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Market Analysis

June, 2023

  • 20 June 2023 10:34 pm

    Cryptocurrency prices still with no clear directions

    With no obvious directional bias, the price of bitcoin is still ambiguous. Ethereum, Ripple, and other altcoins are therefore constrained to consolidation. But when BTC gets closer to a breakout, things might change quickly. The most famous cryptocurrency is trading at $28262 at the time of writing.Since April 19, the …

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  • 20 June 2023 9:30 pm

    Oil prices drop post-BoC decision

    The WTI fell to a five-day low of $69.82 before edging higher to $70.63 at the ti9me of writing, seeing more than 1.50% losses. PBoC rate cuts fueled energy demand concerns among Oil traders.World indexes declined following the decision signaling a negative market sentiment. On Tuesday, the West Texas Intermediate …

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  • 20 June 2023 7:53 pm

    USD/JPY declines below 141.50 ahead of BoJ minutes

    The USD/JPY pair has declined below the 141.50 zone, hitting a daily low of 141.28. Stealth intervention by the BoJ gives the Japanese yen considerable traction. The pair is trading at 141.27 at the time of writing. Cautious market mood amid PBoC rate cut is expected to limit the Yen …

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  • 20 June 2023 4:08 pm

    Currencies Overview: Yuan is falling after China cut interest rates

    The yuan tumbled to a seven-month low on Tuesday after China cut interest rates, while the Swedish krona slid to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China cut the key interest rate for one-year and five-year loans by 10 basis …

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  • 20 June 2023 3:14 pm

    Gold is becoming more lustrous with the decline of the dollar

    Gold rose on Tuesday as the dollar fell, but gains remained limited as traders await Federal Reserve Chairman Jerome Powell’s testimony before Congress later this week to get a clearer picture of the path of interest rates. Gold spot transactions increased 0.15 percent to $ 1952.98 an ounce by 0926 …

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  • 20 June 2023 1:24 pm

    German stocks lead losses in Europe

    German stocks led losses among European bourses on Tuesday, with speciality chemicals Lanxess falling after the company cut its forecasts, and a modest rate cut in China failed to lift investor sentiment. Germany’s DAX fell 0.3% by 0750 GMT, further away from Friday’s record high. The pan-European Stoxx 600 index …

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  • 20 June 2023 11:20 am

    China’s imports of Russian oil rose to a record high of 2.29 million b/d in May

    Chinese government data showed on Tuesday that oil imports from Russia rose to an unprecedented level in May, as private refineries continued to flock to Russia’s Espoo and Urals crudes at discounted prices amid sanctions imposed on them. According to data from the General Administration of Customs, total oil imports …

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  • 20 June 2023 10:31 am

    Oil retreats after China cut key interest rates less than expected

    Oil prices fell on Tuesday after China cut its benchmark lending rates less than expected, raising further concerns about the outlook for oil demand in the world’s largest crude importer. Brent crude fell five cents to $76.04 a barrel at 0310 GMT. US West Texas Intermediate crude for July delivery …

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  • 20 June 2023 4:21 am

    US Session – Market Drivers – 19/06/2023

    As US markets were closed in observance of the Juneteenth Holiday, markets have had a tranquil start to the week with no data. The American Dollar partially recovered from the enormous losses of the previous week, but it is still struggling as Gold stays around $1,950 per troy ounce and …

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  • 20 June 2023 12:10 am

    GBP/USD higher as UK inflation awaited

    After a gloomy start to the week, the GBP/USD picks some upside momentum as it rallies to 1.2800 in the early hours of Tuesday’s Asian session. In doing so, the Cable pair oscillates within a one-week bullish trend pattern, reaching its highest levels in 14 months. To counter the week’s …

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  • 19 June 2023 11:04 pm

    Gold price declines on stronger US dollar

    Under pressure from the US dollar’s recent, gold price has been declining since the beginning of daily trading, Monday, amid the American Juneteenth holiday amid thin liquidity and the absence of catalysts that would move the markets.Gold futures fell to $1,950 an ounce, compared to the previous daily closing of …

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  • 19 June 2023 9:49 pm

    Natural gas rally continues after 17% weekly gains

    The price of natural gas is still rising following one of the best weeks of 2023, which saw a 17% increase. After disruptions in Norway, the continent’s primary producer, there are still doubts over whether European supply can keep up with demand. Despite strong fundamentals, as long as prices are …

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  • 19 June 2023 8:23 pm

    On low volume US session, USD/JPY remains near cycle high

    The USD/JPY pair trades stable in the 141.80 area after hitting its highest point since November 2022. US Stock and bond markets are closed on Juneteenth celebrations.US economic data and Chair Powell’s statement on Wednesday will be watched closely. After reaching a multi-month high on Friday, the USD/JPY modestly dropped …

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