Euro took a sharp dive today following disappointing PMI data that fueled fresh speculation about ECB potentially moving up its anticipated rate cut. Markets had been bracing for a December cut, timed with the release of new economic forecasts. However, the mounting risks of stagnation and even recession in the Eurozone have prompted discussions that
Britain’s Chancellor of the Exchequer Rachel Reeves speaks on the second day of the annual Labour Party conference in Liverpool, north-west England, on September 23, 2024. Paul Ellis | Afp | Getty Images Liverpool, ENGLAND — U.K. Finance Minister Rachel Reeves vowed on Monday that Britain will not return to austerity, but said she would
The Greenback remains off-kilter following the Fed’s recent pivot into a rate-cutting cycle. Last week, the US central bank delivered a jumbo 50 bps rate cut. The US Dollar remains under pressure, but markets have quickly pivoted to more impatient waiting for the next rate call. Here is what you need to know on Tuesday,
Fundamental Overview Last Friday, the JPY weakened across the board following the BoJ policy decision as Governor Ueda made a surprisingly dovish turn by saying that “there is some time to make a decision on monetary policy because upside price risks have decreased given the recent FX moves”. He also mentioned that it’s important for
Services PMI 52.8 vs 53.5 expected and 53.7 prior. Manufacturing PMI 51.5 vs 52.5 expected and 52.5 prior. Composite PMI 52.9 vs 53.5 expected and 53.8 prior. Key Findings: Flash UK PMI Composite Output Index(1) at 52.9 (Aug: 53.8). 2-month low. Flash UK Services PMI Business Activity Index(2) at 52.8 (Aug: 53.7). 2-month low. Flash
Gold October futures contracts at MCX opened flat today at Rs 74,268 per 10 gram, hovering near its all-time high level while silver December futures contracts were trading at Rs 90,213/kg, up by 0.09% or Rs 78. In the last one week, the prices of gold have gained Rs 800/10 gm while silver has gained
Australian Dollar managed to climb modestly in a quiet Asian trading session today, despite underwhelming PMI data from Australia. With Japan on holiday, the session saw limited movement, but risk-on sentiment helped offset some of the negative impact from the weak data. In contrast, Yen and Swiss Franc extended their recent declines. Overall, the markets
UK Services PMI ticks down to 52.8 in September, beats estimates. Manufacturing PMI in the UK declines to 51.5 in September. GBP/USD sticks to losses near 1.3250 after downbeat UK business PMIs. The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) eased from 52.5 in August to 51.5 in September. The market forecast
In the morning video, I spoke about the 50% midpoint of the move up from the January 2023 low at 144.581. The price has been trading above and below that level over the last 1-2 months, but the run higher this week has returned back to the level, and that gives traders an option: Lean
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Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East. Spot gold was up 1.3% at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), while U.S. gold futures settled 1.2% higher to $2,646.20.
The NZD/USD upside seems to be limited as buying and selling forces struggle for dominance. The RSI suggests a neutral outlook, while the MACD indicates declining selling pressure. A crossover between the 100 and 200-day SMA might propel the pair upwards. The NZD/USD traded mostly flat on Friday’s session and failed to hold gain which
The AUDUSD moved up and tested a swing level near 0.6823 in the Asian and European session. The price then moved lower as stocks fell in the early US trading. However, as the price of the AUDUSD approached its rising 100 hour moving average at 0.6778, the buyers have returned, and stalled the fall. Why
UPCOMING EVENTS: Monday: Japan on Holiday, Australia/Eurozone/UK/US Flash PMIs. Tuesday: Japan Flash PMI, RBA Policy Decision, German IFO, US Consumer Confidence. Wednesday: Australia Monthly CPI. Thursday: SNB Policy Decision, US Durable Goods Orders, US Q2 Final GDP, US Jobless Claims. Friday: Tokyo CPI, Canada GDP, US PCE. Monday Monday will be the Flash PMIs Day
A rate cut by the US Federal Reserve and fears of an escalation of conflicts in the Middle East bolstered the appeal of the yellow metal, sending the benchmark London spot prices to a fresh lifetime high of $2599.92 an ounce last week. The Fed slashed its interest rates by a surprise 50 basis points
US Dollar is gaining strength after Fed decision volatility. New York Fed’s Nowcast model predicts robust economic growth in third and fourth quarters. Fed expects financial conditions to remain loose, supporting the economy. The US economy is experiencing a moderate slowdown, but indicators suggest that economic activity remains robust overall. The Federal Reserve (Fed) has
In the kickstart video from earlier today, I highlighted the key levels in the GBPUSD. On the downside the 1.3265 was key support. Looking at the GBPUSD price action since then (see chart below), the low price for the day came in at 1.32676, just 2 pips short of the targeted support. So the buyers
Shares of Intel are trading up 5.82% after reports from the WSJ that Qualcomm approached the company about a takeover in recent days. The shares of Intel are down in 2024 from an end of year closing level of $50.25. The current price is up $1.23 or 5.82% at $22.37 in volatile trading . The
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