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Market Analysis

January, 2024

  • 5 January 2024 11:16 am

    Gold is heading for its first weekly decline in a month

    Gold is poised to register its first weekly decline in a month on Friday, succumbing to the strengthening dollar fueled by diminishing expectations of an imminent interest rate cut in the United States. Investors are eagerly anticipating a pivotal employment report scheduled for later in the day, hoping for additional …

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  • 5 January 2024 10:40 am

    Oil rises after Fed

    Oil prices rose on Friday after Federal Reserve meeting minutes indicated that inflation was under control as US Secretary of State Antony Blinken prepared for a tour of the Middle East to prevent escalation in the conflict between Israel and Gaza. By 0229 GMT, Brent crude futures rose 37 cents, …

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  • 5 January 2024 4:19 am

    Market Drivers – US Session, January 4, 2024

    After a solid start to the new trading year, the dollar has declined. During Asian trading hours, investors are predicted to maintain their vigilance, paying particular attention to the Consumer Confidence index and the final Services PMI in Japan. Ahead of the US Nonfarm Payrolls for December, caution is anticipated …

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  • 5 January 2024 2:58 am

    Bitcoin advances after initially impacted by FOMC minutes

    Bitcoin has recovered from its recent decline earlier in the week, trading 4.02% higher over the past 24 hours and peaked to $44790, but at the time of writing, Bitcoin is trading at $44333 up by 3.45%.Analysts attribute this to uncertainty from the Fed on the pace of rate cuts …

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  • 5 January 2024 12:53 am

    Dow surges as Wall Street tries to scatter early year market debility

    As investors sought to bounce back from a weak start to the year, the Dow Jones Industrial Average saw better trading on Thursday. The 30-stock index gained 137 points, or 0.4%, to make up for the nearly 300 points it had lost the previous day. S&P 500 increased by 0.1%. …

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  • 4 January 2024 11:40 pm

    NFP Preview, Potential Price Reaction

    It is anticipated that the December NFP report will reveal a higher-than-anticipated number, with headline employment growth possibly falling between 170K and 225K. Economists and traders anticipate that the US added 168K net new jobs in the report, while average hourly wages increased by 0.3% m/m (3.9% y/y) and the …

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  • 4 January 2024 10:41 pm

    Oil settles lower in choppy US session

    Oil prices have dropped due to massive weekly gasoline and distillate stock builds, which overshadowed a larger-than-expected crude stock draw. Brent crude settled down 66 cents, or 0.8%, to $77.59 during the session, while US West Texas Intermediate crude futures settled down 51 cents, or 0.7%, to $72.19. Low fuel …

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  • 4 January 2024 9:55 pm

    EUR/USD steadies after Eurozone PMIs, US labour data

    The EUR/USD pair surges by half a percent on Thursday, reaching 1.0970 before settling into the 1.0960 neighborhood as markets digest data from both sides of the Pacific. The Eurozone’s HCOB Composite Purchasing Managers’ Index (PMI) beat expectations early Thursday, printing at 47.6 for December versus the median market forecast …

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  • 4 January 2024 8:47 pm

    USD/JPY rallies following US labour data

    The USD/JPY pair advanced 1% to the 147.70 level. US Jobless Claims for the week ending December 30 were reported at 202K, which was less than expected. With 164K new employment added in December, the US ADP Employment Change exceeded expectations.The pair rises while the US economy remains stable. The …

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  • 4 January 2024 7:49 pm

    Swiss Franc weakens vs Sterling after UK data

    The Swiss Franc retreated on Thursday due to strong global macroeconomic data, particularly from the United Kingdom. The safe-haven Swiss Franc fell against the Pound due to the positive boost to investor risk appetite from the figures. China recorded a higher-than-expected Services PMI for December, showing the world’s second largest …

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  • 4 January 2024 5:27 pm

    ADP Employment Change rises in December

    The ADP Research Institute is scheduled to release the December Jobs Survey on Thursday. This survey provides an independent estimate of private-sector employment and pay and is typically unveiled two days prior to the official Nonfarm Payrolls (NFP) report. While the correlation between ADP and NFP numbers is not consistently …

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  • 4 January 2024 3:29 pm

    A new decline in business activities in the Eurozone in December

    The contraction in business activities in the eurozone persisted at the close of 2023, primarily driven by an ongoing decline in the dominant services sector. A survey released on Thursday indicates that the bloc’s economy is experiencing stagnation. The Standard & Poor’s Composite Purchasing Managers’ Index, considered a reliable gauge …

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  • 4 January 2024 1:29 pm

    European stocks recover from 3-week low, supported by healthcare and energy

    European stocks rebounded on Thursday, buoyed by gains in the healthcare and energy sectors. Investors are anticipating a series of economic data, looking for any indications of earlier-than-expected monetary easing from major central banks this year. As of 0804 GMT, the European STOXX 600 index increased by 0.5 percent, recovering …

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