12.09.2024
Gold prices are climbing by 0.7% this week to
$2,518 per troy ounce, nearing the all-time high of $2,531 set on August 20.
The current price range of $2,490–2,510 per ounce is a critical resistance
zone, but increased buying activity, reflected by inflows into the SPDR Gold
Trust (GLD), suggests that further upside is possible. GLD has seen net inflows
of $138.6 million this week, extending a streak of 10 consecutive positive
weeks and adding to the $2.8 billion total inflows during this period.
10.09.2024
The U.S. Dollar Index (DXY) has risen by 0.40%
to 101.60, with the EURUSD slipping by 0.4% to 1.10370. This pattern resembles
the situation from last week, when a slew of U.S. macroeconomic data, including
Manufacturing PMI, JOLTs, ADP Nonfarm Payrolls, and Services PMI, triggered
similar market moves. The release of those reports contributed to a brief rise
in the EURUSD to 1.11100, but a disappointing U.S. labor market report for
August reversed that trend, sending the Dollar down by 1.0%.
05.09.2024
Brent crude prices have dropped 4.9% to $73.77
per barrel this week, though they briefly dipped to $72.90 on Wednesday,
marking the lowest level since December 13, 2023, and approaching the key
support range of $70.00-$72.00 per barrel. This area could offer a solid base
for recovery.
Investors are increasingly worried about a
potential recession in the U.S., and a disappointing August labour market
report drove Brent prices down to $75.70 per barrel.
03.09.2024
The U.S. Dollar Index (DXY) has risen by 0.15%
this week, reaching 101.85 points, while the EUR/USD has dipped by 0.10% to
1.10340. The Dollar experienced a significant strengthening last week,
recovering nearly all the losses incurred following Federal Reserve (Fed)
Chairman Jerome Powell's speech in Jackson Hole.
The EUR/USD closed last week at 1.10440, which
is 1.4% below a 13-month high of 1.12000 set the week before. The pair is
approaching a critical threshold at 1.10000, which could determine the market’s
future direction.
Three major events are on the horizon in
September.
29.08.2024
Gold prices are up by 0.2% this week, reaching
$2,516 per troy ounce. The market is hovering near its all-time high, just 0.6%
below the peak of $2,531 per ounce set on August 20. This upward movement has
been fueled by investor anticipation of dovish signals from the Federal Reserve
(Fed). Their expectations were confirmed with the release of the FOMC Minutes,
which indicated that policymakers are prepared to cut interest rates. Fed Chair
Jerome Powell further reinforced this outlook, stating that "the time has
come" to begin lowering rates in September.
27.08.2024
The U.S. Dollar Index (DXY) is seeing a modest
rise of 0.1% this week, reaching 100.80 points, while the EURUSD pair has
declined by 0.15% to 1.11700. The Dollar is showing mixed performance against
other reserve currencies, but it has maintained its strength following a
significant 1.6% surge on Friday. This uptick came after Federal Reserve
Chairman Jerome Powell signaled the onset of an interest rate cut cycle by
declaring, "the time has come."
Powell’s remarks marked a notable shift in the
Fed's priorities, as he emphasized that inflation, now moving steadily toward
the 2.
22.08.2024
Brent crude prices have recently fallen by
5.0%, reaching $76.25 per barrel, and nearly touching the panic low of $75.82
seen on August 5, following the release of weak U.S. labor market data and a
sharp decline in carry trade from Japan. The current decline in oil prices is
driven by similar factors, particularly the revision of Nonfarm Payrolls data
released on Wednesday. This revision revealed that 818,000 jobs were removed
from the official count of 2.9 million reported between April 2023 and March 2024,
a significant adjustment not seen since the Great Financial Crisis of 2009.
20.08.2024
The U.S. Dollar index (DXY) has declined by
0.5% to 101.83 this week, reflecting a weakening of the Dollar against other
major reserve currencies, with losses ranging from 0.4% to 1.3%. The EURUSD
pair has risen by 0.5% to 1.10800, continuing its upward momentum. This shift
in the Dollar's trajectory was largely influenced by U.S. inflation data for
July. Producer prices fell to 2.2% YoY, which was better than expected,
prompting the EURUSD to gain 0.6% to 1.09990. Consumer prices followed suit,
slowing to 2.9% YoY in line with forecasts, which led to an additional 0.
15.08.2024
Gold prices have been
on a steady climb this week, rising by 1.0% to $2,455 per troy ounce. The gradual increase, with prices inching closer to an all-time high,
indicates a persistent attempt to break through resistance levels. However, the
diminishing size of each upward movement suggests that the market might be
reaching a point of exhaustion.
Large investors seem to share this sentiment.
The SPDR Gold Trust (GLD) has reported net inflows for six consecutive weeks,
but the inflow amounts have been decreasing, reflecting a cautious optimism.
Despite the inflows totaling $1.
13.08.2024
The U.S. Dollar Index (DXY) is trading
neutrally at 103.12 points this week, while the EURUSD is slightly up by 0.2%
to 1.09400, and the USDJPY is up by 0.7% to 147.80. The currency market has
stabilized after experiencing a significant volatility spike due to the
unexpected rise in U.S. unemployment to 4.3% in July, as reported on August 2.
The EURUSD initially surged by 1.3% to 1.09260
on the news and saw further destabilization from brief recession fears and
capital outflows to Japan, jumping another 0.9% to 1.10080 before retreating to
1.09260, where it closed on August 2.
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