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Market Analysis

January, 2024

  • 17 January 2024 11:17 pm

    Fed’s Beige Book reveals economic activity decline in recent weeks

    The US economic activity showed “little or no change” in recent weeks for most of the Federal Reserve’s 12 districts, amid signs that the labour market was cooling in most of the country’s regions, the central bank said on Wednesday in its Beige Book survey of regional business contacts.Consumer spending …

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  • 17 January 2024 10:40 pm

    GBP/USD recovers on UK CPI despite strong US data

    GBP/USD surged by 0.25% as a result of the UK’s surprise 4% annual increase in inflation. GBP’s upside is limited by obstacles such as the moderate rate of cut by the Fed and the improvement in US retail sales. In contrast to the anticipated Fed rate decrease in March, the …

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  • 17 January 2024 9:19 pm

    JPMorgan CEO to clients: Don’t get involved in Bitcoin

    Bitcoin (BTC-USD) is a type of cryptocurrency that does nothing, said JPMorgan Chase CEO Jamie Dimon who said he would advise his clients not to get involved in Bitcoin (BTC-USD), or in any of the new ETFs that were approved last week.Those include Grayscale Bitcoin Trust (GBTC), Blackrock’s iShares Bitcoin …

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  • 17 January 2024 8:06 pm

    IMF: US economy has seen 75% of Fed hikes’ impact

    According to the International Monetary Fund, the US economy has already experienced about 75% of the effects of tighter monetary policy, with the rest expected to pass through this year. The Eurozone has more transmission to come due to interest rate hikes starting later. The US economy maintained stronger growth …

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  • 17 January 2024 5:12 pm

    Major banks expect China’s economic growth to slow in 2024

    Major global investment banks have collectively forecasted a slowdown in the growth of China’s economy in 2024 compared to its growth rate in 2023, which fell below market expectations. Here are the growth expectations for China in 2024 from various banks: JPMorgan (NYSE: JPM): Expects China’s growth to slow to …

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  • 17 January 2024 4:14 pm

    Annual inflation in the euro area rises to in December 2023

    Annual inflation in the euro zone increased to 9.2% in December 2023, marking a notable rise from its lowest level in over two years, which was 2.4% in November. This upward movement represents the first increase in inflation since April and is primarily attributed to energy-related base effects. Energy prices …

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  • 17 January 2024 2:49 pm

    European stocks fell after the European Central Bank’s statements

    European stocks experienced a sharp decline at the beginning of Wednesday’s trading session, influenced by statements from European Central Bank officials that diminished expectations of interest rate cuts. Additionally, lower-than-expected Chinese economic data contributed to a negative market sentiment. The European STOXX 600 index dropped by 1.2 percent as of …

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  • 17 January 2024 1:32 pm

    Dollar is at a one-month high as interest rate cut expectations decline

    The dollar index remained at its highest level in a month against a basket of currencies on Wednesday, as remarks from Christopher Waller, a member of the Federal Reserve Board of Governors, tempered expectations of an interest rate cut in March. Waller stated on Tuesday that, while the United States …

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  • 17 January 2024 12:34 pm

    Oil prices decline as a stronger dollar offsets the risks of Red Sea unrest

    Oil prices fell on Wednesday as a stronger dollar curbed demand for crude denominated in the US currency, but increasing risks of supply disruptions amid the raging conflict in the Red Sea limited losses. Brent crude futures fell 36 cents, or 0.5 percent, to $77.93 per barrel by 0215 GMT. …

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  • 17 January 2024 1:16 am

    Market Drivers – US Session, January 16, 2024

    The US dollar was strongly supported by investors’ diminishing speculation about Fed interest rate cuts as US markets returned to a regular schedule. Meanwhile, the European currency was eventually affected by ECB officials’ continued disagreement with market perceptions regarding the timing of rate reductions. It is anticipated that Fedspeak, US …

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  • 17 January 2024 12:58 am

    GBP/USD declines after UK jobs data

    The GBP/USD pair fell to a near-term low of 1.2620 in Tuesday trading, as broader markets shifted their focus from upbeat economic data to bidding up the US Dollar, sending the Pound Sterling into the new year’s lows. Broad-market bets of a rate cut from the Bank of England are …

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  • 16 January 2024 11:41 pm

    US Dollar Has Touched Highest Level Since December

    The DXY Index surged around 103.40, marking the highest level the US Dollar has been since mid-December. This was mostly caused by US traders coming back from vacation, which was further supported by a gradual increase in yields. Markets are pricing in another rate decrease in May as part of …

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  • 16 January 2024 10:35 pm

    Oil prices almost unchanged amid stronger US dollar

    Oil prices remained stable on Tuesday, with the US dollar reaching its highest in a month and concerns about the impact of Middle East tensions on energy supplies supported by the stronger dollar. WTI crude futures settled at $72.40 a barrel, down 28 cents or 0.4% from Friday’s settlement. Brent …

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