According latest ‘flash’ PMI™ data from S&P Global, US private sector firms signaled a sharper fall in business activity during August. The decrease in output was the fastest seen since May 2020 and solid overall. The rate of contraction also outpaced anything recorded outside of the initial pandemic outbreak since …
Read More »OPEC+ ponders output cut once Iranian oil returns
Citing nine OPEC sources familiar with the matter, Reuters reported on Tuesday that OPEC and its allies, the group known as OPEC+, may lean towards oil output cuts when and if Iranian production returns depending on the revival of the nuclear deal.On Monday, Saudi Arabia’s energy minister told Bloomberg that …
Read More »Market Drivers – US Session – Monday, August 22
Although safe-haven flows dominated the financial markets for the majority of the day on Monday, Wall Street’s main indexes managed to close the day modestly higher.Gold suffered heavy losses and dropped toward $1,770 on Monday. With the 10-year US T-bond yield edging lower during the American trading hours, XAU/USD edged …
Read More »Could Gold Resist This Week’s Headwinds?
Gold trades at $1,735.77 per ounce at the time of writing versus $ 1,747.37 in the previous trading session. Gold prices are generally falling behind the pace again to begin the week. The latest Consumer Sentiment data is being blamed for another sharp surge in the US Dollar overnight that …
Read More »WTI pares losses as Iran nuclear deal progresses
The WTI crude oil recovered from reaching a daily low of around $86.29 and finished up 0.80%. US Department of State noted that a nuclear deal with Iran is closer, a headwind for oil prices. Oil traders are worried about a possible US recession and China’s economic slowdown.Western Texas Intermediate …
Read More »Dow Experiences Worst Day Since June
The Dow Jones Industrial Index sharply fell, on Monday, in its worst day since June, as the summer rally fizzled out and fears of aggressive interest rate hikes returned to Wall Street.The Dow fell 643.13 points, or 1.91%, to 33,063.61. The S&P 500 dropped 2.14% to 4,137.99, and the Nasdaq …
Read More »AUD/USD reacts to global economic fears
The AUD/USD pair is back to flat on the day following a risk-off-led drop at the start of the week. The bears are waiting for the Jackson Hole around the corner amid Chinese economic fears.AUD/USD bulls are attempting to stabilize the pair following a test of daily lows at the …
Read More »Could Crude Oil Bulls Force Price Reversal?
Oil prices continue as one of the hottest issues across global financial markets. WTI Crude Oil has spent the most of the previous three months funneling lower, taking on the form of a falling wedge. Such formations are often tracked for bullish reversal potential.The price action is consistent with two …
Read More »Bitcoin, ether slide on rising Treasury yields
Bitcoin and Ethereum have extended their declines from Friday’s drop in Monday morning trading, though recovering a bit from an even deeper slump seen earlier in the session.The bearish price action also came as U.S. Treasury yields rose slightly across the curve, with the 10-year (US10Y) up three basis points …
Read More »UK economy shrank record 11% in 2020, worst since 1709
The United Kingdom recorded its biggest fall in output in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic, as well as a larger decline than any other major economy, updated official figures showed on Monday.Gross domestic product fell by 11.0% in 2020, the …
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