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Market Analysis

May, 2024

  • 8 May 2024 10:06 am

    Dollar Gains Momentum While Yen Weakens

    On Wednesday, the dollar regained its momentum, marking modest gains following earlier losses fueled by renewed speculation about potential Federal Reserve rate cuts later this year. Meanwhile, the yen weakened, surpassing the 155 per dollar mark and keeping intervention concerns from Tokyo at the forefront. Experiencing a 0.3% decline, the …

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  • 8 May 2024 10:04 am

    Asian Stocks Decline as China’s Rally Pauses and Rate Optimism Cools

    On Wednesday, most Asian stocks navigated within a flat-to-lower range, pausing for breath after a recent rebound in Chinese markets, while comments from Federal Reserve officials stirred speculation about the timing of potential U.S. interest rate adjustments. Drawing cues from a largely stagnant overnight session on Wall Street, regional markets …

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  • 8 May 2024 10:00 am

    Oil declines as US inventories increase

    In the early hours of Wednesday’s Asian trading session, oil prices experienced a decline amidst indications of increased crude and fuel inventories in the United States. This trend suggested a potential softening in demand, prompting a cautious stance among investors regarding supply expectations ahead of the upcoming OPEC+ bloc meeting …

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  • 8 May 2024 5:02 am

    Will stock market’s rally continue?

    Tuesday saw gains in the US market indices as worries and concerns over the country’s economy, lest it should fall into a recession, eased further. US economic figures indicated that recent data was the worst since February 2023. As a result, there is growing anticipation that the Fed will soon …

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  • 8 May 2024 3:55 am

    Market Drivers; US Session, May 7

    With the global markets in the midst of a generalised consolidation phase, the US dollar saw some decent gains as the FX universe gradually turned its focus to the announcement of the US CPI next week. In the face of further declines in US rates, the USD Index, or DXY, …

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  • 8 May 2024 3:40 am

    GBP/USD is trading at 1.2500 ahead of the BoE’s rate decision

    The GBP/USD pair drops to 1.2500 on Wednesday, down -0.06%, as the USD strengthens. According to Fed member Kashkari, it’s premature to declare that inflation has stopped, and if it does, they may lower interest rates this year. The interest rate at 5.25% is anticipated to remain unchanged at the …

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  • 8 May 2024 12:34 am

    US Presidential Election Risks Surfacing in Forex Space

    Even though election day is nearly six months away, Forex markets have begun factoring in increased foreign exchange volatility around the US vote on November 5. With the difference between the six- and three-month implied volatility for the Chinese offshore yuan skyrocketing for a second day, options traders are concerned …

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  • 7 May 2024 9:37 pm

    Earnings Glamour Dimmed by Disney’s Streaming Slowdown

    Wall Street was only concerned about one thing, according to Disney’s Q2 results report: the company’s shares dropped as much as 11%. Disney told investors that its streaming division will turn a profit by the end of its fiscal fourth quarter, reported better-than-expected profits, and only slightly missed revenue targets. …

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  • 7 May 2024 7:51 pm

    Fed’s Kashkari: Rates will be higher for longer

    President of the Federal Reserve (Fed) in Minneapolis, Neel Kashkari, made headlines on Tuesday for the second time in a row as he discussed the Fed’s outlook for inflation and interest rates for the remainder of the year.Kashkari would need to see multiple readings on inflation to be confident enough …

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  • 7 May 2024 6:54 pm

    Gold price declines on stronger Dollar

    The Gold Index, XAU/USD, was trading down by roughly -0.33% earlier on Tuesday, in the $2,310s, but at the time of writing, it is only -0.20% down, trading at $2,319.56, as the US Dollar recovers, reducing the cost of Gold which is priced in USD. Gold price declines on Tuesday …

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  • 7 May 2024 3:23 pm

    European shares at a one-month high, supported by strong earnings results

    European stocks surged on Tuesday, reaching their highest level in over a month, buoyed by robust earnings reports from companies like Swiss UBS and Italian UniCredit, alongside optimistic sentiment surrounding potential interest rate cuts. At 0710 GMT, the European STOXX 600 index climbed 0.6 percent, building on its highest weekly …

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  • 7 May 2024 12:19 pm

    Japan’s Nikkei closed at a 3-week high

    On Tuesday, Japan’s Nikkei index surged over 1 percent, reflecting improved investor sentiment driven by heightened bets on potential US interest rate cuts and sustained gains in the technology sector. Closing at 38,835.10 points, the Nikkei index climbed 1.57 percent, marking its highest closing level since April 15. The broader …

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  • 7 May 2024 10:46 am

    Japanese yen declines despite continued fears of state intervention

    On Tuesday, the yen continued its decline against the dollar, influenced by interest rate differentials despite warnings from Japanese officials following suspected interventions triggered by substantial dollar selling last week. The Australian dollar dipped 0.36 percent to $0.6601 USD from its recent peak of $0.6650 USD reached last Friday, matching …

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