Monthly Archives: June 2024

Dollar Hammers By Soft U.S. Job Data

Written on June 10, 2024 at 6:00 am, by

Market Summary The ADP Nonfarm Employment Change data released yesterday provided a preview of the highly anticipated Nonfarm Payroll report due on Friday. The dollar tumbled to its lowest level in two months following the disappointing job data, which reinforced bets on a Federal Reserve rate cut. This speculation of a dovish shift in FedContinue Reading

Oil Plummet On U.S. Crude Inventory Surge

Written on June 10, 2024 at 5:57 am, by

Market Summary Oil prices experienced their steepest decline of 2024, dropping over 5%, following the release of the American Petroleum Institute (API) weekly crude data, which revealed an unexpected inventory build-up exceeding 4 million barrels. This surprise data, coupled with OPEC+’s decision to increase oil supply in the fourth quarter, exerted significant downward pressure onContinue Reading

Soft PMI Reading Hammers Dollar Lower

Written on June 10, 2024 at 5:55 am, by

* U.S. Dollar continued to slide as the PMI readings came short. * Seeking today’s JOLTs job opening data to gauge the dollar’s strength.  * Gold traded within its sideways range despite the dollar having been weakening. Market Summary The U.S. dollar remained on a downward trajectory following the release of yesterday’s PMI readings, whichContinue Reading

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