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Market Analysis

March, 2024

  • 22 March 2024 9:54 pm

    US Dollar rallies ahead of next week’s PCE data

    Despite dovish comments by Fed’s top official as well as declining US Treasury yields, investors are placing their bets on the easing cycle starting by June. At a solid 104.428, the US Dollar Index (DXY) is now trading at its highest point since mid-February. Data projections for the start of …

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  • 22 March 2024 6:45 pm

    JPMorgan: Immigration has been boosting US economy, but underestimated

    The US central bank raised its forecast for GDP growth in 2024 from 1.4% in its December outlook to 2.1%, this was based upon the US economy’s continued resilience against the currently high interest rates as well as the efforts by the Fed to combat inflation, so far. The US …

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  • 22 March 2024 5:31 pm

    Oil Prices Stabilize Above $85 Amid Gaza Truce Prospects

    Oil prices found stability on Friday, with Brent crude hovering above the $85 per barrel mark, buoyed by growing optimism about a potential ceasefire in Gaza. Brent crude futures remained virtually unchanged at $85.76 per barrel, while US West Texas Intermediate crude futures edged up slightly to $81.08 per barrel …

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  • 22 March 2024 2:22 pm

    German Business Morale Improves in March

    In a surprising turn, German business morale saw improvement in March, surpassing analyst expectations, according to a survey released on Friday by the Ifo institute. Despite this positive development, concerns persist about the possibility of Europe’s largest economy slipping into another recession. The Ifo business climate index rose to 87.8, …

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  • 22 March 2024 1:05 pm

    Nikkei Hits Record High as Automaker Rally Boosts Market

    Japan’s Nikkei index reached an all-time high on Friday, propelled by record gains on Wall Street and a surge in automaker stocks driven by a weakening yen. The Nikkei climbed 0.18 percent to close at 40,888.43, briefly touching 41,087.75 during the session, surpassing its previous peak. This milestone comes as …

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  • 22 March 2024 12:52 pm

    German Residential Property Prices Experience Record 8.4% Decline in 2023

    Data released on Friday revealed that residential property prices in Germany plummeted by 8.4% in 2023 compared to the previous year, marking a significant downturn for the real estate sector in Europe’s largest economy. This decline represents the largest drop since Germany’s statistics office began keeping records in 2000, highlighting …

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  • 22 March 2024 12:07 pm

    British Retail Sales Remain Steady in February

    British retail sales defied expectations by holding steady in February, following a revised 3.6% increase in January, according to figures released by the Office for National Statistics on Friday. Economists surveyed by Reuters had anticipated a 0.3% decline in sales volumes for the month. Heather Bovill, senior statistician at the …

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  • 22 March 2024 11:26 am

    Oil Prices Slip Amid Gaza Ceasefire Prospects and Dollar Strength

    Oil prices dipped on Friday amidst speculation of an imminent ceasefire in Gaza, potentially easing geopolitical tensions in the Middle East. Additionally, a stronger dollar and subdued U.S. gasoline demand weighed on market sentiment. Brent crude futures edged lower by 53 cents, or 0.6%, to $85.25 a barrel, while U.S. …

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  • 22 March 2024 4:05 am

    Market Drivers; US Session, March 21

    As investors continued to process the most recent FOMC meeting and the prospect of three rate reduction by the Fed this year, risk aversion made a comeback on Thursday across markets and traded assets, giving the dollar additional impetus. Apart from that, the BoE maintained rates and hinted at potential …

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  • 22 March 2024 2:52 am

    USD/JPY benefits from surging US bond yields

    USD/JPY took advantage of the positive correlation with US Treasury yields hitting a new high after yields on benchmark bonds showed a significant amount of consolidation throughout the trading day, on Thursday.US Treasury bond yields were able to consolidate in an upward trend on Thursday with the emergence of several …

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  • 22 March 2024 2:07 am

    New Zealand’s exports, imports surge

    The seasonally-adjusted Trade Balance in New Zealand increased to $-11.99 billion YoY at the end of February, from the previous period’s $-12.62 billion. This was due to a little dip in January that was followed by a rise in both imports and exports in February. New Zealand’s trade gap, also …

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  • 22 March 2024 12:39 am

    US stocks rose for the second day in a row following Powell’s remarks

    US stocks have continued to rise since the beginning of the North American trading on Thursday, with a boost of optimism left by expectations of an official interest rate cut by the Federal Reserve following the Fed’s announcement to keep the interest rate at the same levels without change one …

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  • 21 March 2024 11:45 pm

    Sterling retreats on Dovish BoE, Stronger US Dollar

    The major central banks’ monetary policy announcements cause the pound sterling to plunge sharply against the US dollar, hitting a new low that hasn’t been seen in two weeks. The market took a wrong turn on Thursday after the Bank of England became more dovish. As of this writing, the …

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