Gold is showing signs of a potential recovery as it bounces off the support zone at $2,350. The recent price action on the 4-hour chart of XAU/USD indicates a positive movement, with the price surpassing key resistance levels. The break above the connecting bearish trend line at $2,388 is a bullish signal, suggesting a possible
In Wednesday’s Asian session, NZD/USD was seen trading on a stronger note around 0.5915, showing a 0.17% increase for the day. This uptrend was attributed to the better-than-expected Chinese Manufacturing PMI data for July, which provided support to the New Zealand Dollar (NZD) due to China being a major trading partner of New Zealand. Impact
China’s manufacturing activity in July experienced a downturn for the third consecutive month, according to an official factory survey. The official purchasing managers’ index (PMI) dropped to 49.4 in July, below the 50-mark that signifies growth. This trend has raised concerns about the need for further stimulus measures to counter the impact of a lingering
Recently, the Japanese government revised its growth forecasts for the fiscal year ending March 2025 from 1.3% to 0.9%. This adjustment was made due to concerns about the weak Yen and its impact on households’ purchasing power. The government has highlighted the need to address the weakening currency and its effects on the economy. Bank
The newly appointed British finance minister, Rachel Reeves, has recently confirmed that taxes will need to be raised in the upcoming budget on October 30th. This announcement comes after Reeves revealed a significant 22 billion pound shortfall in this year’s budget, setting the stage for tough decisions to be made in order to stabilize the
The recent streak of selling by Berkshire Hathaway in its Bank of America stake has raised eyebrows and speculation about Warren Buffett’s strategic moves in the market. Over the course of nine trading days, Berkshire has significantly reduced its stake in the bank, selling millions of shares and raking in billions of dollars in the
The Australian Dollar (AUD) has experienced a decline of around 3.5% against the US Dollar (USD) since July 12, positioning it as one of the weaker G-10 currencies in recent times. This depreciation can be attributed to a couple of key factors that have a direct effect on Australia, according to Commerzbank’s FX analyst Volkmar
The upcoming release of the Job Openings and Labor Turnover Survey (JOLTS) data by the US Bureau of Labor Statistics (BLS) will be a crucial component for investors to gauge the health of the US labor market. The JOLTS data provides valuable insights into the supply-demand dynamics within the labor market, influencing factors such as
The short term Elliott Wave view in E-Mini Dow Jones Futures (YM) indicates that the trend is expected to continue higher within the sequence that started from the April-2024 low as part of the daily sequence. The analysis suggests an upside movement in wave 5 of (5) since the 18th of April, 2024 low as
The oil market experienced a period of instability as traders shifted their focus from geopolitical tensions in the Middle East and Venezuela to concerns over softening demand in China. This shift in attention led to a decline in oil prices, with Brent crude futures hitting seven-week lows at $79.36. The impact of weakening Chinese demand
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The Australian dollar got off to a slow start at the beginning of the week, facing downward pressure amid worries about the country’s economic health. Despite speculation about a potential rate increase by the Reserve Bank of Australia (RBA), ongoing issues in the local economy and economic challenges in China are hampering any significant upward