The recently published PMI Manufacturing indices for several countries, including the US, have turned out to be disappointing. The Final Manufacturing PMI for the US came in at 51.3, slightly above the expected value of 50.9 but still lower than the previous value of 50.9. Similarly, the ISM Manufacturing PMI for the US was reported
Selling
Billionaire investor Bill Ackman has taken a major step by selling a 10% stake in Pershing Square, a move aimed at eventually making his investment firm public. The fundraising round saw the company raise $1.05 billion, representing 10% of the management company and suggesting a valuation of $10.5 billion. The investors involved in the deal
In light of recent comments from FOMC members Michael Barr and Raphael Bostic, it is evident that there is a growing sentiment within the Federal Reserve for a more cautious approach towards rate cuts. Despite this, the market is still pricing in a September rate cut, albeit with slightly reduced confidence. This shift in sentiment
AUDCAD has continued its upward trajectory, surpassing the 0.9100 mark and reaching a 14-month high of 0.9125. Despite facing challenges in breaking through the multi-month high, technical indicators such as the RSI and MACD remain in positive territory. The RSI hovers just below the 70 level, while the MACD maintains its positive momentum above both
Gold prices have surged to fresh highs, breaking above a previous sideways channel. The 20- and 50-day simple moving averages have also started to tick up, indicating a bullish trend. Both the MACD and RSI are suggesting more upside pressure in the market, with the MACD showing positive momentum above its trigger and zero lines.
Silver has recently surged above the $29.8 mark, reaching new highs not seen since January 2021. However, this surge was met with selling pressure, causing the price to pull back to $29.40. Despite this setback, the price of silver does not appear to be overheated. On the daily timeframes, it has just entered overbought territory
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The DXY Index is currently experiencing mild losses at 105.35, indicating a modest bearish trend. Market attention is focused on conservative Fed comments and April inflation expectations, which could potentially shape the US Dollar outlook. As bets on the Fed remain stable, they also provide support to the USD, despite the slight decrease in value.
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