Market Update

According to a Reuters poll, Japan’s economy likely contracted at a slightly slower pace than initially reported in the first quarter of 2024, due to upward revisions in capital spending figures. However, economists warn that significant risks continue to cloud the outlook for recovery. The revised gross domestic product (GDP) …

Gold reached a two-week high of $2,378 on Thursday following weaker-than-expected jobs data announced by the US Bureau of Labor Statistics (BLS). The BLS report had a significant impact on US Treasury bond yields, which remained virtually unchanged, providing a tailwind for the precious metal. As a result, the XAU/USD …

The eagerly awaited Employment Change Report for May, scheduled for release on Friday, June 7th, 2024 at 8:30 AM ET, is poised to provide crucial insights into the status of the US labour market. As economic indicators hint at a potential slowdown, investors are closely monitoring the data for signals …

WTI crude oil has rebounded to $75.75 per barrel in thin market trading. Energy traders are cautiously optimistic, focusing on expectations of a Federal Reserve rate cut in Q3 while grappling with oversupply risks.The American Petroleum Institute (API) and the Energy Information Administration (EIA) have reported a significant increase in …

As markets brace for Friday’s crucial labour data from both the US and Canada, the Canadian dollar fell into a holding pattern on Thursday. Although there is still a chance of a push-out to November, investors are still inclined towards betting on a September rate cut from the US Fed. …

US Treasury bond yields have shifted upward since the start of Thursday’s trading session on Wall Street. This change comes after preliminary employment indicators sparked speculation that the Federal Reserve may maintain interest rates at elevated levels for some time.The US Challenger Job Cuts Index recorded a decline to 63,816 …

Gold trades 0.74% higher as bets the Fed will cut rates in September remain elevated despite strong US service sector data. Gold breaks out of its range higher, muddying the short-term technical picture. Gold (XAU/USD) is trading up by about 0.2% in the $2,360s on Thursday just after the European …

The European Central Bank (ECB) announced a rate cut for the first time in five years, lowering the deposit rate by 25 basis points to 3.75%. However, the central bank refrained from signaling its next move due to heightened uncertainty surrounding the inflation outlook after a significant slowdown in the …

U.S. stock index futures were relatively unchanged on Thursday, as investors awaited fresh data to assess the strength of the U.S. labor market. Meanwhile, the Nasdaq futures saw a slight uptick, buoyed by gains in AI-focused Nvidia, which boosted optimism in the tech sector. The previous session witnessed a tech …

Oil prices rebounded for the second consecutive day on Thursday, driven by growing optimism that the Federal Reserve may cut interest rates as early as September. However, the potential for higher supply from OPEC+ and rising U.S. inventories kept the price gains in check. Brent crude futures rose 0.42% to …