On Friday, currency futures rose as the US dollar dropped due to decreased consumer sentiment data. However, the dollar still recorded a ninth consecutive week of gains. Meanwhile, the yen reached a 10-month low. US consumer sentiment (Source: University of Michigan, Bloomberg) The University of Michigan’s Consumer Sentiment Index preliminary reading for this month was Read More…
Technical Analysis NQ is currently stuck within a range that could be used as an opportunity to buy lows as the general market sentiment remains bullish. Once the bounce occurred on August 18th, NQ began moving sideways as traders who got in early were taking profits. Traders who missed the move have begun buying, hoping Read More…
On Thursday, gold prices remained close to a three-week low due to concerns about higher-than-expected US economic data. This raised worries that US interest rates may remain elevated for longer, strengthening the dollar and bond yields. David Meger, director of metals trading at High Ridge Futures, commented, “We observed some inflationary data exceeding expectations, leading Read More…
On Wednesday, oil prices dropped after reaching a 10-month high earlier, as a surprise increase in US crude inventories countered expectations of limited crude supply for the rest of the year. The international benchmark, Brent futures, settled at $91.88 a barrel, sliding 18 cents. During the session, it hit its highest point since November at Read More…
Recap Last week, CL broke out of a key resistance level and surged above $82. The market is closing in on $90 as we speak, which brings the psychological $100 level into play. Market fundamentals are driving bullish sentiment all around, but what are the technicals telling us? Technical Analysis The $100 psychological level is Read More…
US equities closed with losses on Tuesday as Oracle’s shares plunged over 13%, driven by a pessimistic forecast. Moreover, surging oil prices heightened concerns about persistent inflation pressures before critical inflation reports. Oracle’s shares plummeted to their lowest point since June. The cloud services provider projected the current-quarter revenue below expectations and narrowly missed first-quarter Read More…
