Category: Markets
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Kickstart the FX trading day for July 5 w/a technical look at the EURUSD, USDJPY & GBPUSD
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In this July 5, 2024 Forex Market Opening Video, I take a technical look at the three major currency pairs – EURUSD, USDJPY, and GBPUSD. Today, the US jobs report was mixed, with nonfarm payrolls in June coming in above expectations, but revisions for the previous two months offsetting those…
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Globally, Value funds gave back some performance in June By Investing.com
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Bank of America reported a turnaround in global fund performance for June, with value funds seeing an average decline of 0.88% relative to their benchmarks. Only 24% of value funds managed to outperform their benchmarks in June. Despite the decline, Bank of America acknowledged that value funds still have an…
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UK election-winner Starmer inherits weak economy with ‘no magic wand’ By Reuters
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By William Schomberg LONDON (Reuters) – Britain’s incoming prime minister, Keir Starmer, has spent his election campaign accusing Rishi Sunak’s Conservative Party of “14 years of economic failure” but has no clear quick fix to pull the country out of its slow growth rut. Living standards have stagnated since the…
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GBPUSD Technical Analysis – We are approaching a key resistance
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Basic Overview The US dollar fell broadly after weak US jobless claims and the Institute for Supply Management’s services PMI. Overall, the data did little to change interest rate expectations, but it reinforced the view that the Federal Reserve will cut rates at least twice by the end of the…
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Asian markets reverse gains, Nikkei slightly lower after touching record levels
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Paul Gould Japan (NKY:IND) -0.08% The Nikkei 225 hit a record high, surpassing the 41,000 mark for the first time, before losing momentum. Japan’s index of coincident economic indicators, which covers a range of data including factory output, employment and retail sales, rose to 116.5 in May. 2024. China (SHCOMP)…
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Asia FX rises ahead of nonfarm payrolls; yen firms amid intervention watch By Investing.com
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Most Asian currencies rose slightly on Friday, recovering further as the dollar weakened ahead of key jobs data, while the Japanese yen rose sharply on speculation of possible government intervention. Elsewhere, the S&P 500 rose slightly on expectations that the Labour Party would win a landslide victory in the UK…
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Chart Art: Major Correction Brewing on USD/JPY?
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Are we finally seeing signs of a pullback in the USD/JPY rally? The pair retreated after reaching a ceiling at the key psychological level of 162.00 and looks ready to drop to nearby Fibonacci retracement levels. This is the correction area I am watching on the 4-hour chart. USD/JPY currency…
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Bitcoin tumbles to its lowest since February as downside momentum intensifies
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Bitcoin (BTC/USD) Daily Chart The signs were already building yesterday as sellers tested the waters below the 200-day moving average (blue line). This eventually led to a break of the May low today and momentum continues to build. Well, it certainly doesn’t look good on the charts. In terms of…
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Daily Broad Market Recap – July 4, 2024
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No traders in the US session? No problem! Global stocks and commodities made big moves over the Fourth of July holiday, as the spotlight turned to political headlines. Crude oil prices rose to their highest level in about two months, while European stocks made good gains thanks to the results…
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US non-farm payrolls data – the key ranges for estimates to watch
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You can see the consensus estimate in the screenshot below: The numbers in the right column are the “previous” (previous month) result. The number in the column next to it, where there is a number, is the expected consensus average. This image is from ForexLive’s economic data calendar, You can…
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Global Stocks Hit Peak Level Before US Jobs Data: Markets Wrap
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(Bloomberg) — Global stocks are expected to hold onto record highs hit on Thursday as traders turn their attention to U.S. jobs data due Friday for clues on the Federal Reserve’s interest-rate cut. Most Read from Bloomberg Tokyo’s Topix index hit a new record before retreating. The moves followed gains…
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Samsung flags better-than-expected profit rise as AI boom lifts chip prices By Reuters
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By Joyce Lee and Heekyung Yang SEOUL (Reuters) – Samsung Electronics Co Ltd on Friday forecast a more than 15-fold jump in second-quarter operating profit, as a rebound in semiconductor prices driven by the artificial intelligence boom lifted earnings from a low a year ago. The world’s largest maker of…
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Julius Baer like further upside in Japanese equities
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Japan’s broad Topix index of stocks hit a record high on Thursday, finally surpassing its highest level since December 1989. Comments from an analyst at Swiss private bank Julius Baer, in its summary, point to further upside ahead, citing the following: Corporate Reforms Currency and Flows Salary increases Earnings Review…
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Why these analysts see a broadening in potential stock market gains in H2 By Investing.com
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The potential upside for the S&P 500 is expected to widen in the second half of 2024 after gains were supported by a handful of AI-related companies in the first six months of the year, according to analysts at Wells Fargo. The company’s profits rose 14.5% year-to-date in the first…
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UK political stability (relative to elsewhere) will support UK markets ahead
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In a note from Bank of America ahead of the election, it was said that the election seemed to be a minor event for the UK markets. This was true given that opinion polls were overwhelmingly in favour of the new government. Bank of America concluded by saying that one…
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SoftBank in talks to get its hands on large volumes of Nvidia’s GPUs: Report By Investing.com
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Japanese technology investor SoftBank (TYO:) is in discussions to find a way to secure a large amount of graphics processing units (GPUs) from Nvidia that are essential for the development of artificial intelligence (AI). The latest move appears to be part of a broader plan by CEO Masayoshi Son to…
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Economic calendar in Asia 05 July 2024 while we wait for the US employment data
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…