The Election Results Deepen the Depreciation of the Turkish Lira
The Turkish lira slumped to yet another all-time low Tuesday, extending its slide after the re-election of incumbent President Recep Tayyip Erdogan.
Stocks Pick of The Week - Tech Companies Boost Sentiment Amid Debt-Ceiling Concerns
The Nasdaq Composite experienced a notable surge following Nvidia's strong sales forecast, fueled by the increasing demand for artificial intelligence technology. Nvidia's stock soared by 25%, subsequently uplifting other chip manufacturers and AI-connected firms. The importance of semiconductors in the AI landscape has been underscored as a key factor driving this trend.
GBP/USD Re-Establishes Its Weekly High At 1.2450 Despite The Fed's Conflicting Views.
GBP/USD has established a new weekly high at 1.2450 as Fed policymakers disagree on interest rate guidance. As attention shifts to US Employment, the US Dollar Index (DXY) displays some resilience after falling significantly to around 104.13.
New Product Launch in June
We will be launching a new product on June 5th, 2023, as mentioned in the table below.
China manufacturing PMI grows more than expected in May - Caixin
Chinese manufacturing activity grew more than expected in May, a private survey showed on Thursday, contrasting government data from earlier this week that pointed to a sustained decline in China’s biggest growth engines.
China Data Falls, Dollar Recovers and Other Majors are Affected
The short-term downward pressure faced by the Chinese currency does not point to further depreciation space in light of China's economic recovery pace, experts said.
Rollover Notification in June
Please refer to the table below, for the rollover date of our futures on the trading system during June,
Asia FX inches higher on bets of Fed pause, debt ceiling progress
Most Asian currencies advanced on Thursday, while the dollar inched lower tracking comments from Federal Reserve officials touting a potential pause in the rate hike cycle in June.
June 1, 2023-MHM European Perspective
On Thursday (June 1), spot gold narrowly oscillated during the Asian session, and is currently trading near $1961.77 per ounce.
June 1, 2023 - Fundamental Reminder
On Wednesday, after the release of the Chicago PMI data, which was significantly weaker than expected, spot gold pulled up briefly on the $1,970 mark, then gave back some of its gains due to stronger U.S. employment data to close up 0.18% at $1,962.67 per ounce.
Forex Trading 101: The Ultimate Guide to Backtesting Forex Strategies
The process of developing a strategy for forex trading is similar to painting a canvas. Similar to an artist who sketches out their vision, traders begin by sketching out their strategies and refine them over time. Backtesting forex serves as the initial sketch of your trading canvas. Nonetheless, backtesting cannot guarantee future success. Essentially, it gives you a sense of how your strategies may work in action!
May 31, 2023-MHM European Perspective
On Wednesday (May 31), spot gold narrowly oscillating during the Asian session, and is currently trading near $1963.10 per ounce. U.S. bond yields continued to weaken to a new low of more than a week, providing support to gold prices, but supported by the market's expectations of the Federal Reserve rate hike in June, the dollar support to maintain the strength, so that the gold price gains are limited.
May 31, 2023 - Fundamental Reminder
On Tuesday, boosted by the dollar and U.S. bond yields fell, spot gold fell before rising, intra-day gains once expanded to 1%, above the $1960 mark, and finally closed up 0.82% at $1958.83 per ounce. Spot silver rebounded relatively weakly, eventually closing down 0.04% at $23.18 per ounce.
USD/INR PRICE NEWS: RUPEE BEARS APPROACH 82.80, INDIA GDP
USD/INR remains on the front foot for the third consecutive day even as it clings to mild gains around 82.70 amid early Wednesday in Europe. In doing so, the Indian Rupee (INR) pair not only justifies the US Dollar’s latest strength but also portrays the market’s cautious mood ahead of the Indian Gross Domestic Product (GDP) for the first quarter (Q1), as well as the US House voting on the debt-ceiling extension deal.
USDCLP Market View
Alternatively, the dollar index held above 104 pts on Tuesday, near its highest levels in ten weeks, supported by strong economic data from the United States that reinforced expectations of further policy tightening and the news of that a tentative debt ceiling agreement was reached over the weekend.
There is No Sustainable Strength in the USD at the Present Time - Commerzbank
Commerzbank is the leading bank for the German Mittelstand and a strong partner for around 26,000 corporate client groups and just under 11 million private and small-business customers in Germany. As market expectations regarding US key rates have moved upwards, Commerzbank's economists examine the outlook for the USD and discuss what could have been.
Morning Briefing 31 May 2023: Gold Rises on Debt Ceiling Vote
US Consumer Confidence fell to 102.3 from an upwardly revised 103.7 in April 2023.
DAX 40 & DOW JONES: weekly analysis 29th May – 2nd June
The week ends with the stock exchanges strongly biased upwards, thanks to Nvidia’s quarterly earnings, which brought back optimism in the markets. Despite some negative events, such as Germany entering a recession or the contradictory macro data in the USA, the market is anticipating the end of the FED’s tightening cycle and therefore it is positioning itself in accordance with it.
Asian markets looking to open lower after mixed US session
Major US indices finished mixed in the US Tuesday session with AI-mania propping up the Nasdaq to a green finish while continuing debt ceiling jitters kept risk appetite muted for the broader market.
MHMarkets is bout to open in Mandalay, Myanmar in September!
Mandalay, May 28 - MHMarkets, the world's leading currency and CFDs broker, has successfully held a high-profile press conference in Mandalay, Myanmar, recently.