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Market Review | July 23, 2024
Forex trading, also known as foreign exchange trading, is the act of buying and selling currencies in the global market. With over $6 trillion traded daily, it’s the largest and most liquid market in the world. Whether you're a seasoned trader or a beginner, this guide will provide valuable insights to help you succeed in forex trading in 2024.
FBS proudly holds the prestigious title of the Best Trading Application in Asia for 2024, awarded by World Business Outlook. The FBS app is designed for traders who value time, simplicity, balance management, and comprehensive analytics. This all-in-one mobile trading application allows users to trade on the go, offering access to 550+ trading instruments and rapid order execution from just 0.01 seconds.
In general, Biden's withdrawal and support for Harris have undoubtedly brought new uncertainty to the market. The fluctuations in the cryptocurrency and gold markets reflect investors' different expectations for future policy directions. As the election approaches, market volatility may further intensify, and investors need to closely monitor political dynamics and their impact on the market.
This week's key economic events include China's loan prime rate, Indian Union Budget, German Ifo Business Climate Index, and U.S. GDP data, along with U.S. existing and new home sales. These events will significantly impact major currency pairs like EUR/USD, GBP/USD, and USD/JPY, influencing market volatility and trader sentiment based on economic health indicators and central bank policies.
President Biden's withdrawal from the 2024 race, China's new housing model and developer crisis, and the strength of the Singapore dollar are impacting global markets. Australia's reverse mortgage use is up, Taiwan's top tech fund is bullish on AI, and geopolitical tensions ease between the Philippines and China. Major corporate moves include Woodside Energy's acquisition, Boeing's internal reforms, and India's auto market growth. Additionally, the UK and Indian central banks face scrutiny over
Biden's withdrawal from the upcoming U.S. presidential election has thrown a stun grenade into the market, with most asset classes standing pat as investors digest the event.
Last Friday (July 19th), investors were concerned about digital currencies due to global network failures
Market Review | July 22, 2024
Market Overview | July 22, 2024
USD/JPY trades below 157.50 due to Yen strength after warnings from Japanese authorities, despite US Dollar strength and rising US Treasury yields. Suspected intervention pushed the pair to a one-month low, with traders cautious of further actions. Slight improvements in US Treasury yields support the Dollar, but expectations of a Federal Reserve rate cut in September may limit gains.
From July 2 to 6, DBG Markets organized a wonderful training and team-building event in Hanoi. This event aimed not only to enhance the trading skills of IBs and clients but also to strengthen the cohesion of the DBG Markets family, bringing more warmth and joy.
Exclusive Invitation: GTCFX Dubai Golf Retreat
On July 19th, the gold market experienced significant fluctuations on Friday, with spot gold prices temporarily falling below $2,430 per ounce, a daily decline of 0.62%. At the same time, spot silver also fell by 1%, trading at $29.51 per ounce. On the COMEX gold futures market, huge trades occurred frequently, for example, within just one minute, there were hundreds of contracts traded, with a total value reaching hundreds of millions of dollars.
Global Market Impacts from Political, Economic, and Corporate Developments
On Thursday (July 18th), due to the Philadelphia Fed's manufacturing index for July being higher than expected
Wall Street Faces Headwind and Plummet
AUS GLOBAL, as sponsor of Real Betis, congratulates Pezzella and Guido Rodríguez on winning the Copa America with Argentina, another great achievement for the club and the national team!
The latest S&P Global US Manufacturing PMI for June 2024 has been revised to 51.6, slightly lower than the expectation of 51.7 but up from 51.3 in May. In its most recent decision in June, the Bank of Canada (BoC) reduced its key interest rate by 25 basis points, lowering it from 5% to 4.75% in response to easing inflation indicators. In the first quarter of 2024, the US economy expanded at an annualized rate of 1.4%, slightly surpassing market expectations of 1.3%. This growth marked a...
Market Review | July 19, 2024