ForexMart's Forex News

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  1. #191
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    ForexMart's Forex News
    Gold is stalling, but it is saving up strength for a breakthrough

    In recent days, the mood of the yellow asset has been very changeable. Gold fell on Monday, rose slightly on Tuesday, collapsed to a 2-week low on Wednesday, and again found the strength to get up on Thursday.

    The decline in gold in the middle of the working week was significant. Against the background of the strengthened dollar and the growing yield of 10-year US bonds on Wednesday, the quotes dived to the lowest level since July 8, and barely managed to stay above the psychological mark of $1,800.

    However, everything changed yesterday. The dollar was unable to maintain some of its positions. The opposite dynamics was also demonstrated by the bond yield. The indicator moved down after the release of data on the US labor market.

    The published statistics turned out to be worse than forecasts. During the week, the number of applications for unemployment benefits in the United States increased by 51 thousand and reached the maximum value since May of 419 thousand. Meanwhile, analysts expected the indicator to decrease to 350 thousand.

    Weak data on the labor market indicate that the Fed will refrain from curtailing incentives and raising interest rates in the near future. This is a wake-up call for the dollar, but a good signal for gold.

    Having received support, the yellow asset closed at $1,805.40 on the New York COMEX Exchange yesterday. The difference from the previous trades was $2, or 0.1%.

    Other popular metals have also grown synchronously with gold. Silver rose 0.5%, rising to $25.38. Copper added 1.5% and traded at $4.34. Platinum jumped 1.4%, reaching $1,090.60. The cost of palladium gained 1.9% and amounted to $2,704. 60.

    Analysts note that the general optimism in the markets contributed to the upward movement of metals, while for gold, on the contrary, it is a deterrent factor. For this reason, the asset has been stalling in a very narrow price range for a long time.

    This week, the boundaries of the corridor have narrowed even more. Now, gold is swinging sluggishly between the marks of $1,795 and $1,805. Asset prices show extremely low volatility. However, according to experts, this is a positive sign.

    ActivTrades analyst Carlo Alberto De Casa says that the current consolidation gives gold an excellent opportunity to recover in the coming days, but on the condition that the US currency does not strengthen.

    Meanwhile, this morning, the metal quotes remain apathetic and remain stable. Prices that have not shown a single dynamics since the beginning of the week, and under its curtain can not decide on the direction of movement.

    At the time of preparation of the material, the value of the yellow asset has decreased insignificantly – by 0.05%. At the same time, bullion remained above the key level, falling to the level of $1,804.5.

    Analysts are confident that next week, the apathy should be replaced by more intense traffic. The meeting of the US Federal Reserve, which is scheduled for July 27-28, will be able to stir up the quotes. Investors are waiting for new comments from the regulator on its monetary policy. Each meeting of the Federal Reserve has an impact on the dollar exchange rate, which is reflected in the value of the precious metal.
    Regards, PR-Manager ForexMart

  2. #192
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    July 26. China was suspected of wanting to completely ban bitcoin

    Bobby Lee, one of the first crypto billionaires in China and the founder of the BTC China crypto exchange, says that he does not rule out the possibility of the Chinese authorities introducing a complete ban on the storage of bitcoin and other cryptocurrencies.

    In his interview, Lee noted that the Chinese authorities have declared war on bitcoin due to their unwillingness to deal with an unregulated financial instrument. Lee also advised miners to sell their hardware before it dropped dramatically.

    At the same time, the entrepreneur is still optimistic about the future of bitcoin. Lee believes that the rate of the most popular cryptocurrency in the current year can grow to $250 thousand, and by 2025 – to one million dollars. The billionaire stressed that Bitcoin's success has never depended on China or any other country.

    Recall that in mid-July, the bitcoin rate fell below $30 thousand. A similar dynamic was associated with news from China, which banned large financial institutions in the country from conducting operations with cryptocurrency. However, then the cryptocurrency rate recovered and approached $40 thousand amid growing interest in the asset from Elon Musk, Katie Wood and Amazon.
    Regards, PR-Manager ForexMart

  3. #193
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    July 27. Chinese stocks are hitting the worst crash since 2008

    According to the results of the last two trading sessions, shares of Chinese companies listed in the United States have experienced their strongest decline since 2008. In particular, the Nasdaq Golden Dragon China Index, which tracks quotations of 98 organizations from China, fell by almost 15% in two days.

    A panic sell-off has swept the stock market amid wider regulatory crackdown on tech companies and China's IT sector. Moreover, on Monday, the authorities announced a reform in the field of out-of-school education and the introduction of new requirements for food delivery services.

    Hong Kong's Hang Seng Index fell 4.42% to 25.060, while its tech index fell 6.7% to its lowest level in more than a year. The iShares MSCI China A ETF fell 4.0% and the Shanghai Shenzhen CSI 300 fell 3.5% to its lowest level since October.

    In addition, the Chinese application WeChat temporarily stopped user registrations, and the company that owns the service, Tencent, lost more than $ 100 billion in market value in two days.
    Regards, PR-Manager ForexMart

  4. #194
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    July 28. ME shares rise amid recovery in Chinese exchanges

    Emerging market equities rallied Wednesday after declining 5% in the previous three sessions. The reason for the strengthening was the completion of sales in the Chinese stock markets. Now the focus of market participants' attention is the results of the meeting of the US Federal Reserve System, at which, possibly, signals about the curtailment of incentives will sound.

    The MSCI Emerging Markets Index climbed 0.5%. Exchanges in Turkey and Eastern Europe rose 0.4-0.6%. Additional support for emerging market currencies was brought by the general weakness of the US dollar and a narrow range of its fluctuations ahead of an important meeting of the regulator.

    In particular, the Chinese yuan rose for the first time in five sessions, to 6,512.

    The Turkish lira rose to 8.5665. The Hungarian forint retreated from three-month lows after the central bank raised rates by 30 basis points to 1.2%, stronger than expected. The South African rand rose to 14.8203.
    Regards, PR-Manager ForexMart

  5. #195
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    July 29. Data on US inventories supported oil prices

    On Thursday, oil prices began to rise, supported by data on declining US energy inventories. The current price of Brent oil is $74.65 per barrel, WTI oil is $73.27 per barrel.

    According to data from the US Department of Energy, oil reserves in the United States fell by 4.1 million barrels last week – to the lowest level since January 2020. At the same time, gasoline stocks decreased by 2.3 million barrels, distillates – by 3.1 million barrels. Reserves in Cushing, where oil traded on the Nymex is stored, decreased by 1.3 million barrels over the week.

    Analysts predicted a decrease in hydrocarbon reserves by 2.5 million barrels, gasoline – by 1.3 million barrels, distillates – by 1.6 million barrels. Experts note that the decline in oil, gasoline and distillate stocks in the United States suggests that energy demand in the country remains high, despite the renewed increase in the incidence of Covid.

    At the same time, it is expected that global oil reserves will continue to decline throughout the remainder of this year against the backdrop of economic recovery in countries that are major energy consumers.
    Regards, PR-Manager ForexMart

  6. #196
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    in ro ham eslah kon:
    July 30. US stock indices decline on macroeconomic statistics

    Major US stock indexes are falling on Friday after the publication of statistics on GDP and personal income.

    In particular, the Dow Jones Industrial Average fell 0.26% to 34.981 points, the NASDAQ high-tech index fell 0.92% to 14.645,9 points, and the S&P 500 broad market index fell 0.50% to 4.397,6 points.

    Market participants analyze US macroeconomic data. A day before the country's Ministry of Commerce published statistics on GDP, which came out worse than analysts' expectations. In the second quarter, the US economy grew 6.5% year-over-year, while analysts had forecast 8.5% growth.

    Today, the US Department of Commerce published data according to which incomes of the country's population in June increased by 0.1% versus May, although experts had expected a decline of 0.3%. Consumer expenses in the reporting period increased by 1% against the forecast of growth by 0.7%.

    Additional interest today is caused by statistics on consumer sentiment from the University of Michigan: according to the final estimate, the index fell to 81.2 points from the June level of 85.5 points. Analysts had expected the indicator to remain at the level of the initial estimate, which showed a decline to 80.8 points.
    Regards, PR-Manager ForexMart

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