Today's Market Review

AXEL | 2024-03-06 10:07

Abstract：Market Review for March 6, 2023

Dollar Slides as Weak US Data Fuels Rate Cut Hopes, Gold and Silver ShineThe US Dollar took another hit today as disappointing economic data fueled speculation of an imminent Fed rate cut. This news sent Gold and Silver soaring to record highs for 2024.The highly anticipated Super Tuesday primaries are happening today, with over a third of delegates up for grabs in both the Republican and Democratic races.Market Highlights:AUD/USD: Initially dipped following Australia's GDP data, potentially testing the 0.6481 support level.NZD/USD: Briefly bounced back but quickly retreated near the 0.6071 support, showcasing the Dollar's influence.EUR/USD: Continued its upward trend, challenging the 1.0875 resistance.GBP/USD: Unable to hold onto Tuesday's gains, revisiting the 50-day moving average.USD/CAD: Inched higher, testing the 1.3600 resistance as the BoC is expected to hold rates.USD/JPY: Weakened near the 149.56 support, remaining within its recent trading range.Commodities:Gold: Reached a new high of $2,141.94 on growing anticipation of Fed rate cuts.Silver: Continued its bullish run, approaching the $24.9 resistance.US Stocks:All major indices opened lower on Wednesday, with tech stocks leading the decline.S&P 500 closed at $5,084.87, Dow Jones ended at $38,598.40, and the NASDAQ fell below the $17,960 support.Overall, the weakening US Dollar and strong performance of Gold and Silver reflect growing market expectations of a Fed rate cut in the near future. However, key events like Powell's testimony and the ADP report could potentially shift the market sentiment.