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Market Analysis

April, 2024

  • 2 April 2024 2:12 pm

    Dollar rises amid declining hopes for an early cut in interest rates

    The dollar remained near its highest levels in four and a half months against major currencies on Tuesday amid diminishing expectations for the timing of the first interest rate cut by the Federal Reserve (US central bank) this year. While the dollar reached its highest levels in six weeks against …

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  • 2 April 2024 1:08 pm

    Gold is hovering near an all-time high as dollar consolidates

    Gold prices on Tuesday hovered below the record level they reached in the previous session, with the dollar and Treasury bond yields remaining steady after robust US data raised doubts about whether the Federal Reserve (US central bank) would cut interest rates three times this year. By 0624 GMT, gold …

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  • 2 April 2024 12:41 pm

    Nikkei closed higher despite profit-taking and risks associated with the yen

    Japan’s Nikkei index closed higher on Tuesday, briefly surpassing the 40,000-point mark before some gains were trimmed by profit-taking and concerns about potential intervention by Japanese authorities to stabilize the yen. The Nikkei index ended Tuesday’s session up 0.1 percent at 39,838.91 points. Although the index has risen approximately 19 …

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  • 2 April 2024 10:34 am

    Oil rises thanks to upbeat manufacturing data and rising tensions in the Middle East

    Oil prices rose in early Asian trading on Tuesday, buoyed by signs of improving demand and escalating tensions in the Middle East, which pushed US futures to their highest level in five months in the previous session. Brent crude futures for June delivery climbed 37 cents to $87.79 a barrel …

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  • 2 April 2024 5:08 am

    Market Drivers; US Session, April 1

    With some major markets closed on Easter Monday, the US dollar is the clear winner as of late Monday. As the day began, most attention was on growth-related data, with China releasing positive manufacturing production data for March. Still, the news was insufficient to keep investors upbeat.The news on Friday …

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  • 2 April 2024 3:41 am

    Will Consumer Spending Likely Stop Fed’s Rate Cuts?

    Federal Reserve’s officials and policymakers are surely thinking about cutting interest rates, but one important question is yet unanswered: how will consumer spending patterns affect this choice? Generally speaking; higher interest rates would cause consumers and corporations to reduce their expenditure. Stock prices will retreat as a result, and earnings …

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  • 2 April 2024 2:50 am

    RBA’s Kent: No change to current rundown of balance sheet

    RBA

    Assistant Governor Christopher Kent of the Reserve Bank of Australia stated on Monday that retaining bonds till maturity has no effect on the present balance sheet breakdown. At the time of writing, the AUD/USD pair is trading at 0.6490, up 0.02% on the day.Key Quotes“The outlook for inflation and monetary …

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  • 2 April 2024 1:33 am

    US stocks close mixed, yields rise to start second quarter trading

    The second quarter of 2024 began with mixed closing results for US stocks, with the Dow Jones Industrial Average down 0.6% and the S&P 500 down 0.2%. Although it was off its early session highs, the tech-heavy Nasdaq Composite ended the day marginally higher. As the benchmark 10-year Treasury yield …

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  • 2 April 2024 12:04 am

    Gold trades higher despite robust US manufacturing data

    The market is supported by optimistic reports on US manufacturing growth in the United States, however, the price of gold slightly rises. The attraction of non-yielding gold is called into question by the increase in US Treasury yields that followed upbeat news from the ISM and S&P Global.Gold’s rising trajectory …

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  • 1 April 2024 10:43 pm

    GBP/USD Falls Following US Manufacturing Data

    Strong US manufacturing activity and pricing pressures have caused the GBP/USD to decline, which may feed concerns of a sustained Fed policy. Due to holiday closures, the US economy is resilient while European markets are quiet. The GBP/USD exchange rate may be weighed down by upcoming UK PMI data releases, …

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  • 1 April 2024 9:25 pm

    Bitcoin miners’ earnings hit a record $2 billion before halving event

    Bitcoin miners have reached a record $2 billion in earnings ahead of the halving event, with earnings reaching a high of $2.01 billion from rewards and transfer fees. This marks the highest revenue in the last year and the highest record month for miner income in the network’s lifetime. The …

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  • 1 April 2024 7:11 pm

    Canadian dollar loses momentum on stronger US counterpart

    Strong US macroeconomic data has been supporting the US dollar, which has caused the Canadian currency (CAD) to lose ground. The Canadian dollar is under pressure as a result of the S&P Manufacturing PMI in Canada failing to sustain the loonie and the oil price stalling close to year-to-date highs. …

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  • 1 April 2024 6:14 pm

    Gold Reaches All-Time High as US Data Revives Expectations of June Rate Cut

    Gold prices continued to surge to unprecedented highs on Monday following the release of data indicating a slowdown in the pace of inflation in the United States. This development reinforced expectations that the Federal Reserve could implement its first interest rate cut in June, as lower interest rates diminish the …

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