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Market Analysis

June, 2023

  • 29 June 2023 11:25 pm

    Gold resilient despite Fed’s rate hike expectation, solid US data

    Despite growing speculations about the Fed raising interest rates in the future, the price of gold is rising back above $1900. The precious metal is trading at 1906.70 at the time of typing. Strong growth is highlighted by the US economic data, which has caused the Gold Index to test …

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  • 29 June 2023 9:39 pm

    Crude oil loses momentum on stronger dollar

    The WTI crude oil price failed to surpass the 20-day Simple Moving Average (SMA) at $70.29 and stabilized at $69.75. The price was rejected at the SMA, currently positioned at $70.36, and retreated to $69.75 due to weak housing data from the US. The US Bureau of Economic Analysis released …

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  • 29 June 2023 8:21 pm

    GBP/USD drops on US economic optimism after positive GDP

    The GBP/USD pair experienced a sharp drop in the North American session following robust US data, highlighting the case for additional Federal Reserve tightening and higher Treasury bond yields. The upward revision of US GDP and a drop in Initial Jobless Claims suggest a bright US economic picture, triggering the …

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  • 29 June 2023 7:24 pm

    US Core PCE expected to make limited progress

    Core PCE

    The Fed’s preferred inflation gauge, the Core Personal Consumption Expenditure (PCE), will be released by the US Bureau of Economic Analysis (BEA) on Friday, June 30 and as markets get closer to the release time, here are the forecasts of economists and researchers of seven major banks.Core PCE is expected …

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  • 29 June 2023 5:24 pm

    German inflation rose more than expected in June

    German inflation rose more-than-expected in June, snapping an extended decline since the start of the year. Preliminary data from the Federal Statistics Office on Thursday showed consumer prices, which are harmonized to make it easier to compare them with other countries in the European Union, rose 6.8 percent year-on-year in …

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  • 29 June 2023 4:09 pm

    Japan and South Korea agree to revive the currency exchange agreement

    Japan and South Korea agreed on Thursday to revive a $10 billion currency swap pact, building on an improvement in two-way ties to bolster a regional financial safety net amid heightened geopolitical risks. The swap agreement was first agreed in 2001 as a tool to help the two countries combat …

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  • 29 June 2023 1:47 pm

    Dollar is near its highest level in 7 months against Yen

    The dollar hovered near its highest level in seven months against the yen, after the statements of the heads of the US and Japanese central banks confirmed the significant difference in the path of monetary policy for each of them, during a conference hosted by the European Central Bank last …

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  • 29 June 2023 1:07 pm

    European stocks are rising due to strong earnings

    European stocks rose on Thursday, supported by the rise of the Swedish clothing stock, H&M, after the company achieved stronger-than-expected profits, but statements related to tightening monetary policy from a number of senior central bank officials curbed risk appetite. And by 0704 GMT, the European Stoxx 600 index rose 0.1 …

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  • 29 June 2023 9:46 am

    Gold is near its lowest level in about 4 months

    Gold prices remained near their lowest levels in nearly four months on Thursday after Federal Reserve Chairman Jerome Powell left the door open to raising interest rates again with the aim of curbing inflation. Spot gold rose 0.25 percent to $1,912.19 an ounce by 0123 GMT. On Wednesday, the precious …

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  • 28 June 2023 6:01 pm

    ECB Forum: Powell predicts further interest-rate rises if the labour market stays tight

    Jerome Powell, Chairman of the Federal Reserve System (Fed), and Christine Lagarde, President of the European Central Bank (ECB), are presenting at the ECB Forum on Central Banking in 2023. Along with Powell and Lagarde, Bank of England Governor (BoE) Andrew Bailey and Bank of Japan Governor (BoJ) Kazuo Ueda …

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  • 28 June 2023 1:04 am

    Why has FTX Token rallied 15%?

    FTX exchange reignites hope for creditors, with FTT token jumping in tandem. FTX Token (FTT) is up 15%, so, the good news is that FTX token (FTT), the native digital currency of the bankrupt FTX Derivatives Exchange, has recorded very impressive daily growth today. The FTT token soared by 15% …

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  • 27 June 2023 11:41 pm

    Dollar slides after data burst, euro rises on ECB comments

    The dollar index retreated on Tuesday after a host of economic data releases indicated the U.S. economy remains resilient and may not be close to a recession, while the euro strengthened after comments from European Central Bank (ECB) President Christine Lagarde.The greenback retreated further after data showed new orders for …

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  • 27 June 2023 10:48 pm

    AUD/USD dragged lower on positive US economic data

    The AUD/USD pair declines from weekly highs amidst strong US economic performance. Upcoming Australian CPI data and Fed Chair Powell’s speech are awaited by AUD/USD traders.Investors bet on softened CPI, weighing the AUD further. The AUD/USD pair is still in positive territory but retreats from weekly highs of 0.6720, falls …

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