Looking at the XAU/USD chart, it is evident that the price of gold experienced a significant increase on Friday, July 5th, surpassing the $2390 level for the first time in over a month. This rise was attributed to the release of key US employment data, which hinted at a weakening labor market and subsequently heightened
Turkey’s Statistical Institute (TUIK) has been under scrutiny due to credibility concerns surrounding its inflation data. The institute faced criticism earlier this year when it admitted to not having historical data on product prices beyond May 2022 and stopped sharing it. This lack of transparency raised suspicions among economists and analysts. In an attempt to
In a surprising turn of events, a leftist alliance took the lead in France’s recent election results, preventing Marine Le Pen’s far-right party from dominating the leadership race. Despite this initial shock, the EUR/USD pair continues to rise steadily for the sixth consecutive day, currently trading around 1.0830 during the Asian session on Tuesday. Investors
The U.S. dollar is currently trading near a multi-week low against major peers as a result of Friday’s unexpectedly soft jobs report. Traders are anxiously awaiting Federal Reserve Chair Jerome Powell’s testimony to gain insight into the future path of interest rates. This uncertainty has led to the dollar index remaining flat at 104.99 in
The chances of President Joe Biden not seeking re-election have been estimated at 40% by Stifel, a notable firm in Washington. Brian Gardner, the firm’s chief Washington policy strategist, has stated that this upcoming week is crucial for Biden’s campaign as Congress returns from its Fourth of July recess. Gardner believes that although there is
Last week, the US Dollar experienced a decline of 0.80%, reaching its lowest level since mid-June. The upcoming release of the June inflation figures and Fed talks have created anticipation in the market. It is interesting to note that the market is currently pricing in less than a 10% chance of a rate cut in
The recent rally in chip stocks has had a significant impact on the overall market performance, leading to record highs for both the Nasdaq and S&P 500. As investors eagerly awaited fresh inflation data, commentary from Federal Reserve Chair Jerome Powell, and the start of quarterly earnings season, chip stocks like Nvidia, Super Micro Computer,
France’s left-wing New Popular Front (NFP), a coalition of the Communist Party, the hard left France Unbowed, the Greens, and the Socialist Party, has emerged as the leading bloc in the next parliament. However, despite this achievement, they do not hold a working majority. This has raised questions about who will be chosen as the
In recent days, the AUD/USD pair has seen a significant surge, reaching a six-month high of 0.6752. This upward movement is attributed to market expectations that the Reserve Bank of Australia (RBA) may break away from the global trend of lowering interest rates and instead raise them due to mounting inflation pressures. The discussion around
The upcoming June inflation report, scheduled for release on July 11, has sparked significant interest among investors and economists alike. Projections indicate a marginal 0.1% month-over-month increase and a 3.1% year-over-year change, with core CPI expected to rise by 0.2%. Bank of America’s forecast aligns closely with these figures, predicting a slightly higher 3.2% annual
The Gold price lost momentum below the $2,400 barrier on Monday as the People’s Bank of China (PBoC) put a hold on Gold buying for the second month in June. This decision, made by the Chinese central bank, has significant implications for the Gold market, especially since China is the world’s biggest bullion consumer. The
Japan’s economy has been facing significant challenges as it contracted for the third consecutive quarter. There are concerns that the trend may continue, leading to a fourth quarterly contraction. One of the key questions is whether the weakness of the Japanese Yen is affecting private consumption and ultimately impacting the overall economy. Bank of Japan’s