s highly-anticipated Federal Reserve meeting, profit-taking and position adjustments heading into the weekend could ramp up EUR/USD’s volatility and trigger irregular movements.

EUR/USD Technical Analysis

The Relative Strength Index (RSI) indicator on the 4-hour chart dropped below 40, reflecting a buildup of bearish momentum. On the downside, immediate support is located at 1.0440 (static level) ahead of 1.0400 (end-point of the latest downtrend) and 1.0330 (November 22 low).

Looking north, first resistance could be spotted at 1.0520 (100-period Simple Moving Average (SMA), 50-period SMA, Fibonacci 23.6% retracement of the latest downtrend) before 1.0600 (Fibonacci 38.2% retracement).

 

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13 12, 2024

XAU/USD buyers take a breather ahead of US PPI inflation data

By |2024-12-13T17:48:04+02:00December 13, 2024|Forex News, News|0 Comments


  • Gold price turns lower after hitting five-week highs near $2,725 early Thursday.       
  • Rising US Treasury bond yields offset Fed rate cut optimism ahead of US PPI, jobs data.
  • Gold price pulls back before the next push higher as the daily RSI stays bullish.

Gold’s price seems to have paused its four-day recovery stint in Asian trading on Thursday after hitting fresh five-week highs near $2,725. Traders assess the odds of US Federal Reserve (Fed) interest rate cuts next year amid the ongoing upsurge in the US Treasury bond yields across curve.  

Gold price looks to US data for further impetus

Gold price has benefited this week from expectations of Chinese stimulus, Fed rate cut optimism, Middle East geopolitical tensions and the advance in the US Treasury bond yields. Despite an imminent Fed rate cut next week, US Treasury bond yields remain firm on ample supply of long-data US bonds and a widening budget deficit.

The latest data showed that the US government posted a $367 billion budget deficit for November, up 17% from a year earlier. Meanwhile, the Treasury Department saw good demand for a $39 billion sale of 10-year notes, the second sale of $119 billion in coupon-bearing sales after a solid $58 auction of three-year notes on Tuesday.

These supporting factors helped the US Treasury bond yields make a strong comeback after the US Consumer Price Index (CPI) data-led downtick. The US Dollar also tracked yields higher even as the US inflation data aligned with market expectations. Data showed that the US annual CPI and core rose  2.7% and 3.3%, respectively, while on a monthly basis, both figures came in at 0.3%.

Markets are now predicting a 91% chance of the Fed lowering rates by 25 basis points (bps) next week while the odds for a January rate cut edge down to about 19%, the CME Group’s FedWatch Tool shows.

Despite this Gold price remained underpinned and clinched two-week highs at $2,721 on Wednesday. Uncertainty over the Syrian political environment, China’s stimulus optimism and the People’s Bank of China’s (PBOC) addition to its Gold reserves rendered positive for the non-yielding Gold price.

However, buyers seem to have turned cautious early Thursday, despite the US Dollar pullback as US Treasury bond yields continue to trend higher, anticipating the sale of $22 billion in 30-year bonds later in the day.

The  focus also remains on the US Producer Price Index (PPI) and the weekly Jobless Claims data for fresh hints on the path of the Fed’s easy policy and the direction of the USD heading into the Fed meeting next week. The sentiment surrounding the Fed and risk trends will continue to play a crucial role in the Gold price action.

Gold price technical analysis: Daily chart

The daily chart shows that the Gold price has turned south in tandem with the 14-day Relative Strength Index (RSI) so far this Thursday.

The leading indicator eases toward 50.00 while holding well above it.

If the pullback from the multi-week high extends, Gold price could find initial demand at the 50-day Simple Moving Average (SMA) at $2,671.

The next relevant downside targets align at the 21-day SMA at $2,646, below which the previous week’s low of $2,613 will be tested.

However, if buyers regain poise, Gold price could retest the multi-week high of $2,726, above which 2,750, the confluence of the psychological barrier and the November 5 high, will act as a tough nut to crack.

Fresh buying opportunities will likely emerge on a sustained move above the latter, calling for a test of the record high of $2,790.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

 



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