At the end of the Asian market on Thursday (November 2), the Fed announced on November 1 that the target range for the federal funds rate would remain unchanged at 5.25% to 5.5%, in line with general market expectations.
Treasury yields fell on Wednesday after the FOMC decision, with declines accelerating during Powell's remarks, a sign investors don't expect the Fed to raise rates further.
Expected heating up at the end of the interest rate hike cycle US bond yields hit a two-week low The gold market still faces pressure
The Bank of Japan continued to loosen, and the yen plummeted to its lowest level in 2023; The US dollar rose, while gold surged and retreated
WCG Markets:2023-11-02
The US Dollar (USD), often referred to as the “greenback” due to the distinctive green ink used on earlier US paper money, holds a paramount position in international trade and finance.
Gold prices hovered near the key $2,000 psychological level on Monday, supported by safe-haven demand amid Middle East conflicts, while market players looked forward to the US Federal Reserve's policy meeting this week.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
On Wednesday (November 1), during the end of the Asian market, data released by the US Bureau of Labor Statistics on Tuesday showed that the labor cost index, a broad measure of wages and benefits, increased by 1.1% between July and September, higher than the 1% increase in the second quarter and also higher than economists' forecast of a 1% increase.
MHMarkets Precious Metal Crude oil Foreign Exchange Fundamentals Overview Techinical Level CPI GDP International Gold Spot Silver US Crude Oil EURUSD GBPUSD AUDUSD USD/JPY
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WCG Markets:2023-11-01
Please be advised that the following instruments' trading hours and market session times will be affected by the upcoming November holidays.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
On Wednesday (October 31), during the late trading session of the Asian market, Goldman Sachs predicted in an analysis report released on Monday that considering that US lawmakers may choose short-term financing bills again, the likelihood of the government shutting down before the end of this year is unlikely, but there is still a possibility of a shutdown early next year.
The situation in the Middle East is getting better, and crude oil fell by 3% to a new low in nearly three weeks Gold futures hold the $2,000 level and await trial by the Federal Reserve's resolution
WCG Markets:2023-10-31
The US currency confidently started the week, gaining ground and surpassing the euro. The stability of the dollar, which is carefully overcoming obstacles, is supported by expectations of a soft landing for the US economy.
The NGXASI once again experienced a modest gain of 0.33% as it closed at 67,136.58 points, rising from its previous close of 66,915.41. From a technical perspective, the market has been in a consolidation mode for 8 weeks now. Whether it will break out or turn out to be a false indication will be determined by the MACD Histogram on a weekly timeframe, which currently shows a negative reading. Despite this, the support levels from October last year until now remain intact, particularly around the 30-week moving average. It is worth noting that the 30-week moving average often acts as a support level during sustained upward trends.
The Euro started a fresh decline from the 1.0695 zone against the US Dollar. EUR/USD traded below the 1.0620 support to enter a bearish zone.