The gold price (XAU/USD) has been facing significant selling pressure for the second consecutive day, resulting in a drop to a two-week low. This downward trend can be attributed to technical selling activities. However, the decline is expected to be limited due to certain supporting factors in the market. One such factor is the growing
Development
The ongoing household spending trends in Q2 2024, with a decline of 1.2% in April and 0.3% in May, paint a worrying picture for the economy. Weak consumer spending could potentially signal a reduction in demand-driven inflationary pressures. This could further contribute to a quarterly contraction, creating a challenging macroeconomic environment for rate hikes. The
The EUR/USD pair has been struggling to clear the 1.0950 resistance level and has subsequently declined against the US Dollar. Despite some attempts to break above this level, the pair failed to do so and started a fresh decline below the 1.0900 support. This downward movement led to a breach below the 1.0875 support and
The U.S. Treasury yields experienced a slight dip recently, as investors closely monitor the economic outlook in anticipation of key data releases. Of particular interest are the upcoming second-quarter GDP figures and June’s personal consumption expenditures price index, which serves as the Federal Reserve’s preferred inflation gauge. These reports will provide valuable insights into potential
Windrose, a Chinese electric truck startup, is planning to establish a U.S. assembly plant for its semi-trucks to cater to the American market directly from 2025. This move by Windrose signifies a bold challenge to Tesla, a prominent player in the electric vehicle sector. The founder and Chief Executive, Han Wen, revealed this plan in
The upcoming economic indicators, including the Jibun Bank Services PMI and Tokyo’s core inflation rate, are crucial factors that could influence the Bank of Japan’s policy decisions on July 31. A higher-than-expected PMI in the services sector could potentially signal a recovery and justify a rate hike to strengthen the Japanese Yen. Similarly, an increase
The NZD/USD pair is currently facing a substantial downturn, hovering around 0.5996. This decline can be attributed to a multitude of factors, including recent global political developments and domestic monetary policy expectations. The surprising announcement by US President Joe Biden that he will not be seeking re-election in 2024 has unexpectedly boosted the US dollar.
China’s decision to cut short and long-term rates by 10 basis points came as a surprise to many analysts. The move was unexpected, especially considering that the People’s Bank of China had previously been guiding bond yields higher. Ben Bennett, Head of Investment Strategy for Asia at LGIM in Hong Kong, emphasized the timing of
The upcoming setting of China’s one-year and five-year Loan Prime Rates (LPR) by the People’s Bank of China (PBoC) could potentially have a significant impact on the Australian economy. Economists are expecting the LPRs to remain steady at 3.45% and 3.95% respectively. However, any unforeseen rate cuts could lead to increased demand for the Australian
Netflix, Inc. reported a substantial increase in its second-quarter earnings, showcasing its dominant position in the streaming industry. The company exceeded expectations by reaching 277.65 million global paid memberships, marking a significant 16.5% year-over-year growth. Additionally, revenue surged by 17% to $9.56 billion, driven by a combination of membership expansion and a remarkable 34% increase
Recent statements from top Chinese officials have highlighted the country’s commitment to focusing on its own affairs amidst escalating trade tensions with various nations. Han Wenxiu, deputy director at the Chinese Communist Party’s central committee office for financial and economic affairs, emphasized the importance of concentrating on internal matters to ensure the smooth running of
Gold prices in the Philippines saw a decline on Thursday, according to data compiled by FXStreet. The price for Gold dropped to 4,580.42 Philippine Pesos (PHP) per gram, compared to 4,607.54 PHP on the previous day. Similarly, the price per tola decreased to 53,425.16 PHP from 53,741.41 PHP. These fluctuations in Gold prices can have
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