Economic Highlights Today

Market Overview

FOMC Meeting Report

In this morning's FOMC meeting, most FED officials agreed on a rate cut for September as inflation continues to slow and the labor market weakens. While the officials unanimously agreed to keep rates unchanged during the meeting, some indicated they would have supported a rate cut at that time.

Confidence has grown that inflation is nearing the 2% target, further strengthening expectations for a rate cut next month. Markets now see a 100% chance of a rate cut in September, with roughly a 30% chance of a 50-basis point move.

Upcoming data releases, including unemployment claims and Flash Manufacturing and Services PMI, will help set expectations ahead of FED Chairman Powell's speech this Friday.

Will Rate Cut Expectations Turn Hawkish？

Eyes are on the Jackson Hole Symposium this Saturday, which could have a broader impact on market trends depending on the comments made.

Upcoming News

Euro, Pound, and Loonie news are set for release later today and on Friday. Loonie news will be in the spotlight, as it may shape rate cut expectations for the coming month. The Pound news will also guide traders regarding BOE rate cut expectations.

GOLD -GOLD steadies near the record high, indicating that traders are comfortable at this price level. The price now holds at 2510.304. We expect further upward movement and anticipate more buying interest in GOLD. While some analysts believe the market may be overbought, GOLD has consistently trended upward for years.

SILVER -Silver is fluctuating between 29.900 and 29.018, struggling to break through significant levels. However, we remain optimistic about this market. The current stagnation reflects the anticipation of upcoming data releases later today and on Friday.

DXY - The Dollar has fallen significantly, reflecting general weakness and the expectation of rate cuts in September. We anticipate further selling pressure as the market corrects in anticipation of Powell's speech on Friday and the data release set for this evening.

GBPUSD - The Pound has reached new highs, continuing its upward trend against the weak Dollar. We maintain our bullish outlook for the Pound, expecting further gains as the market trends higher.

AUDUSD - The Aussie Dollar has stagnated after reaching 0.67531. We expect further consolidation as the market awaits upcoming data releases. Our analysis and outlook for this pair remain unchanged.

NZDUSD -The Kiwi has shown better gains than the Aussie Dollar, with traders continuing to price in further growth as confidence in the New Zealand economy rises. We anticipate continued bullish runs for the Kiwi, as the price consolidates beyond 0.61408, showing stability above the trading range.

EURUSD - Our analysis for this currency remains unchanged from yesterday, with continued expectations for bullish movement, although price expectations may shift depending on escalations in West Asia.

USDJPY -A correction is expected following the speech by Japan's Governor Ueda on Friday. Traders are awaiting this speech to gain insight into the next moves for the Japanese economy.

USDCHF -The Franc has fallen sharply, showing significant gains as anticipated in our previous analysis. We expect further trading activity in the CHF market.

USDCAD -The Loonie has dropped to 1.35762, despite widespread anticipation of further rate cuts by analysts. However, we consider the possibility of a rate hike due to growing instability in the Middle East and the potential for rising prices and inflation. While the timing is uncertain, we expect more growth for the Loonie