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Market Analysis

May, 2024

  • 1 May 2024 1:15 am

    Gold price dips ahead of FOMC decision

    XAU/USD trades at $2,292, down by over 1.50% on Tuesday. The US Bureau of Labour Statistics reported a jump in the Employment Cost Index (ECI) for April, and American consumer sentiment deteriorated further. Gold prices dropped below the $2,300 threshold on Tuesday due to rising employment costs in the US, …

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April, 2024

  • 30 April 2024 9:57 pm

    US dollar consolidates gains ahead of FOMC decision

    The US Dollar Index is currently trading higher at 105.95, with markets expecting a hawkish hold by the Federal Reserve (Fed) on Tuesday. The US economy is experiencing resilience and persistent inflation, making a case for a hawkish hold by the FOMC. Mid-tier data supports the dollar, with the Conference …

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  • 30 April 2024 9:04 pm

    US dollar benefits from US employment data

    The US dollar continues to rise since the beginning of daily trading on Tuesday amid speculations concerning the looming Federal Reserve’s decision on the US interest rate as well as the recent US employment data in a trading week that is busy with key economic events.The US currency benefited from …

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  • 30 April 2024 8:00 pm

    Canadian dollar declines on higher risk-off worries

    The Canadian GDP print came below forecast, further weakening the Canadian currency. US wage growth picks up speed once more, dash hopes for rate cuts. Tuesday saw a weakening of the Canadian currency relative to the US dollar following a risk-off surge in the US market session that followed above-average …

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  • 30 April 2024 7:19 pm

    GBP/USD Retreats Ahead of FOMC Decision

    The GBP/USD pair declines 0.36% from its daily peak, under pressure from indications of rising US inflation. The pair struggles above the 200-day moving average at 1.2564, hinting at potential further declines.Support levels are seen at: November 14, 2023, high of 1.2506; breaching this could lead to further support tests …

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  • 30 April 2024 3:43 pm

    German economy avoids recession in Q1

    Germany

    Preliminary data from the Federal Statistical Office released on Tuesday indicated that the German economy narrowly avoided a recession at the outset of this year, experiencing slight but better-than-expected growth, propelled by exports and investments in the construction sector. In the first quarter, the economy saw a modest expansion, with …

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  • 30 April 2024 2:17 pm

    In April, Inflation in the Euro Zone Reached a Stable Point

    In April, the inflation rate in the euro zone remained stable in line with analysts’ expectations, while the core inflation rate showed a slight slowdown. Data released today, Tuesday, April 30, revealed that the consumer price index in the euro zone increased by approximately 2.4% this month, matching both analysts’ …

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  • 30 April 2024 1:50 pm

    Gold declines with the rise of dollar and anticipation of Fed meeting

    Gold is on track for its third consecutive month of gains despite experiencing a price decline on Tuesday. This was driven by a strengthening dollar ahead of the Federal Reserve’s monetary policy meeting. Spot gold fell by 0.6 percent to $2,320.54 per ounce by 06:32 GMT, while US gold futures …

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  • 30 April 2024 1:46 pm

    Yen declines after reports of interference by Japanese authorities, focus turns to Fed

    On Tuesday, the yen retraced some of its substantial gains from Monday, attributed to potential intervention by Japanese authorities. The Japanese currency declined by 0.40 percent to 157.00 against the dollar, moving away from its 34-year low of 160.245 recorded on Monday. Traders speculated that Tokyo intervened by purchasing yen, …

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  • 30 April 2024 12:50 pm

    Japan’s Nikkei closes higher

    On Tuesday, the Japanese Nikkei index surged, mirroring the strong performance of Wall Street the previous night. Investors eagerly awaited the outcome of the Federal Reserve meeting, seeking insights that could impact the Japanese currency exchange rate. The Nikkei climbed by 1.24 percent to close at 38,405.66 points. However, the …

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  • 30 April 2024 12:24 pm

    The performance of European indices varied ahead of inflation data

    European indices displayed mixed performance at the outset of trading on Tuesday, April 30, as investors kept a close watch on the earnings reports of European companies and banks, while also anticipating the upcoming US Federal Reserve meeting. In trading, the STOXX600 index edged down by less than 0.1% to …

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  • 30 April 2024 11:18 am

    Oil declines as investors await truce talks in Gaza war

    Oil prices experienced a decline in early trading on Tuesday as ceasefire discussions between Israel and Hamas in Cairo provided a sense of relief, easing concerns about the escalation of conflict in the Middle East. However, apprehensions regarding the outlook for US interest rates weighed on the market sentiment. By …

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  • 30 April 2024 2:25 am

    Market Drivers; US Session, April 30

    The US dollar started the week on the back foot in a week where interest rate cut bets by the Fed would be in the focus of interest amidst the FOMC event and the release of Non-farm Payrolls data for April.The US dollar lost Friday’s gains due to the yen’s …

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