On Monday, January 16, U.S. stocks and bonds were closed for a day for Martin Luther King Day. Trading in CME's precious metals and U.S. crude oil futures contracts ended early at 03:30 on the 17th.
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Technical indicators are an essential tool in forex trading, as they help traders understand the market forces and anticipate price movements in order to decide whether to buy or sell. These indicators play a vital role in forex technical analysis.
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The week ahead – It’s going to be busy
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Spot gold surged lower during the Asian session on Monday, January 16, hitting a new high since April 25 to $1,928.88 per ounce earlier. Mainly because inflation expectations continue to cool, the market expects the Fed to slow down interest rate hikes, and the dollar support extended the decline to a new low since June 3.
Last week's CPI and other data released reinforced expectations of a further slowdown in rate hikes to 25 basis points at the Fed's next meeting, with the University of Michigan's consumer inflation expectations released last Friday (Jan. 13) retreating further. The U.S. dollar index, on the other hand, sank further to a low since June 2022, rebounding after falling below the 102 mark to close down a slight 0.06%, barely closing above 102 at 102.18.
WCG Markets:2023-01-16
Martin Luther King Day 2023 is an annual federal American holiday that celebrates the birthday of Martin Luther King Jr. (January 15). It celebrates the life and achievements of this influential
The U.S. dollar tends to strengthen when the global economy is weak, the United States outperforms the rest of the world, and the Fed goes on the offensive with rate hikes. On the other hand, the dollar tends to weaken once the Fed pivots back toward more accommodative policy, and the rest of the world grows in tandem.
The Fed's Soft Landing Might Still Be Possible. Monetary policy is roughly on track — because nobody doubts the central bank's commitment. Goldman Sachs strategists urged the broker's clients to hope for the best but plan for the worst, a lesson learned in 2022.
Starting in late 2022, gold futures started an upward trend. This was just as the U.S. dollar started softening in value. While there will be bumps one way or the other, the overall outlook for gold in 2023 is shiny.
Q4—also known as quarter-four or the fourth quarter—is the last quarter of the financial year for both corporations and other organizations. Many companies' Q4 dates follow the calendar year, starting on Oct. 1 and ending on Dec. 31.
FreshForex is a broker offering forex through several account types and the MT4 platform. In line with the upcoming celebration of Martin Luther King Day in the United States on January 16, this broker too has informed it's clients that there will be changes in the schedule of trading sessions.
The Commodity Channel Index (CCI) is a popular technical indicator used by traders in various markets, including forex, for detecting overbought or oversold conditions. Introduced by Donald Lambert in 1980, the Commodity Channel Index (CCI) Indicator allows traders to enter or exit a trade right before a trend begins. If you’re wondering what Commodity Channel Index (CCI) is and how it helps you trade better, this article will help you out!
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On Friday, 13 Jan. Asian period, spot gold shocked and slightly fell, trading around at $1893/ounce. Although the overnight data showed that US inflation increased slowly, the market increased the expectation that the Fed decreased the rate hikes.
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