The main fundamental narrative driving the pound down against the dollar in recent months is the American economy’s relative strength while Britain continues to struggle with significantly higher inflation and overall weaker growth. Generally decent GDP and job data in the USA combined with clear progress on inflation suggest that the Fed has room to retain...
Gold has recovered cautiously over the last few weeks as it seems increasingly likely that the Fed has reached its peak rate of this cycle and demand for havens in China has strongly increased as the yuan continued to decline. Conversely, the overall fundamental situation for the yellow metal remains negative, with the funds rate almost guaranteed to remain higher...
Oil prices rebounded as markets focused on a tighter crude supply outlook for the rest of 2023. Demand is expected to remain strong while fears of deficient supplies are driving prices higher. Saudi Arabia and Russia's extension of oil output cuts will lead to a market deficit through the fourth quarter, according to the International Energy Agency. The lack of...
S&P 500 (US500) The S&P 500 as well as Nasdaq 100 closed with modest gains in yesterday's session after the publication of the inflation data from the US. The US consumer price report showed an increase in August, but the core CPI eased, which provided some support for stocks. Stock movers included JB Hunt Transport Services, Moderna, Morgan Stanley, Westrock, and...
Gold is experiencing a downturn below a 50-day moving average, staying under pressure against a steady US dollar. Technically, the next strong support might happen at the $1,905 area, which is a pullback low from 25 August.
The recent interesting story from the US stock market this week is Tesla. After Morgan Stanley had raised the rating of the company to “overweight”, increasing the price target towards $400, it produced a massive breakout from a widening chart formation. It provoked a profit taking, which pushed the price down. Now the potential target of the downside move is...
Oil prices fell on Thursday as concerns about the uncertain economic outlook for China outweighed expectations of tighter supplies from extended supply cuts in Saudi Arabia and Russia. The market also digested mixed data from China, with overall exports falling 8.8% in August, while crude imports surged 30.9%. In addition rising oil output from Iran and Venezuela...
Shares of Adobe Inc. (symbol ‘ADBE’) have performed exceptionally well over the last 3 months, reaching a 20-month high. The company’s earnings report for the fiscal quarter ending August 2023 is due for release on Thursday 14 August, after market close. The consensus EPS is $3.17, well up from $2.63 in same quarter last year. The company has consistently had...
The uptrend for Brent (UKOIL) remains clearly active for the moment although consolidation in the next few days seems favourable. ATR is very low around $1.65 and hasn’t picked up from summer’s lull, while the slow stochastic at 91 is in the zone of buying saturation. The upper band of Bollinger Bands (50, 0, 2) might continue to function as a dynamic resistance...
Crude oil had gained a substantial strengh, and after a market holiday in the US, may continue rally. It is building a short-term chart pattern: should the height of this pattern at around $86 be broken, it may drive to $86 or higher. Supply it cutting off amid tightening from OPEC+ and accumulation from commerical traders. Crude oil is known for sustaining...
Oracle Corporation (symbol ‘ORCL’) share price managed to make around 14% in profits in the last 3 months managing to stay positive in performance.The company’s earnings report for the fiscal quarter ending August 2023 is expected to be released on Monday 11th of September. The consensus EPS is $0.90 compared to the same quarter of last year at $0.81. ‘ The...
The euro has slightly declined after recent eurozone data showed that annual core inflation fell to 5.3% in August. However, the headline annual CPI remained at 5.3%, contrary to expectations for a decrease to 5.1%. ‘The current consensus for the ECB’s decision on interest rates is for a single hike pushing the rate to 4.5% but this might be subject to change...
The S&P 500 closed higher on Wednesday as economic data indicated a slowdown in the US economy, leading to expectations that the Federal Reserve will pause rate hikes in September. Private payrolls growth was slower than expected, suggesting a softening labor market. The US economy also expanded at a slower pace in the second quarter as the GDP growth rate data...
Oil prices rose on Monday after China announced measures to boost its struggling economy, including halving stamp duty on stock trading. Investors, however, remained concerned about the pace of economic growth and the impact of further US interest rate hikes on oil demand. The market also kept an eye on Tropical Storm Idalia and its potential impact on oil and gas...
Recent correction move on the gold chart might continue into the near short term while decline of the Dollar index as well as the 30 year bond yields are showing losses for the Dollar. Positions of commercial traders are increased boosting the buying narrative whilst packed economic calendar would probably affect the US Dollar and its pairs this week. The major...
Oil prices rose on Monday after China announced measures to boost its struggling economy, including halving stamp duty on stock trading. Investors, however, remained concerned about the pace of economic growth and the impact of further US interest rate hikes on oil demand. The market also kept an eye on Tropical Storm Idalia and its potential impact on oil and gas...
Gold held steady on Monday as investors processed hawkish comments from Federal Reserve Chair Jerome Powell. The comments came ahead of a week filled with U.S. economic data that is expected to provide insights into inflation and the labor market. Despite the steady performance, the higher dollar and a decrease in 10-year Treasury yields limited gold's gains. The...
The U.S. dollar remains vulnerable as speculators' net short positions decrease , as is reflected on the recent sessions on the daily chart, but are still significant enough to potentially trigger a short squeeze. The USD index has found resistance at a key technical level of the reaction area around $1.04300 where the price found resistance in early June and is...