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Market Analysis

May, 2024

  • 14 May 2024 7:54 pm

    EUR/USD rises as Powell emphasizes higher for longer rate policy

    Despite resolute US PPI data that heightens doubts about September Fed rate cuts, the EUR/USD pair rises just above 1.0800. April’s US annual PPI beat forecasts and monthly data exceeded expectations. With service inflation moderating to 3.7%, the Eurozone Price Index is expected to reach 2% again soon. In the …

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  • 14 May 2024 6:59 pm

    Powell: PPI reading was quite mixed

    Federal Reserve Chairman Jerome Powell speaks at a moderated discussion with De Nederlandsche Bank (DNB) President Klaas Knot at the Foreign Bankers’ Association’s Annual General Meeting in Amsterdam. US Dollar stays under modest bearish pressure following these comments. At the time of press, the US Dollar Index was down 0.2% …

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  • 14 May 2024 4:43 pm

    US PPI: April Records Yearly Increase

    The latest data from the US Bureau of Labor Statistics revealed that the Producer Price Index (PPI) for final demand in the United States witnessed a 2.2% rise yearly in April. This figure closely follows March’s increase of 1.8% (revised from 2.1%), aligning precisely with market expectations. The annual core …

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  • 14 May 2024 2:41 pm

    Market Insights: Currency Moves Await U.S. Inflation Data

    Key Factors Driving Dollar Index The U.S. dollar steadied Tuesday, largely drifting ahead of the release of key inflation data that are likely to factor into the outlook for interest rates. At 03:30 ET (08:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, …

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  • 14 May 2024 12:00 pm

    European Stock Markets Retreat Amid Corporate Earnings and Awaited US Inflation Reports

    European stock markets saw a modest retreat on Tuesday as investors absorbed corporate earnings updates and awaited the release of the latest US inflation reports. At 03:15 ET (07:15 GMT), Germany’s DAX index traded 0.1% lower, and France’s CAC 40 slipped 0.1%, while the UK’s FTSE 100 gained 0.1%. Despite …

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  • 14 May 2024 10:49 am

    Gold Prices Rebound Slightly in Asian Trading Amid Focus on US Inflation Data

    Gold prices inched up in Asian trading on Tuesday, recovering from recent losses as market attention remained fixed on the impending release of US inflation data, which could provide further insights into the trajectory of interest rates. Despite showing some strength last week, gold remained below its record levels reached …

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  • 14 May 2024 9:38 am

    Asia’s Stock Markets Tread Water Ahead of U.S. Inflation Figures

    Asian markets treaded cautiously on Tuesday, with most stocks maintaining a narrow range as investors awaited key U.S. inflation data, while Chinese markets faced pressure as another major property developer defaulted on bond payments. Reflecting a lack of decisive movements on Wall Street, regional markets exhibited subdued activity as traders …

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  • 14 May 2024 3:33 am

    Q1 Financial Insights: A Global Market Overview

    In defiance of prevailing concerns over escalating interest rates and anticipated delays in their mitigation until mid-year, US stocks have orchestrated a resolute ascent since the dawn of 2024. Amidst a landscape where inflation remains static, yet optimism for its eventual ebb extends, the stock market has burgeoned, boasting a …

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  • 14 May 2024 1:24 am

    Market Drivers; US Session, May 13

    Amid growing cautious ahead of the US CPI, gold prices reversed two straight sessions of gains and fell back to the $2,330 zone. Meanwhile, the price of an ounce of silver increased just above $28.00. Despite slight losses, the USD Index (DXY) was able to maintain its position above the …

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  • 14 May 2024 1:14 am

    Oil prices surge on optimistic demand expectations

    Oil prices surge on Monday due to improving demand in the US and China, the top two oil consumers. WTI crude futures rose 1.1% to settle at $79.12 a barrel, while Brent crude futures gained 0.7% to settle at $83.36 a barrel. Prices were supported by expectations of strong U.S. …

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  • 14 May 2024 12:02 am

    Does Bitcoin show signs of bouncing back?

    The cryptocurrency market is consolidating, and Bitcoin appears to be on the rise. With the price dropping and now trading at $63,085, there may be a change in the market structure that favours bulls. The trend line that links the all-time high of $73,949 and ensuing lesser highs should be …

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  • 13 May 2024 10:39 pm

    Yen eases amid uncertainty ahead of key US data

    The Japanese Yen has fallen further due to investors’ uncertainty about the Bank of Japan’s (BoJ) policy normalization process. Japan’s economy is estimated to have contracted by 0.4% in the January-March period, exhibiting a weak start to the year. The US Dollar will dance to the tunes of US consumer …

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  • 13 May 2024 9:27 pm

    Canadian Dollar Trades Flat Amid Light Economic Calendar

    Bank of Canada

    The Canadian Dollar flattened on Monday as the new trading week began with a data-light economic calendar. Investors are focusing on rate cut expectations from the Fed with updates to US inflation data due later in the week. On the Canadian front, there was a sharper-than-expected decline in new Building …

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