Silver is down by more than 5%, skidding below $28.00 in Monday trading. XAGUSD took a nosedive to an almost three-month low as fears of a global economic slowdown has intensified following a string of US economic data that indicated the nation is moving towards a recession. Recent US data showed signs of slower labour … Read more
The price of Silver halted its five-day winning streak, with XAGUSD trading around $30.40 per troy ounce on Thursday. The decline in the safe-haven metal is attributed to increased optimism following signs of renewed efforts to secure a ceasefire deal between Israel and Hamas, as reported by Reuters. Mediators Egypt and Qatar delivered a response from … Read more
Following Wednesday’s choppy action in foreign exchange markets, investors are gearing up for key events that could ramp up the volatility. The European Central Bank will announce monetary policy decisions on Thursday and the US economic calendar will feature weekly Initial Jobless Claims and Unit Labor Costs data for the first quarter ahead of Friday’s … Read more
USDJPY bulls are further encouraged by a weakening Japanese Yen following data that shows real wages declining for the 25th straight month in April, as domestic inflation in Japan continues to outpace wage growth. The data will make it harder for the Bank of Japan to normalise policy, as it hopes to lift the bank’s … Read more
Silver (XAG/USD) declined below .00 in Tuesday’s European session as the DXY Dollar Index rebounded. The speculation for the Fed reducing interest rates in September has strengthened due to signs of economic slowdown in the US.
The British economy grew by 0.6 per cent in the first quarter of the year, beating expectations and leaving behind a mild recession in 2023.
– WTI fell below .00 per barrel before recovering above .00.
– US Purchasing Managers Index (PMI) figures were softer than expected.
– Crude oil markets are exposed to downside moves as geopolitical tensions ease.
– US GDP figures are expected to ease to 2.5% from the previous 3.4%.
– The PCE Price Index inflation data is forecast to hold steady at 0.3% MoM.
– WTI crossed .00 per barrel and rallied above the 200-hour EMA.
– Despite the rally, WTI is down around 4.5% from April’s swing highs near .00 per barrel.
The USDJPY pair was trading at 152.95 with a modest loss of 0.17% late Friday. Despite a drop in consumer confidence in the US, the Greenback is set to close a winning week due to hot inflation data reported. The US Bureau of Labor Statistics revealed a rise in inflation, with the Consumer Price Index rising to 3.5% year-over-year in March. Hot inflation figures fueled hawkish bets on the Federal Reserve and US Treasury yields, benefiting the USD during the week. The USD may see further upside if data validates bets, with Retail Sales figures from March set to be released next Monday. On the technical analysis side, the USDJPY pair shows a sustained trend in positive territory on the Relative Strength Index (RSI) and a bullish posture above the 20-day, 100-day, and 200-day Simple Moving Average (SMA).
Japan’s finance minister issued a warning about yen weakness as it fell to a 34-year low against the dollar, indicating that authorities could take decisive steps, similar to language used before intervention in the market in the past.
The recent surge in cryptocurrency prices has been driven primarily by retail investors, with institutions beginning to participate, according to Goldman Sachs’ head of digital assets, Mathew McDermott. Bitcoin reached an all-time high of ,794 last week and has seen a 50% increase this year. Goldman Sachs launched a crypto trading desk in 2021 and has observed a significant change in client types and trading volumes this year. Analysts suggest that the influx of funds into US spot bitcoin ETFs, which launched this year, may be contributing to bitcoin’s gains. The cryptocurrency market experienced a boom during 2020 and 2021, driven by low interest rates, but faced a downturn in 2022 following a series of bankruptcies among major crypto firms, leading to a trillion loss in market value. McDermott mentioned Goldman Sachs’ interest in bankruptcy claims and investment opportunities in the crypto sector. Despite the volatility and risks associated with bitcoin, there is interest in the blockchain technology behind cryptocurrencies for trading assets other than cryptocurrencies. McDermott anticipates that more asset classes will be tokenized in the future, potentially gaining scale within one or two years.