The EUR/USD pair has remained stable around 1.1077, with investors holding back and conserving their energy in anticipation of crucial employment data from the United States. The ADP private sector jobs report, which is due today, is expected to provide a general sense of market sentiment. The market will also closely watch the weekly unemployment
Development
The recent data from the Labor Department indicates a decline in the number of Americans filing new applications for jobless benefits, suggesting that layoffs remain low. This development alleviates concerns about the deterioration of the labor market and allays fears of a looming recession. The weekly jobless claims report also shows a reduction in unemployment
The recent spike in unemployment in July has left economists puzzled, with Arch Capital Chief Global Economist Parker Ross suggesting that temporary layoffs may have been a key factor. This has raised concerns about the stability of the labor market and its implications for future job reports. The upcoming August jobs report may shed more
Silver price (XAG/USD) faces selling pressure near $27.90 during the early European trading hours. The renewed US Dollar (USD) demand weighs on the USD-denominated Silver price. Traders are closely watching the highly-anticipated US Nonfarm Payrolls (NFP) report on Friday, which could have an impact on the white metal price. China’s service activity growth slowed in
The USD/JPY pair has experienced a slight increase, reaching 145.95 on Wednesday morning. This movement represents a rebound from two-week lows; however, it is premature to predict a significant reversal in the trend given the current economic conditions. Market participants are exercising caution as they await the release of crucial US employment market data for
China’s economic landscape is a complex web of interconnected factors, with the latest data from the Milken Institute’s best performing cities China index revealing a mix of winners and losers among the country’s urban centers. Hangzhou, home to tech giants like Alibaba, has emerged as a top performer in the rankings, showcasing the benefits of
Economists are anticipating an upward trend in the ISM Manufacturing PMI from 46.8 in July to 47.8 in August. Despite the manufacturing sector contributing less than 30% to the US economy, positive figures could potentially support the notion of a soft landing for the US economy. Investors will be closely monitoring the subcomponents of the
Upon closer examination of the BTC/USD chart, it is evident that Bitcoin’s price is currently facing a critical juncture. The analysis reveals that the cryptocurrency is navigating within two distinct channels: a bullish channel that originated in 2023 amidst rumors of Bitcoin ETF approval, and a bearish channel that materialized in March 2024 following the
China recently made headlines for its first attempt at a top-tier video game with Black Myth: Wukong, an action game based on mythological China. The game managed to sell over 10 million units within three days of its launch in August. This success has been seen as a significant milestone for the Chinese gaming industry,
The recent US PCE report has caused a stir in the financial markets, particularly in relation to the Federal Reserve’s policy on interest rates. There is now an increased likelihood of a rate cut in September, with traders betting heavily on a 25 basis point reduction. This cautious approach by the Fed has led to
Gold has been struggling to break through the $2525 resistance level on the spot market for the past couple of weeks. Despite several attempts to rally above this price point, it seems to have hit a glass ceiling that it cannot seem to break through. The increasing frequency of rallies and decreasing pullbacks indicate significant
Chinese President Xi Jinping recently emphasized the importance of finding “a right way” for the United States and China to get along. Despite the growing tensions between the two countries in various sectors, Xi reiterated China’s commitment to a stable and healthy relationship with the U.S. during a meeting with U.S. national security advisor Jake
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