{"id":14790,"date":"2024-08-05T12:36:30","date_gmt":"2024-08-05T12:36:30","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=13974"},"modified":"2024-08-05T12:36:30","modified_gmt":"2024-08-05T12:36:30","slug":"week-ahead-economic-data-and-recession-fears-impact-markets","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/week_ahead\/week-ahead-economic-data-and-recession-fears-impact-markets\/","title":{"rendered":"Forex Market Analysis: 05 August 2024"},"content":{"rendered":"\n<p>This <a href=\"https:\/\/www.vtmarkets.net\/category\/analysis\/\" target=\"_blank\" rel=\"noopener\" title=\"Forex weekly analysis\">week\u2019s market<\/a> preview highlights the key events and data releases likely to drive market movements. Economic data so far are sparking Recession fears as a Global Stock sell-off sets to continue.<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Key Economic Indicators<\/strong><\/h1>\n\n\n\n<p><strong>ISM Non-Manufacturing PMI (July)<\/strong>:<\/p>\n\n\n\n<p>A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding, while below 50 percent signals contraction. <\/p>\n\n\n\n<p>Given the large proportion of the US economy engaged in the services sector, this report offers crucial insights into the overall health of the US economy.<\/p>\n\n\n\n<p><strong>Crude oil inventories<\/strong>:<\/p>\n\n\n\n<p>Weak manufacturing data and surging jobless claims weighed on the oil market, as worries about the U.S. economy outweighed the risk of regional conflict in the Middle East.<\/p>\n\n\n\n<p><strong>Initial jobless claims<\/strong>:<\/p>\n\n\n\n<p>The weekly initial jobless claims report will be critical for assessing labour market conditions.<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\">Index Market Dips on Recession Worries<\/h1>\n\n\n\n<p>This week saw a significant slide in the index market due to recession fears following key economic indicators such as GDP reports, inflation data, and employment reports. The Dow Futures, in particular, experienced a drop of more than 600 points after the Nasdaq fell into a correction.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr\/wp-content\/uploads\/sites\/9\/2024\/08\/image-2.png\" alt=\"\" class=\"wp-image-13975\" style=\"width:700px;height:auto\" \/><\/figure>\n\n\n\n<p>Technical indications showing us a potential decline in the US Index market, according to Investing.com, amid Recession Fears after Key Economic data release.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr\/wp-content\/uploads\/sites\/9\/2024\/08\/Screenshot-2024-08-05-at-9.55.18-pm-1024x571.png\" alt=\"\" class=\"wp-image-13976\" style=\"width:703px;height:auto\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>S1-S3<\/strong> mean potential <strong>Support points<\/strong>. If the market declines further, these are the potential levels it can reach.<\/li>\n\n\n\n<li><strong>R1-R3<\/strong> mean potential <strong>Resistance points<\/strong>. If the market starts to increase again, these are the potential levels it can reach.<\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Crude Oil Inventories Expectations<\/strong><\/h1>\n\n\n\n<p>The Inventory Report is scheduled to be released this Wednesday, 07 August 2024 at 15:30 GMT+1<\/p>\n\n\n\n<p>Events since the last release of the Inventory Report<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Saudi Aramco Hikes Oil Prices for First Time in Months<\/li>\n\n\n\n<li>Chinese oil demand has been one of the biggest factors driving oil price movements lately, mostly determining a generally pessimistic mood on the market due to disappointing economic indicators and weaker oil import growth.<\/li>\n\n\n\n<li>U.S. crude oil falls 2% as economic worries outweigh Middle East escalation.<\/li>\n<\/ul>\n\n\n\n<p>Previous Report Figures and Forecast Figures for the latest release <strong>-3,436M<\/strong> (Barrels of Oil)<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr\/wp-content\/uploads\/sites\/9\/2024\/08\/Screenshot-2024-08-05-at-10.02.53-pm-1024x569.png\" alt=\"\" class=\"wp-image-13977\" style=\"width:746px;height:auto\" \/><\/figure>\n\n\n\n<p><strong>Gold Prices Rise Close to Record Highs Amid Recession Fears, Rate Cut Bets<\/strong><\/p>\n\n\n\n<p>Spot gold rose 0.4% to $2,453.51 an ounce, while gold futures expiring in December increased by 1% to $2,495.40 an ounce by 00:51 ET (04:51 GMT).<\/p>\n\n\n\n<p>In the meantime, silver futures jumped 1.2% to $28.720 an ounce, reflecting increased demand for the metal, while platinum futures fell 0.8% to $958.40 an ounce, suggesting weaker market conditions for platinum.<\/p>\n\n\n\n<p>Click <a href=\"https:\/\/www.vtmarkets.net\/trade-now\/\" title=\"\">here<\/a> to open account and start trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week\u2019s market preview highlights the key events and data releases likely to drive market movements. Economic data so far are sparking Recession fears as a Global Stock sell-off sets to continue. Key Economic Indicators ISM Non-Manufacturing PMI (July): A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding, while below 50 <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/week_ahead\/week-ahead-economic-data-and-recession-fears-impact-markets\/\" class=\"read-more\">Continue Reading<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[77,73],"tags":[],"class_list":["post-14790","post","type-post","status-publish","format-standard","hentry","category-market_analysis","category-week_ahead"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/14790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=14790"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/14790\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=14790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=14790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=14790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}