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Turkish Lira Continues Blowout Nearing 20% Daily Decline, ZAR Caught in its Wake

EMERGING MARKET CURRENCY ANALYSIS: The Turkish Lira drops nearly 20% on the day, tainting EM currencies across the board. USD/ZAR trades higher despite attempt to halt the EM slide. IT’S NOT A CRYPTOCURRENCY, IT’S THE TURKISH LIRA On Tuesday, FX markets ran rampant as the Turkish Lira depreciated against the dollar nearly 20% in a single day. To put the move into context even a 2% move in the FX market is considered quite large and, well, this is nearly ten times that
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Market News

Gold Price Outlook – Sellers Remain in Control as US Treasury Yields Jump

GOLD PRICE (XAU/USD), CHART, AND ANALYSIS: UST 2-year yields are back at highs last seen in March 2020. Gold breaks below $1,800/oz. Wednesday’s US PCE release the next driver for the precious metal.   The re-election of Jerome Powell for another four years at the helm of the Fed, while expected, added a dose of volatility across a range of asset classes yesterday with gold one of the big losers on the day. US Treasury yields ticked higher as markets continued t
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British Pound (GBP) Price Outlook: GBP/USD May Fall Further as USD Strength Persists

GBP PRICE, NEWS AND ANALYSIS: GBP/USD has been falling steeply since Friday, largely due to USD strength. That weakness could well persist as the pair nears critical support levels. The UK flash purchasing managers’ indexes (PMIs) for November, released this session, came in above economists’ expectations but had no impact on GBP. GBP STILL UNDER DOWNWARD PRESSURE GBP/USD will likely extend the falls that began last Friday as the US Dollar continues to benefit
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Market News

US Dollar Leaps on Fed Re-Nomination Pumping Up Treasury Yields. Will USD Keep Going?

US DOLLAR, FED, POWELL, TREASURY YIELDS, CRUDE OIL, OPEC+ - TALKING POINTS: The US Dollar rode higher as US yields rose across the curve. Crude oil prices recovered after OPEC+ threw a curve ball. With Thanksgiving almost here, where will USD go on holiday?   The US Dollar continued to run higher in Asia today after the US President, Joe Biden, nominated Jerome Powell to be Chair of the Federal Reserve Bank for another term. This appears likely to ge
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Market News

Lockdown fears hit IAG shares

IAG has given up much of its post-lockdown share price gain, and with the prospect of tighter restrictions worrying investors the shares continue to struggle. Source: Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 22 November 2021
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US Dollar Technical Outlook Remains Bullish

USD TECHNICAL OUTLOOK: DXY tested and held slope from June. Currently trading in open space with room to run. US DOLLAR TECHNICAL OUTLOOK REMAINS BULLISH Last week the US Dollar Index (DXY) broke through a line of resistance and within a couple of days tested that level to confirm it as support (old resistance becomes new support). The top-side slope running higher since June was a worthy level to watch with all the inflection points. The pow
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British Pound (GBP) Outlook – EUR/GBP Clinging on to Multi-Month Support

GBP/USD PRICE, CHART, AND ANALYSIS: Covid lockdowns a headwind for the Euro. Bank of England chief economist open to larger interest rate hikes. Hefty retail positional changes over the last week. Keep up to date with all market-moving data releases and events by using the DailyFX Calendar A surge in covid cases across Europe is providing a major headwind for the Euro as new lockdown measures spark fears of lower growth across the single bl
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Market News

S&P 500, Dow and Nasdaq Show Haywire ‘Risk’, Dollar Charged for Biden’s Fed Chair Decision

S&P 500, NASDAQ 100, DOW, DOLLAR AND NZDJPY TALKING POINTS: The S&P 500 has worked its way into a terminal wedge that will have to break as it runs out of room, but the Dow and Nasdaq 100’s divergent paths make resolution unclear. While the Thanksgiving holiday will create serious seasonal distortions in the market, monetary policy remains a driving theme with the Fed Chair pick a center point. Other key market concern ahead includes; the RBNZ rate decision expected t
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Market News

Powell versus Brainard: Next Fed Chair Pros and Cons

FED CHAIR NOMINATION TALKING POINTS: US President Joe Biden is expected to make his decision on who will be the next Fed Chair in the coming days. Current Fed Chair Jerome Powell’s term is set to end in February 2022 if he’s not reappointed to another four-year term. If Powell is not reappointed, current Fed Governor Lael Brainard is seen as the mostly likely alternative. NOMINATION SEASON Early last week, US President Joe Biden suggested that he would announce
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GBP/USD Outlook - Sterling Propped Up by Data But US Dollar Strength Controls Cable

GBP/USD PRICE, CHART, AND ANALYSIS: UK retail sales data a positive for the British Pound. EU-UK talks seem to be progressing. US dollar strength holding back GBP/USD. Keep up to date with all market-moving data releases and events by using the DailyFX Calendar The latest UK retail sales data for October beat market expectations, boosted primarily by higher sales in non-food stores, according to the Office for National Statistics (ONS). Non
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Japanese Yen Looks to Consolidate Against the US Dollar After Making New Lows. Can USD/JPY Go Higher?

JAPANESE YEN, USD/JPY, US DOLLAR, US TREASURIES, HANG SENG, FED - TALKING POINTS: The Japanese Yen is caught between bullish momentum and resistance levels. APAC equity indices mostly moved slightly higher except for the Hang Seng Index. The US Dollar has gyrated to Treasury yield swings, will that drive USD/JPY? The Japanese Yen had little reaction to national CPI data released today. Headline CPI was a slight miss at 0.1% year on year against
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Dividend Adjustment

Dividend Adjustments 22nd November 2021 - 29th November 2021

Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 22nd November 2021. These are projected dividends and likely to change. IG cannot be held responsible for any changes made. Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. Amount in brackets is the expected adjustment after special dividends excluded (where shown on major indices). Dividend adjustments due to be posted
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Analyst article

Australian Dollar Technical Outlook Ahead: AUD/USD, AUD/CAD, EUR/AUD

AUSTRALIAN DOLLAR, AUD/USD, AUD/CAD, EUR/AUD – TECHNICAL OUTLOOK Australian Dollar facing mixed signals vs. USD, CAD and EUR AUD/USD may reverse higher on support, AUD/CAD ranging EUR/AUD downtrend remains despite recent consolidation AUD/USD 4-HOUR CHART The Australian Dollar faces its next potential opportunity to reverse the near-term downtrend against the US Dollar since the beginning of this month. AUD/USD is facing a combination o
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Market News

Crude Oil Price to Remain Capped on Strategic Reserve Release Talk

CRUDE OIL PRICE, CHART, AND ANALYSIS: US President looking for coordinated action on oil stockpiles. Crude oil will remain capped as discussions continue. The President of the United States, Joe Biden, is having ongoing talks with China, India, and Japan about a coordinated release of oil stockpiles to help push back against the high cost of oil that is dampening global growth prospects and fueling inflation. The US has already indicated that it is willing to rele
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British Pound (GBP) Price Outlook: GBP Strength at Risk From Political Turmoil

GBP PRICE, NEWS AND ANALYSIS: GBP has been outperforming even a firm US Dollar over the past few sessions, with EUR/GBP falling steeply. That’s despite a row over second jobs for members of the UK Parliament and sleaze allegations centering on the ruling Conservative Party that could weaken the Pound longer term.   GBP AT RISK FROM POLITICAL CONCERNS Domestic politics tend to have only a long-term influence on currency rates and not to affect near-term trends
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Canadian Dollar Down on CPI and Yields as Risk Turns Off. Will USD/CAD Keep Rising?

CANADIAN DOLLAR, US YIELDS, CRUDE OIL, NZD/USD, AUD/USD - TALKING POINTS: The Canadian Dollar got hit by bond traders’ expectations being disappointed. APAC equities were listless, undermined after a risk-off sentiment lead from the US. Crude oil fell, gold held and commodity currencies softened. Where to for USD/CAD? The Canadian Dollar dropped after CPI hit expectations. This disappointed domestic bond bears and rates there went lower to aid CAD depreciat
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EUR/USD Rate Selloff Pushes RSI Into Oversold Territory

EUR/USD RATE TALKING POINTS: EUR/USD is on track to mark a six day decline as it trades to a fresh yearly low (1.1263), and recent developments in the Relative Strength Index (RSI) raises the scope for a further depreciation in the exchange rate as the indicator crosses below 30 to push into oversold territory. EUR/USD RATE SELLOFF PUSHES RSI INTO OVERSOLD TERRITORY EUR/USD approaches the July 2020 low (1.1185) following the bearish reaction to
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US Dollar (DXY) Posts a Fresh 16-Month High Ahead of a Cluster of Fed Speakers

US Dollar Price, Chart, and Analysis US dollar basket spikes above 96.00. Multiple Fed speakers on the docket.   The yield on the benchmark US 10-year US Treasury is currently testing a fresh one-month high around 1.65% with traders eyeing the mid-March 1.73% yield level as the next target. While the latest move higher in yields may need to be consolidated to move DXY out of heavily overbought territory – see below – the medium-term outlook for the dollar remains posi
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