The thing about this week is that there won’t be as much key risk events on the calendar as last week. And that means market players will not have too much to work with for the time being. Fedspeak is the main thing to be mindful about, as traders digest the key US data from
Gold prices eased on Monday, but hovered around historic $2,500 level, as traders locked in profits following bullion’s climb to an all-time peak in the previous session on expectations of a U.S. interest rate cut next month. Spot gold was down 0.2% at $2,503.10 per ounce, as of 0724 GMT, and U.S. gold futures edged
Yen is showing broad-based strength in today’s Asian session, particularly against the generally weakening Dollar. This move has also put pressure on the Nikkei, which turned lower as Yen gained momentum. While there’s no clear catalyst for these movements, it appears that Yen’s recent pullback may have run its course. Meanwhile, Dollar continues to extend
Goldman Sachs has cut its probability forecast for a U.S. recession to 20% shortly after raising it, as fresh labor market data sparked a reassessment of market views on the economy. Economists at Goldman earlier this month raised their 12-month U.S. recession probability from 15% to 25% after the U.S. July jobs report of Aug.
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USD/CAD drifts lower for the second straight day amid the prevalent USD selling bias. Dovish Fed expectations, along with a positive risk tone, continue to weigh on the buck. A modest downtick in Oil prices could undermine the Loonie and help limit deeper losses. The USD/CAD pair extends last week’s breakdown momentum through the 50-day
Fundamental Overview Yesterday, we got some strong US data as the Jobless Claims and Retail Sales figures came out much better than expected. All the major currencies gained against the Yen for two main reasons. The first is that yields rose across the board as the market continues to price out the aggressive rate cuts
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gold prices. An analysis by rating agency Crisil showed that gold loans grew more than 20% in June over May 2024. Most banks and NBFC have maintained an LTV (loan-to-value) ratio of 60-65% despite regulatory requirements of 75% which gave them a cushion when gold prices fell after the import duty was lowered in the
NZD/JPY mildly rose to 89.30, testing the 20-day SMA. The RSI is near 50 while the MACD shows flat green bars, signaling that the momentum is sideways. A jump above the 20-day SMA would confirm a bullish outlook. The NZD/JPY pair gained ground in Friday’s session, climbing to 89.30. The uptick follows side-ways movements during
Solana (SOL) price prediction: Bullish vs. bearish scenarios for the future value of SOL The Solana (SOL) cryptocurrency has been one of the most talked-about assets in the crypto space, known for its high-performance blockchain and a surge in market value in recent years. As someone who has actively traded Solana since its early days,
UPCOMING EVENTS: Monday: New Zealand Services PMI, Fed’s Waller, BoC’s Senior Loan Officer Survey. Tuesday: PBoC LPR, RBA Meeting Minutes, Canada CPI, Eurozone Wage Growth. Wednesday: Canada PPI, FOMC Meeting Minutes. Thursday: Australia/Japan/Eurozone/UK/US Flash PMIs, ECB Meeting Minutes, US Jobless Claims, Jackson Hole Symposium. Friday: New Zealand Retail Sales, Japan CPI, Canada Retail Sales, Fed
Gold hit a record high on Friday as global stock markets gained on reassuring data about the health of the world’s biggest economy and likely US interest rate cuts. Expectations of US interest rate cuts weakened the dollar, while oil prices tumbled as weak Chinese demand expectations offset ongoing tensions in the Middle East, according
General view of the UBS building in Manhattan, New York City, on June 5, 2023. Eduardo Munoz Alvarez | View Press | Corbis News | Getty Images Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, amid cost-cutting steps and swelling revenue at the lender’s global wealth management and investment
USD slid following the University of Michigan Sentiment figures and housing market data. Markets remain confident about a cut in September. Greenback might continue being sensitive on data releases. On Friday, the US Dollar (USD), as measured by the US Dollar Index (DXY), experienced a decline following the release of the University of Michigan’s Consumer
Fundamental Overview Yesterday, we got two strong US data releases as the Jobless Claims and Retail Sales figures came out much better than expected. The initial reaction was US Dollar bullish, but after a while the market started to fade the move. The reason is that the risk-on sentiment is generally negative for the greenback
We’ve been spared from summer doldrums in financial markets this year but early next week could be something of a dud, particularly until Jackson Hole begins. Monday kicks off with Fed’s Waller speaking at 09:15 am ET but that will be all for the day. Tuesday features speeches from the Fed’s Bostic and Barr but
Oil prices settled down nearly 2% on Friday, little changed on the week with Brent crude below $80 a barrel, as investors tempered expectations of demand growth from top oil importer China. Brent crude futures fell $1.36, or 1.7%, to settle at $79.68 per barrel. U.S. West Texas Intermediate crude futures declined by $1.51, or