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On Friday, gold prices are positioned to achieve their most substantial weekly surge in five months, nearing their all-time high, following statements by Federal Reserve Chairman Jerome Powell that have reinforced expectations of interest rate cuts mid-year. Record-Breaking Momentum In spot transactions, gold prices experienced minimal change, maintaining a robust …
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March, 2024
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8 March 2024 5:14 am
Market Drivers – US Session, March 7
WTI crude oil prices continued their consolidative trend in the commodities market, hovering around $80.00 per barrel, amid anticipation of a rate cut by the Federal Reserve and higher crude oil imports by China in January and February.Gold prices continued to rise, surpassing $2,160 per ounce to reach an all-time …
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8 March 2024 5:00 am
Crypto rally continues as fresh all-time highs enthusiastically eyed
Early on Thursday, traders saw a surge in the price of bitcoin as bulls began to reduce their stakes in the biggest cryptocurrency in the world. It peaked earlier on Tuesday at $69,202, then later on Wednesday, it dropped to about $60,000.The digital currency has experienced a spectacular rise, rising …
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8 March 2024 2:47 am
To Which Financial Assets Could NFP Data Bring Good News?
The US jobs print on Friday could impact the Fed’s future policy course. A dismal NFP could weaken the US dollar further, and attention might be drawn to the dollar’s major pairs, to determine which assets are winners and which losers. While GBP awaits fiscal clues, policy direction from China …
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8 March 2024 1:27 am
S&P 500 hits fresh record, Nasdaq advances ahead of NFP
Ahead of the jobs data on Friday, and in the midst of carefully watched testimony from Fed Chair Jerome Powell, US equities continued to rise on Thursday, with the S&P 500 reaching a new record high.Once again, tech stocks led the way, as the Nasdaq increased by up to 1.5% …
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7 March 2024 11:05 pm
European stocks close higher after ECB inflation estimate, rate decision
Thursday’s closing European market gains came following the European Central Bank’s revised inflation estimate, which restarted the 2024 surge. The pan-European Stoxx 600 broke above the crucial 500 threshold for the first time during the session, and it ended the day 1.05% higher at 503.45 points.The European Central Bank reduced …
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7 March 2024 9:57 pm
Better than expected Chinese trade data boost NZD/USD
Better than expected Chinese trade data boost NZD/USD New Zealand Dollar rises over 0.65% after the release of much better than expected trade data from China; the country’s chief trading partner. The data indicates a probable increase in demand for New Zealand goods from mainland China. Charts are showing the …
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7 March 2024 9:29 pm
Canadian dollar slides ahead of key labour data
The Canadian currency has a mixed day’s performance, but it gains since the US dollar is weakening. Due to lower US dollar flows earlier in the day, the USD/CAD pair dropped down below 1.3500. On Thursday, the Canadian dollar managed to gain some ground over its US counterpart. The USD/CAD …
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7 March 2024 8:39 pm
Powell: Fed not far from cutting interest rates
Powell has indicated that interest rate cuts may not be too far off if inflation signals cooperate. Powell did not provide a precise timetable of when easing could happen, but noted that the day could be coming soon. Powell said the cuts would be so the Fed doesn’t drive the …
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7 March 2024 7:47 pm
Powell stresses Fed’s intention to carefully remove QT
Federal Reserve Chairman Jerome Powell continues, on Thursday, his two-day testimony before the Senate Banking Committee. Powell stressed that quantitative easing will begin in 2024. He noted that removing restrictive stance of policy will begin over the course of this year.Key Quotes: “If the economy does as expected, we think …
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7 March 2024 6:18 pm
ECB Press Conference: Lagarde speaks on outlook after leaving key rates unchanged
As Christine Lagarde, President of the European Central Bank (ECB), addresses the media regarding the ECB’s decision to maintain key interest rates unchanged in March, she emphasizes the rationale behind the decision and responds to queries from the press. Lagarde begins by outlining the ECB’s assessment of the current economic …
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7 March 2024 6:10 pm
ECB leaves interest rate unchanged
The European Central Bank’s Governing Council has decided to maintain three key interest rates unchanged due to a decline in inflation since January’s last meeting. The latest projections show inflation to average 2.3% in 2024, 2.0% in 2025, and 1.9% in 2026, with inflation excluding energy and food also revised …
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7 March 2024 2:18 pm
Currencies Overview: Dollar Weakens Amid Fed Rate Cut Speculation
The U.S. dollar saw downward pressure on Thursday as market anticipation of potential rate cuts by the Federal Reserve grew stronger. This sentiment prevailed as Fed Chair Jerome Powell commenced his two-day testimony before Congress, suggesting that rate cuts might be warranted later this year. Powell’s Testimony Drives Dollar Lower …
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