Today’s Analysis

    10 June 2024
    Euro hits one-month low following Macron’s snap French election call

    Key points: Euro drops sharply due to political uncertainties in France and a strong U.S. job report. Dollar strengthens, supported by expectations of delayed rate cuts by the Federal Reserve. The Euro experienced a decline, reaching a one-month low, as …

    10 June 2024
    Oil prices dip due to uncertainty on OPEC+ cuts and strengthening of USD 

    Key points:  Brent crude futures fell to $79.58, and WTI crude futures dropped to $75.49 per barrel.  Strong US jobs data pushed out expectations for interest rate cuts, strengthening the US dollar.  Call for snap legislative elections by Macron adds …

    10 June 2024
    Strong nonfarm payrolls report throws rate cut timeline of the Federal Reserve into question 

    Key points:  US nonfarm payrolls exceed expectations with 272,000 new jobs in May.  Strong job gains complicate the trajectory of the anticipated rate cut by the Federal Reserve.  A high interest rate prospects boost the US dollar and impact gold …

    7 June 2024
    Oil prices rebound following OPEC+ reassurance, but set for weekly decline 

    Key points:  Brent crude futures rise to $79.89 per barrel; WTI crude futures reach $75.59.  Oil prices supported by reassurance from Saudi Arabia and Russia about potential adjustments to supply agreements.  Prices set for the third consecutive week of declines …

    7 June 2024
    Nvidia soars to record highs, eyes top spot by market cap 

    Key Points:  Nvidia surpasses Amazon and Apple to become the second-largest US company.  Shares of Nvidia close at a record $1,224.40, bringing the company to a market cap of $3.01 trillion.  Elon Musk orders thousands of AI chips from Nvidia, …

    7 June 2024
    Gold set for first weekly gain in three weeks as US dollar, yields decline

    Key points: Weaker labor data could boost gold prices, according to analysts. The U.S. non-farm payrolls data is due at 1230 GMT. Gold is expected to reach another record high this year. Gold prices held steady on Friday and were …

    7 June 2024
    Dollar remains close to an 8-week low as payroll test approaches

    Key points: The dollar index (DXY) remains close to an eight-week low ahead of a significant U.S. jobs report. Traders anticipate weaker jobs growth, which could influence future Federal Reserve rate cuts. The dollar hovered close to an eight-week low …

    6 June 2024
    Strong ISM services data indicates robust US business activity

    Key points: ISM services report shows higher business activity and faster new orders growth. The US dollar sees a slight recovery but remains under pressure ahead of Friday’s NFP report The latest Institute for Supply Management (ISM) services report revealed …

    6 June 2024
    S&P 500 and Nasdaq hit record highs on Fed easing hopes

    Key points: S&P 500 and Nasdaq indexes hit record closing highs, driven by technology stocks. Private payrolls data shows slowdown in May, indicating potential for Fed rate cuts. On Wednesday, the S&P 500 and Nasdaq indexes soared to record closing …

    6 June 2024
    ECB set to cut interest rates following inflation confidence in inflation data 

    Key points:  ECB expected to announce a 25-basis point interest rate cut on Thursday, the first since 2019.  EURUSD is likely to face downward pressure with such a dovish stance from the ECB.  The European Central Bank (ECB) is poised …

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