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Market Analysis

October, 2023

  • 4 October 2023 2:46 pm

    Gold declines as dollar and bond yields rise

    Gold prices returned on Wednesday, heading towards the lowest level in seven months, in light of the rise in the dollar and Treasury bond yields after strong US jobs data, which maintained expectations of further monetary tightening, while palladium fell to its lowest level since late 2018. Spot gold prices …

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  • 4 October 2023 1:30 pm

    Bond rally keeps European stocks lower for third day

    European stocks were affected for the third day in a row on Wednesday by the significant effects on US and European stock returns in general due to the presence of a large number of investors for the idea and thus the severe negative impact of the small run out. The …

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  • 4 October 2023 12:01 pm

    Yen is close to 150 to USD amid speculation that authorities have intervened

    On Wednesday, the Japanese yen fell slightly against the dollar after its unexpected rise in the previous session, which raised speculation that the Japanese authorities intervened to support the currency. The Japanese currency fell slightly to 149.12 to the dollar in early Asian trading, after jumping about two percent during …

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  • 4 October 2023 11:18 am

    Oil fell amid fears of rising interest rates and ahead of an OPEC+ meeting

    Oil prices fell on Wednesday ahead of a meeting of a committee of OPEC+ ministers as the market balanced expectations of supply shortages with fears that higher interest rates would reduce demand for oil. Brent crude futures fell six cents to $90.86 a barrel by 0345 GMT, while US West …

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  • 4 October 2023 3:29 am

    US House Speaker Removed for First Time in History

    It is the first time in the US history that House representatives have voted the Speaker out.US House Speaker, Kevin McCarthy, has been removed from office for first time in history.It follows a decision made by McCarthy over the weekend to cooperate with the Democrats to keep the government running …

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  • 4 October 2023 2:07 am

    Market Drivers – US Session, October 3

    Gold fell for the seventh day in a row, reaching a low of $1,814 before reversing course and edging slightly higher to $1,825. After dropping more than 5% in the previous session, silver made a slight recovery to close at about $21.20.On Tuesday, the Yen increased, most likely as a …

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  • 4 October 2023 1:15 am

    WTI slightly recovers as supply constraints remain a concern

    WTI is aiming to recoup $88.50 as energy prices show some improvement. Last week, crude oil fell sharply as a result of widespread risk-off flows that caused investors to flock to the US Dollar. Crude oil prices fell to a three-week low as the US Dollar Index reached a ten-month …

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  • 4 October 2023 12:37 am

    EUR/USD crosses new yearly lows ahead of EU Retail Sales, NFP

    EUR/USD is trading near 1.0470, slightly weaker on Tuesday as traders prepare for a busy second half of the week. On Wednesday, the pair is expected to release US PMIs and EU retail sales data. The annualized EU PPI for August is predicted to decrease sharply, from -7.6% to -11.6%, …

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  • 3 October 2023 10:40 pm

    GBP/USD continues challenging the 1.2000 mark

    The market’s overall sentiment is affected by worries about potential Federal Reserve moves. On Wednesday, S&P Global will publish the final projections for the September PMIs. The GBP/USD pair encounters sellers around roughly 1.2100 as the USD is in high demand. The pair is trading at 1.2082 at the time …

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  • 3 October 2023 9:00 pm

    Canada’s dollar sinks on US dollar’s momentum

    The Canadian dollar continues to sink against the US dollar due to broad-market risk-off flows. Oil-dependent Canadian dollar is receiving only minor support from crude oil prices, which are seeing a minor rebound after halting a three-day decline. Canada has both Purchasing Manager Index (PMI) and Employment Rate figures due …

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  • 3 October 2023 7:22 pm

    Fed’s Bostic sees no urgency for doing anything more about interest rate

    Commenting on the Federal Reserve’s policy outlook, “I am not in a hurry to raise, not in a hurry to reduce either,” Atlanta Fed President Raphael Bostic said. “I am willing to be patient. I don’t think there is an urgency for us to do anything more,” he added. As …

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  • 3 October 2023 4:33 pm

    Potential Market Reactions to a US Government Shutdown

    The US government is on the verge of a temporary shutdown starting this Sunday, October 1st. Once again, Democrats and Republicans in the world’s largest economy are in a deadlock over how to allocate fiscal funds. Looking back, since 1981, the US government has partially suspended operations 14 times. The …

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  • 3 October 2023 2:23 pm

    Gold falls for seventh session on Fed’s continued hawkishness

    Gold selling continued on Tuesday and recorded the longest losing streak since August 2022 in the last session after Federal Reserve (US central bank) officials confirmed the possibility of interest rates remaining high, while job vacancy data in the United States is released later on Tuesday. Gold fell in spot …

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