The EURUSD pair rebound to near the psychological resistance of 1.1000 in Friday’s New York session. The major currency pair bounced back as the US Dollar declined with investors gaining confidence that the Federal Reserve will start reducing interest rates from the September meeting. The DXY Dollar Index, which tracks the greenback’s value against six … Read more
The EURUSD currency pair weakened to near 1.0835 in Monday’s European trading, declining amid uncertainty ahead of the Eurozone preliminary Harmonized Index of Consumer Prices (HICP) for July and the Fed’s monetary policy announcement on Wednesday. The Eurozone inflation data will indicate whether market expectations for two more rate cuts by the European Central Bank this … Read more
The US jobs report highlights a super hot US economy, underscoring that there is a real risk that interest rates won’t be cut until 2025, the CEO of a leading financial advisory and fintech has warned. The U.S. economy added 272,000 non-farm jobs in May, much more than expected, while Wall Street had forecast an … Read more
Silver found temporary support near .20 after correcting from a weekly high of .30. The Dollar declined further after the U.S. Department of Labor reported higher jobless benefits claims for the week ending May 24. The slower US growth rate in the first quarter also weighed on the Dollar. The DXY Dollar Index corrected further to 104.76. A downside move in the US Dollar is favorable for dollar-denominated assets such as silver. The uncertainty over the near-term outlook of silver remains ahead of the U.S. core Personal Consumption Expenditure Price Index data for April. The Federal Reserve’s preferred inflation gauge will influence speculation for Fed rate cuts in September. Financial markets expect the Fed to start reducing interest rates from the last quarter of the year.
The West Texas Intermediate (WTI) futures on NYMEX were moving higher towards a weekly high near .25 in Tuesday’s European trading.
The Euro is trading close to a five-month low against the dollar, with market expectations for the ECB to begin reducing interest rates increasing.
Gold hit a new all-time high above ,350 at the weekly opening after gaining over 4% in the previous week, reaching a record high of ,330 on Friday.