Monthly Archives: October 2024
Oil Prices Bolster by Heighten Geopolitical Tension
Written on October 14, 2024 at 6:20 am, by
Market Summary Oil prices surged by nearly 4% in the last session, reaching a near two-month high as the confrontation between Israel and Iran-backed militaries escalated, sparking concerns over potential supply disruptions in the region, which accounts for a significant portion of global crude production. In contrast, gold prices remained stable, hovering above the $2,640Continue Reading
U.S. Jobs Report Boosts Dollar: Is a Rebound Ahead?
Written on October 14, 2024 at 6:19 am, by
Market Summary The Dollar Index surged to a seven-week high, driven by strong U.S. economic data, with Nonfarm Payrolls hitting 254,000 and the Unemployment Rate dropping to 4.1%. This data diminished expectations for a 50-basis-point rate cut, bolstering the dollar but weighing on gold as the stronger dollar overshadowed the metal’s safe-haven appeal. Oil pricesContinue Reading
Pound Lose Ground on BoE Dovish Tone
Written on October 14, 2024 at 6:17 am, by
Market Summary The Pound Sterling fell sharply yesterday, with the Pound Sterling Index (BXY) dropping more than 2% following a dovish statement from BoE Governor Andrew Bailey. Bailey indicated that the Bank of England is prepared to implement rate cuts if UK inflation shows signs of easing. Similarly, the Japanese Yen remained under pressure, asContinue Reading
