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Market Analysis

June, 2024

  • 5 June 2024 10:53 am

    Asian Stocks Mostly Rise as U.S. Jobs Data Signals Potential Rate Cut

    Asian stock markets experienced a broad rally on Wednesday, while the U.S. dollar remained steady. This positive sentiment was fueled by a softening U.S. labor market, strengthening expectations for a Federal Reserve interest rate cut in September. However, concerns about a cooling U.S. economy tempered risk appetite. MSCI’s broadest index …

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  • 5 June 2024 2:21 am

    Market Drivers; US Session, June 4

    The USD Index (DXY) advanced slightly after briefly testing two-month lows near 104.00. On June 5, MBA’s Mortgage Applications are due seconded by ADP Employment Change, the final S&P Global Services PMI and the ISM Services PMI.The dollar managed to reverse part of the recent weakness after bottoming out in …

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  • 5 June 2024 2:04 am

    What is behind speculations on looming US economic slowdown?

    As a result of recent weaker than expected US data, particularly from last week and the first two days of the current new trading week, worries and concerns have surfaced regarding the likelihood that the US economy could slide into a deep slowdown in the near future. Investors first thought …

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  • 4 June 2024 11:01 pm

    Gold price retreats amid risk aversion

    Gold prices have fallen by 0.90% in the mid-North American session on Tuesday, amid risk-off sentiment and falling US Treasury bond yields. The latest tranche of US economic data shows the economy is slowing down, warranting lower interest rates. However, the Gold Index, XAU/USD, trades with losses and exchanges hands …

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  • 4 June 2024 10:25 pm

    Growing on-chain activity to push BNB to all time highs

    Binance Coin (BNB) is on the verge of a potential breakout to a new all-time high, driven by growing on-chain activity, a recent price surge, and the resolution of ex-CEO Changpeng Zhao’s legal issues. The token has been trading within an ascending triangle pattern since May 16, with a bullish …

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  • 4 June 2024 9:03 pm

    US dollar struggles amid weak labour market data

    Following steep losses on Monday as a result of the unsatisfactory May ISM PMIs, the US dollar secured some gains although JOLTS for April revealed fewer job openings than anticipated. Despite struggling, the US Dollar Index is 0.04% up, trading at 104.09 at the time of writing. In order to …

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  • 4 June 2024 8:23 pm

    US stocks retreat on weaker economy woes

    Investors reacted to underwhelming recent economic data and prepared for the release of key payroll data later this week.Monday’s US manufacturing data for May came in below expectations and indicated that a recent contraction is deepening, albeit slightly.These figures follow other data that suggests the world’s largest economy is slowing …

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  • 4 June 2024 7:45 pm

    Rumours drag USD/JPY lower

    USD/JPY has fallen to 155.00 due to a combination of risk-off market sentiment and rumors that the Bank of Japan (BoJ) is considering reducing bond purchases at its June meeting. This move would raise Japanese bond yields and support the Yen, a negative for USD/JPY. The US Dollar (USD) bounced …

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  • 4 June 2024 6:52 pm

    ChatGPT down again after “major outage”

    After what OpenAI referred to as a “major outage” earlier today that affected millions of users globally, ChatGPT seems to have recovered. But it appears that the chatbot is having problems once more, as OpenAI reports that it is “unavailable for some users” once more. Reports of today’s ChatGPT issues …

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  • 4 June 2024 6:10 pm

    US JOLTS Job Openings decline below expectations

    The number of job openings on the last business day of April stood at 8.059 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This reading followed the 8.35 million (revised from 8.48 million) openings reported in March and …

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  • 4 June 2024 1:43 pm

    Dollar Recovers After Steep Losses, Euro Dips on Weak German Employment Data

    The U.S. dollar rebounded in early European trading on Tuesday, reversing overnight declines. The euro weakened following the release of disappointing German employment figures. At 04:45 ET (08:45 GMT), the Dollar Index, which measures the greenback against a basket of six other currencies, rose 0.1% to 104.165, after briefly falling …

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  • 4 June 2024 12:43 pm

    European Stocks Retreat Amid ECB Caution and US Labor Market Data Anticipation

    European stock markets experienced a downturn on Tuesday, driven by investor caution ahead of the European Central Bank’s (ECB) upcoming policy meeting later in the week. As of 03:20 ET (07:20 GMT), the DAX index in Germany declined by 0.6%, the CAC 40 in France fell by the same margin, …

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  • 4 June 2024 11:48 am

    Asian Markets Dip on India Election Results and U.S. Economic Concerns

    Asian share markets experienced a downturn on Tuesday as global investors awaited the official results of India’s general election and assessed the potential weakening of the U.S. economy’s exceptionalism amid further decline in manufacturing activity. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.4%, despite mild gains in U.S. …

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