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EUR/CHF Price Analysis: Treads water around 1.0800 inside a two-week-old rising channel
Forex

EUR/CHF Price Analysis: Treads water around 1.0800 inside a two-week-old rising channel

EUR/CHF struggles to keep bounces off 1.0780/75 support confluence. 100 and 20-bar SMAs join the support line of short-term ascending trend channel to bar the bears’ entries. Multiple highs below the 1.0900 threshold challenge bulls. Bearish MACD, normal RSI suggest a continuation of the sluggish moves. EUR/CHF seesaws around 1.0800 during the pre-European trading on Thursday. The pair pulled back from a joint of 100 and 200-bar SMA, as well as a support line of an upward sloping trend channel from September 17. However, failures to stay strong beyond 1.0800 keep the sellers hopeful. Even so, the pair’s sustained trading below 1.0780/75 key support area becomes necessary for the bears to take entries. Following that, 1.0745 and the September month’s low surrounding 1.0...
US House delays vote on $2.2 trillion coronavirus stimulus bill to allow more time for talks – CNBC
Forex

US House delays vote on $2.2 trillion coronavirus stimulus bill to allow more time for talks – CNBC

With the failures to reach on any agreement over the much-awaited coronavirus (COVID-19) aid package, US policymakers pushed back the voting on the stimulus bill. Despite the initial promising talks between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, the 90-minutes talks failed to break the deadlock over key issues. Key notes The House Democrats aimed for $2.2 trillion before calling off the scheduled vote to at least Thursday. Majority leader Mitch McConnell is against the bill while both the key parties are on the same grounds concerning direct payments, small business loans and airline aid. Disputes are likely hovering around the state and local government stimulus as well as liability insurance for businesses. FX implications Even if AUD/USD dropped to 0.71...
AUD/USD: RBA to promote unwind of Aussie gains – CIBC
Forex

AUD/USD: RBA to promote unwind of Aussie gains – CIBC

Analysts at CIBC, see the Australian dollar weakening versus the US dollar on the back of actions implemented by the Reserve Bank of Australia (RBA). The forecast AUD/USD at 0.69 by the fourth quarter.  Key Quotes:  “A broad reversal and consolidation of USD weakness has contributed to AUD/USD losses, though weakness on other crosses, including vs JPY, EUR and CAD is more telling. We anticipate further weakness over the coming weeks and into the next year.” “Weakness will be driven by a challenging domestic economic environment – highlighted by slowing growth and rising unemployment. The RBA will respond with greater monetary accommodation, and continue, at times subtle, efforts to talk the currency lower. Ongoing tension with China, that has seen some exports to the country...
APM Stock Price: Aptorum Group Ltd soars 290% after venturing into infectious diseases
Forex

APM Stock Price: Aptorum Group Ltd soars 290% after venturing into infectious diseases

NASDAQ: APM has ended Tuesday's session with a surge of 90% after hitting even higher levels  Aptorum Group launched a new unit focused on an infectious disease liquid biopsy unit. Venturing into a new field involving the coronavirus implies strong growth for the low-valued company. When a stock trades at rock-bottom levels, a small spark is all that is needed to trigger a surge. Aptorum Group Ltd nearly quadrupled in value in Tuesday's intense session, closing at $4.76 after already hitting a high of $14.23. It is set to endure profit-taking on Wednesday and drop toward the $4 mark, yet rise toward the 52-week high of $18.25 cannot be ruled out. Even after the recent leap, NASDAQ: APM's market capitalization is only $144 million. Can it continue rising? APM Stock News ...
USD/JPY Price Analysis: Surrenders gains after rejection above 105.70
Forex

USD/JPY Price Analysis: Surrenders gains after rejection above 105.70

USD/JPY again fails to keep gains above 105.70.  Technical charts suggest scope for a deeper pullback.  USD/JPY is now trading mostly unchanged on the day near 105.60, having clocked a high of 105.80 early Wednesday. The pair has failed to keep gains above 105.70 for the fourth straight day, and the repeated rejection suggests the bounce from the Sept. 21 low of 104.00 has run out of steam. Further, the indicators on the hourly and 4-hour charts are beginning to roll over in favor of the bears. As such, the pair may decline to the psychological support of 105.00. A close above 105.70 is needed to revive the immediate bullish view. Daily chart Trend: Buyer fatigue Technical levels Credit: FX Street
Wall Street Close: Stocks shudder ahead of the US election debate
Forex

Wall Street Close: Stocks shudder ahead of the US election debate

The Dow Jones Industrial Average lost 131.4 points, or 0.48%. The S&P 500 dropped 16.13 points, or 0.48%. The Nasdaq Composite fell 32.28 points, or 0.29%. US stocks were down on Tuesday as investors braced for the first of three Presidential election debates in the evening, 9pm ET, or 0100GMT. Investors are hesitant ahead of the first US presidential debate and watched for progress in talks for further fiscal stimulus in Washington. Consequently, the Dow Jones Industrial Average lost 131.4 points, or 0.48%, to 27,452.66, the S&P 500 dropped 16.13 points, or 0.48%, to 3,335.47 and the Nasdaq Composite fell 32.28 points, or 0.29%, to 11,085.25 Looking tot he debate, the stakes are high with just five weeks before the Nov. 3 election. The Former Vice President Jo...
BoE’s Bailey: A lot of work to do before we can cut interest rates below zero
Forex

BoE’s Bailey: A lot of work to do before we can cut interest rates below zero

"We have a lot of very practical work to do before we would be able to cut interest rates below zero," Bank of England (BoE) Governor Andrew Bailey said on Tuesday and added that he cannot put a date on it, as reported by Reuters. Additional takeaways "Would need to see quite a strong downturn to get a negative figure for Q4 GDP growth." "If we cut rates below zero, would need to explain it very carefully to the public." "Tiered interest rates would add operational complexity." "I do not expect to see a sharp downward move in house prices when stamp duty land tax exemption expires but would not be surprised to see transactions fall a bit." "BoE can act at a very short notice if needed." Market reaction The GBP/USD pair struggles to make a decisive move in either direction after t...
EUR/USD to see a fresh fall amid coronavirus concerns in Europe and uncertainty about the US elections
Forex

EUR/USD to see a fresh fall amid coronavirus concerns in Europe and uncertainty about the US elections

EUR/USD has been struggling to recover from last week's substantial falls. Coronavirus concerns, inflation figures and tensions ahead of the presidential debate could keep the pair down, FXStreet’s analyst Yohay Elam reports. Key quotes “One million coronavirus deaths – the world has reached that grim milestone and the focus on Europe is weighing on sentiment. That is only one of the reasons preventing EUR/USD from recovering and may bring it down to new lows.” “Christine Lagarde, President of the European Central Bank, expressed concern about the virus and the impact on the economy. Will the Frankfurt-based institution provide more stimulus? Reportedly, that is fiercely debated and the ECB remains split between hawks and doves. The bank also has to deal with weak inflation, and new s...
G20 Energy Ministers: Committed to ensuring full, effective contribution to overcoming COVID-19
Forex

G20 Energy Ministers: Committed to ensuring full, effective contribution to overcoming COVID-19

G20 Energy Ministers reaffirmed their commitment to "ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19" pandemic, the statement highlighted, which was released following the conclusion of their two-day virtual meeting, Additional highlights “Recognize actions by both producers and consumers to stabilize energy markets.”  Emphasize the importance of stimulus packages to stimulate inclusive economic activities.” “Will continue to work together to create the conditions for sustained capital investments, including bolstering investments in innovation and a skilled work force.” Market reaction Despite the upbeat statement from the G20 meeting, oil bulls failed to take advantage, as both crude benchmarks return to the red in Asia t...
South Korea BOK Manufacturing BSI came in at 70 below forecasts (71) in October
Forex

South Korea BOK Manufacturing BSI came in at 70 below forecasts (71) in October

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