Author: FX
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GOLD FORECAST:Gold prices struggle for direction as traders look for fresh market catalystsDespite Wednesday’s price action, the precious metal retains a bullish outlookThe March U.S. jobs report will help set the trading tone for XAU/USD in the near term Recommended by Diego Colman Get Your Free Gold Forecast Most Read: Canadian Dollar Outlook: USD/CAD Bounces Off Trendline Support as Haven Flows Pick UpGold prices (XAU/USD) wavered and lacked directional conviction on Wednesday, fluctuating between small gains and losses around the $2,035 level, as traders paused to wait for new drivers that could set the near-term trading bias for precious metals.…
© Reuters. FILE PHOTO: ChatGPT logo is seen in this illustration taken, February 3, 2023. REUTERS/Dado Ruvic/Illustration/File Photo By Byron Kaye SYDNEY (Reuters) – A regional Australian mayor said he may sue OpenAI if it does not correct ChatGPT’s false claims that he had served time in prison for bribery, in what would be the first defamation lawsuit against the automated text service. Brian Hood, who was elected mayor of Hepburn Shire, 120km (75 miles) northwest of Melbourne, last November, became concerned about his reputation when members of the public told him ChatGPT had falsely named him as a guilty…
Two-year down -14.7 basis points Yields have moved sharply lower after the weaker than expected ISM services data. Prices paid lowest since May 2020.The 10 yield has moved to a new low for the year and trading at the lowest level since September 2022US stocks are marginally lower from pre-release data so far:The markets are pricing in 100 basis point of cuts between now and January 2024. Meanwhile Fed’s Mester said last night that the Fed is looking at inflation, demand decline but she still expects to move at rates above 5% and keep them there for a long while.…
Trend reversal strategies are a very lucrative type of trading strategy. This is because trading trend reversals implies that traders are entering the market at the beginning of a trend, with the hope of exiting the market near the end of a trend. Seasoned trend reversal traders earn huge profits trading trend reversals because they could trade with very high risk-reward ratios due to the nature of trend reversal strategies. Although trend reversal strategies could produce high yielding trades, anticipating such trend reversals could prove to be tricky. What traders need is a systematic trading strategy which should allow them…
Share: The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 145,000 in March. This reading came in below than the market expectation of 200,000. On a positive note, February’s print of 242,000 got revised higher to 261,000. Commenting on the data, “our March payroll data is one of several signals that the economy is slowing,” said Nela Richardson, chief economist, ADP. “Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.” Market reaction With the initial reaction,…
What do Michael Jordan, Conor McGregor, and Taylor Swift have in common? If you answered “They all have Netflix documentaries.” then you’re right. You also probably have too much time in your hands. Another thing they have in common is that they excel in their respective fields and look for ways to improve their craft. They expose themselves to different environments to try out different things to see what works best for them. In other words, they approach change positively. Michael Jordan changed his game from relying on pure, explosive athleticism to having a sweet, fade-away jump shot to score points. Conor…
US ADP rose 145k in March, however, the market was expecting a stronger 208k reading. However, the February data was revised higher to 261k from 242k with strong numbers in the services and leisure/hospitality sectors. The Dollar remains under pressure ahead of the key NFP employment data release on Friday. Click here to access our Economic Calendar Andria Pichidi Market Analyst Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment…
EURGBP, H4 Eurozone Composite PMI revised lower, but still at a 10-month high today. The S&P Global Composite Output Index was revised down to 53.7 from 54.1, but this was still considerably better than the 52.0 in February and indeed a 10-month high. The services index was revised down to 55.0 from 55.6, also a 10-month high. The Manufacturing PMI remains stuck in contraction territory, but the manufacturing output index has improved and this morning’s surprisingly strong German factory orders number (+4.8% vs. 0.2% expected and 0.5% last month) also adds to signs that the sector is recovering. Spain and Italy…
The Dollar remains under pressure ahead of key employment data release on Friday. Dollar The Greenback rolls into midweek trading at the lowest level in two months (101.17). Factors attributed to this selling pressure can be linked to several factors this week. Chief among those are the recent challenges to the Dollar’s status as the worlds reserve currency as the Chinese Yuan surpasses the Dollar as the most traded currency for the first time. This comes on the back of the BRICS countries speculate on the possibility of trading amongst one another with an alternative currency to the Dollar. Looking…