Today's Market Review
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. |
WikiFX Broker
Latest News
Is TRADE.COM Legit or a Scam? A Detailed Review
WikiFXMazi Finance Regulation: A Broker Without Proper Oversight
WikiFXOil Prices Ebb as Iraqi-Kurdish Export Deal Tempers Supply Fears
WikiFXErrante Broker: Scam Allegations & User Complaints Warning
WikiFXWarren Bowie & Smith Review: A Digital Slaughterhouse for Your Savings
WikiFXACY Securities Deposit and Withdrawal: A Complete 2026 Review of Payment Methods, Costs and More
WikiFXConnext Exposure: Do Traders Face Unfair Profit Deductions and Fund Withholding?
WikiFXEuropean Central Bank holds rates steady, warns outlook is 'significantly more uncertain'
WikiFXNVIDIA Faces Growth Limits: The Challenge of the Law of Large Numbers
WikiFXMoneta Markets Regulatory Status: A Complete Guide to Its Licenses and Company Structure
WikiFXRate Calc
USD
CNY
Current Rate: 0
Amount
USD
Available
CNY
Calculate