Gold price has seen a notable increase from the $2,300 level against the US Dollar. The price action broke a key descending channel with resistance at $2,315, highlighting a bullish momentum. The price surged above the $2,345 level and the 50-hour moving average, reaching as high as $2,358. Currently, XAU/USD is consolidating near the $2,355
U.S. Senator Elizabeth Warren has been vocal this week in her call for the Treasury Department to address racial discrimination in the U.S. tax and banking systems more swiftly. The Treasury Advisory Committee on Racial Equity (TACRE), which was set up in December 2022, has made over 40 recommendations to date. However, Warren expressed concerns
In the current economic climate, gold prices have seen a significant increase, reaching their highest point in weeks. This surge is largely attributed to disappointing U.S. employment figures, which have fueled expectations of Federal Reserve interest rate cuts. The sharp increase in spot gold prices, rising over 1%, and U.S. gold futures, up by 1.7%,
The EUR/GBP cross has seen a decline around 0.8595 in the early European trading session on Friday. This downward movement can be attributed to the positive growth in the UK Gross Domestic Product (GDP) for Q1. The UK economy officially moved out of recession as the GDP expanded by 0.6% quarter-on-quarter in the first three
One of the key factors driving the surge in WTI prices to one-week highs near $79.30 is the optimism surrounding rising demand in China. Data released on Thursday showed that China’s crude oil imports rose by 5.45% in April compared to the same month last year. This encouraging improvement in demand in the world’s largest
Oversea-Chinese Banking Corp (OCBC) recently reported a 5% increase in first-quarter profit, exceeding market expectations. In addition to this, the bank made a significant move by offering to take its insurer arm Great Eastern private with a S$1.4 billion ($1.04 billion) bid. This bold move showcases OCBC’s strategic approach to consolidating its position in the
In the realm of investment, data analysis is crucial, but it is also important to go beyond the numbers and consider other factors that could influence market trends. One such factor that investors should not overlook is the chatter coming from members of the Federal Open Market Committee (FOMC). Upcoming speeches from FOMC members like
European companies operating in China are facing tougher conditions when it comes to profitability. According to a recent survey by the EU Chamber of Commerce in China, growth in the country is slowing down, and overcapacity issues are on the rise. In Shanghai, delays in payment have been reported by business members, with difficulties in
Investors should focus on more than just headline figures when analyzing the USD/JPY exchange rate. While the Michigan Inflation Expectations Index is expected to decrease slightly, the Michigan Consumer Expectations Index is forecasted to rise. These sub-components can provide valuable insights into consumer sentiment and inflation expectations, which in turn can influence currency valuation. Impact
Panama’s president-elect, Jose Raul Mulino, is gearing up to tackle the unprecedented challenges posed by a severe drought affecting the Panama Canal’s water capacity. To address this issue, he plans to seek approval for a law that would allow the canal to construct significant water reservoirs. This bold move aims to secure the water supply
Amidst recent economic data pointing towards a potential interest rate cut from the Federal Reserve, gold prices have seen a significant uptick. This surge in prices comes in the wake of reports that the number of Americans filing for unemployment benefits has increased more than expected. Such indicators have fueled speculation that the Fed may
When it comes to making investment decisions, it is crucial to understand the risks and uncertainties involved. Forward-looking statements often contain information that may not be guaranteed and could lead to unexpected outcomes. It is important to approach these statements with caution and conduct thorough research before making any investment choices. Investing in open markets