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Market Analysis

January, 2024

  • 12 January 2024 10:21 pm

    Gold Rallies Amid Red Sea Tensions

    Gold prices briefly climbed above $2,050 earlier in the day as investors were optimistic about Fed rate cuts. However, investors seem to have ignored the United States’ high consumer inflation data while US PPI remains soft. At the time of writing, the precious metal is trading at $2047.36 per ounce. …

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  • 12 January 2024 9:38 pm

    USD/JPY impacted after weak PPI reading, soaring Red Sea tensions

    With a loss of 0.40%, the USD/JPY pair is currently trading at 144.70, pushed by the lacklustre Producer Price Index (PPI). The US Dollar has been battered by disappointing PPI data for December, while growing tensions in the Red Sea region may bring demand back to the US Dollar.The US …

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  • 12 January 2024 8:41 pm

    After ETF debut, Bitcoin losses speed up as Ethereum heads to 18% weekly gain

    Following the introduction of eleven bitcoin exchange-traded funds (ETFs) in the United States, the cryptocurrency saw a notable decline on Friday, capping a week of positive growth. The majority of the cryptocurrency market was down as the price of bitcoin fell by about 6% to $44,022.22. But on Thursday, it …

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  • 12 January 2024 7:52 pm

    Oil surges amid soaring Middle East tensions

    Oil prices are rising due to increased tension in the Middle East, with tensions building up further. The DXY US Dollar Index is above 102, but it remains below a target of 102. 60 airstrikes took place by the UK and the US against Houthi positions in Yemen, marking the …

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  • 12 January 2024 6:02 pm

    US Producer Price Index Rises in December, Core PPI Below Expectations

    The latest data from the US Bureau of Labor Statistics reveals that the Producer Price Index (PPI) for final demand in the United States increased by 1% on a yearly basis in December. This marks a slight uptick from the 0.8% growth recorded in November, which was revised from the …

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  • 12 January 2024 3:02 pm

    UK’s GDP Beats Expectations

    This morning, the UK’s Office for National Statistics released data indicating that the country’s Gross Domestic Product (GDP) expanded by 0.3% on a monthly basis in December. This figure surpassed market expectations, which had predicted a growth rate of 0.2%. Notably, the preceding reading for November reflected a contraction of …

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  • 12 January 2024 3:00 pm

    Gold Prices Rally Amid Middle East Tensions Following Air Strikes on Yemen

    Gold prices surged on Friday as concerns heightened over the escalating conflict in the Middle East due to airstrikes in Yemen, increasing the appeal of the precious metal as a safe-haven asset. As of 07:01 GMT, spot gold saw a 0.3 percent rise, reaching $2,034.84 per ounce. Despite a 0.5 …

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  • 12 January 2024 2:59 pm

    European Stocks Open Higher Despite Middle East Tensions, ECB Rate Cut Optimism

    European stocks began the day on a positive note, with investors seemingly overlooking the Middle East conflict escalation and focusing on optimism surrounding a potential interest rate cut by the European Central Bank (ECB). Airbus shares also experienced gains, driven by the company’s record annual orders for aircraft. The European …

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  • 12 January 2024 2:58 pm

    Nikkei Index Hits 34-Year High, Notching Best Week Since March 2022

    Japan’s Nikkei index surged to its highest level in 34 years on Friday, marking its most impressive week since March 2022. The rally was bolstered by diminishing expectations that the Bank of Japan would imminently shift away from its monetary easing policy and a resurgence of foreign investor interest. Closing …

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  • 12 January 2024 12:04 pm

    Oil Prices Surge Over 2% as US and UK Launch Strikes Against Houthi Targets in Yemen

    Oil prices experienced a significant spike of over two percent on Friday following joint strikes by the United States and Britain against Houthi military targets in Yemen. The military action was in response to attacks by the Iran-aligned Houthi group on ships in the Red Sea since late last year. …

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  • 12 January 2024 6:29 am

    Market Drivers – US Session, Jan 11

    Following Iran’s announcement early on Thursday that a civilian oil tanker had been captured in the Gulf of Oman, WTI crude oil saw a spike in price. The seizure, according to official Iranian state media, was a reprisal for the US seizing the identical ship, which was headed towards Iran, …

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  • 12 January 2024 1:22 am

    Gold price recovers ahead of China’s CPI

    In the early Asian session on Friday, the price of gold rises from the weekly low of $2,013 to $2,030. The chance that the Fed would not start lowering interest rates as soon as anticipated, however, might restrict the upside of the yellow metal and put some selling pressure on …

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  • 12 January 2024 12:10 am

    GBP/USD edges higher ahead of key UK GDP, US PPI data

    The Bank of England may be facing a deadline for its first rate decrease because of a possible faster pace of decline in inflation, which is why the GBP/USD pair is trading strongly for the third day in a row. The US CPI inflation data could put the Federal Reserve’s …

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