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Market Analysis

June, 2023

  • 30 June 2023 10:21 am

    Oil is heading to record its first monthly increase this year with declining supplies

    Oil prices rose on Friday, and Brent crude is heading for its first monthly increase this year, as a significant decline in US crude oil inventories erased fears that fuel demand would be affected by any new increase in interest rates. Brent crude futures for September delivery were up 16 …

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  • 30 June 2023 9:46 am

    Gold is near its lowest level in about 4 months, after Powell hinted to raise interest rates

    Gold settled near its lowest level in four months on Friday, as investors awaited important US inflation data later on Friday, after a group of strong data and statements in favor of monetary tightening from Federal Reserve officials increased bets on raising interest again. And gold settled in the spot …

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  • 30 June 2023 4:21 am

    Market Drivers – US Session – 29/06/2023

    USD/CAD registered minuscule losses on Thursday in a session that witnessed the US Dollar as the strongest currency, which rose on better-than-expected US economic data which failed to boost the USD/CAD. The USD/CAD is trading at 1.3249 after hitting a high of 1.3285. Despite late Thursday’s corrective rally from multi-day …

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  • 30 June 2023 2:45 am

    Dollar Index Surges On upbeat US data

    In reaction to the soaring US Treasury bond yields and expectations of Fed tightening, the US Dollar Index rises by 0.37%. EMAs are below the current values in DXY’s consolidation, and the RSI has crossed the neutral line, signalling positive momentum. DXY aims for resistance at the 200-day EMA at …

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  • 30 June 2023 12:58 am

    Treasury Yields Surge As Traders Favour More Fed’s Hikes

    As speculators favoured two more looming Fed rate hikes, US Treasury rates soared on Thursday, reaching their highest levels since March. Trading participants bet that the Fed will increase rates twice more this year as a result of strong economic growth data.The two-year rate increased by as much as 18 …

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  • 30 June 2023 12:50 am

    Fed’s Bostic: Inflation has fallen

    Atlanta Federal Reserve Bank President Raphael Bostic, who supports standing pat on the Fed’s policy rate, on Thursday said it is clear US inflation has fallen, though in recent months the signals have been less clear.“I think it’s unambiguous that inflation has fallen considerably,” Bostic said at a dinner in …

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  • 29 June 2023 11:25 pm

    Gold resilient despite Fed’s rate hike expectation, solid US data

    Despite growing speculations about the Fed raising interest rates in the future, the price of gold is rising back above $1900. The precious metal is trading at 1906.70 at the time of typing. Strong growth is highlighted by the US economic data, which has caused the Gold Index to test …

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  • 29 June 2023 9:39 pm

    Crude oil loses momentum on stronger dollar

    The WTI crude oil price failed to surpass the 20-day Simple Moving Average (SMA) at $70.29 and stabilized at $69.75. The price was rejected at the SMA, currently positioned at $70.36, and retreated to $69.75 due to weak housing data from the US. The US Bureau of Economic Analysis released …

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  • 29 June 2023 8:21 pm

    GBP/USD drops on US economic optimism after positive GDP

    The GBP/USD pair experienced a sharp drop in the North American session following robust US data, highlighting the case for additional Federal Reserve tightening and higher Treasury bond yields. The upward revision of US GDP and a drop in Initial Jobless Claims suggest a bright US economic picture, triggering the …

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  • 29 June 2023 7:24 pm

    US Core PCE expected to make limited progress

    Core PCE

    The Fed’s preferred inflation gauge, the Core Personal Consumption Expenditure (PCE), will be released by the US Bureau of Economic Analysis (BEA) on Friday, June 30 and as markets get closer to the release time, here are the forecasts of economists and researchers of seven major banks.Core PCE is expected …

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  • 29 June 2023 5:24 pm

    German inflation rose more than expected in June

    German inflation rose more-than-expected in June, snapping an extended decline since the start of the year. Preliminary data from the Federal Statistics Office on Thursday showed consumer prices, which are harmonized to make it easier to compare them with other countries in the European Union, rose 6.8 percent year-on-year in …

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  • 29 June 2023 4:09 pm

    Japan and South Korea agree to revive the currency exchange agreement

    Japan and South Korea agreed on Thursday to revive a $10 billion currency swap pact, building on an improvement in two-way ties to bolster a regional financial safety net amid heightened geopolitical risks. The swap agreement was first agreed in 2001 as a tool to help the two countries combat …

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  • 29 June 2023 1:47 pm

    Dollar is near its highest level in 7 months against Yen

    The dollar hovered near its highest level in seven months against the yen, after the statements of the heads of the US and Japanese central banks confirmed the significant difference in the path of monetary policy for each of them, during a conference hosted by the European Central Bank last …

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