08/08 Market report
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
MHMarkets：Dollar day unilateral strength, non-US currency precious metals collectively weak, US crude oil shock is very weak! Dollar day unilateral strength, non-US currency precious metals collectively weak, US crude oil shock is very weak! Dollar day unilateral strength, non-US currency precious metals collectively weak, US crude oil shock is very weak!
Spot gold fell slightly in Asia on Monday (August 7), trading at $1,936.68 an ounce, pressured by a hawkish price statement from Federal Reserve Governor Ben Bowman on Saturday, which provided momentum for a rebound in the dollar index.
MHMarkets：August 7, 2023 - Fundamental Reminder
On Friday, the U.S. dollar index fell sharply during the session on the back of a slightly worse than expected U.S. non farm payrolls report for July, briefly falling below 102 to an intraday low of 101.75, before recovering some of its losses to end down 0.47% at 102.
Weekly News 2023/07/31-2023/08/04
Index / Stocks / Crypto / Metals / Commodity & Futures / Forex
08/07 Market report
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
US employment growth slowed in July, and the US dollar experienced its largest daily decline in three weeks, This week focuses on speeches by Federal Reserve officials on the economic outlook
US employment growth slowed in July, and the US dollar experienced its largest daily decline in three weeks, This week focuses on speeches by Federal Reserve officials on the economic outlook
08/04 Market report
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
Mai hui MHmarkets: USD has started to weaken, while non US currencies and precious metals have not strengthened, and US crude oil has a mixed positive and negative trend!
On Friday (August 4) , spot gold fluctuated narrowly during the Asian session and is currently trading around $1936.56 per ounce. After a series of strong economic data this week drove US government bond yields to a nine month high, investors began preparing for the closely watched US employment report.
US Dollar Index: DXY Follows Yields To Reestablish Multi-Day Highs Below 103.00 In Advance Of US ISM
The US Dollar Index has attained its maximum level in the previous three weeks given an increase in risk aversion commingled with escalating Treasury yields. Fitch Ratings’ credit rating downgrade of the United States has boosted risk aversion, augmenting the demand for the US dollar, a sought-after safe haven. The US Treasury Department's readiness to evaluate bond demand amplifies yields, especially when the sentiment is pessimistic. Lastly, a promising US ADP Employment Change bolsters the progress of DXY bulls in advance of several significant statistical data.
Unleash Your Trading Skills: Vantage Hosts Epic Live Trading Competition
Vantage, a multi-asset broker, has announced the Vantage Live Trading Competition, an exclusive event designed to challenge traders with a total prize pool of USD 50,000. This prestigious competition offers participants an opportunity to showcase their exceptional trading skills.
Oil prices rise amid news of production cuts
Based on the trading data from Thursday, there's an upward trend in global oil prices. Brent oil is currently priced at $84.55 per barrel, while North American WTI oil is hovering around $80.90 per barrel. The oil price hike can be attributed to several factors.
NZD/USD Settles Below Key Support, More Losses Ahead?
Upon analyzing the 4-hour chart, it is evident that the pair acquired a bearish momentum post the breach of the 0.6120 support level. Notably, there took place a closure beneath the 0.6100, the 100 simple moving average (depicted in red for a 4 hour duration), and the 200 simple moving average (marked in green for a 4 hour stretch).
Fitch Downgrades the U.S. Credit Rating: Unpacking the Implications
Fitch Ratings, in a noteworthy action, has lowered the United States' Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'AAA' to 'AA+'. This announcement, made on August 1, 2023, mirrors apprehensions concerning the nation's fiscal stability, governance norms, and debt handling, consequently indicating to investors and international markets about a heightened risk when lending to the United States. The immediate effect of this downgrade remains uncertain, especially as markets are presently performing poorly.
Market Closure in August
Please refer to the following table for the changes in the trading hours during the month of August 2023.
The US dollar rose and fell on Thursday, with gold prices approaching their lowest in over three weeks.Rising US dollar and US bond yields have reduced the attractiveness of gold, waiting for non-farm data
The US dollar rose and fell on Thursday, with gold prices approaching their lowest in over three weeks.Rising US dollar and US bond yields have reduced the attractiveness of gold, waiting for non-farm data
AUDJPY analysis for 03.08.2023
On the 4-hour timeframe for AUDJPY, the RSI smoothly shifted below the centerline, signaling a potential bearish bias. Recent price action displayed a sharp bearish movement followed by an equally sharp bullish trend. Furthermore, the shorter moving average crossing below the longer moving average confirms a potential downtrend. Traders should exercise caution and closely monitor price movements for potential selling opportunities.
SILVER PRICE ANALYSIS: XAG/USD’S ADVANCE HALTS AND FINDS SUPPORT AT THE 20-DAY SMA
On Tuesday, the XAG/USD Silver spot price significantly dropped, mainly due to the USD strength. Attention is on labour market data released as investors are modelling their expectations towards the next Federal Reserve (Fed) meeting. Meanwhile, the greenback trades strong agains most of its rivals, with the USD DXY index rising towards the 102.30 area.
GOLD GOING TO $2000?
Gold Trading: As predicted by many market players, the Fed has finally raised its interest rate again by 25 bps. However, there is an anomaly where even though the Fed's interest rate has increased, the price of gold has actually increased.
Fundamentals of the GBP/JPY
GBP/JPY gains traction for the second consecutive day on Monday, hitting a three-week high early in the European session. Price quotes currently sit in the 182.80-182.85 area, indicating a rebound of over 650 points from Friday's low touched on June 13. There is a heavy supply tone surrounding the Japanese Yen (JPY).
Mai hui MHmarkets: USD has entered a pressure-intensive zone and U.S. crude oil has fallen back big time!
On Thursday (August 3), spot gold shook slightly lower during the Asian session, and is currently trading near $1934.38 per ounce. The U.S. private jobs growth in July that came out overnight exceeded expectations, fueling market bets on more monetary policy tightening and continuing to support the U.S.
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