David Scutt

David Scutt 125

David Scutt

Market Analyst

Expertise: Macroeconomics/fundamentals, strategy, market education

Trading Style: Swing

Experience:

• Former FX spot, forwards and money markets securities dealer/trader with more than 10 years’ experience working in bank treasury

• Managing interest rate and liquidity risk

• Regularly featured in publications such as Reuters, Wall Street Journal and Australian Financial Review

• Ex markets and economics editor for Business Insider, covering macroeconomic and major market events in Asia


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Day trader looking at trading screens

EUR/USD, NZD/USD: Abundant fuel to spark a squeeze

EUR/USD and NZD/USD have returned to territory where they’ve attracted buying in the past. Given this week is likely to confirm ebbing inflationary pressures in the United States, adding to the case for Fed rate cuts, and with French election uncertainty now arguably priced in, there’s fuel around to spark some form of squeeze in the days ahead.

Close-up of Union Jack flag

GBP/USD: Cable dangles above support as bears seek downside break

This week comes across as a pivotal one for GBP/USD, teetering above technical support ahead of arguably the most important data release worldwide when it comes to the global interest rate outlook, the US core PCE deflator. If the recent price action is any indication, risks look to be building to the downside.

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Today 03:24 AM
downtrend chart

US dollar index breaks higher, triggering reversal warnings for gold and copper

Gold and copper were looking good until late Friday, bouncing strongly on Thursday following recent weakness, the former talking out key levels in the process. Then along came the latest US Composite PMI report from S&P Global.

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Today 01:08 AM
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Gold consolidating bullish break, tailwinds to strengthen next week?

Gold has been on a nice run recently, breaking out of the pennant it had been coiling in before doing away with the downtrend dating back to the highs set in May. Considering the drift higher in US bond yields, along with a stronger US dollar, the move has been doubly impressive.

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June 21, 2024 07:25 AM
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USD/JPY, USD/CNH: BOJ, PBOC inaction fuelling US dollar strength

Only intervention from the Bank of Japan (BOJ) or a dramatic increase in Fed rate cut bets look to be standing between USD/JPY and a test of the multi-decade highs struck in late April, unless the People’s Bank of China (PBOC) moves aggressively to curb weakness.

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June 21, 2024 04:13 AM
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USD/CNH hits 2024 highs as PBOC loosens grip on yuan

The People’s Bank of China (PBOC) continues to loosen its grip on the Chinese yuan, sending USD/CNH highs not seen since late 2023 on Thursday. Given the influence the yuan has on emerging market and other Asian currencies, the technical break may have global ramifications if it sticks.

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June 20, 2024 06:17 AM

NZD/USD: New Zealand exits recession as the Kiwi contemplates upside

New Zealand is no longer in recession with economic activity expanding 0.2% in the first quarter, leaving it 0.3% higher than a year earlier. Markets has been looking for slightly softer numbers at 0.1% and 0.2% respectively. NZD/USD is pushing higher.

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June 20, 2024 12:17 AM
Molten metal

Hang Seng, copper rout reverses course, turning point in the making?

Hang Seng's strong correlation with COMEX copper and SGX iron ore futures over the past month suggests many traders are using it as a mechanism to speculate on the outlook for Chinese industrial activity, especially the housing market.

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June 19, 2024 06:27 AM
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Gold dancing to its own tune, placing emphasis on price for direction

Gold has been dancing to its own tune recently. The strong, positive correlation with other metals prices has weakened over the past month. So too its relationship with the US dollar and real US bond yields, its traditional drivers – it’s basically nonexistent. The lack of key drivers puts more emphasis on the price action for directional clues.

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June 19, 2024 03:17 AM
Australian flag

AUD/USD squeezing higher as RBA tone shifts more hawkish

The RBA has evidence to justify continued vigilance towards continued upside inflation surprises, vowing it will do what it is necessary to bring it back to the 2.5% midpoint of its inflation target. But it’s not yet compelling enough to warrant hiking rates, choosing to retain a neutral bias in June.

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June 18, 2024 07:33 AM
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Convergence of key levels provides major test for crude oil bulls

Tuesday looms as a great day to wait and observe the price action in WTI crude following another powerful surge, leaving the benchmark at a key level it struggled to overcome in the past. Its performance may provide a strong signal on whether to get onboard the bullish move or get setup for shorts on a possible swing top.

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June 17, 2024 11:52 PM