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Market Analysis

July, 2024

  • 4 July 2024 10:15 pm

    DXY Declines On US Holiday

    The US dollar is facing further scrutiny in the wake of the depressing ADP and ISM Services PMI readings. Markets become more certain that the Fed will lower rates in September. Investor focus is now shifting to the June Nonfarm Payrolls data, which is due on Friday. The DXY Index, …

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  • 4 July 2024 9:56 pm

    Sterling Surges ahead of UK elections, NFP data

    The Pound Sterling has strengthened against the US dollar as the US labour market loses momentum. Investors expect the Fed to begin lowering interest rates in September, and economists expect that the Starmer-led Labour Party will gain an absolute majority. The GBP/USD jumps higher amid growing speculation that the Fed …

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  • 4 July 2024 8:46 pm

    Gold surges amid weaker US data, increased rate cut bets

    Gold has seen a significant increase in value as weak US data and a change in tone from Federal Reserve Chairman Jerome Powell have increased bets that the Fed will lower interest rates earlier than previously expected. Lower interest rates are positive for Gold as they reduce the opportunity cost …

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  • 4 July 2024 2:16 pm

    Oil Prices Ease from Multi-Month Highs Amid Profit-Taking and Demand Concerns

    Oil prices dipped slightly on Thursday, retreating from their recent multi-month highs as investors took profits amid lingering demand concerns, despite a significant decline in U.S. inventories the previous week. Brent Crude and WTI Futures Decline Brent crude futures experienced a 0.49% decrease to $86.91 per barrel, while U.S. West …

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  • 4 July 2024 12:48 pm

    Gold Steady at 10-Day High Amid Rate Cut Bets, Nonfarm Payrolls Awaited

    Gold prices held firm near a 10-day peak in Asian trading on Thursday, buoyed by increasing expectations of interest rate cuts by the Federal Reserve, which weakened the dollar and Treasury yields. However, the precious metal’s gains were tempered by hawkish signals from the Fed’s June meeting minutes and cautious …

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  • 4 July 2024 11:19 am

    Bitcoin Plunges to Two-Month Low Amid Mt Gox Fears

    Bitcoin’s price plummeted to a two-month low on Thursday, breaching a crucial support level as traders remained cautious due to concerns over potential selling pressure, particularly from the defunct crypto exchange Mt Gox. Despite the weakening dollar, which usually supports Bitcoin, the world’s largest cryptocurrency saw a significant 3.2% drop …

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  • 4 July 2024 10:03 am

    Dollar Struggles as Yen Nears 38-Year Low, Elections Grip Europe

    The dollar weakened on Thursday, pressured by recent signs of a slowing U.S. economy. This offered limited support to the embattled yen, which remained near a 38-year low against the dollar, raising concerns of potential government intervention. Meanwhile, the euro and sterling held near three-week highs against the dollar as …

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  • 4 July 2024 9:24 am

    Asian Markets Rally on Fed Rate Cut Expectations, Japan Surges to Record Highs

    Asian stocks advanced on Thursday, fueled by Wall Street’s gains and mounting expectations that the Federal Reserve will reduce interest rates by September due to recent weak economic data. Japanese stocks led the charge, nearing record highs and recouping losses from the second quarter. Wall Street’s S&P 500 and NASDAQ …

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  • 4 July 2024 7:05 am

    Market Driver; US Session, July 3

    The US dollar fell to multiday lows in the wake of another data-driven sell-off, which coincided with a general decline in US rates and the July 4 Independence Day holiday. The UK general elections are also anticipated to be actively watched by markets in the lead-up to the French second …

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  • 4 July 2024 3:16 am

    How Have Markets Reacted to FOMC Minutes?

    The minutes of the Fed’s June meeting were made public, and they contained a plethora of signals that the markets interpreted differently with regard to the factors influencing the federal rate’s future trajectory. “Most monetary policymakers in the meeting of the Central Bank’s Board of Governors on June 11 and …

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  • 4 July 2024 1:08 am

    US Treasury yields fall after FOMC minutes, weak data

    Weak US economic statistics is the reason behind an eight basis point decline in the US 10-year Treasury yield. FOMC minutes mention the downturn in the economy and leave room for rate decreases should inflation get close to the 2% target. A decline in ADP Employment Change and a notable …

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  • 3 July 2024 11:45 pm

    FOMC Minutes: US Consumer Prices Favour Declining Inflation

    The minutes of the latest FOMC meeting issued on Wednesday indicated that members of the committee are convinced that the US consumer price index readings (CPI) last May provided evidence that there is progress in terms of lowering inflation while meeting the central bank’s goal.A number of policymakers also suggested …

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  • 3 July 2024 11:25 pm

    Gold Prices Soar Following Soft US Data

    Gold prices surged over 1% on Wednesday due to weak US economic data and rising Fed rate cut expectations. The latest FOMC meeting minutes showed that “several participants” were ready to lift rates if inflation remained elevated. The Institute for Supply Management (ISM) shows contracting US services activity, while labor …

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