Federal Reserve Chair Jerome Powell said Monday that the recent half percentage point interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive, in fact indicating the next moves will be smaller. The central bank chief asserted during a speech in Nashville, Tennessee, that he and his colleagues will
Month: September 2024
Mexican Peso strengthens to 19.60 against the Greenback, supported by anticipation ahead of Claudia Sheinbaum’s October 1 inauguration. Business Confidence for September, expected on October 2, could mark a fourth consecutive month of improvement. Despite Peso gains, the US Dollar Index rises by 0.20% as stronger US economic data bolsters the Greenback. The Mexican Peso
Forex market activity was relatively subdued during European trading hours, with Euro recovering against both Sterling and Swiss Franc despite lower-than-expected inflation reading from Germany. However, the common currency continues to face resistance in breaking out of its range against Dollar. Markets will keep a close eye on ECB President Christine Lagarde, who is set
As the NA session begins, the EUR is the strongest and the CHF is the weakest. The USD is mixed to start the new trading week. Last week, was filled with China stimulus announcements from both a fiscal and monetary policy. The stock market soared in response with the Shanghai composite index rising 12.81%. The
Americans are cleaning up from Hurricane Helene and it looks like it will be a long rebuilding effort in some parts of the country. The respite might be short for hurricane watchers as a late-starting hurricane season looks like it stay busy. There are a couple of harmless storms turning north in the mid-atlantic but
Gold December futures contracts at MCX opened flat today at Rs 75,942 per 10 gram, which is up by 0.3% or Rs 224 while silver December futures contracts were trading at Rs 91,569/kg, up by 0.19% or Rs 171. On Friday, gold and silver settled on a weaker note in the domestic as well as
The Stellantis sign is seen outside the FCA Headquarters and Technology Center in Auburn Hills, Michigan, on Jan. 19, 2021. Jeff Kowalsky | Afp | Getty Images Stocks of European carmakers hemorrhaged early on Monday as Stellantis and British luxury brand Aston Martin issued profit warnings, citing broader industry challenges and difficulties in the world’s
USD/CAD seesaws between tepid gains/minor losses amid mixed fundamental cues. A modest USD uptick lends support amid bets for a larger interest rate cut by the BoC. Dovish Fed expectations and a positive risk tone cap gains for the USD and the major. The USD/CAD pair kicks off the new week on a subdued note
Fundamental Overview The USD remains under pressure amid the aggressive market pricing for rate cuts and better global growth expectations following the recent huge Chinese easing measures. It’s now a battle between global growth supporting the risk sentiment and weighing on the greenback and the aggressive rates pricing which could be scaled back if the
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold has been shining all through the year and the recent performance from the lows made on July 25 in the international as well as domestic markets and the rise in momentum upwards of around 12% approximately (on Comex as well as on the MCX) as on September 27, 2024 suggests that these asset class
The NZD/USD climbed to fresh highs since December. The RSI stands deep in positive area and the MACD shows rising green bars supporting an overall bullish outlook. If the bulls fail to conquer 0.6400, it might trigger a downward correction. On Friday, the NZD/USD pair continued its ascent from Thursday, adding 0.20%, reaching 0.6354 and
The JPY is the strongest and the GBP is the weakest as the NA session begins. The USD is mixed to modestly lower mainly because of the -1.02 decline in the JPY. The other changes vs the major currencies are showing modest changes on the day with the USD higher vs the EUR, GBP, CAD,
UPCOMING EVENTS: Monday: Japan Industrial Production and Retail Sales, Chinese PMIs, German CPI, Fed Chair Powell. (Canada on Holiday) Tuesday: Japan Unemployment Rate, BoJ Summary of Opinions, Australia Retail Sales, Swiss Retail Sales, Swiss Manufacturing PMI, Eurozone Flash CPI, Canada Manufacturing PMI, US ISM Manufacturing PMI, US Job Openings. (China on Holiday) Wednesday: Japan Tankan
A surprise U.S. rate cut, a record peak in gold prices, Chinese economic stimulus, and escalating tensions in the Middle East have bolstered the appeal of silver. Prices at the benchmark London spot market breached a 12-year high of $32.50 an ounce, while in the domestic futures market, it is well above Rs 93,500 per
XAU/USD drops to $2,646 after September inflation data suggests progress toward the Fed’s 2% target. US 10-year Treasury yield falls five basis points, while the US Dollar Index dips by 0.16% to 100.41. Geopolitical risks rise as Israel strikes Lebanon, but Gold fails to gain momentum as traders cash in profits. Gold fell to a
Unexpected developments from Asia significantly influenced global financial markets last week. China’s surprise stimulus measures invigorated investor sentiment, leading to substantial gains in Chinese and Hong Kong equities, as well as strengthening Chinese Yuan. This positive shift boosted commodity-linked currencies, with New Zealand Dollar and Australian Dollar emerging as the top performers for the week.
The US PCE data was lower than expectations and it helped to push the USD lower. For the EURUSD, the price has moved above a swing area between 1.1181 and 1.11897. The next targets are at 1.1200 and the high for the week at 1.12130. Getting above those levels will have traders targeting the 61.8%
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