Author: FX
Heads up Sterling traders! The latest monetary policy statement from the Bank of England is here, likely to get the pound rolling this week! What’s expected from the Monetary Policy Committee this time and how may the British pound react in the short-term? Event in Focus: Bank of England Monetary Policy Statement for November 2023 When Will it Be Released: November 2, Thursday: 12:00 am GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: The Bank of England is expected to hold the official bank rate at 5.25% The Monetary Policy Committee is…
BITCOIN, CRYPTO KEY POINTS:READ MORE: Gold (XAU/USD) Prices Flirt with $2000 Level, Eyeing the FOMC Meeting for Fresh ImpetusBitcoin prices have taken a bit of a breather since the expansive rally that broke above the $35k mark last week Tuesday. Since then, it appears to be a case of uncertainty and rangebound trade but Bitcoin remains underpinned by hopes of the BlackRock Spot Bitcoin ETF approval.Supercharge your trading prowess with an in-depth analysis of gold’s outlook, offering insights from both fundamental and technical viewpoints. Claim your free Q4 trading guide now! Recommended by Zain Vawda Get Your Free Bitcoin Forecast…
Share: US Dollar is gaining traction, and the DXY index surged to 106.70. The two-day Fed meeting ends on Wednesday with a monetary policy decision. Mid-tier economic figures from the US came in mixed. US Treasury yields retreat, which may limit the USD’s momentum. The US Dollar (USD) is up on Tuesday, with the DXY index rising to 106.70 on the back of a cautious market mood ahead of the Federal Reserve (Fed) Interest Rate Decision on Wednesday. In addition, the US reported strong Housing and Confidence data, while Chicago’s PMI from October came in lower than expected. The…
JAPANESE YEN FORECASTThe Japanese yen depreciates sharply against the U.S. dollar and the euro after the Bank of Japan maintains its policy of negative rates and only modestly tweaks its yield curve control programJapan’s Ministry of Finance says it has not intervened in the FX market recentlyThis piece examines the crucial technical levels for USD/JPY and EUR/JPY to monitor in the upcoming trading sessionsMost Read: British Pound – GBP/USD and EUR/GBP Technical OutlooksThe Japanese yen suffered large losses against the U.S. dollar and euro on Tuesday following Bank of Japan’s monetary policy announcement. In early afternoon trading in New York,…
RiverNorthPhotography/iStock Unreleased via Getty Images Citi Research analyst Christopher Allen upgraded T. Rowe Price Group (NASDAQ:TROW) stock to Neutral from Sell on Tuesday on the expectation that flow pressures could start to moderate next year. A moderation in outflows could come to fruition if “relative performance can continue to improve and we have a reasonable equity market backdrop,” the sell-side analyst wrote in a note. Allen attributed the stock’s downward spiral in recent months to persistent outflows. He thinks outflows will continue in Q4 “with seasonal pressure and the impact of a sub-advised mandate loss.” Unless Q4 outflows come in…
The U.S. Labor Department announced on Tuesday a slight acceleration in wage and benefit growth for the July-September quarter of 2023, presenting a potential challenge to the Federal Reserve’s efforts to control inflation. The Employment Cost Index (ECI), a key Fed metric, rose by 1.1%, marginally above the 1% increase observed in the April-June quarter. This growth, while beneficial for workers, poses risks to the Federal Reserve’s fight against inflation. The ECI offers an accurate representation of wage changes across consistent job mixes, undistorted by widespread layoffs among lower-income employees. A construction worker in Arlington, VA was spotted checking his…
After sharp games yesterday, the major US stock indices are opening mixed.A snapshot the market currently shows:Dow industrial average is down -78.79 points or -0.24% at 32850.18S&P index is up 1.15 points or 0.03% at 4167.98NASDAQ index is down -17.22 points or -0.13% at 12772.26Looking at US yields, the yields are mixed with the shorter and higher in the longer and lower:2 year yield 5.074% +3.6 basis points5 year yield 4.816% +1.2 basis points10 year yield 4.868% -0.8 basis points30 year yield 5.016% -1.7 basis pointsIn other markets:Crude oil is up $0.12 at $82.40Gold is near unchanged at $1995.70Silver is…
Share: Gold price looks for a direction as the focus shifts to Fed policy. A no-change interest rate decision from the Fed is widely expected but with the possibility of further rate hikes ahead. The Israeli defense forces gradually in Gaza to demolish Hamas. Gold price (XAU/USD) struggles for direction as market participants eye the interest rate decision by the Federal Reserve (Fed) and further developments in the Israel-Palestine war. The near-term demand for the precious metal is bullish as Middle East tensions are seen escalating further. The Israeli military troops are gradually entering Gaza for the ground…
Article by IG Chief Market Analyst Chris BeauchampNasdaq 100, Dow Jones, Nikkei 225 Analysis and ChartsNasdaq 100 continues its recoveryThe index has recovered from the lows seen last week, after nearing the 200-day SMA. For the moment, the pullback from the October highs is still in place and leaves the bearish view intact for the short-term. A close above 14,400 (Monday’s highs) would suggest that the buyers remain in control, and a bullish daily MACD crossover would bolster that view.This would then see the price target 14,800 initially. A reversal below 14,150 would indicate that the sellers are back in…
cerro_photography/iStock via Getty Images PetMed (NASDAQ:PETS) stock tumbled 28% to $6.69 on Tuesday during pre-market hours of trading as the company said in its Q2 results that dividends will be suspended for the company to invest in projects and initiatives that can give better results. The company has seen 10 consecutive quarters of declaring a $0.30 dividend per share. CEO and President Matt Hulett commented, “..The pet care industry continues to grow and evolve and we believe we have opportunities to take advantage of that growth and drive higher returns to our shareholders.” Net sales touched $71M, a 9% surge…