{"id":14798,"date":"2024-08-29T09:24:28","date_gmt":"2024-08-29T09:24:28","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=14173"},"modified":"2025-02-16T10:55:29","modified_gmt":"2025-02-16T10:55:29","slug":"forex-market-analysis-29-august-2024","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/analysis\/forex-market-analysis-29-august-2024\/","title":{"rendered":"Forex market analysis: 29 August 2024"},"content":{"rendered":"\n<p>Asian markets fell on Thursday, mirroring the downward trend in Wall Street futures, as Nvidia\u2019s earnings report failed to meet the high expectations of optimistic investors. Nvidia\u2019s forecasted third-quarter revenue of USD 32.5 billion did surpass Wall Street\u2019s projections, but it didn\u2019t meet the ambitious targets set by those who had driven a 180% surge in its shares this year.<\/p>\n\n\n\n<p>As a result, Nvidia\u2019s stock plummeted by 7.6% in after-hours trading, wiping out approximately USD 236 billion of its market value.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr\/wp-content\/uploads\/sites\/9\/2024\/08\/dma_20240829_1-1024x465.jpg\" alt=\"\" class=\"wp-image-14174\" \/><figcaption class=\"wp-element-caption\">Nvidia sees a decline, trading at 126.33 on the <a href=\"https:\/\/apps.apple.com\/au\/app\/vt-markets-online-trading\/id1372647263\" target=\"_blank\" rel=\"noopener nofollow\" title=\"VT Markets app\">VT Markets app<\/a>.<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Tech-focused Asian indices lead declines following Nvidia-driven selloff<\/strong><\/h1>\n\n\n\n<p>The negative sentiment spread across Asian markets, particularly affecting tech-heavy indices. The MSCI Asia-Pacific shares index, excluding Japan, dropped by 0.6%, with South Korea\u2019s KOSPI down 0.7% and Japan\u2019s Nikkei slipping by 0.4%.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/tr\/wp-content\/uploads\/sites\/9\/2024\/08\/dma_20240829_2-1024x467.jpg\" alt=\"\" class=\"wp-image-14175\" \/><figcaption class=\"wp-element-caption\">Japan\u2019s Nikkei trading at 38478.85 as seen on the <a href=\"https:\/\/apps.apple.com\/au\/app\/vt-markets-online-trading\/id1372647263\" target=\"_blank\" rel=\"noopener nofollow\" title=\"VT Markets app\">VT Markets app<\/a>.<\/figcaption><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>Shares of Taiwan\u2019s TSMC, a major Nvidia chip contractor, fell by 2.4%, contributing to a 1.3% decline in the broader Taiwanese market.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Nvidia, the chipmaker at the heart of the artificial intelligence boom, gave a revenue forecast that fell short of some of the most optimistic estimates, stoking concerns that its explosive growth is waning. <a href=\"https:\/\/t.co\/8Qv6710X16\">https:\/\/t.co\/8Qv6710X16<\/a><\/p>&mdash; Bloomberg Technology (@technology) <a href=\"https:\/\/twitter.com\/technology\/status\/1828900894047437177?ref_src=twsrc%5Etfw\">August 28, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>In China, caution regarding the economic outlook persisted, further pressured by disappointing earnings reports. The blue-chip index fell for the fourth day in a row, down 0.4%, as concerns about the country\u2019s economic recovery dampened investor sentiment.<\/p>\n\n\n\n<p>UBS\u2019s recent revision of China\u2019s 2024 GDP growth forecast, lowering it from 4.9% to 4.6%, added to the overall cautious mood. Shares of Chinese battery manufacturer CATL dropped by 2% after US lawmakers proposed placing the company on a restricted list due to alleged ties with Beijing\u2019s military.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>US dollar steadies amid rising expectations of Fed rate cuts; Treasury yields show mixed results<\/strong><\/h1>\n\n\n\n<p>In the currency and bond markets, the US dollar stabilised after hitting its lowest level in over a year, bolstered by increasing speculation of a Federal Reserve rate cut. Futures markets have now priced in a 25-basis-point rate cut next month, with a 35% chance of a 50-basis-point reduction.<\/p>\n\n\n\n<p>Treasury yields presented a mixed picture, with the two-year and ten-year yield curve nearing a positive inversion\u2014a scenario last seen in July 2022, except for a brief occurrence earlier this month.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\"><strong>Gold approaches record high as oil prices see slight rebound<\/strong><\/h1>\n\n\n\n<p>Gold prices continued their upward trend, rising by 0.4% to USD 2,512.89 an ounce, nearing the record high of USD 2,531.6. Oil prices also experienced a modest recovery following two consecutive days of losses, with Brent crude futures inching up by 0.1% to USD 78.75 per barrel and US West Texas Intermediate crude futures climbing by 0.2% to USD 74.69 per barrel.<\/p>\n\n\n\n<p>As trading continues, investors are keenly awaiting US weekly jobless claims and inflation data from Germany and Spain, which could offer further clues regarding the Federal Reserve\u2019s upcoming interest rate decisions and potentially shape global market trends in the coming weeks.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Click <a href=\"https:\/\/www.vtmarkets.net\/trade-now\/\" target=\"_blank\" rel=\"noopener\" title=\"here\">here<\/a> to open account and start trading.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Asian markets fell on Thursday, mirroring the downward trend in Wall Street futures, as Nvidia\u2019s earnings report failed to meet the high expectations of optimistic investors. Nvidia\u2019s forecasted third-quarter revenue of USD 32.5 billion did surpass Wall Street\u2019s projections, but it didn\u2019t meet the ambitious targets set by those who had driven a 180% surge <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/analysis\/forex-market-analysis-29-august-2024\/\" 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":[2],"tags":[],"class_list":["post-14798","post","type-post","status-publish","format-standard","hentry","category-analysis"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/14798","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=14798"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/14798\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=14798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=14798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=14798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}