This site uses cookies to provide you with a great user experience. By visiting monetamarkets.com, you accept our cookie policy.
Allow all
This website is operated by Moneta Markets Ltd, which is not authorised or regulated by the UK Financial Conduct Authority (FCA) and does not offer or promote services to UK residents. Access to this website is restricted in the UK and the content is not intended for distribution to, or use by, any person located in the UK. If you believe you have reached this website in error, please exit the page now
The Gold/Dollar pair gained 0.3% in the last session. The Commodity Channel Index (CCI) is giving a positive signal.
The EUR/USD pair dropped 0.4% in the last session. The Williams Percent Range indicator suggests an oversold market.
The GBP/USD pair dropped 0.4% in the last session. The Ultimate Oscillator is giving a negative signal.
The Bitcoin/Dollar pair skyrocketed 4.8% in the last session. The Stochastic indicator is giving a positive signal.
Wall Street's three major indexes gained more than 1% as investors sought bargains after the previous week's selloff. They are also awaiting inflation reports and the Federal Reserve's next policy decision. Cryptocurrency exchange GVT has secured a contractual agreement of $3.3 billion in monthly trading volume from popular market makers ahead of its anticipated main net launch. Boeing shares rose 3.7% after the plane maker and its biggest union reached a tentative deal covering more than 32,000 workers, marking the first major negotiation by new CEO Kelly Ortberg.
Key economic events to look out for include:
The oil/dollar pair plummeted 1.8% in the last session. The RSI indicates an oversold market.
The AUD/USD pair traded sideways in the last session. According to the Williams indicator, we are in an oversold market.
The EUR/USD price remained largely unchanged in the last session. The ROC is giving a negative signal.
The USD/JPY pair traded sideways in the last session. The MACD is giving a negative signal.
China's central bank held back on buying gold for its reserves for a fourth straight month in August. China's gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves rose to $182.92 billion compared with $176.49 billion in July. Chrysler parent Stellantis said it is recalling 1.46 million vehicles worldwide due to a software malfunction in the anti-lock brake system that can increase the risk of a crash. The recall includes nearly 1.23 million Ram 1500 trucks from the 2019 and 2021 to 2024 model years in the United States. Uncertainty over the US economy's health is rippling through markets, adding fuel to an already volatile period. Investors are grappling with a shift in Federal Reserve policy, a tight US election, and worries over stretched valuations. US stocks tumbled after closely watched jobs data showed labour market momentum slowing more than expected.
Key economic events to look out for include:
The GBP/USD pair experienced a slight increase, rising 0.2% in the last session. The Stochastic indicator is currently signalling a negative trend.
The BTC/USD pair plummeted by 3% in the last session. The MACD is currently giving a negative signal, aligning with the recent price action.
Oil experienced a marginal increase of 0.1% against the dollar in the last session. The Rate of Change (ROC) indicator is currently giving a negative signal.
The AUD/USD pair gained 0.3% in the last session. However, the Ultimate Oscillator is currently giving a negative signal, suggesting potential caution.
Crypto lobbying has seen a significant increase over the past few years, with key companies like Coinbase driving advocacy efforts to influence US legislators. Coinbase has increased its lobbying expenditure by 3,475% over the past 7 years. In Europe, shares of major luxury goods companies have fallen sharply due to growing concerns over slowing demand in the key Chinese market, following signs of weakening in the world's second-largest economy. OPEC+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in 9 months, adding that it could further pause or reverse the hikes if needed.
Key economic events to look out for include:
The EUR/USD pair rose by 0.3% in the last trading session. The RSI is currently giving a negative signal.
The USD/JPY pair dove 1.1% in the last session. The Ultimate Oscillator is giving a negative signal.
The Gold/USD pair traded sideways in the last session. The MACD is giving a negative signal.
Tesla's stock skyrocketed 4.1% in the last session. The Ultimate Oscillator is giving a negative signal.
The dollar slipped against most major currencies after July US job openings data signalled a softening labour market, tilting the odds further in favour of larger interest rate cuts by the Federal Reserve. Traders boosted expectations that the Fed will deliver a half a percentage point reduction at its next meeting. MSCI's global equities gauge was lower, and safe-haven assets such as Treasuries and Japan's Yen were in demand after a mixed batch of economic data. Wall Street stock trading was choppy after Tuesday's big selloff. US job openings dropped to a 3.5-year low in July, suggesting the labour market was losing steam but probably not enough for the Federal Reserve to consider a big interest rate cut this month. Job openings had fallen by 237,000 to 7.673 million on the last day of July, the lowest level since January 2021.
Key economic events to look out for include:
The BTC/USD pair experienced a 1.6% drop in the last session, despite rising as much as 1.1% during the session. The Stochastic RSI indicates that the market is currently oversold.
Amazon's shares fell by 0.8% in the last session. However, the MACD is currently giving a positive signal.
The AUD/USD pair dove 1.1% in the last session. The Ultimate Oscillator is giving a negative signal.
The Gold/USD pair corrected downwards in the last session, falling 0.1%. The Stochastic indicator is giving a negative signal.
Gold prices have eased to their lowest in more than a week, pressured by a firm dollar. Investors are awaiting US non-farm payrolls data that could influence the Federal Reserve's September policy meeting. Boeing's annual free cash flow target of $10 billion may be delayed by about 2 years to 2027-2028, according to Wells Fargo, which also downgraded the stock. Shares of the Dow component fell more than 8% to a near 2-year low. In the cryptocurrency market, Cardano prices have not reacted positively in recent years after Charles Hoskinson mentioned something negative about Bitcoin. The ADA/BTC trading pair has declined by 75% almost 2 years after Hoskinson questioned Bitcoin's survivability in an interview.
Key economic events to look out for include:
Gold fell by 0.1% against the dollar in the last trading session. Despite the minor decline, the ROC is giving a positive signal.
The EUR/USD pair made a minor upwards correction in the last session, rising 0.2%. The ROC is giving a positive signal.
The GBP/USD pair experienced a minor upward correction, rising 0.1% in the last session. However, the RSI is giving a negative signal.
The BTC/USD pair exploded 3.2% in the last session. The ROC is giving a positive signal, aligning with the significant price increase.
Share markets fell as investors braced for a data-packed week, culminating in a US jobs report that could influence the Federal Reserve's decision on interest rate cuts. Chinese manufacturing activity sank to a six-month low in August, while Eurozone factories continue to struggle. Cryptocurrency exchange-traded funds accounted for 13 of the 25 largest ETF launches in 2024 by year-to-date inflows. Tesla's China-made electric vehicle sales grew 3% in August from a year earlier, with deliveries of its China-made Model 3 and Model Y vehicles rising 177% from July.
Key economic events to look out for include:
The Oil/USD pair experienced a substantial drop of 2.5% in the last session, despite gaining as much as 1.1% during the session. The Commodity Channel Index (CCI) indicates that the market is currently oversold.
The AUD/USD pair traded sideways in the last session. The Commodity Channel Index (CCI) is currently giving a negative signal.
The EUR/USD pair traded sideways in the last session. The Moving Average Convergence Divergence (MACD) is giving a negative signal.
The USD/JPY price remained largely unchanged in the last session. The Ultimate Oscillator is currently giving a negative signal.
A broadening rally in US stocks is offering an encouraging signal to investors concerned about concentration in technology shares. Markets are awaiting key jobs data and the Federal Reserve's expected rate cuts in September. Inflation in the Eurozone fell to its lowest level in 3 years in August, setting the stage for a further cut in the European Central Bank's interest rates next month, despite an Olympics-driven surge in the price of services. Global stocks edged higher in choppy trading to end last week, marking the fourth consecutive month of gains. This comes despite a bout of heavy selling in early August, buoyed by US economic data that has helped the dollar snap a weeks-long losing streak.
Key economic events to look out for include:
Asian equity market performance is mixed today but in most cases the moves are relatively small. The oil price has continued to climb after OPEC’s announcement of a cut in production. However, so far the bounce has only taken prices back to their level of early March. As expected, the Australian central bank left interest rates unchanged at today’s policy update in the first ‘no hike’ announcement since last April. The RBA said that it would assess the impact of previous hikes but warned that more tightening “may well be needed”.
Today’s European Central Bank’s consumer expectations survey will provide an update on how inflation trends are perceived. The last survey showed a decline in both 12 month and longer-term expectations and given the recent weakening in energy prices expectations may have fallen further this time. The ECB is likely to see that as evidence that their interest rate hikes are proving effective. Nevertheless, they will still be mindful that the March CPI data for the region showed a further rise in core inflation despite the decline in headline inflation. So, it remains unlikely that interest rates have peaked.
US factory orders are forecast to have fallen by 0.3% in February. Already released data for durable goods orders, which is about 40% of the total, showed a decline of 1.0% due to another fall in the volatile transport sector. However, non-durable orders are likely to have risen for the second month in a row. The US manufacturing sector, more broadly, continues to underperform other areas of the economy.
There is no data of note in the UK today. However, a couple of Bank of England policymakers are due to speak. One of these is Silvana Tenreyro, who voted against each of the last three interest rate hikes, and so seems likely to point to downside risks for growth and inflation. The other is the BoE’s Chief Economist Pill who has always voted with the majority. Any comments they make on recent developments in the banking sector are likely to command particular attention. Two US Federal Reserve policymakers are also scheduled to speak.
Early Wednesday, the New Zealand central bank will give its latest monetary policy update. Unlike its Australian equivalent it is expected to raise interest rates again (by 25 basis points). Markets are also expecting another 25bp hike at the next update so the RBNZ’s forward guidance will also be interesting. Meanwhile, in Australia RBA Governor Lowe will follow up on today’s policy announcement with some comments on why they stood pat.
US Treasury and UK gilt yields fell on Friday after the lower-than-expected US inflation news. However, US yields have rebounded this morning following the OPEC announcement. In currency markets, sterling, after moving up slightly against the euro on Friday is again higher this morning, but it has slipped against a generally firmer US dollar.
Open a live account and start trading in just minutes.
Fund your account using a wide range of funding methods.
Access 1000+ instruments across all asset classes
