The US Retail Sales data has significantly impacted the market sentiment, especially in relation to the US CPI Report and the Fed rate path. Chief Economist Parker Ross highlighted the resurgence of core services inflation in July, signaling a bounce back from previous lows. This shift has brought attention to the US labor market data
The AUD/JPY cross has gained momentum near 97.55 in Thursday’s Asian session, rising 0.36% on the day. The improved Chinese July Retail Sales data has provided support to the Australian Dollar. Data released by the National Bureau of Statistics of China showed that Retail Sales rose by 2.7% YoY in July, exceeding market expectations. This
The USD Index (DXY) showed a pattern of sustained selling pressure, leading to a subdued price action in the market. This decline was further reinforced by the release of July’s CPI data, indicating a downward trend in US inflation rates. As a result, the DXY dropped to multi-day lows around 102.30. On the other hand,
The AUD/USD pair is currently consolidating gains near the 0.6620 zone after starting a downside correction from 0.6640 against the US Dollar. The pair managed to clear the 0.6580 resistance and move into a positive zone, closing above the 0.6600 resistance and the 50-hour simple moving average. However, the pair is now correcting gains and
UBS CEO Sergio Ermotti recently expressed concerns about the potential intensification of market volatility in the second half of the year. While global equities experienced sharp sell-offs due to weak economic data from the U.S., Ermotti does not believe that the country is necessarily heading into a recession. However, he did acknowledge the possibility of
The Commonwealth Bank of Australia, the largest lender in the country, recently reported a decrease in its annual cash profit that was smaller than expected. Despite facing challenges such as a dip in margins and an increase in overdue home loan payments, the bank managed to declare its highest-ever dividend. This news comes at a
The recent unexpected interest rate hike by the Bank of Japan to around 0.25% has stirred up the financial markets, particularly with the announcement of a cut to Japanese Government Bond purchases. The BoJ Governor’s revelation of possible further rate hikes and a neutral interest rate of around 1% has led to a surge in
In a game-changing announcement, Chinese electric car brand Zeekr unveiled its latest innovation in battery technology, claiming to have the world’s fastest-charging batteries. This breakthrough aims to tackle the longstanding concerns of consumers regarding battery range and charging convenience. Zeekr’s new batteries are said to be capable of charging from 10% to 80% in a
The gold price has seen a significant increase, with the price per ounce rising by approximately 3.3% in just over three full trading sessions. Today, the gold price is near $2,460, despite opening at around $2,385 on the 8th of August. This surge has brought the price to within 1.6% of the psychological level of
The USD/CHF pair is currently trading in positive territory for the second consecutive day near 0.8670 in Tuesday’s Asian session. This bullish bias can be attributed to the anticipation of key US economic data releases later in the week. Traders are keen on observing the US Producer Price Index (PPI), Consumer Price Index (CPI), and
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
The USD/CAD pair is currently trading with mild gains around the 1.3740 level in the Asian trading session. Traders are patiently awaiting key data releases from the United States, particularly the Producer Price Index (PPI), for fresh signals. The Greenback is consolidating its positions amid a relatively flat global market sentiment. It is expected that