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Market Analysis

June, 2023

  • 3 June 2023 12:41 am

    Gold price falls on NFP data, spiking T-yields

    Gold price has dropped despite the week’s strong performance in an expected reaction to US job growth that exceeded expectations for May 2023.Rising US Treasury bond yields as well as the robust USD do exert downward pressure on the precious metal. US debt-ceiling resolution contributed to easing bond yields, a …

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  • 2 June 2023 11:25 pm

    Fed Chair to testify before Senate June 22

    Fed Chair Jerome Powell will testify at the U.S. Senate Banking Committee on June 22, panel chief Sherrod Brown said on Friday. The testimony will come a week after the June 13-14 FOMC meeting. The testimony marks the second iteration of the Fed chair’s twice-yearly reports to Congress on the …

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  • 2 June 2023 10:44 pm

    NFP could bring about one more hike in June

    Data released on Friday, showed Nonfarm Payrolls rose by 339K in May surpassing expectations. Analysts  point out payroll strength keeps the door open for another rate hike by the Federal Reserve in June. The two-month net revisions also added a notable 93k jobs to the employment series, which resulted in …

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  • 2 June 2023 9:48 pm

    Oil prices rally for second day after debt-ceiling bill

    Oil prices have rallied for the second day on Friday as global markets breathe a sigh of relief after the US Senate votes through the debt-ceiling extension bill, vaulting the final hurdle prior to implementation. The possibility of OPEC+ announcing more production cuts at its June 4 meeting further supports …

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  • 2 June 2023 8:40 pm

    How has US dollar reacted to NFP data?

    The US Dollar rebounds on impressive US jobs report for May. The American currency managed to stage a modest rebound following Thursday’s selloff.The US Dollar Index stays below 104.00 and looks to snap a three-week winning streak. It registers 103.982 at the time of writing. Impressive May jobs data from …

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  • 2 June 2023 7:41 pm

    USD/CAD drops on stronger Canadian dollar despite positive NFP data

    The US has added 339K jobs in May, beating estimates, but the USD/CAD pair stays relatively hot. The Canadian dollar gains momentum on a 1.70% surge in WTI crude oil prices. Uncertain Fed rate hike path in July overshadows USD’s future trajectory.The USD/CAD pair registers modest losses after an outstanding …

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  • 2 June 2023 4:50 pm

    US Nonfarm Payrolls rise 339,000 in May

    The US Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls rose 339,000 in May. This reading surpassed the market expectation of 190,000 by a wide margin. April’s reading of 253,000 also got revised higher to 294,000. The Unemployment Rate climbed to 3.7% from 3.4% in the same …

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  • 2 June 2023 3:47 pm

    Dollar is falling on expectations that the US interest rate will not be raised this month

    The dollar is on track for its biggest weekly loss since mid-January on Friday, with investors predicting that the Federal Reserve will not raise interest rates this month, undermining appetite for the greenback among buyers of other currencies. The US Senate’s approval of a bill to suspend the debt ceiling …

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  • 2 June 2023 1:44 pm

    European stocks rose amid optimism after the approval of the US debt ceiling legislation

    European stocks rose on Friday, led by mining and real estate stocks, as investors breathed a sigh of relief after the US Congress approved the debt ceiling bill and signs the Federal Reserve may pause its rate hike cycle later this month. The pan-European Stoxx 600 index was up 0.5% …

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  • 2 June 2023 12:50 pm

    Gold is on its way to the best week in two months

    On Friday, gold prices were heading for their biggest weekly gain in nearly two months, as dollar weakness and hopes that the Federal Reserve would stop raising interest rates boosted the yellow metal’s appeal. And gold prices stabilized in spot transactions at 1979.24 dollars an ounce by 0457 GMT. US …

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  • 2 June 2023 12:40 pm

    Oil rises with the US Congress passing the debt ceiling bill

    Oil prices rose on Friday amid a recovery in sentiment as a result of the passage of the US debt ceiling bill and at a time when markets assessed the possibility of OPEC + implementing a production cut to support prices in the next two days. Brent crude futures rose …

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  • 2 June 2023 11:37 am

    Japan’s Nikkei closes at a 32-year high

    Japan

    Japanese stocks rose on Friday, with the Nikkei index closing at its highest level in three decades, after the US House of Representatives approved raising the debt ceiling and on the back of indications that Bank of Japan officials are in no rush to tighten monetary policy. SoftBank Group shares …

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  • 2 June 2023 4:20 am

    Market Drivers – US Session – 01/06/2023

    American crude oil fell early on Friday. After gaining the most in a month the day before, WTI crude oil loses upward momentum at $70.00 early on Friday in Asia. The price of oil both illustrates the normal pre-NFP market positioning and supports the price-depressing catalysts coming from the energy …

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