{"id":101755,"date":"2024-05-29T07:07:13","date_gmt":"2024-05-29T03:07:13","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=101755"},"modified":"2024-05-29T07:08:29","modified_gmt":"2024-05-29T03:08:29","slug":"market-drivers-us-session-may-29-2024","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-may-29-2024\/05\/29\/market-updates\/","title":{"rendered":"Market Drivers; US Session, May 29, 2024"},"content":{"rendered":"\n

The US dollar managed to regain some late traction and trimmed most of its daily losses amidst a decent bounce in US yields and diminishing expectations of a rate cut by the Fed in September.

Key Developments:
<\/strong>
The USD Index (DXY) rebounded from multi-day lows near 104.30 on the back of te strong comeback of US yields. On May 29, weekly Mortgage Applications are due seconded by the Fed\u2019s Beige Book. In addition, Fed\u2019s Williams is due to speak.

EUR\/USD failed to sustain the early move to the vicinity of the 1.0900 region, eventually succumbing to the Dollar\u2019s bounce. Germany\u2019s Consumer Confidence tracked by GfK is expected on May 29 along with the flash Inflation Rate for the month of May.

GBP\/USD retested the 1.2800 level for the first time since mid-March, although that move ran out of steam towards the end of the NA session. There are no data releases scheduled across the Channel on May 29.

The dollar\u2019s late recovery and the decent bounce in US yields across the curve prompted USD\/JPY to poke with multi-week tops beyond 157.00. IN Japan, the Consumer Confidence gauge will be released on May 29 seconded by the speech by BoJ Adachi.

AUD\/USD ended Tuesday\u2019s session with marginal losses after advancing to four-day highs near 0.6680. On May 29, the Westpac Leading Index is due along with the RBA\u2019s Monthly CPI Indicator.

Crypto Space
<\/strong>
Semler Scientific and Mt Gox have made significant BTC investments, resulting in a slight decline in Bitcoin from the $70,000 mark. Semler Scientific has adopted Bitcoin as its primary reserve asset after purchasing 581 BTC for $40 million, including fees and expenses. Mt Gox has yet to begin repaying users despite $9.6 billion BTC transfers across multiple addresses. The current bull market may be driven by spot BTC market as long-term holders have begun re-accumulating. Glassnode shared key on-chain insights to clarify the market’s current state. The company’s chairman, Eric Semler, believes bitcoin is a reliable store of value and a compelling investment.

Commodities
<\/strong>
WTI prices surged further and crossed the important $80.00 barrier per barrel, mostly due to expectations that during the cartel’s meeting over the weekend, OPEC+ would keep its supply curbs in place for crude oil.

Despite the rebound in the US dollar and rates, gold prices continued to advance and broke above $2,360 per troy ounce, indicating that caution was still strong ahead of the US PCE announcement later this week. For the third straight session, silver gained momentum and increased in value, breaking beyond the $32.00 per ounce barrier.

Also Read:
<\/strong>3 factors behind soaring oil prices<\/a><\/p>\n\n\n\n

Gold rises sharply despite Fed\u2019s hawkishness<\/a><\/p>\n\n\n\n

IMF Raises China\u2019s Economic Growth Target to 5% in 2024<\/a><\/p>\n\n\n\n

Canadian dollar weakened amid light data releases<\/a><\/p>\n\n\n\n

US dollar finds no significant catalysts ahead of key GDP, PCE data<\/a><\/p>\n\n\n\n

Fed\u2019s Kashkari does not rule out interest rate hikes<\/a>
<\/p>\n","protected":false},"excerpt":{"rendered":"

The US dollar managed to regain some late traction and trimmed most of its daily losses amidst a decent bounce in US yields and diminishing expectations of a rate cut by the Fed in September.Key Developments:The USD Index (DXY) rebounded from multi-day lows near 104.30 on the back of te strong comeback of US yields. …<\/p>\n","protected":false},"author":13,"featured_media":52669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6904,9782,8367,6909],"class_list":["post-101755","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-bitcoin","tag-gold-p","tag-us-dollar","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=101755"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101755\/revisions"}],"predecessor-version":[{"id":101768,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/101755\/revisions\/101768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52669"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=101755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=101755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=101755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}