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Market Analysis

October, 2023

  • 13 October 2023 4:00 am

    Market Drivers – US Session, October, 12

    Due to increased Treasury yields, gold abruptly pulled back from over $1,880 and dropped below $1,870. Similar to Gold, Silver too experienced a fall and fell under $22.00. The 10-year yield jumped from 4.57% to 4.73%, while the 2-year yield increased from 4.98% to 5.07%.The US dollar continues to trade …

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  • 13 October 2023 12:45 am

    WTI attempts rebounding after being knocked lower by CPI data

    Due to investors’ worries when the US Consumer Price Index, or CPI, surpassed expectations, WTI crude oil prices plunged to a new low for the day. Crude Oil dealers, meanwhile, are focused on salvaging the day. Despite hitting a new low for the week, geopolitical unrest and supply worries continue …

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  • 12 October 2023 11:42 pm

    US dollar extends gains on surging yields, hawkish bets

    The US Dollar continued to extend daily gains, and the DXY was getting close to weekly highs. The headline CPI for September in the US was higher than anticipated, while the core index was in line with forecasts.US Treasury short-term rates are also rising and getting close to weekly highs. …

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  • 12 October 2023 10:38 pm

    Gold drops to $1,870 on rekindled Fed rate concerns

    Spot Gold price declines to $1,870 as markets turn around in response to US CPI inflation data. Markets are still undervaluing US inflation, which has caused risk-off flows.Thursday’s XAU/USD pricing has turned negative after beginning the day near $1,875. After the US Consumer Price Index (CPI) inflation reading revealed that …

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  • 12 October 2023 9:24 pm

    EUR/USD dives post CPI data, stirs for potential Fed action

    US September CPI YoY rises to 3.7%, above expectations and reviving talk of rate hikes. As the US Dollar strengthens under inflationary pressures, EUR/USD trades around 1.0550.The neutral stance of ECB officials contrasts with probable Fed policy changes, which makes the EUR/USD dynamics more tense. Following a hotter-than-expected US inflation …

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  • 12 October 2023 8:31 pm

    Fed’s Collins: Current monetary policy phase calls for patience

    Federal Reserve Bank of Boston President Susan Collins said on Thursday that the central bank is at or near the peak of the interest rate hike cycle. She did not rule out more rate hikes but warned the current stance calls for patience. Collins said the latest inflation data underscores …

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  • 12 October 2023 7:53 pm

    Sterling under pressure post-CPI data in the US

    The Pound Sterling is facing intense selling pressure due to the stable US core Consumer Price Index (CPI) for September, which has weakened the risk appetite of traders and market participants. UK factory data for August contracted for the second time in a row, as firms cut heavily on input …

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  • 12 October 2023 7:06 pm

    US dollar surges on CPI data

    The US dollar has continued to surge since the beginning of daily trading on Thursday, driven by the rise in the monthly reading of the US Consumer Price Index for last September.The dollar index, which measures the performance of the US currency against a basket of major currencies, surged to …

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  • 12 October 2023 4:03 pm

    OPEC maintains its forecast for global oil demand growth in 2024

    The Organization of the Petroleum Exporting Countries (OPEC) on Thursday maintained its forecast for relatively strong growth in global oil demand in 2023 and 2024, citing signs of a resilient global economy so far this year and forecasting increased demand in China. The organization stated in a monthly report that …

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  • 12 October 2023 2:50 pm

    Britain’s economy turns to growth in August

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    The UK’s GDP grew by about 0.2% last August, and by the same rate during the second quarter of 2023. According to data from the National Statistics Authority issued today, Thursday, the twelfth of October, the growth of the economy during August came after a contraction in the gross domestic …

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  • 12 October 2023 2:19 pm

    European stocks touch 3-week high after interest rate hike fears subside

    European stocks hit a three-week high on Thursday, supported by a new round of decline in government bond yields and investor relief due to dovish comments from Federal Reserve officials. The European STOXX 600 index rose 0.6 percent by 0711 GMT, with the mining and car manufacturing sectors leading the …

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  • 12 October 2023 12:11 pm

    US dollar hovers near two-week lows ahead of CPI data

    There was little change in the dollar, but it hovered near the lowest level in two weeks on Thursday, after the minutes of the last meeting of the Federal Reserve revealed that policymakers are taking a cautious stance, at a time when investors are awaiting key data on inflation in …

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  • 12 October 2023 1:35 am

    Market Drivers – US Session, October 11

    Gold broke above $1,860 and jumped to $1,875, boosted by lower yields and the weaker dollar. Silver joined the rally, climbing above $22.00.The US Dollar finished flat despite higher-than-expected US wholesale inflation and the release of the FOMC minutes. The Greenback remains weak as US yields continue to pull back. …

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