As Brent crude oil experiences a consolidation phase after a five-day upward movement, market sentiment is being influenced by concerns over global oil demand. OPEC’s downward adjustment of its demand forecasts for 2024 and 2025 has contributed to this uncertainty. With weaker-than-expected economic data from China and reduced regional demand projections, OPEC now estimates a
Technical Analysis
The New Zealand dollar has been steadily gaining ground against the US dollar, reaching 0.6014 as of Monday. This increase comes ahead of the upcoming Reserve Bank of New Zealand (RBNZ) meeting, where it is widely expected that the official cash rate will remain at 5.5%. This decision reflects concerns about New Zealand’s economy, despite
China’s recent core consumer inflation growth for July has raised concerns about the effectiveness of current stimulus measures in eradicating deflationary pressures. The lacklustre performance in key economic indicators has sent ripples through the financial markets, affecting the Hang Seng Index and China’s sovereign bond yields. The persistent deflationary risk scenario has led to a
Gold prices have been on the rise in the early days of the week, continuing a three-day recovery trend. This increase comes in the wake of last week’s significant drop, which was driven by growing speculation that the Federal Reserve may implement a 50 basis points rate hike in September. The uncertainty surrounding the US
Gold prices have shown significant volatility over the past week, with a 4.4% drop followed by a 2.5% rise. This rollercoaster ride has left many investors puzzled about the future direction of the precious metal. One positive sign for gold is the quick buyer support it found after touching its 50-day moving average. This level
The recent release of the Bank of Japan’s summary of opinions has been accompanied by some bearish comments from policymakers at the BoJ. However, Deputy Governor Shinichi Uchida has made efforts to soften some of Governor Ueda’s more aggressive remarks, ultimately aiding in market stabilization. The BoJ acknowledges that the probability of reaching the inflation
The recent comments from the Bank of Japan’s deputy governor caused USDJPY to increase by more than 2%. The statement mentioned that the central bank would refrain from raising interest rates during periods of market instability. This led to a surge in buyers in the Japanese markets and contributed to USDJPY extending its 4% rebound
The JP 225 index has experienced a significant drop, reaching a 10-month low of 30,361. This decline can be attributed to recession fears in the US and the strengthening of the yen. The index’s movement below its 200-day simple moving average indicates a sharp correction, reminiscent of early pandemic levels. The index closed around 33,336,
The short term Elliott Wave view in Oil (CL) suggests that the cycle from the high of 4.12.2024 is currently in progress, following a 5 waves impulse Elliott Wave structure. The downward movement from the high saw wave (1) ending at 72.48, followed by the rally in wave (2) ending at 84.55. Subsequently, the commodity
The gold price has recently shown a steady increase, surpassing the $2,440 resistance level. It began its upward trend from the $2,420 zone and formed a key bullish trend line with support near $2,440. The price found significant support near the $2,320 zone and continued its bullish momentum above $2,400. The bulls successfully pushed the
The cryptocurrency market experienced a 0.75% loss in a 24-hour period, bringing its total market value down to $2.29 trillion. This decline follows a day of mixed performance, with cryptocurrencies slipping while equities showed positivity on Wednesday. However, Thursday saw a wave of synchronized selling across the board. This bearish sentiment is reflected in the
The price of gold (XAUUSD) has been steadily climbing, reaching a new peak at 2460 USD per troy ounce on Friday. This surge in gold prices can be attributed to a combination of factors, with one of the main drivers being the growing expectations of a potential interest rate cut by the US Federal Reserve.