EURUSD is once again edging higher today, extending its recent bullish momentum. It has reached a key resistance area above the 1.1032 level, which has proven to be a challenge for the bulls since February 2023. Despite this hurdle, the currency pair has managed to record a higher high, demonstrating the continuation of the established
Financial markets are currently experiencing a decline in trading activity, which is a typical pattern associated with the holiday period. However, amidst this slowdown, there are notable events shaping the market dynamics. This article will analyze the recent developments in the market, including the stock indices, the weakening dollar, and the rising oil prices due
The Euro has exhibited a bullish trend against the US Dollar, gaining momentum above the 1.0985 resistance zone. On the hourly chart of EUR/USD at FXOpen, the pair initiated a fresh upward move above the 1.0930 level and continued to climb. It surpassed the key resistance level of 1.0985 and settled above the 1.1020 resistance
The gold price has been moving sideways, indicating a period of consolidation in market activity. During the Asian session on Wednesday, gold was seen hovering above $2,060 per troy ounce. This upward movement in gold prices can be attributed to traders factoring in the potential for rate cuts by the Federal Reserve (Fed). According to
Consumer spending plays a crucial role in driving inflation and shaping monetary policy decisions. Recently, three members of the Monetary Policy Committee (MPC) voted for a rate hike, indicating an upward trend in consumer spending. While the UK economy unexpectedly contracted in Q3, the Bank of England (BoE) has been resisting rate cuts, favoring a
The EUR/USD gained 0.31% on Tuesday, reversing a 0.06% loss from the previous day. This article will analyze the potential impact of European Central Bank (ECB) commentary and the US economic calendar on the EUR/USD exchange rate. Investors must closely monitor ECB commentary throughout the session. Despite recent warnings of a higher-for-longer ECB rate path
The British Pound (GBP) has shown strength against the US Dollar (USD) as it formed a base above the 1.2600 zone. The pair, GBP/USD, has climbed higher and is now eyeing more gains above the 1.2750 level. To understand the potential upside, let’s analyze the technical indicators. On the 4-hour chart, GBP/USD has settled above
China’s industrial profits in November saw a significant increase of 29.5%, demonstrating a double-digit growth as overall manufacturing improved. This rise follows a 2.7% increase in October and a pickup in industrial output. The manufacturing sector’s positive performance contributed to the overall improvement, providing an optimistic outlook for the country’s economic recovery post-COVID. Despite the
Excitement over artificial intelligence (AI) has not translated into a significant increase in cloud services spending in mainland China, according to a report by tech market analysis firm Canalys. Despite the potential for growth in the cloud services market, China remains conservative, relying heavily on government and state-owned enterprises to drive expansion. In the third
The Australian Dollar (AUD) has reached a fresh five-month high against the US Dollar (USD), as risk appetite improves in the market. The AUD/USD pair is currently trading below the recent high of 0.6829, which it hasn’t touched in almost five months. This surge in the Australian Dollar is primarily driven by an optimistic outlook
In the realm of financial markets, the future trajectory of interest rates holds immense significance. This article delves into the ongoing debate surrounding the timing and depth of potential interest rate cuts by the Federal Reserve. Moreover, it explores the implications of these speculations on the price of gold, given its historical safe-haven appeal. As
The AUD/USD gained 0.48% on Tuesday, ending the session at $0.68241. This positive performance comes after the Australian dollar fell to a low of $0.67913 earlier in the day before rising to a high of $0.68270. The rise in the AUD/USD suggests that investor sentiment towards the Australian dollar has improved. On Wednesday, industrial profit