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Brazil will import Chinese-produced coronavirus vaccine Sinovac for trials

Brazil will import Chinese-produced coronavirus vaccine Sinovac for trials

82145   October 24, 2020 13:56   Forexlive Latest News   Market News  

Brazil’s President Jair Bolsonaro said last week China lacked the creditability to develop a cure for the coronavirus.

Whoops. 

Now a Sao Paulo research centre, partnered with China’s Sinovac Biotech Ltd, was granted “exceptional” permission to bring six million doses fo the COVID-19 drug into the country for phase three trials.

Brazil’s President Jair Bolsonaro said last week China lacked the creditability to develop a cure for the coronavirus.

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Chung Yeung Festival Holiday Trading Schedule 2020

Chung Yeung Festival Holiday Trading Schedule 2020

82143   October 24, 2020 11:26   ICMarkets   Market News  

Dear Trader,

Please find our updated Trading schedule for  Chung Yeung Holiday on Sunday, 25th October, 2020.

All times mentioned below are Platform time (GMT +3)

If you have any questions or require any assistance, please contact one of our support team members via Live Chat, email: support@icmarkets.com, or phone +61 (0)2 8014 4280.

Kind regards,

IC Markets

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EUR/GBP rallies to 0.9100 area and turns positive on the week
EUR/GBP rallies to 0.9100 area and turns positive on the week

EUR/GBP rallies to 0.9100 area and turns positive on the week

82142   October 24, 2020 05:21   FXStreet   Market News  

  • EUR/GBP pares losses and returns to 0.9100 area.
  • The pound loses ground with investors growing cautious about the Brexit talks.
  • EUR/GBP unlikely to drop below 0.8800 over the coming months – Rabobank.

The euro has pared previous losses on Friday after bouncing from 0.9000 lows earlier this week and appreciate about 0.7% on the day returning to 0.9100 area as the previous optimism about a Brexit agreement eases.

Investors become cautious about a Brexit deal

The euro rallied on Friday as the investors curbed their enthusiasm about a breakthrough in the Brexit talks as the negotiators return to the table. EU representative, Michael Barnier, has reminded that fishing remains a controversial issue and the investors have taken a cautious stance about the possibility of another disappointment.

The pound surged across the board earlier this week on the back of news reporting that the UK and EU negotiators agreed to resume the talks, halted abruptly last week. Market optimism was boosted further by comments suggesting that the EU was aiming for a deal on mid-September that would avoid an unfriendly divorce.

EUR/GBP seen steady above 0.88/89 over the coming months– Rabobank

From a longer-term perspective, the FX analysis team at Rabobank sees the pair moving above 0.88 over the coming months: “While a trade deal between the EU and the UK would likely trigger a relief rally in the pound we expect a move to be half-hearted. The risk that a deal would lack the comprehensiveness that had once been hoped for, combined with the vulnerable nature of the UK economy and the weak popularity levels of the PM suggest that GBP will still face several hurdles next year(…)We see little prospect of EUR/GBP being able to push much below the 0.89/0.88 area in the coming months.”

Technical levels to watch

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ForexLive Americas FX news wrap: Back and forth but relatively subdued

ForexLive Americas FX news wrap: Back and forth but relatively subdued

82140   October 24, 2020 05:02   Forexlive Latest News   Market News  

Forex news for North American trading on October 23, 2020:

Markets:

  • Gold down $2 to $1902
  • US 10-year yields down 2 bps to 0.836%
  • S&P 500 up 12 points to 3465 (down 0.5% on the week)
  • WTI crude oil down 88-cents to $39.76
  • EUR leads, GBP lags

We may have settled into a pre-election lull as it was a day of ebb and flows but not much conviction.

Sterling continues to be the mover as it gave back another big chunk of Wednesday’s rally in a fall as low as 1.3020 before bids ahead of the figure gave it a little lift late. The news that negotiations were back on led to the big lift but no one wants to ride the rollercoaster for the next three weeks. There was a big pop on a report that France was telling fishermen to quotas next year will be lower but it was quickly sold.

The euro showed some impressive resilience to more worrisome COVID numbers throughout the continent. It ended up having a nice week, which is either a sign of resilience or a sign of investors getting out of US-assets on election fears.

The loonie was soggy as oil slumped on news that Libya planned to double oil production to 1mbpd in four weeks.

The Australian dollar fared a bit better as it tracked the ebb and flows of broader sentiment. US stocks wobbled mid-day but found a footing late and AUD/USD finished the day 20 pips higher.

Have a great weekend.

Forex news for North American trading on October 23, 2020:

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NZD/USD steady above 0.6650, bounces back to 0.6680 area 0.6680
NZD/USD steady above 0.6650, bounces back to 0.6680 area 0.6680

NZD/USD steady above 0.6650, bounces back to 0.6680 area 0.6680

82139   October 24, 2020 04:33   FXStreet   Market News  

  • NZD/USD bounces up from 0.6650 and returns to 0.6680 area.
  • Kiwi appreciates more than 1% this week with the USD on the defensive.
  • NZD/USD remains supported by global sentiment – Westpac.

New Zealand dollar’s bearish reversal from one-month highs above 0.6700 seen on the early US session found support at 0.6650 area and the pair picked up again to return to the 0.6680 area approaching the weekly close.

The kiwi appreciates with the US dollar pulling down

The NZD has been going through a solid rally over the last three days. The pair bounced up week lows at 0.6550, and is on track to close the week with gains beyond 1%.

Kiwi’s uptrend was halted earlier today, as the pair retreated from multi-week highs above 0.6700 with the US dollar going through a modest recovery as risk appetite faltered during the early US session. NZD, however, managed to come back later on, with the US resuming its near-term downtrend.

The US dollar has been trading on a weak footing this week with investors cautious amid the uncertainty about the US elections and mixed news coming from the US stimulus negotiations. The upbeat US PMI data seen earlier today has been practically unnoticed and the USD has lost more than 1% against a basket of the most traded currencies this week.

NZD/USD remains supported by global sentiment – Westpac

The Westpac FX analysis team sees the New Zealand dollar buoyed by the near-term global sentiment: “NZD/USD remains supported near-term by global sentiment, such that a test of 0.6700 during the next few days is possible (…) Global influences should dominate domestic surprises such as today’s weaker-than-expected CPI inflation data. While the data surprise supports the RBNZ’s view that much more work needs to be done to drive inflation towards target, markets have already priced a large OCR cut next year so the NZD/USD impact of today’s news is likely to be minor.”

Key levels to watch

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S&P affirms UK sovereign rating at AA with a stable outlook
S&P affirms UK sovereign rating at AA with a stable outlook

S&P affirms UK sovereign rating at AA with a stable outlook

82138   October 24, 2020 04:12   Forexlive Latest News   Market News  

S&P keeps the UK steady

Last week Moody’s downgraded the UK to Aa3, which is the equivalent of AA- in S&P terms. Fitch is also at AA-.

S&P is not dissuaded by Brexit and mounting debt, evidently.

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AUD/USD’s weakness contained at 0.7100, picks up to 0.7130 area
AUD/USD’s weakness contained at 0.7100, picks up to 0.7130 area

AUD/USD’s weakness contained at 0.7100, picks up to 0.7130 area

82137   October 24, 2020 04:09   FXStreet   Market News  

AUD/USD bounces up at 0.7100 and returns to 0.7130 area.

The aussie is set for a weekly gain despite the dovish RBA.

US elections and RBA to push the AUD below 0.7000 – Westpac

Australian dollar’s bearish reaction from one-week highs at 0.7155 area has been supported above 0.7100 and the pair managed to pick up to 0.7130 near the weekly close, as risk aversion eased and the US dollar resumed its near-term downtrend.

The aussie appreciates on US dollar weakness

The AUD/USD appreciated on Friday and is set to close the week with a 0.8% advance favoured by a weaker US dollar. The greenback has remained on the defensive for most of the week, amid the uncertainty about the outcome of the US elections and the lack of progress on the US coronavirus stimulus negotiations

The upside trend was halted on the early US session and the aussie trimmed gains with the US dollar staging a moderate comeback as risk appetite faltered, and the main Wall Street indexes dropped into negative territory.

On the other hand, the RBA’s dovish monetary policy stance is keeping a lid on Aussies’ upside attempts. The bank confirmed that monetary tightening had been discussed on the last meeting, earlier last week, which has opened the doors for a rate cut in November and is curbing AUD demand.

RBA and US elections to push AUD/USD below 0.7000 – Westpac

The FX analysis team at Westpac remains negative on the pair, anticipating a reversal below 0.7000: “The prospect of a huge RBA policy move coming just hours before polls close in the US on November 3 adds to the risks that this ‘Double Header’ event may yet push the AUD/USD pair below 0.70, at least in the short term though record Chinese steel production driving very strong iron ore prices and a rising RMB may limit any dips.”

Technical levels to watch

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S&P moves Italy to BBB stable from BBB negative
S&P moves Italy to BBB stable from BBB negative

S&P moves Italy to BBB stable from BBB negative

82136   October 24, 2020 04:05   Forexlive Latest News   Market News  

S&P gets a boost

The outlook on Italy was raised to stable from negative with the rating confirmed at BBB by S&P.

No doubt it’s due to Italy’s strong long-and-short term commitments to fiscal restraint.

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Japan CFTC JPY NC Net Positions: ¥14.2K  vs previous ¥20K
Japan CFTC JPY NC Net Positions: ¥14.2K vs previous ¥20K

Japan CFTC JPY NC Net Positions: ¥14.2K vs previous ¥20K

82135   October 24, 2020 04:05   FXStreet   Market News  

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United States CFTC Gold NC Net Positions rose from previous $240.7K to $249.6K
United States CFTC Gold NC Net Positions rose from previous $240.7K to $249.6K

United States CFTC Gold NC Net Positions rose from previous $240.7K to $249.6K

82134   October 24, 2020 04:05   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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European Monetary Union CFTC EUR NC Net Positions down to €165.9K from previous €168.8K
European Monetary Union CFTC EUR NC Net Positions down to €165.9K from previous €168.8K

European Monetary Union CFTC EUR NC Net Positions down to €165.9K from previous €168.8K

82133   October 24, 2020 04:05   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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Kyber Network creates bridge between traditional finance and DeFi while KNC attempts to recover
Kyber Network creates bridge between traditional finance and DeFi while KNC attempts to recover

Kyber Network creates bridge between traditional finance and DeFi while KNC attempts to recover

82132   October 24, 2020 04:05   FXStreet   Market News  

  • Kyber Network has released a new infrastructure aimed at participating in DeFi.
  • KNC is trading inside a descending triangle pattern, awaiting a clear breakout. 

Kyber Network has just released the KyberPRO framework intended for on-chain market making. According to the team behind the launch, current automated market makers are not optimal and offer no control over the pricing. 

KyberPRO – The new market-making service for DeFi liquidity 

Providing liquidity can be a tough job, especially if the user intends to run a profitable operation. Most processes are simply too expensive, and the risk of losing capital due to impermanent loss is high. KyberPRO wants to solve this issue by providing a new and robust liquidity system and technical support to enable market makers to join DeFi easily.

It seems that some big players are already joining or looking into the new service. DV Chain and OneBit Quant have shown interest in KyberPRO and are currently exploring all the marketing making opportunities available. Garrett See, CEO of DV Chain, stated:

DV Chain has worked closely with Kyber Network to help bridge the gap between traditional trading and DeFi. We strongly believe that the solutions Kyber is building are of great importance to our industry and to the future of the digital economy.

KNC could be on the verge of a significant breakout

KNC is currently trading at $0.92 inside a daily descending triangle pattern. The pattern’s lower trendline has served as a robust support level defended on several occasions from September to October. 

KNC/USD daily chart

knc price

The current price is close to the upper trendline at $0.98. The MACD has been bullish since September 25, and it’s gaining momentum again. A breakout above the pattern’s upper trendline can easily push KNOC up to the 200-SMA at $1.14 and as high as $1.32, where the 100-SMA stands.

KNC New Addresses and Active Addresses Chart

knc price

Additionally, it seems that there is some positive on-chain activity for KNC in the past seven days, which coincides with the increase in prices. The number of new addresses joining the network and daily active addresses increased notably in the past week.

The bearish scenario for Kyber Network 

On the 12-hour chart, it seems that bears could be taking over after the price slipped below the 50-SMA, possibly turning it into a resistance level. The MACD is also losing strength and close to a bear cross. The most important support level is established at $0.86, a breakout below this point can drive KNC to $0.7. 

KNC/USD 12-hour chart

knc price

It’s also notable that the recent announcement of the new KyberPRO services for market making on DeFi projects has not positively affected the price of KNC. This could be another bearish indicator in the short-term.

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