Gold prices experienced a rebound after a post-CPI selloff that initially pushed the precious metal down to around $2438/oz. The unexpected nature of this selloff was surprising to market participants, especially considering that US CPI figures had come in below expectations. This led to a reduction in rate cut expectations, causing a temporary dip in
The AUD/JPY cross has gained momentum near 97.55 in Thursday’s Asian session, marking an increase of 0.36% on the day. This positive movement can be attributed to the improved Chinese July Retail Sales data, which has provided a boost to the Australian Dollar (AUD). The National Bureau of Statistics of China reported that China’s Retail
The recent US Retail Sales report has ignited discussions among experts regarding the potential impact on USD/JPY trends. According to Arch Capital Global Chief Economist Parker Ross, the rebound in core services inflation in July has raised concerns about the Fed’s rate path. The focus has now shifted to the US labor market data and
The recent data shows that the US Dollar Index (DXY) has been dropping to multi-day lows, hovering around 102.30. This can be attributed to the persisting disinflationary pressures in the US economy. Despite a busy economic calendar ahead, featuring various key data releases and Fed speeches, the Greenback seems to be struggling to gain momentum.
The AUD/USD currency pair is currently consolidating gains near the 0.6620 zone after experiencing 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, with a close above the 0.6600 resistance and the 50-hour simple moving average. However, the pair faced resistance
UBS CEO Sergio Ermotti recently addressed concerns regarding the looming market volatility in the second half of the year. While many investors have expressed fears about a potential recession in the U.S., Ermotti remains optimistic about the economic outlook. Despite acknowledging the possibility of a slowdown, Ermotti emphasized the lack of clear macroeconomic indicators to
The Commonwealth Bank of Australia, the largest lender in the country, recently reported a cash profit of A$9.84 billion for the year ended June 30. This figure was slightly higher than the A$9.68 billion estimate by LSEG, but it was still a 3% decrease from the record profit of A$10.16 billion from the previous year.
The Bank of Japan’s surprise decision to raise interest rates to approximately 0.25% on July 31 sent shockwaves through the financial markets. This move was accompanied by a reduction in Japanese Government Bond (JGB) purchases, signaling a shift towards quantitative tightening. BoJ Governor’s indication of potential future rate hikes aiming for a neutral interest rate
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The gold price has surged to nearly $2,460 today, a significant increase from the $2,385 level observed on the 8th of August. This rapid rise of approximately 3.3% in just over three trading sessions has brought the price per ounce close to the psychological barrier of $2,500. The bullish sentiment in the market is primarily
The electric car industry is constantly evolving, with companies competing to offer the fastest, most efficient, and environmentally friendly vehicles to consumers. Zeekr, a Chinese electric car brand, announced a groundbreaking innovation in battery technology that aims to address consumers’ concerns about battery driving range and ease of charging. Zeekr’s new batteries can go from