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As the forex market has been dull in recent sessions, the PMI readings from the U.S., U.K. and eurozone today may be a catalyst to stimulate the market.
Gold prices are set to rise, driven by a busy U.S. economic schedule and interest rate cut expectations. Rebounding above $2,400 due to India's import tax cut, gold is poised for further gains. Bullish RSI indicates strong momentum, with key resistance at $2,412 and $2,450, and an all-time high of $2,483 in sight. Support levels are at $2,384 and the 50-day SMA at $2,359.
Market Review | July 24, 2024
Market Overview | July 24, 2024
GTCFX Shines at the Wiki Gala Night in Hong Kong
Gold is experiencing a bullish trend, driven by expectations of Federal Reserve rate cuts and economic uncertainties. Key events like CPI data, ECB rate decisions, and U.S. jobless claims are influencing gold's appeal as a safe-haven asset. Investors are closely monitoring these indicators for further direction on gold prices.
Global Market Reactions to Key Political, Economic, and Corporate Developments
The Bank of Japan is in a complex and highly sensitive decision-making environment and must find a balance between controlling inflation and supporting economic growth. Although inflation continues to rise, reaching 2.6%, exceeding the central bank's target, the decline in real wages and weak consumption pose challenges to the decision to raise interest rates. Market expectations for the central bank's interest rate hike are inconsistent, and the fluctuations in the yen exchange rate and governm
On Monday (July 22), as the market digested the impact of Biden's withdrawal, the US dollar index closed slightly lower
Wall Street rallied in the last session as investors anticipate earnings reports from mega-caps including Alphabet and Tesla, due later today.
The USD/JPY pair is trading below 157.00, with the Japanese Yen strengthening due to risk-off sentiment in the Asian session. The pair is now focused on potential Japanese intervention and upcoming US economic data. On Monday, USD/JPY fell over 0.20% and is currently at 156.96, with a bearish outlook for potential further declines.
Market Review | July 23, 2024
Market Review | July 23, 2024
Forex trading, also known as foreign exchange trading, is the act of buying and selling currencies in the global market. With over $6 trillion traded daily, it’s the largest and most liquid market in the world. Whether you're a seasoned trader or a beginner, this guide will provide valuable insights to help you succeed in forex trading in 2024.
FBS proudly holds the prestigious title of the Best Trading Application in Asia for 2024, awarded by World Business Outlook. The FBS app is designed for traders who value time, simplicity, balance management, and comprehensive analytics. This all-in-one mobile trading application allows users to trade on the go, offering access to 550+ trading instruments and rapid order execution from just 0.01 seconds.
In general, Biden's withdrawal and support for Harris have undoubtedly brought new uncertainty to the market. The fluctuations in the cryptocurrency and gold markets reflect investors' different expectations for future policy directions. As the election approaches, market volatility may further intensify, and investors need to closely monitor political dynamics and their impact on the market.
This week's key economic events include China's loan prime rate, Indian Union Budget, German Ifo Business Climate Index, and U.S. GDP data, along with U.S. existing and new home sales. These events will significantly impact major currency pairs like EUR/USD, GBP/USD, and USD/JPY, influencing market volatility and trader sentiment based on economic health indicators and central bank policies.
President Biden's withdrawal from the 2024 race, China's new housing model and developer crisis, and the strength of the Singapore dollar are impacting global markets. Australia's reverse mortgage use is up, Taiwan's top tech fund is bullish on AI, and geopolitical tensions ease between the Philippines and China. Major corporate moves include Woodside Energy's acquisition, Boeing's internal reforms, and India's auto market growth. Additionally, the UK and Indian central banks face scrutiny over
Biden's withdrawal from the upcoming U.S. presidential election has thrown a stun grenade into the market, with most asset classes standing pat as investors digest the event.