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The global market reacts to various developments, including Tesla's profit miss, China's interest rate cut, Bernard Arnault's net worth decline, and typhoon Gaemi's impact. The Mt. Gox compensation, Lineage Inc.'s IPO, and Netanyahu's speech in the US Congress also influence market dynamics. European banks' mixed performance, Canada's rate cut, and Russia's sanction issues add to the market fluctuations, along with South Korea's GDP contraction and stable oil prices.
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USD/JPY is under selling pressure around $153, a three-month low, as expectations of a Bank of Japan interest rate cut support the Yen. The focus is on the advanced US Q2 GDP. Mixed US PMI data and a dovish Fed stance add to the selling pressure on the USD.
Market Review | July 25, 2024
Market Review | July 25, 2024
In the coming months, OPEC+'s decisions, U.S. political dynamics, Iraq's energy policy adjustments, and China's economic policy changes will have a profound impact on the global oil market. Investors and analysts need to closely monitor these dynamics to better understand and predict market trends.
Tesla faces ongoing struggles with profit misses, impacting its stock and investor confidence. Meanwhile, Alphabet Inc.'s strong Q2 earnings highlight robust demand in cloud services and advertising. Political developments in the US, with Vice President Kamala Harris rallying support, and India's budget aimed at job creation reflect significant economic shifts. Natural disasters and corporate news, such as Boeing's resumed 737 Max deliveries and Citi's upgrade of Coinbase, also influence market
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As the forex market has been dull in recent sessions, the PMI readings from the U.S., U.K. and eurozone today may be a catalyst to stimulate the market.
Gold prices are set to rise, driven by a busy U.S. economic schedule and interest rate cut expectations. Rebounding above $2,400 due to India's import tax cut, gold is poised for further gains. Bullish RSI indicates strong momentum, with key resistance at $2,412 and $2,450, and an all-time high of $2,483 in sight. Support levels are at $2,384 and the 50-day SMA at $2,359.
Market Review | July 24, 2024
Market Overview | July 24, 2024
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Gold is experiencing a bullish trend, driven by expectations of Federal Reserve rate cuts and economic uncertainties. Key events like CPI data, ECB rate decisions, and U.S. jobless claims are influencing gold's appeal as a safe-haven asset. Investors are closely monitoring these indicators for further direction on gold prices.
Global Market Reactions to Key Political, Economic, and Corporate Developments
The Bank of Japan is in a complex and highly sensitive decision-making environment and must find a balance between controlling inflation and supporting economic growth. Although inflation continues to rise, reaching 2.6%, exceeding the central bank's target, the decline in real wages and weak consumption pose challenges to the decision to raise interest rates. Market expectations for the central bank's interest rate hike are inconsistent, and the fluctuations in the yen exchange rate and governm
On Monday (July 22), as the market digested the impact of Biden's withdrawal, the US dollar index closed slightly lower
Wall Street rallied in the last session as investors anticipate earnings reports from mega-caps including Alphabet and Tesla, due later today.
The USD/JPY pair is trading below 157.00, with the Japanese Yen strengthening due to risk-off sentiment in the Asian session. The pair is now focused on potential Japanese intervention and upcoming US economic data. On Monday, USD/JPY fell over 0.20% and is currently at 156.96, with a bearish outlook for potential further declines.
Market Review | July 23, 2024