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Market Analysis

December, 2023

  • 26 December 2023 1:14 am

    Will ETH, BTC Register New Highs This Year?

    As the volatile 2023 concludes, the Ethereum market price recovers remarkably, forming an ascending triangle pattern in the weekly chart. Buyers are attempting a bullish breakout fueled by the recent October rally of 2023. If buyers manage to cross the Ethereum market value above $2200, the bull run continuation can …

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  • 25 December 2023 11:17 pm

    Gold price declines from $2070 highs amid market holidays

    After touching the pre-holiday highs at $2070, gold retreats to around $2053 per ounce. Gold is being pressured higher by growing investor wagers on looming quicker, more frequent Fed rate cuts in the new year. US inflation is still down, and Treasury yields are easing as risk appetite surges.On Friday, …

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  • 25 December 2023 9:02 pm

    How have US stocks performed amid Santa rally’s onset?

    After five straight record closing, US stocks saw a slight decline; however, all three major US indexes ended the day down. Wall Street was expecting the Santa Rally to push markets to new heights as they finish 2023 on a high note. With a 24% increase so far this year, …

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  • 25 December 2023 4:17 pm

    A Recap of Global Oil Markets in 2023 and Anticipated Trends for 2024

    In 2023, the global oil markets underwent a transformative journey, shaped by a confluence of factors ranging from the lingering impacts of the COVID-19 pandemic to geopolitical events such as Russia’s invasion of Ukraine. This tumultuous backdrop precipitated a realignment of benchmark crude oil prices, reshaping global trade flows and …

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  • 25 December 2023 1:42 pm

    Russia: We will start buying foreign currencies if the price of oil ranges between 88 and 90 dollars per barrel

    The head of the Russian Central Bank, Elvira Nabiullina, revealed in an interview with Russian media that the bank is poised to initiate the purchase of foreign currencies if oil prices reach the range of $88 to $90 per barrel. She further indicated that the bank will persist in selling …

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  • 25 December 2023 11:06 am

    Japan’s Nikkei index closed higher amid expectations of a cut in interest rates

    On Monday, Japan’s Nikkei index closed higher, buoyed by the prospect of interest rate reductions in the United States, which also contributed to gains in the Standard & Poor’s 500 and Nasdaq indices at the conclusion of the previous week’s trading. However, shares of shipping companies experienced a decline due …

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  • 25 December 2023 8:34 am

    Financial Markets’ Weekly Recap

    European stocks closed on a weak note on Friday as weaker-than-expected US inflation data offset losses in sportswear makers and stocks exposed to China, just ahead of the Christmas holiday. The European STOXX 600 index edged up by 0.1 percent, marking gains for the sixth consecutive week in a streak …

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  • 23 December 2023 2:20 am

    Market Drivers – US Session, Dec. 22

    The Dow Jones reached all-time highs, while US Treasury yields moved lower. The 10-year settlement was around 3.90%, the lowest since July. The US Dollar Index fell for the second week in a row, falling to monthly lows below 102.00. Market repricing expectations from the Fed in 2024 keep the …

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  • 23 December 2023 2:07 am

    Gold steadies above $2053 after flirting $2070 post PCE data

    As of this writing, the price of the precious metal pulled back to about $2053 after briefly rallying up to flirt $2,070 before Friday’s pre-holiday closing. Gold is being pressured higher by growing investor bets on quicker, more frequent Fed rate cuts.US inflation is still down, and Treasury yields are …

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  • 23 December 2023 12:50 am

    S&P 500 on track for eighth-straight winning week

    The S&P 500 increased on Friday in response to lower inflation figures, and Wall Street was hoping to continue its year-end rally as the major averages were headed for their eighth consecutive winning week. The Nasdaq Composite increased by 0.16%, while the Dow Jones Industrial Average dropped 10 points, or …

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  • 23 December 2023 12:05 am

    USD/CAD flat on Friday in pre-holiday trading

    The US Dollar is recovering from a selloff on Friday, while the Canadian dollar briefly rallied to a 19-week high. The USD/CAD pair is expected to record its fifth weekly decline in six straight weeks. The Canadian dollar is struggling to catch bids as economic data from Canada points towards …

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  • 22 December 2023 11:28 pm

    EUR/USD abandons recent rally as markets retreat dollar’s selloff

    The EUR/USD pair reached an 18-week high on Friday, but slipped back towards 1.1000 as markets wind up operations before heading into the holiday break. The US dollar is declining as investors anticipate rate cuts due to slowing inflation in the US. The Core Annualised PCE Price Index for the …

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  • 22 December 2023 10:35 pm

    USD/JPY rebounds post inflation data

    The USD/JPY pair surged to 142.60 on Friday, boosted by the Japanese Yen’s expected 2.5% increase in the National Consumer Price Index (CPI). However, the Bank of Japan remains uncertain about the future of Japanese inflation, as it remains firmly entrenched in hyper-easy monetary policy with negative interest rates, and …

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