As of September 12, 2024, critical developments in the monetary landscape are on the horizon with the European Central Bank (ECB) poised to implement a substantial reduction in interest rates. The forecast of a 60 basis point cut—a significant shift that will see the main refinancing rate decrease to 3.65%—stems from a confluence of economic
Technical Analysis
The New Zealand Dollar (NZD) is at a crucial juncture, with analysts predicting that it could test the 0.6115 level if it remains below 0.6185. While a significant break below 0.6115 is not anticipated at the moment, there is a possibility of further downside towards 0.6085 in the longer term. Recent trading activity saw the
On Tuesday, gold prices saw a slight increase of 0.30% due to the decline in US Treasury yields and the weakening of the US dollar. The market is currently holding its breath as traders await important US inflation data, as well as the first presidential debate between Kamala Harris and Donald Trump. These upcoming events
Gold prices have been consolidating below the $2,530 resistance level against the US Dollar. Despite staying above the $2,480 zone, the price has struggled to initiate a significant increase. The 4-hour chart of XAU/USD reveals a stable price movement above the 100 Simple Moving Average (red, 4 hours) and the 200 Simple Moving Average (green,
The UK labour market data released today provided some positive insights. Employment growth exceeded expectations, and unemployment benefit claims came in lower than forecasted. This news was a welcome surprise, indicating a potentially stronger economy than previously anticipated. Analysts from ING believe that the positive labour market data may influence the Bank of England’s decision
The European stock markets have been closely linked to the performance of the EUR/CHF currency pair in recent times. The correlation between France’s CAC and Germany’s DAX with EUR/CHF has been quite significant, showcasing a high positive reading of 0.82 and 0.84 respectively. This direct correlation indicates that movements in European stock indices can have
Gold prices have seen a resurgence, with a troy ounce of the precious metal reaching 2517 USD. This increase comes as the market eagerly anticipates the release of August’s pivotal US employment report. The data from this report could potentially alter the Federal Reserve’s interest rate outlook, a crucial factor as the Fed’s meeting draws
The EUR/USD pair has maintained stability around 1.1077, with investors exercising caution ahead of crucial employment data releases from the United States. The upcoming ADP private sector jobs report is the first in line, offering insight into market sentiment before Friday’s Nonfarm Payroll (NFP) report. The market will also closely monitor the weekly unemployment claims
The USD/JPY pair has experienced a slight increase, reaching 145.95 on Wednesday morning. This upward movement signals a rebound from two-week lows, however, it is too early to deem it a significant reversal in the trend given the current economic climate. Market participants are exercising caution as they await the release of crucial US employment
Gold has been shining bright in the market, with a winning streak that has lasted for seven consecutive months. The precious metal has surged by a remarkable 21% since the beginning of the year, reflecting a bullish sentiment among investors. The question on everyone’s mind now is whether this upward momentum will persist in September
The analysis of the long-term BTC/USD chart reveals a crucial point in Bitcoin’s price movement. The price of Bitcoin has been fluctuating within two distinct channels – a bullish channel and a bearish channel. The bullish channel, which originated from rumors of Bitcoin ETF approval in 2023, has been struggling to maintain momentum. On the
Gold has been facing a glass ceiling at $2525 an ounce on the spot market, struggling to break through for the past two weeks. However, a series of smaller pullbacks and more frequent rallies towards the resistance point to impressive buying pressure in the market. Over the past two weeks, a triangle has formed on