Gold falls below $2,500 following US PCE report, boosting likelihood of September Fed rate cut. Fed’s cautious policy easing strategy stirs uncertainty; markets favor a 25 bps cut. Traders’ bets on a 25 bps rate cut rise to 69%; odds for a 50 bps reduction fall to 31%, per CME FedWatch Tool. Gold prices tumbled
Month: August 2024
In the final week of August, financial markets delivered unexpected developments that caught many by surprise. Investor sentiment decisively shifted towards a risk-on approach, propelling major indices like DOW and DAX to new record highs. This optimism was largely driven by expectations of forthcoming monetary easing from key central banks, including Fed and ECB. Despite
While the EURUSD and the GBPUSD trades between the 100 and 200-hour MAs. The USDCHF is also trading between those two MAs as the last trading of the day of the weeks gets started The 100-hour MA is below the current price at 0.8448 (blue line in the chart below). The higher 200-hour MA is
Markets: Gold down $19 to $2501 WTI crude oil down $2.47 to $73.44 US 10-year yields up 4.3 bps to 3.81% S&P 500 up 0.6% USD leads, JPY lags. It was tough to tie the fundamentals to the market moves today, as is often the case at month end. Tokyo CPI was hot earlier and
Gold investors returning from their summer holidays will be eager to see whether the precious metal can sustain its record-breaking rally, or if it will succumb to the curse of September. Bullion has dropped every September since 2017. Over that period, the average decline has been 3.2% in September – easily the worst month of
Best Buy ‘s quarterly beat and guidance raise on Thursday was good for a 15% pop in the stock as investors rewarded better execution and the promise of wider adoption of AI devices and lower interest rates. Revenue in the company’s fiscal 2025 second quarter fell 3.1% year over year to $9.29 billion in the
GBP/USD shows upward bias on daily chart, yet short-term RSI presents mixed signals. Hourly chart reveals bearish trend with the pair below 50, 100, and 200-HMAs; sellers aim for 1.3108 and potentially 1.3100. Additional supports at August 22 low of 1.3076 and August 20 high of 1.3052. Buyers reclaiming 200-HMA at 1.3148 could push recovery
Join Kelly’s Private Trading House for FREE Here: https://discord.gg/sQDbgDbF4V Giveaway Submissions Closed! 🚫 Watch My Interview Channel! @kellyohgeeTV Watch My Vlog Channel! @kellyohgeeuncut Instagram: kellyohgee Twitter: @kellyohgee TikTok: @kellyohgee / @kellyuncut Hi! My name is Kelly Ohgee. I’m incredibly focused on cultivating the perception of education to change generations. I do a lot of things,
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Fundamental Overview Crude oil has been on a seesaw this week as we got a rally on Monday on the news that Libya was going to close down all oil fields and halt production and exports. That spike eventually got faded and prices even fell below the level seen before the news. Yesterday, we got
August 2024 official Chinese PMIs from the National Bureau of Statistics (NBS): Composite is 50.1 August Manufacturing PMI 49.1 expected 49.5, prior49.4 Services 50.3 expected 50.0, prior 50.2 — The Chinese economy has been showing, and continues to show, a patchy and uneven recovery. Key trouble spots include: an uncertain property sector outlook, the sector
Gold prices were little changed on Friday, but were poised for a monthly gain on prospects of a U.S. interest rate cut in September, while traders awaited key U.S. inflation data for further insights. FUNDAMENTALS * Spot gold was down 0.1% at $2,517.91 per ounce, as of 0037 GMT, and was on track to log
A woman takes a selfie photo, with the Eiffel Tower in the background, at Surcouf street in Paris, on July 23, 2024, ahead of the Paris 2024 Olympic Games. Mauro Pimentel | Afp | Getty Images Euro zone inflation dropped to a three-year low of 2.2% in August, flash figures from statistics agency Eurostat showed
In this article LULU Follow your favorite stocksCREATE FREE ACCOUNT Signage at a Lululemon store in New York, US, on Thursday, Aug. 22, 2024. Lululemon Athletica Inc. is scheduled to release earnings figures on August 29. Yuki Iwamura | Bloomberg | Getty Images Lululemon lowered its guidance and posted its first revenue miss in more
The Pound Sterling falls below 1.3150 against the US Dollar after sticky US core PCE inflation. A decline in market expectations for the Fed’s large interest rate cuts supported the US Dollar. The policy-easing spell from the BoE is expected to be slower than that of its major peers. The Pound Sterling (GBP) extends its two-day losing spree
Dollar is showing mild strength in early US session despite slightly disappointing PCE inflation data. While the data reinforces the likelihood of a 25bps rate cut by the Fed in September, it does little to support the case for a more aggressive 50bps cut. The greenback is getting a slightly boost from modest recovery in
Fundamental Overview After the strong push lower from last Friday when Fed Chair Powell delivered a more dovish than expected speech at the Jackson Hole Symposium, the USDCHF pair hasn’t moved much as the lack of catalysts this week kept the price action at bay. The market is waiting for the key economic releases next
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