Since its January meeting, the Bank of Canada has refrained from using the phrase “the bank is still ready to raise interest rates if necessary,” which was previously a frequent mention in its statements. This adjustment comes at a time when the market anticipates rate cuts by other central banks. …
Read More »Bitcoin may stay in the red for 15 days on “Post-Halving Danger Zone” concerns
In addition to selling pressures, Bitcoin market disinterest is currently persisting, and a likely d…
Why Has ExxonMobil Stock retreated After Earnings?
Today, ExxonMobil’s stock price retreated despite what appeared to be good earnings news. Inve…
Fresh inflation data, tech earnings trigger gains in US stocks
US stocks are advancing on Friday as investors digest the most recent inflation data, the PCE Index …
GBP/USD impacted by US inflation data, anticipated delay of Fed’s rate cut
The GBP/USD pair is currently focused on support levels due to its recent inability to break above t…
What will investors watch closely next trading week?
The anticipation of interest rate cut or cuts by the Federal Reserve and data releases dominated the…
Microsoft reports revenues of more than $61 billion
Yesterday, Microsoft Corporation unveiled its third-quarter financial results, surpassing analysts…
European stocks rise on strong results from major technology companies
European stocks rallied on Friday, poised to conclude the week with gains, buoyed by robust earnings…
Yen is at a 34-year low as the Bank of Japan keeps interest rates unchanged
The yen plummeted to its lowest level against the dollar in three decades on Friday following the Ba…
Oil prices are heading to end a two-week losing streak
Oil prices rose on Friday, poised to conclude the week with gains after two consecutive weeks of los…
Gold is on track to record its first weekly loss in 6 weeks
Gold prices saw little change on Friday ahead of a crucial inflation report in the United States but…
Market Analysis
March, 2024
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6 March 2024 4:40 am
Gold leaps as traders shift focus to Powell testimony
Gold prices reached a new record of $2141.59 earlier on Tuesday, driven by expectations of forthcoming Fed policy easing. Reports of slowing business activity in the US services sector contributed to the rally, with XAU/USD now trading at $2126.85.A decline in US Treasury yields supports the surge in gold prices. …
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6 March 2024 3:59 am
Will BoC’s March meeting decide first rate cut in 2024?
The Bank of Canada is expected to maintain a 5% interest rate at its upcoming meeting, with a possible first rate cut in June. This approach will allow the Bank to monitor GDP figures and their impact on the interest rate’s outlook, as economic analysts believe the Canadian economy is …
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6 March 2024 3:28 am
Could other cryptocurrencies benefit from Bitcoin’s recent surge?
As of this writing, Bitcoin is down 7.17% from its previous daily closing price of $68359, primarily due to profit-taking and risk aversion. However, as Bitcoin and Ethereum take centre stage in the market, altcoin season is picking up steam. The market is gaining further excitement and confidence right now, …
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5 March 2024 11:47 pm
What can markets expect from Powell’s semiannual testimony?
Fed Chair Jerome Powell is expected to reiterate his stance that interest rate cuts are not necessary right now, particularly in light of recent inflation-linked data that indicated price pressures are still persisting.The Fed will release its Beige Book poll, which is a nationwide study of regional business contacts, on …
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5 March 2024 10:21 pm
China’s Premier sees foundation of economic recovery not solid yet
China’s Premier Li Qiang addressed the National People’s Congress annual meeting, acknowledging that achieving 5% economic growth this year will be challenging due to difficult times. Li Qiang outlined plans to boost spending on advanced technology, fortify China’s military, and support the economy. However, no big package of stimulus was …
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5 March 2024 9:32 pm
Dow falls nearly 300 points on sell-off led by Apple
With Apple as well as other big names in the tech industry retreating, US stocks dipped on Tuesday, headed for another down session. The average number of equities that traded in the red was almost two thirds. Conversely, the only two companies able to defy the general trend were 3M …
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5 March 2024 8:04 pm
US dollar fails to benefit from upbeat S&P Global PMIs
The DXY Index is 0.16% down, pointing to the 103.675 mark at the time of writing. The dollar is experiencing choppy trading due to China’s National People’s Congress, where markets were not impressed by the stimulus package to restore China’s growth and economy. This has triggered risk aversion and pushes …
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5 March 2024 2:45 pm
European stocks open lower and markets await data
At the start of trading on Tuesday, European stocks faced a downturn, echoing the performance of Asian stocks, as investors remained cautious amidst pledges from China that failed to bolster market sentiment. This cautious sentiment prevailed ahead of the release of key economic data from both the euro zone and …
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5 March 2024 2:05 pm
Gold rises to $2,124 per ounce and is approaching historical levels
During Tuesday’s trading session on March 5, gold experienced a 0.45% increase, reaching levels of $2,124 per ounce. This uptrend was supported by growing expectations of a potential interest rate cut by the Federal Reserve. According to Fedwatch, a service that monitors forecasts for the Federal Reserve’s decisions, there is …
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5 March 2024 1:22 pm
Bitcoin’s market value reaches $1.35 trillion for the first time in history
The market capitalization of Bitcoin, the leading cryptocurrency by market value, surged to a historic high of $1.35 trillion before experiencing a slight downturn. Bitcoin climbed to $67.5 thousand, edging close to its previous record of about $69 thousand set in November 2021. Presently, Bitcoin is trading at $66.5 thousand, …
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5 March 2024 12:20 pm
Japan’s Nikkei closed flat
Japan’s Nikkei index managed to recover most of its early losses and closed relatively stable on Tuesday, March 3, as investors seized the opportunity to buy into declining stocks following a dip from record highs. The index dipped marginally by 0.03% to 40,097.63 points, significantly paring down its losses which …
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5 March 2024 2:56 am
GBP/USD fluctuates as markets get prepared for a busy trading week
The GBP/USD pair reached the 1.2700 handle on Monday, but then fell back, reducing gains but hitting the rollover higher than initially expected. The UK’s economic calendar is expected to be thin this week, with a weaker showing from the US Nonfarm Payrolls (NFP) labor report on Friday. The UK …
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