CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. See our full Risk Disclosure and Terms of Business for further details.

Search LOGIN

Gold rises for 2nd week

“The last 10% it takes to launch something takes as much energy as the first 90%.” — Rob Kalin 






  • Dollar heads for weekly drop as traders pare Fed rate hike views
  • Gold prices set for weekly gain as dollar slides
  • Oil prices increase supported by the prospect of a tight market
  • European shares end strongly on upbeat U.S. data
  • U.S. SEC looking into Musk's Twitter stake purchase
  • GBP/USD: A return to 1.30 is unlikely – Scotiabank
  • GBPUSD Near Term: Upside favored









Dollar heads for weekly drop as traders pare Fed rate hike views



The dollar edged lower and was on track for its second-straight weekly decline as traders pared expectations for U.S. Federal Reserve interest rate hikes and as improving inflation and consumer spending data eased recession fears.

The greenback hit a nearly two-decade peak above 105 earlier this month but has declined along with outlooks for the magnitude of likely Fed rate hikes this year, which have been fueled in part by fears over runaway inflation.

Next week's key U.S. report will be the nonfarm payrolls numbers for May at the end of the week.







Gold prices set for weekly gain as dollar slides

Gold prices rose on Friday as the dollar continued to weaken, and helped put bullion on track for a second straight weekly rise amid cooling bets for a more aggressive Federal Reserve monetary policy.

There is price support at $1,830 on the downside and on the topside the next key level is around $1,885, Spivak added.






Oil prices increase supported by the prospect of a tight market




Oil prices rose on Friday, as signs of a tight market supported prices ahead of the U.S. Memorial Day holiday weekend, the unofficial start of the peak summer demand season in the United States.

Oil prices jumped after the Iranian revolution in 1979 and a long war between Iran and Iraq (1980-88), although a global recession soon hindered fuel demand and oil prices dropped back.

Prices have gained about 50% so far this year.






European shares end strongly on upbeat U.S. data



European shares marked their best week since mid-March, ending Friday on a strong note as upbeat U.S. data and easing bets about aggressive interest rate hikes lifted sentiment.

A rally on Wall Street on some strong retail and technology earnings and upbeat consumer spending data for April, helped calm some worries about slowing economic growth that had roiled markets. Data also showed U.S. inflation slowed last month.

Minutes of the U.S. Federal Reserve's early May meeting showed the bank could pause after 50 basis points hikes in the next two months.



U.S. SEC looking into Musk's Twitter stake purchase

The U.S. Securities and Exchange Commission (SEC) is looking into Tesla Chief Executive Officer Elon Musk's disclosure of his stake in Twitter Inc (TWTR.N) in early April, according to a letter the agency sent to him that month.

In the letter, now made public by the SEC, the regulator asks Musk why it appears he did not file required paperwork within 10 days of the acquisition, and also questions why, when Musk did disclose his stake, he used a form meant for passive investors while he was openly questioning Twitter's policies around free speech.

Spokespeople for Musk did not immediately respond to a request for comment. An SEC spokesperson declined to comment.






GBP/USD: A return to 1.30 is unlikely – Scotiabank 



“The 1.26 figure zone is acting as solid support ahead of yesterday’s low of ~1.2550.”

“Cable gains past the mid-1.26s face limited resistance until the next big figure with the 50-day MA of ~1.2775 following.” 

“The UK macroeconomic backdrop and the global risk tone still mean a GBP return to 1.30 is unlikely.” 

“Intraday weakness below minor trend support at 1.2810 would suggest a run to 1.2765.” 






GBPUSD Near Term: Upside favored



Technical View: Long position above 1.251. Target 1.2715. Conversely, break below 1.251, to open 1.244.



Comments: The pair remains supported. Further advance favored.



Source: Trading Central 



*Times in GMT



Source: FX Street Economic Calendar



Topics :