News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Not unusual from Mester, but she said that QE purchases are not as effective as they used to be. Worth reiterating that seems to be the FOMC line now after Powell's remarks at Wednesday's press conference
  • $EURUSD thwarted by support I think this'll break during Q4 - the next big support zone below runs from around 1448-1500 https://t.co/LnFGRIyfg3
  • 10-year US Treasury yields touching multi-week highs. EUR/USD is likely to re-test 1.1700 in the short-term. Get your $EURUSD market update from @nickcawley1 here:https://t.co/JBdGJ9iqhf https://t.co/hvLu72yDsD
  • This 👇 https://t.co/UH4A7C2HOO
  • $USDJPY has spanned its full, tight range. The has slightly broadened its smallest 30-day trading range (as a ratio of spot) on record. Serious breakout candidate should a firm risk or Fed rate speculation wind come through https://t.co/XyajC1dAee
  • Seems this once-Hawkish view from Cleveland Fed President Loretta Mester is becoming the consensus for the FOMC https://t.co/uHAmcRFNlG
  • - Supports November taper - Still some distance from maximum employment goal needed for raising rates
  • Fed's Mester - Economy has met substantial further progress bar for taper - On inflation bar for raising rates has largely been met - Expect conditions for first rate hike to be met by end of next year
  • Heads Up:🇬🇧 BoE Tenreyro Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-24
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/HFl8E8exht
Gold, Crude Oil Prices Fall as All Eyes Turn to FOMC Meeting Minutes

Gold, Crude Oil Prices Fall as All Eyes Turn to FOMC Meeting Minutes

Ilya Spivak, Head Strategist, APAC

Talking Points:

Gold prices turned sharply lower as the US Dollar returned to the offensive, undermining the appeal of the standby anti-fiat alternative. The move probably reflects pre-positioning ahead of the upcoming release of minutes from January’s FOMC meeting.

Rhetoric suggesting policymakers are turning more confident in firming inflation might rekindle fears of a more aggressive tightening cycle than what investors have accounted for. That is likely to give the greenback another upward nudge while the yellow metal declines further.

Needless to say, a familiarly cautious posture may have a similar impact to last week’s underwhelming CPI release. “Gradual” stimulus withdrawal – which by the Fed’s latest estimation means three hikes in 2018 – is arguably priced in. Officials would need to sound meaningfully more assertive to change that baseline.

Crude oil prices fell with Fed-inspired moves. Denomination in terms of USD on global markets translated into de-facto selling pressure. That was compounded by risk aversion, with the sentiment-sensitive WTI contract following the S&P 500 equities benchmark downward.

Besides the Minutes, the API estimate of weekly US inventory flows is of note. The outcome will be judged against forecasts calling for a 2.31 million barrel build in crude storage and a 1.01 million barrel inflow into gasoline stockpiles to be reported in official EIA statistics on the following day.

See our free guide to learn what are the long-term forces driving crude oil prices!

GOLD TECHNICAL ANALYSIS

Gold prices suffered the largest loss in two months, with support in the 1312.36-16.50 area (38.2% Fib retracement, support shelf) now back in the crosshairs. A daily close below that exposes the 50% level at 1301.19. Alternatively, a push above the 38.2% Fibonacci expansionat 1356.23 opens the door for a challenge of the 1366.06-71.50 zone (January 25 high, 50% expansion).

Gold, Crude Oil Prices Fall as All Eyes Turn to FOMC Meeting Minutes

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices snapped a four-day winning streak having found resistance below the $63/bbl figure. From here, a daily close below the 23.6% Fibonacci expansion at 60.61 opens the door for a test of the 38.2% level at 59.37. Alternatively, a push above the 62.72-63.41 area (February 20 high, former support) puts the January 25 high at 66.63 back into focus.

Gold, Crude Oil Prices Fall as All Eyes Turn to FOMC Meeting Minutes

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivakon Twitter

To receive Ilya's analysis directly via email, please SIGN UP HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES