The commodity market has been facing challenges in maintaining its upward momentum, especially with recent sell-offs happening frequently. One of the major factors affecting the market is the fluctuation in interest rates and the value of the US dollar. The price of Brent crude oil, for example, fell to 83.60 USD per barrel on Thursday
Technical Analysis
The Euro experienced a significant drop on Wednesday, marking a 0.5% loss, the largest daily decline since April 30th. This downward movement was driven by a wave of risk aversion in the market. Despite this sharp fall, the currency found support in the strong range of 1.0790/80, which includes the top of the thick daily
The recent release of Australian economic data has shown an increase in the consumer price index (CPI) to 3.6% year-on-year in April, up from 3.5% in March. This uptick in inflation has led to questions about the Reserve Bank of Australia’s (RBA) future interest rate decisions. However, it is unlikely that this slight increase will
Gold prices have been steadily climbing, reaching 2351.00 USD per troy ounce on Tuesday. This surge in gold prices can be attributed to a weakening US dollar and anticipation of crucial US inflation data set to be released later in the week. Investors are closely monitoring the situation, with the upcoming data likely to shed
The recent rise in the price of WTI crude oil by approximately 1% on Monday has been attributed to several key factors. One of them is the upcoming OPEC+ meeting scheduled for 2 June. Additionally, there are expectations of high fuel demand with the start of the summer driving season and holiday season in the
The potential interest rate cut announced by the European Central Bank (ECB) on 6 June seems to have been largely anticipated by the markets. Despite this, uncertainty remains regarding the timing of future rate cuts and the forecast for Eurozone core inflation levels. This ambiguity may result in a further widening of the spread between
The current Elliott Wave analysis of Nasdaq Futures (NQ) indicates that there has been a rally from the low on 4.19.2024, which is progressing as an impulse wave. This means that there is a series of five waves moving in the direction of the overall trend. Breaking down the wave counts further, we see that
The GBP/USD pair is currently experiencing bullish momentum above the 1.2700 zone, indicating a positive trend for the British Pound against the US Dollar. A key rising channel is forming with resistance at 1.2785 on the 4-hour chart, suggesting that the pair may continue to move higher in the near future. The recent surge in
The EUR/USD pair is currently showing positive signs above the 1.0800 support level, indicating a potential upside break above the 1.0880 resistance on the 4-hour chart. The recent increase in the Euro against the US Dollar has been supported by a base formation and a break above key moving averages. Additionally, the pair is currently
The latest data shows that the 10-year JGB yield has been steadily climbing to 1%, accompanied by the 3-month and 6-month OIS rates in Japan ranging from 0.12% to 0.17%. Surprisingly, despite these bullish movements in JGB yields and OIS rates, the JPY has failed to strengthen. The main culprits for this short-term weakness in
The recent release of the minutes from the US Federal Reserve meeting revealed a notably cautious tone among policymakers. This cautious sentiment aligns with previous calls for a restrained approach to monetary policy. The Fed indicated that more time is needed to ensure that US inflation is moving towards the 2% target, dampening market expectations
The NZD/USD pair is currently on the verge of a mid-week rally, inching closer to the 0.6116 level. This marks the highest point for the Kiwi in the past two months, attributed to the Reserve Bank of New Zealand’s decision to maintain its monetary policy unchanged in the recent May meeting. The RBNZ chose to