Profit-taking was the name of the game on Thursday as the major assets reversed their intraweek trends ahead of Powell’s keynote speech on Friday. Spot gold and the S&P 500 index continued to trade lower near their record high levels, while U.S. bond yields and the U.S. dollar saw recoveries despite mixed U.S. data releases. Which themes dominated the…
Eurostoxx +0.2% Germany DAX +0.2% France CAC 40 +0.3% UK FTSE +0.3% Spain IBEX +0.6% Italy FTSE MIB +0.6% S&P 500 futures are up 0.4% as risk sentiment holds steadier to start the session. All eyes are on Fed chair Powell’s appearance later today to set the mood before the weekend. It is anticipated that he will confirm expectations…
The Japanese Yen appreciates following the speech from the BoJ Governor Kazuo Ueda. Japan’s National CPI rose by 2.8% YoY in July, remaining at its highest level since February. Fed Chair Powell may deliver a statement about the possibility of rate cuts at the Jackson Hole Symposium. The Japanese Yen (JPY) strengthens against the US Dollar (USD) following the…
Spot gold prices took a breather after making new record highs earlier this week. Is the commodity ready to extend its uptrend after falling to a technical support zone? Today’s 4-hour chart may give us some clues! Gold (XAU/USD) 4-hour Chart by TradingView If you missed yesterday’s market price action, you should know that the U.S. dollar saw buying…
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The Australian Dollar gains ground due to an improved risk-on mood on Friday. The AUD may appreciate further due to the hawkish sentiment surrounding the RBA’s stance on its policy outlook. The US Composite PMI indicated that business activity continues to grow, marking 19 consecutive months of expansion. The Australian Dollar (AUD) retraces its recent gains against the US…
2024.08.22 2024.08.22 EURUSD Bulls Buy Rumors. Forecast as of 22.08.2024 Dmitri Demidenkohttps://www.litefinance.org/blog/authors/dmitri-demidenko/ If the US labor market is not as robust as anticipated, the optimal time for the Fed to reduce rates is now. In fact, some FOMC officials were prepared to do so as early as July. Let’s discuss this topic and make a trading plan for the…
The GBP/USD has rallied hard the past two weeks, but its upward climb has slowed down just shy of last year’s high of 1.3143. Although the pair has pulled back, the price action suggests very strong bullish sentiment in the GBP/USD pair. However, this optimism may be short-lived, as a less dovish (or even hawkish) tone from Fed Chair…
Seeking Alpha (gated) with the info from a note from UBS on oil, expects Brent to recover into an $85-90/ bbl range over the coming months. The note is a good summary of the mix of factors at play. On demand and the recent slide in price: recession fears in the US, ongoing ceasefire hopes in Gaza have lowered…
Gold retreats from a record high of $2,531 as US Treasury yields rise, with the 10-year note up 6.5 bps to 3.865%. US data shows mixed signals, with higher jobless claims and solid business activity despite ongoing manufacturing contraction. Fed Minutes hint at potential rate cut in September, but stronger US Dollar pressures Gold lower. Gold price retreats on…