It seems like ages ago, but on Monday, it seemed like markets were on the precipice. The Japan’s Nikkei 225 index on Monday fell -12.4% and analysts were figuring out where the circuit breakers would be. There were chatter on how the Fed needed to have an emergency meeting and cut rates by 75 basis
Month: August 2024
With less than an hour left to go in trading, the broader stock indices are trying to fight its way to a positive close for the trading week. Both the S&P and NASDAQ indices are currently on pace for a negative close. If it remains that way, it would represent the fourth consecutive down week
Crude oil futures are settling the day and $76.84 that is up $0.65 or 0.85%. For the trading week, the prices closing up $3.32 or 4.51%. The gain this week comes after four straight weeks of declines. The low price it this week reached $71.67 which was the lowest level since February 5. The price
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
These comments from Brookfield CEO Bruce Flatt caught my attention: The next 20 years will be an unprecedented period for electricity build-out. The electrification of industrial capacity, automobiles, heating for houses, and other uses is driving unprecedented growth in the demand for electricity. On top of that, the world is adding data centers for Al
The Canada jobs data had something for everyone today. The unemployment rate was steady vs. last month at 6.4%, but lower than the estimate of 6.5%. The employment data showed a decline of -2.8K for the 2nd consecutive month decline, but there was 61K of full time jobs but -64K of part time jobs. So
SEC vs. Ripple lawsuit ended in a $125 million fine for securities law violation by the payment remittance firm, however both parties consider it a win. Ripple noted a massive spike in XRP price after the ruling, but the rally fades as traders digest the likelihood of SEC appeal. XRP slips under key psychological support
The NZDUSD fell to a new low for the year on Monday on the back of the sharp fall in the Nikkei 225 (-12.4%). However, that new low only took out the April 2024 low by a few pips, and the price snapped higher. The momentum stalled near highs from last week nearly 0.5982 and
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
The AUDUSD moved to the lowest level since November 2023 on Monday as Japan stocks plummeted. However, after breaking below the low from 2024 at 0.63614, the price could only make it to 0.6348 before it snapped back to the upside and started to start the recovery. Although that recovery had its fits and starts
On Wednesday, the USDCHF moved back above its 100-hour moving average and although the price corrected lower into yesterday’s Asian and early European session, the downside momentum found willing buyers near that moving average level. The subsequent rise on the back of higher US stocks yesterday (and the unwinding of the flight to safety flows
The US Jobless Claims yesterday came out much better than expected. This is the most timely indicator we have on the labour market. The market reacted strongly, with the S&P 500 (chart below) rallying by 2.4% in a single day, which was the best one day gain since November 2022. S&P 500 – 15 minutes
Gold and the USD are often intertwined. Amid the recent drama surrounding the US Federal Reserve and its indecisiveness regarding interest rate cuts, this topic is more poignant and relevant than ever. This saga provides the perfect segue to the upcoming Finance Magnates Pacific Summit (FMPS), taking place in just a few weeks on August
The seeds of what would become a tumultuous Monday for Asian markets were sown during the previous Friday’s U.S. trading session. A seismic shift in investor sentiment was triggered by a far weaker-than-expected Nonfarm Payrolls (NFP) report, which painted a less rosy picture of the U.S. economy than anticipated. This unexpected economic data sent shockwaves
Fundamental Overview The Nasdaq bounced strongly from the lows yesterday following good US Jobless Claims figures as the data quelled some of the fears around the labour market after the weak US NFP report last Friday. The market pricing for rate cuts eased a bit but remains quite elevated with a 55% probability of a
EUR/USD extends sideways grind above 1.0900 on Friday. Euro needs to break out of 1.0900-1.0940 range to determine next direction. The economic calendar will not feature any high-impact data releases. EUR/USD closed the second consecutive day virtually unchanged on Thursday. The pair continues to fluctuate in a tight channel above 1.0900 early Friday as investors await
Fundamental Overview Gold erased most of the losses from the Monday’s global stock market rout as the ISM Services PMI and especially the US Jobless Claims yesterday improved the risk sentiment. This might be just a retracement of the liquidations experienced on Monday as it doesn’t look like there are strong reasons for a rally
Fundamental Overview The Russell 2000 bounced strongly from the lows yesterday following good US Jobless Claims figures as the data quelled some of the fears around the labour market after the weak US NFP report last Friday. The market pricing for rate cuts eased a bit but remains quite elevated with a 55% probability of
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
Ethereum ETFs saw net outflows of $23.7 million as Grayscale ETHE flows continued downtrend move. Ethereum buyers are soaking up the sell pressure from capitulated whales and Jump Crypto. Ethereum bulls returned to defend key support level as technical indicators signal ETH is staging bullish reversal. Ethereum (ETH) is up nearly 10% on Thursday as buyers
The scare for lower growth and increasing unemployment was lessened today after initial jobless claims came in lower-than-expected 233K versus 250K last week. Maybe the employment picture is not so alarming after all. If bad data is bad for the market, good data has to be good for the market, and that is what we
After the US initial jobless claims moved up to 249K last week, followed by a weaker US monthly jobs report on Friday, markets were uncomfortable with the bad news. Recall from last week there was a string of bad and suddenly bad meant bad. That worry continued on Monday after Japan’s Nikkei 225 index tumbled
The AUD/USD is reaching new session highs, breaking above two of four key technical levels: the 50% retracement of the move down from July at 0.6473 and the 100-bar moving average on the four-hour chart at 0.6577. The current price is trading at 0.6586. The next targets are the 200-day moving average at 0.6592 and
Asia-Pacific (APAC) is one of the world’s fastest growing online trading markets. As it continues to grow, Asia’s trading software market is expected to hit a staggering $19.68 billion by 2031, expanding at a CAGR 7.84% between 2024 – 2031. In this context, iFX EXPO Asia 2024 presents itself as a launching board for industry
It is already August which means the final countdown to the Finance Magnates Pacific Summit (FMPS) is now officially underway. The biggest event in the Asia-Pacific (APAC) is slated to be held in Sydney, Australia on August 27-29, drawing the industry’s elite, as well as thousands of attendees, traders, and more. Prospective attendees can expect
The risk mood continues to improve in US markets with the S&P 500 extending gains to 1.6%. In turn, that’s helped to boost AUD/USD to the best levels of the day. The pair is now up 55 pips and threatening the weekly high and the best levels since July 24. AUD/USD 30 minutes A break
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Fundamental Overview The market is still licking its wounds as the price action remains tentative ahead of the US Jobless Claims today. The ugly US ISM Manufacturing PMI and the weak US NFP report of last week are still fresh in everyone’s mind. At the moment the market is expecting the Fed to cut rates
Gold’s price hovers near $2,400 as the US Dollar and bond yields correct. The Fed is expected to cut interest rates by more than 100 bps this year. Investors await the US weekly jobless claims data. Gold’s price (XAU/USD) slightly recovers from a two-day low of $2,380 in Thursday’s European session. The precious metal continues
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
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