Market Update

Gold prices have surged for the fourth consecutive day, surpassing the 50-day Simple Moving Average (SMA) of $2,660 due to global unrest and reports of Russia’s potential Inter-Continental Ballistic Missile (ICBM) launch. The US economic data suggests a strong jobs market, with the XAU/USD trading at $2,672 at weekly highs, …

Market Focus Shifts to Japan and Global PMIsThe US Dollar continued its upward trend, reaching new 2024 highs. This was driven by a combination of factors, including a weakening risk appetite and ongoing geopolitical tensions.Key Events on Friday, November 22nd:• US: Flash S&P Global Manufacturing and Services PMIs, final Michigan …

The Dow Jones Industrial Average closed sharply higher on Thursday, surging over 600 points. This significant gain marks a rebound from a recent market pullback and reflects renewed investor optimism. Key factors driving the rally include a robust job market, as evidenced by the decline in weekly jobless claims, and …

The US Dollar traded flat on Thursday, hovering around 106.50 on the DXY index. This comes after New York Fed President John Williams suggested that inflation is cooling, potentially paving the way for a future interest rate cut.Key Market Movers:Jobless Claims: Weekly jobless claims came in lower than expected, but …

The Federal Reserve’s once straightforward path towards interest rate cuts has taken a more winding route. While expectations were high for multiple rate reductions in 2024, recent economic developments and policy shifts have led to a more cautious stance from the central bank. A Cautious ToneFed Chair Jerome Powell has …

In response to inflation that is reportedly approaching the Fed’s 2% objective, Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee spoke to newswires on Thursday about the future pace of Fed rate decreases. Key QuotesInflation is on its way down to 2%.The labor market is close to stable, full …

The British pound edged lower against the dollar on Thursday, reflecting market caution as investors awaited clarity on President-elect Donald Trump’s Treasury Secretary pick and the implications for U.S. economic policies. Sterling fell 0.1% to $1.26405, struggling to maintain footing against a firming dollar. Dollar Gains Weigh on SterlingThe dollar’s …

Oil prices edged higher on Thursday as intensifying military exchanges between Russia and Ukraine overshadowed concerns over rising U.S. crude inventories. The geopolitical tensions bolstered market uncertainty, keeping prices elevated despite bearish supply data from the United States. Brent crude futures rose 1.3% to $73.77 per barrel by 10:17 GMT, …

Britain’s public finances faced mounting pressure in October as borrowing levels exceeded expectations, posing a significant challenge for Finance Minister Rachel Reeves. Official data from the Office for National Statistics (ONS) revealed that public sector net borrowing reached £17.4 billion ($22 billion) in October, well above the £12.3 billion forecast …

Bitcoin surged to a new all-time high on Thursday, fueled by optimistic sentiment around crypto markets and the prospect of pro-crypto regulations under U.S. President-elect Donald Trump. The world’s largest cryptocurrency reached $97,792.6 before settling slightly lower at $96,909.4 by early morning trading. This rally places Bitcoin tantalizingly close to …