OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events. Firstly, OPEC+ members did not extend the voluntary cuts of 2.2 million bpd till end of 2024 but instead only until Q3 2024, oil prices reacted negatively due to incoming influx of more supplies after September 2024….
Investing.com– Most Asian currencies kept to a tight range on Tuesday, while the dollar hovered near two-month lows as weak economic readings fed expectations of eventual interest rate cuts by the Federal Reserve. But traders still remained wary of risk-driven Asian markets, with key U.S. labor data, due this week, set to offer more cues…
Arbitrum Price Forecast: June 4ARBUSD is now set for the next bullish pattern cycle and a swift increase is envisaged by the bulls to follow soon. Therefore, a bullish triumph above the $2.406 high mark will encourage the buy investors for a longer correction and this might reach a high at the $2.500 upper supply…
The latest round of U.S. manufacturing PMI releases showed a mixed picture, with S&P Global revising its initial readings higher while the closely watched ISM PMI showed a deeper contraction than the markets had expected: S&P Global final manufacturing PMI jumped from 50.0 to 51.3 in May (vs. 50.9 initial reading) ISM’s manufacturing PMI slipped…
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not…
WTI price lost ground as OPEC+ intends to phase out production cuts of 2.2 million barrels per day over 2025. The US is purchasing an additional 3 million barrels of Oil for the country’s Strategic Petroleum Reserve. Oil prices may struggle further due to the expectations of the Fed maintaining higher rates for longer. West Texas…
The WTI crude oil futures contract has broken below the key 76.01 support level, plunging as low as 73.65 in recent trading sessions. This technical breakdown suggests that the broader downtrend from the 87.07 high on April 5th has resumed. Further Downside Risks Emerge Following the break of the 76.01 support, the next key downside…
The world of financial markets can feel like a whirlwind of charts, numbers, and technical jargon. But fear not, intrepid trader! Today, we’ll be delving into a powerful tool that can help you navigate these complexities – the Moving Average Convergence Divergence (MACD) indicator on your MetaTrader 5 (MT5) platform. Whether you’re a seasoned veteran…
Gold climbs over 0.80% after hitting a daily low of $2,314. Mixed US economic data and stable PCE inflation raise hopes for Fed rate cuts. US Treasury yields drop, extending Greenback’s losses for the third consecutive day. Gold climbed more than 0.80% after US Treasury bond yields dropped following the release of mixed data from…
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