Asian stock markets commenced the week with divergent performances. While Japan’s Nikkei showed resilience, bouncing back after enduring its most challenging week this year, Hong Kong’s stocks weren’t as fortunate. The uncertainty surrounding China Evergrande Group’s protracted debt restructuring initiative ignited a fresh wave of selling, impacting not just Evergrande but also its contemporaries. Consequently,
Month: September 2023
From skate parks and construction sites to train stations and bus stops, a pair of Bitcoin-loving graffiti artists from Barcelona, Spain have been working tirelessly to spread the good word about Bitcoin. Street Cy₿er, a collective of artists and enthusiasts, has been creating Bitcoin (BTC) street art all over Europe since its formation in January
Share: US consumer spending continues to defy expectations for it to falter in the face of the US central bank’s stiff interest rate increases. Minneapolis Federal Reserve President Neel Kashkari said on Friday, per Reuters. Key quotes “I would have thought with 500 basis points or 525 basis points of interest rate increases, we would
The AUDUSD and the NZDUSD have similar technical stories to tell. Each has seen up-and-down price action over the last 5-6 trading weeks. Each has its 100 and 200 bar moving averages on their 4 hour charts near the middle of the trading ranges. In trading today, each are moving above the moving average levels,
Base metals prices retreated from their January highs as Chinese economic woes threatened the demand from the world’s largest commodity consumer. Fears of excess supplies and the US Fed’s rate hike policies also added pressure on prices throughout the period. In the benchmark LME platform, prices of the most used industrial commodities like copper and
Following a bustling week with significant Central Bank decisions in the limelight, the upcoming week holds the potential for a quieter economic events calendar. The FX market may be influenced by month-end rebalancing. Highlights for Tuesday include Japan’s BoJ Core CPI y/y data and the release of CB Consumer Confidence, New Home Sales, and the
Share: S&P 500 concluded the week at 4,320.06, marking a 0.23% daily and a 3.02% weekly drop, reaching levels last seen in June, with Nasdaq and Dow Jones also incurring losses Federal Reserve’s decision to hold rates but revise upward projections for the Federal Funds rate for 2023 and 2024 spurred a sharp reaction in
EURUSD stalls at the 100 hour MA for the 2nd consecutive day As the clock ticks to the close for the EURUSD in London/Europ, the pair moved to new session highs, and for the 2nd day in a row, banged against the 100-hour moving average at 1.06715 and found sellers. In the kickstart video from
During the September FOMC meeting, the Federal Reserve maintained the federal funds rate target range at a 22-year high of 5.25%-5.5%. Fed Chair Jerome Powell, however, conveyed that interest rates must remain elevated for an extended period due to the renewed strength in the economy. While the central bank is nearing the end of its
Major US stock indices are mixed now with the Dow Industrial Average note negative, and the S&P index trading above and below unchanged. The NASDAQ index is holding onto a 0.25% gain. A snapshot of the market currently shows: Dow industrial average -74.68 points or -0.22% at 33995.75 S&P index -0.13 points or unchanged at
Top Stories This Week SEC sees temporary setback in request to access Binance.US software The United States Securities and Exchange Commission has failed to win immediate access to Binance.US’s software, with the judge saying he isn’t “inclined to allow the inspection at this time.” The hearing was held on Sept. 18 to discuss the SEC’s
Share: The EUR/GBP made a late-week break for the 0.87 handle. The Pound Sterling continues to give up ground after a dovish BoE shrank from rate hikes, EU PMI figures came in mixed, keeping Euro gains restrained. The EUR/GBP stretched for the 0.8700 major handle in Friday trading, closing the week with over a full
The USDCHF traded sideways and then moved lower on Wednesday before finding support near 0.89347, basing and moving to the upside. The Swiss National Bank kept rates unchanged on Thursday helping to propel the price even higher, with the price moving above its 200-day moving average of 0.90334. The surge on Thursday did find willing
Spot gold closed with a weekly gain of 0.10% at $1,925 and was up 0.31% on Friday. The week ending September 22 was marked with crucial monetary policy decisions of three key central banks – Federal Reserve, Bank of England and Bank of Japan. The US Federal Reserve, in a widely expected move, skipped a
The major US stock indices traded above and below unchanged today in up-and-down trading, but each of the indices is ending the day in the red. A snapshot of the closing levels shows: Dow industrial average -106.60 points or -0.31% at 3393.83 S&P index -9.96 points or -0.23% at 4320.05 NASDAQ index -12.19 points or
Despite a confluence of favorable conditions that are typically Dollar bullish — a decidedly hawkish Federal Reserve, plummeting stocks, and soaring yields — the greenback’s response was unexpectedly tepid last week. While it managed to gain ground against European majors and Yen, it faltered when squared against the robust commodity currencies. Dollar Index, a measure
Share: Next week, markets will continue to digest the outcomes of recent central bank meetings. Additionally, market participants will closely monitor the release of economic data, with a particular focus on inflation figures from the Eurozone and the US Core Personal Consumption Expenditure (PCE) index. Here is what you need to know for next week:
WTI crude oil futures settle at $90.03, up $0.40 or 0.43%. The high for the day reached $91.33. The low was at $89.31. WTI crude oil trades between retracement levels Brent crude prices settled at $93.27 down $0.03 or -0.03% For the trading week, the price of crude oil is down marginally by -0.58%. Looking
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