Gold has continued to display a firm tone, remaining near its all-time high on Friday as it awaits the release of US PCE data later today for potential fresh signals. The metal has been well supported by strong demand, serving as a safe haven asset and witnessing large purchases by central banks. Geopolitical tensions and
The EUR/USD pair has shown signs of strength, hovering near 1.1080 in the early Asian session. This can be attributed to the fact that US GDP exceeded expectations in the second quarter. With a growth rate of 3.0%, the US economy is performing well, which could dampen hopes for a larger rate cut by the
When it comes to making financial decisions, it is crucial to perform thorough due diligence checks. This includes researching and analyzing the information available to you before taking any action. It is not enough to simply rely on the opinions or analysis of others, as your financial situation and needs may differ from theirs. By
The euro has recently faced resistance at the 1.1200 level, resulting in a correction down to 1.1100. This correction has established a range-bound trading pattern between 1.1200 and 1.1090. If the price breaks below 1.1090, we could see a downward correction towards 1.1050-1.0980. Conversely, if the price consolidates above 1.1200, there is potential for the
China’s recent decision to open investigations into imported dairy products from the European Union has led to increased tensions between the two economic blocs. This move comes shortly after Brussels revealed its revised draft decision regarding tariffs on electric vehicles manufactured in China. The probe into EU dairy imports is just one of the many
The White House announced that President Joe Biden and Chinese President Xi Jinping are scheduled to have a phone call in the coming weeks. This announcement comes as U.S. national security adviser Jake Sullivan visits Beijing to meet with China’s top diplomat, Wang Yi. Both sides also mentioned that their military leaders would have a
The New Zealand Dollar (NZD) gained momentum in Thursday’s early Asian session, reaching as high as 0.6280 against the US Dollar (USD). This increase of 0.57% on the day was largely attributed to New Zealand’s business confidence soaring to its highest level in a decade. According to the recent ANZ Business Outlook Survey, the headline
The Indian Rupee (INR) has been facing pressure in recent trading sessions, with sellers entering the market during the early Asian session on Wednesday. This downward movement can be attributed to the weakening of Asian currencies and increased demand for the US Dollar (USD) from importers. However, despite these challenges, positive developments in the domestic
In recent trading sessions, NZD/USD has surged beyond key resistance levels, hitting highs above 0.6120. This surge has been accompanied by a major bullish trend line forming with support at 0.6120 on the 4-hour chart. At the same time, Gold has entered a consolidation phase and could potentially climb above $2,525. Meanwhile, EUR/USD and GBP/USD
The U.S. dollar has been struggling to maintain its strength against a basket of peers, hovering near its lowest point in more than a year. With sterling reaching multi-year highs, the focus is on the potential size of the anticipated U.S. interest rate cut next month. This uncertainty is reflected in the market’s movements, particularly
Xpeng, a Chinese electric car company, recently launched its new mass-market brand, Mona, with prices starting as low as $16,812. This price point significantly undercuts Tesla’s Model 3, making Mona an attractive option for budget-conscious consumers. The company reported that orders for the Mona M03 electric coupe exceeded 10,000 just 52 minutes after the car’s
The current economic outlook, as detailed in various expert opinions, presents a mixed bag when it comes to the labor market. While the rise in unemployment in Australia is not solely attributed to job losses, it still raises concerns about the overall health of the labor market. AMP Head of Investment Strategy and Chief Economist,