The Chinese electric car company Nio recently unveiled its new, lower-priced brand, Onvo, with the first car being an SUV called the L60. This new model is set to be about $4,000 cheaper than Tesla’s comparable Model Y, making it an attractive option for those looking to enter the electric vehicle market without breaking the
Development
The upcoming economic data presents a challenging situation for Federal Reserve chairman Jerome Powell. While there may be some temporary relief in the data, the persistent signs of sticky inflation and above-trend growth are likely to overshadow any positive developments. According to Phillip Colmar, managing partner and global strategist at MRB Partners, the underlying trend
The AUD/USD pair has climbed to 0.6620, driven by a positive market mood and a weakening US Dollar. Despite the release of stubborn US PPI data, the appeal of the US Dollar has failed to gain traction. US Dollar Vulnerability The US Dollar Index (DXY) has dipped towards the crucial support level of 105.00 against
Gold price saw an increase in trading activity on Tuesday, despite the consolidation of the US Dollar. The current market sentiment is cautiously optimistic, but there are potential factors that could impact the price of gold in the near future. Traders are waiting on the sidelines ahead of key US inflation data that is set
The recent survey released by the Federal Reserve Bank of New York showed that Americans are increasingly concerned about inflation. The survey indicated that consumers expect inflation to reach 3.3% a year from now, up from March’s 3%. Additionally, they anticipate inflation to be at 2.8% three years from now. This growing apprehension about rising
The week is off to a positive start on Wall Street, with Dow futures edging higher and setting a positive tone for trading. As the market eagerly awaits the release of key inflation data, the trading ranges are expected to be narrow, indicating a cautious approach among investors. The recent optimism in the market has
The gold price (XAU/USD) started the new week on a positive note, hovering around $2,360 on Monday. This upward movement can be attributed to the rising geopolitical tensions in the Middle East, which have led to an increase in safe-haven flows benefiting precious metals. However, the hawkish comments from several US Federal Reserve (Fed) officials
It has been reported that Chinese companies have secured a significant number of bids in Iraq’s oil and gas exploration licensing round. As of now, Chinese companies are the only foreign players to win bids, acquiring licenses for 10 oil and gas fields. This dominance raises questions about the involvement of other international players in
The recent downgrade in inflation forecasts by the central bank has added to the overall dovish tone in monetary policy decisions. The projections indicate that inflation is expected to reach the 2.0% target in Q2 of this year, with a subsequent increase to approximately 2.6% in the second half of the year. However, these figures
Gold price has witnessed a solid increase, surpassing the $2,320 mark against the US Dollar. The price action reveals a bullish trend as it broke a key descending channel with resistance at $2,315. The bulls were able to push the price above the $2,345 level and the 50-hour simple moving average, reaching as high as
Gold prices experienced a significant increase on Friday, marking their strongest week since early April. The surge was driven by disappointing U.S. employment figures, which have heightened expectations for Federal Reserve interest rate cuts in the near future. Spot gold rose by 1.1% to $2,372.16 per ounce, reaching a two-week high. This uptick resulted in
The recent economic data has sent gold prices on the rise, with investors betting on a potential interest rate cut from the Federal Reserve. This week, spot gold gained 0.2% reaching $2,350.87 per ounce, hitting a more than two-week high. The increase in prices this week has marked a 2.2% rise so far. U.S. gold
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