Oil prices fell by more than $1 a barrel last Friday, mainly due to the strength of the US dollar and the profit-taking of oil traders after a strong rebound, which also made the benchmark crude oil contract rise for the third consecutive week.
WCG Markets:2023-07-27
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Now Wednesday (July 26) Asian time, spot gold narrow range volatility, currently trading around $1963.07 per ounce, near the Federal Reserve interest rate resolution announced, market investors generally into the wait and see, gold short-term volatility is small.
Tuesday's US economic data is still full of contradictions, on the one hand, consumer confidence rose to a 2-year high, on the other hand, the Richmond Fed manufacturing activity continued to be sluggish in July, market sentiment is increasingly nervous, although this week's 25 basis point rate hike has long been priced in, but any subsequent guidance from Powell will set markets off. The dollar index fell after five straight gains, closing down 0.13 percent at 101.27.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
WCG Markets:2023-07-26
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Spot gold edged up on Tuesday (July 25) Asian hours and is now trading at $1,962.07 an ounce, as Monday's closely watched purchasing managers' index (PMI) surveys showed US business activity slowed in July while Europe contracted more than expected, suggesting both central banks may be nearing the end of their rate-hike cycles.
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
Highly significant economic reports are set to shape the global markets in the approaching week. All eyes are on the forthcoming rate decisions from the Federal Reserve, the European Central Bank, and the Bank of Japan. The suspense is further heightened by the key inflation data from the US, Europe, and Australia, capturing the interest of traders.
On Monday stock markets in Europe were lower, as investors digested disappointing PMI data from Germany and more quarterly corporate earnings while waiting for the outcomes of central bank meetings, including the European Central Bank and the Federal Reserve.
June, saw divergent economic outlooks. Initially, the US dollar was under pressure as many believed the Federal Reserve had completed its last rate hike for this cycle. However, this perception changed following the release of robust US economic data and hawkish projections in the FOMC dot-plot.
EUR/NZD declined on Monday after PMI data showed euro zone business activity shrank much more than expected in July. • A survey showed the downturn in euro zone business activity deepened much more than expected in July as demand in the bloc's dominant services industry declined and factory output fell. • EUR/A NZD chart has taken a turn for the worse after todays drop.Overall risk growing for a bigger drop towards 1.7750.
The Euro is currently facing strain due to constant economic indicators reflecting the enduring strength of the U.S. economy. This is in stark comparison to the economies teetering on the brink of recession, including the Eurozone. The preliminary balance for this week is being determined in anticipation of the Federal Reserve meeting on Wednesday, with subsequent analysis tending towards a bearish bias.
Last week, the US Treasury yield curve, a reliable indicator of recession, experienced its steepest inversion since 1981. This coincided with one of the most severe downturns in Bloomberg’s US Economic Surprise Index in recent memory.
WCG Markets:2023-07-25
On Monday's mixed US economic data, with the manufacturing PMI showing strength and the services PMI falling to hit a five-month low along with the composite PMI, as well as lingering concerns about sticky inflation, the dollar index continued to rise, closing up 0.31% at 101.4.