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Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East. Spot gold was up 1.3% at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), while U.S. gold futures settled 1.2% higher to $2,646.20.
US Dollar is gaining strength after Fed decision volatility. New York Fed’s Nowcast model predicts robust economic growth in third and fourth quarters. Fed expects financial conditions to remain loose, supporting the economy. The US economy is experiencing a moderate slowdown, but indicators suggest that economic activity remains robust overall. The Federal Reserve (Fed) has
The AUDUSD moved up and tested a swing level near 0.6823 in the Asian and European session. The price then moved lower as stocks fell in the early US trading. However, as the price of the AUDUSD approached its rising 100 hour moving average at 0.6778, the buyers have returned, and stalled the fall. Why
UPCOMING EVENTS: Monday: Japan on Holiday, Australia/Eurozone/UK/US Flash PMIs. Tuesday: Japan Flash PMI, RBA Policy Decision, German IFO, US Consumer Confidence. Wednesday: Australia Monthly CPI. Thursday: SNB Policy Decision, US Durable Goods Orders, US Q2 Final GDP, US Jobless Claims. Friday: Tokyo CPI, Canada GDP, US PCE. Monday Monday will be the Flash PMIs Day
A rate cut by the US Federal Reserve and fears of an escalation of conflicts in the Middle East bolstered the appeal of the yellow metal, sending the benchmark London spot prices to a fresh lifetime high of $2599.92 an ounce last week. The Fed slashed its interest rates by a surprise 50 basis points
Gold surges to new all-time high above $2,600, fueled by expectations of further Fed rate cuts. Safe-haven demand spikes due to escalating tension between Israel and Hezbollah. Fed Governor Waller backs 50 bps rate cut; however, dissenting Fed member Michelle Bowman prefers a smaller cut to guard against declaring an early win on inflation. Gold
Dollar finished last week on the back foot, reacting to Fed’s decision to cut rates by 50 bps. While the greenback lost ground to most major rivals, its decline was relatively modest. Notably, Dollar managed to close higher against both Japanese Yen and Swiss Franc, and it continued to hold above key near term support
In the kickstart video from earlier today, I highlighted the key levels in the GBPUSD. On the downside the 1.3265 was key support. Looking at the GBPUSD price action since then (see chart below), the low price for the day came in at 1.32676, just 2 pips short of the targeted support. So the buyers
Shares of Intel are trading up 5.82% after reports from the WSJ that Qualcomm approached the company about a takeover in recent days. The shares of Intel are down in 2024 from an end of year closing level of $50.25. The current price is up $1.23 or 5.82% at $22.37 in volatile trading . The
Oil prices settled lower on Friday but recorded a second straight week of gains, garnering support from a U.S. interest rate cut and a dip in U.S. supply. Brent futures settled down 39 cents, or 0.52%, at $74.49 a barrel. U.S. WTI crude futures settled down 3 cents, or 0.4%, to $71.92. Signs of a
Federal Reserve (Fed) Board of Governors member Michelle Bowman clarified on Friday why the policymaker voted against the Fed’s 50 bps jumbo rate cut this week. Fed Governor Waller goes down in the books as the first Fed Governor to vote against both the consensus and the Fed Chair since 2005. Key highlights I agreed it was appropriate
The NASDAQ index is down -100 points or -0.55%. The prices back down testing the low price from yesterday near 17909.75. Early today, the price fell below that level on its way to fill the gap from Wednesday to Thursday ( i.e the high from Wednesday). Buyers came in near the level and pushed the
The major US stock indices are closing the day with mixed results. It was triple witching hour so there was some end-of-day volatility, that could have impacted the price action. At the ending bell, the Dow industrial average is closing higher. The broader S&P and NASDAQ indices are closing lower. They small-cap Russell 2000 was
Indian Railway Finance Corporation Share Price 161.43 04:01 PM | 20 Sep 2024 6.19(3.99%) Suzlon Energy Share Price 83.45 03:59 PM | 20 Sep 2024 2.49(3.07%) Indian Renewable Energy Development Agency Share Price 232.37 03:59 PM | 20 Sep 2024 2.37(1.03%) Tata Motors Share Price 970.85 03:59 PM | 20 Sep 2024 3.86(0.4%) YES Bank
Mexican Peso continues to weaken, recording losses for three consecutive days amid increasing risk aversion. Fed Governor Waller supports the recent 50 bps rate cut, pointing to easing inflation and hinting at further cuts if labor conditions deteriorate. Banxico anticipated to lower rates by 25 bps next week, potentially sustaining an appealing interest rate differential
Sterling climbed broadly today, fueled by unexpectedly strong UK retail sales data that more than compensated for the lackluster consumer confidence report. Despite ongoing high interest rates and persistent inflation, British consumers appear to be resilient, continuing to spend. This bolsters the position of hawkish members within the BoE’s MPC, who may push harder for
Earlier today, in the kickstart video, I outlined the following key support level for the EURUSD. That level was shown and outlined between 1.1131 and 1.11399. Here is that clip…. So what happened? Below is the chart of the price action today. Of not is the low price stalled between the level outlined in the
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