Risk-off vibes returned to the financial markets midweek, yet crude oil still managed to rake in decent gains. What’s up with that and how did the rest of the asset classes perform? Here’s a quick rundown of the headlines and economic updates that affected the markets: Headlines: Chinese trade surplus in July: $84.7 billion ($97.5 billion expected, $99.1 billion…
Fundamental Overview The market is still licking its wounds as the price action remains tentative ahead of the US Jobless Claims today. The ugly US ISM Manufacturing PMI and the weak US NFP report of last week are still fresh in everyone’s mind. At the moment the market is expecting the Fed to cut rates by 50 bps in…
Instead of continuing to advance, USD is more likely to trade between 7.1450 and 7.1900, but further USD weakness is not ruled out. Although, the low near 7.0635 is solid support now, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. The 7.1450 low is prone to breaking 24-HOUR VIEW: “We expected USD to edge higher…
2024.08.08 2024.08.08 Order Book: Concept, Operating Principle, and Depth of Market (DoM) Oleg Tkachenkohttps://www.litefinance.org/blog/authors/oleg-tkachenko/ The price of an asset is shaped by supply and demand, and traders make their decisions based on their ratio. A list of buy and sell orders for a specific security or currency arranged according to a price level is known as the order book,…
The BOC shared that the economy is seeing a cooling labour market. Will July’s employment numbers support the central bank’s dovish estimates?
Once again, the European session is going to be empty on the data front and the focus will be on the American session when we will get the latest US jobless claims figures. We will also hear from Fed’s Barkin late in the day and the market will likely be attentive to comments regarding the recent volatility and economic…
Gold prices rose in Pakistan on Thursday, according to data compiled by FXStreet. The price for Gold stood at 21,438.26 Pakistani Rupees (PKR) per gram, up compared with the PKR 21,337.62 it cost on Wednesday. The price for Gold increased to PKR 250,040.20 per tola from PKR 248,877.80 per tola a day earlier. Unit measure Gold Price in PKR…
2024.08.07 2024.08.07 US Dollar May Gain Traction amid Market Turmoil. Forecast as of 07.08.2024 Dmitri Demidenkohttps://www.litefinance.org/blog/authors/dmitri-demidenko/ The US dollar has used the current market volatility to its advantage. Market panic has eased, and the EURUSD pair is at risk of falling below 1.09 due to an absence of recession in the US and investors overestimating the extent of the…
EUR/NZD seems to be done with its climb, as the pair is forming a reversal pattern on its 4-hour time frame. Are we about to see confirmation soon? EUR/NZD 4-hour Forex Chart by TradingView After a couple of failed attempts to bust through the resistance at the 1.8500 major psychological handle, EUR/NZD is now testing the neckline support around…
Reserve Bank of Australia Governor Bullock more to come Vigilant to inflation risks, will not hesitate to hike if needed. Repeats, board judged current rates still meet its inflation mandate. Don’t expect to be back in 2–3% target range until end of 2025. Investment in renewable energy in regions should bring significant economic benefits. Renewables needed to mitigate the…