Gold prices fell on Wednesday for the fifth consecutive month as strong US economic data and comments from the Federal Reserve about monetary tightening indicated further interest rate hikes, reducing the attractiveness of the non-yielding yellow metal. Spot gold prices fell 0.1 percent to $1,721.59 an ounce by 0735 GMT, …
Read More »European stocks rebounded before the release of inflation data
European shares rose on Wednesday, boosted by the strong performance of technology shares after a three-day sell-off, with inflation data in the region due for release during the session. The pan-European Stoxx 600 index rose 0.4% by 0716 GMT after three consecutive days of losses, but the index is heading …
Read More »Market Drivers – US Session – Tuesday, August
The negative market sentiment slightly began to ease early on Tuesday, although investors are generally pessimistic.The US dollar gave up some gains during the first half of the US session, particularly against high-yielding rivals, but managed to rebound during the second half of the session. The American currency performed higher …
Read More »T-yields touch fresh highs amid inflation concerns
US Treasury yields surged on Tuesday, reversing rally after a better than expected rise in JOLTS data. The latest reading fueled investors’ concerns about the Fed’s hawkish stance and prospects of tightening the US monetary policy.Earlier on Tuesday, Some US government bond yields lightly retreated after inflation data from Europe …
Read More »Gold maintains downtrend ahead of US employment data
Gold price is wavering within the $1,723.03-1,727.20 zone as investors’ attention shifts to the awaited US Employment Change data.The positive US JOLTS Job Openings data granted the US Dollar Index further strength. The said data landed at 11.239M, higher than the expected 10.475M, surpassing prior reading of 11.04M. Gold price …
Read More »What could JOLTS report tell about Fed’s direction?
Job openings have topped 11.2 million in July. That total also was nearly double the total pool of available workers, which stood at 5.67 million for the month. Available positions totaled 11.24 million for the month, in excess of the 10.3 million estimates, according to the Job Openings and Labour …
Read More »GBP/USD pressured into fresh daily lows
From an hourly perspective, GBP/USD is decelerating into a 38.2% Fibonacci retracement level, so, the GBP/USD pair is down by some 0.45% on the day so far while risk assets see some recovery following the bumpy ride into Jackson Hole speeches.The sterling climbed to 1.1760 from 1.1621 on Tuesday in …
Read More »Why Does Consumer Confidence Data Recover?
Tuesday’s report by Conference Board has showed a recovery in consumer confidence in August according to preliminary data. Several analysts have pointed out the rebound in confidence to its highest level since May 2022 took pace as fuel prices fell throughout the month and stock prices rose during the first …
Read More »EUR/USD bounces above parity on hawkish ECB
Despite the US dollar’s strength, on Tuesday, the EUR/USD pair advances underpinned by ECB’s Governing Council members expressing the need for a 75 bps rate hike in September. US Consumer Confidence surprisingly surged, while job vacancies topped expectations.The ECB speakers were led by ECB Knot, who said he’s leaning towards …
Read More »ECB’s Stournaras expects inflation to gradually decline in 2023
European Central Bank (ECB) Governing Council member Yannis Stournaras said on Tuesday that he expects inflation to peak this year before starting gradually decline in 2023, as reported by Reuters.Commenting on the economic outlook, Stournaras acknowledged that risks to growth are tilted to the downside. As for the market’s reaction, …
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