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A series of US economic data have pointed to a slowing economy, including a 1.1% drop in retail sales and a 0.7% decrease in month-on-month industrial production. Investors then raised concerns about a recession, with the stock market dipping.
The Dow plunged 613 points (-1.81%) to 33,296, the S&P...
Studies indicated Crude Oil is the best indicator to track the current inflation.
It is also a leading indicator to inflation numbers? If that is true, we will have to track the crude oil prices very closely.
Content:
i. The most inline commodity with CPI
ii. Can the Crude Oil track CPI?
iii. Direction of Crude Oil
Crude Oil Futures
Minimum...
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December’s readings for Canadian and German inflation have slowed, with Germany’s year-on-year inflation decreasing from 10.0% to 8.6%, and Canada’s month-on-month inflation turning negative from 0.1% to -0.3%. Later today, Mitrade expects the UK year-on-year inflation rate to come down from 10.7% to...
Over last 2 weeks, the market has stopped responding to fundamentals which are showing a stronger labor market than the Fed is willing to tolerate; should have pushed XAU lower.
We're 2 weeks away from the next rate hike (February 1st) and we could see a correction in this time, especially if the market is expecting a less aggressive Fed. In that case, price will...
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After several sluggish sessions, the US dollar recovered against other major currencies. USD/CAD closed 11 pips higher at 1.3407, and USD/JPY increased 66 pips to 128.54. Meanwhile, the US stock market was closed.
EUR/USD and AUD/USD declined over 10 pips to close at 1.0816 and 0.6954 respectively,...
Over last 2 weeks, the market has stopped responding to fundamentals which are showing a stronger labor market than the Fed is willing to tolerate; should have pushed XAU lower.
We're 2 weeks away from the next rate hike (February 1st) and we could see a correction in this time, especially if the market is expecting a less aggressive Fed. In that case, price...
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As the Bank of Japan loosened bond yield control last year, Mitrade anticipated further tightening from the central bank, including a possible rate hike on Wednesday. Meanwhile, USD/JPY plunged over 140 pips to 127.88, and USD/CAD increased to 1.3396.
EUR/USD rebounded from 1.0793 to close at 1.0828...
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The US month-on-month inflation rate turned negative at -0.1% in December, while the year-on-year reading remained at 6.5%. As a result, Mitrade now expects a 25 basis points Fed rate hike in February is more likely.
Less tightening spells good news for the stock market. The Dow increased 216 points...
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Later tonight, Mitrade expects the US year-on-year inflation rate will decrease from 7.1% to 6.5%, giving more leeway for the Federal Reserve to use smaller rate hikes to combat inflation. Meanwhile, the greenback did not show any significant weakness, though EUR/USD steadily climbed to a seven-month...
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The latest quarterly inflation reading in Australia shows a minor uptick at 7.3%, which Mitrade expects the Reserve Bank of Australia could increase rate hikes. On the other hand, Australian retail sales in November rose from 0.4% to 1.4%. AUD/USD was down over 20 pips to 0.6887.
EUR/USD had minor...
Are oil sellers gearing up for a push lower?
Hi traders. Thanks for tuning in for today's update. After yesterday's fade, oil sellers remain in control today. Today's video looks at the last several day's price action with a focus on yesterday's and today's selling.
Was yesterday's fade a warning that we could see a new test lower by sellers? The main...
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Major currencies continued their rally against the US dollar. EUR/USD rose to a 7-month high of 1.0759, then closed at 1.0728. GBP/USD added over 80 pips to 1.2183, and AUD/USD has modest gains at 0.6911.
Inflation in Tokyo climbed to 4% in December, the highest level in four decades. Meanwhile,...
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After numerous rounds of voting, the US Congress finally elected a speaker. Meanwhile, the Nonfarm Payrolls reading for December was 223,000. The number was slightly higher than Mitrade's estimate of 220,000, but the steady decline in recent months is indicative of a slowed economy.
Thus, investors...
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On Orthodox Christmas Day, Russia offered a 36-hour ceasefire with Ukraine. In response, Ukraine rejected the offer, claiming it only served Russia as breathing space and a propaganda tool. Meanwhile, western allies have agreed to provide military vehicles to Ukraine, boosting its offensive...
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After two years, the Chinese government has lifted its unofficial ban on Australian coal imports. While concerns about rising infection rates in China remain, an export boost allowed AUD/USD to jump over 100 pips to 0.6832.
EUR/USD reached a closing price of 1.0599, now stabilized above the 1.0600...
Wheat future showing a similar pattern previous 1982,1998 and 2008 crashes.
That is pure data analysis, without taking the fundamentals in account.
The 730 support level as from now is therefore highly important.
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The US stock market remains closed for the holiday, and prospects for 2023 have improved since investors anticipated slower inflation and interest rate hikes from major central banks.
Spot gold closed at $1,823.95 an ounce and then rose to a six-month high of $1,831.64. WTI oil futures climbed...
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With European countries imposing multiple economic sanctions on Russia, there were also efforts made to alleviate high energy prices due to supply shortages. As of 30 December, natural gas futures are trading at levels not seen after the Russian invasion of Ukraine, thanks to adequate supply and...
