Mitrade_official

Mitrade_official

After the high-profile seizure of the First Republic Bank, JPMorgan has agreed to pay $10.6 billion to US regulators for taking over the bank. Meanwhile, JPMorgan Chase’s stock price rose 2.14% to $141.20. As other major markets were closed for the holidays, the S&P 500 slipped 1 point to 4,167. The Nasdaq 100 declined 14 points to 13,231, and the Dow Jones...

Mitrade_official

Last night, the US quarter-on-quarter GDP growth rate was at 1.1% - noticeably lower than Mitrade's expectations of 2.0%. On the other hand, the labor market strengthens as the Initial Jobless Claims reading decreases to 230,000. Germany and Canada will announce their GDP data tonight, with the market estimating lower readings at 0.3% and 0.2% respectively....

Mitrade_official

Later tonight, US quarter-on-quarter GDP growth is expected to slow from 2.6% to 2.0%. But with a high inflation rate and multiple Fed officials proposing more rate hikes, the US is expected to raise interest rates by 25 basis points next week. USD/CAD edged up 8 pips to 1.3635, and USD/JPY slipped 10 pips to 133.66. EUR/USD rose 67 pips to 1.1040, and GBP/USD...

Mitrade_official

The clash between two major military leaders in Sudan led to a massive evacuation of foreign diplomats and residents. Locals and refugees from other countries will have to seek shelter elsewhere. Growing instability saw spot gold recover HKEX:6 to HKEX:1 ,989.11 an ounce, and WTI oil futures edge up $0.89 to $78.76 a barrel. Bitcoin and Ethereum fell to ...

Mitrade_official

As recent inflation levels fail to meet major central banks’ targets, investors expect further interest rate increases. After hitting a near-record high, spot gold plunged HKEX:17 to HKEX:1 ,983.64 an ounce. WTI oil futures edged up $0.50 to $77.87 a barrel. Bitcoin and Ethereum are currently trading lower at HKEX:27 ,724.0 and HKEX:1 ,870.79...

Mitrade_official

Tesla's stock price dropped 9.75% to $162.99, as quarterly earnings of $23.3 billion fell short of Mitrade's estimates. Meanwhile, the SpaceX rocket test flight had positive feedback despite exploding before reaching orbit. The Nasdaq 100 declined 102 points to 12,985. The S&P 500 declined 24 points to 4,129, and the Dow Jones Industrial Average slipped 110...

Mitrade_official

The UK's year-on-year inflation rate in March slowed from 10.4% to 10.1%, higher than the expected 9.8%. On the other hand, the Eurozone year-on-year increase remained at 6.9%. The persistently high price levels are likely to convince major central banks to keep raising interest rates. GBP/USD then added 17 pips to 1.2438, and EUR/USD fell 17 pips to 1.0954....

Mitrade_official

Later tonight, annual inflation levels in the UK and the Eurozone have projected slowdowns to 9.8% and 6.9% respectively. Meanwhile, GBP/USD rose 50 pips to 1.2424, and EUR/USD gained 45 pips to 1.0971. Canada’s month-on-month core inflation readings for March CPI recorded a 0.6% increase, higher than Mitrade's projections of 0.4%. USD/CAD then slid 5 pips to...

Mitrade_official

The US dollar and Treasury yields continued their recovery run supported by resilient economic data and hawkish Fed speaks. The dollar index is trading higher at 102.05, and the 10-year Treasury yield rose to 3.591%. This has diluted the yellow metal’s safe-haven demand, with spot gold declining HKEX:9 to HKEX:1 ,995.18 an ounce. Later tonight, Mitrade expects...

Mitrade_official

Although many major central banks have stopped raising interest rates in 2023, the US Federal Reserve is determined to keep increasing rates until meeting the inflation target of 2.0%. Recent hawkish comments from Fed officials and resilient retail sales data have increased the chances for more rate hikes in the incoming months. The US dollar strengthened against...

Mitrade_official

UK national production in March recorded zero percent growth and a 0.1% three-month increase. Meanwhile, GBP/USD advanced 39 pips to 1.2520. EUR/USD climbed 55 pips to 1.1044, and AUD/USD surged 93 pips to 0.6781. US initial jobless claims increased to 239,000 in March, exceeding Mitrade's estimates of 232,000. USD/CAD plunged 104 pips to 1.333, and USD/JPY...

Mitrade_official

The Bank of Canada has maintained its interest rate at 4.50% for the third consecutive month. Meanwhile, US inflation data are lower than expected, with the year-on-year inflation rate slowing from 6.0% to 5.0%. USD/CAD declined 28 pips to 1.3438, and USD/JPY fell 53 pips to 133.20. EUR/USD rose 79 pips to 1.0989, and GBP/USD added 57 pips to 1.2481. Australia...

Mitrade_official

As the market awaits tonight’s US inflation data, investors continue to anticipate further easing in price levels, with year-on-year readings in March dropping from 6.0% to 5.2%. Meanwhile, the greenback weakened against other major currencies. EUR/USD climbed 51 pips to 1.0910, and GBP/USD advanced 43 pips to 1.2424. AUD/USD added 13 pips to 0.6650. The Bank of...

Mitrade_official

The March readings for US Nonfarm Payrolls slightly missed Mitrade's estimates at 236,000, while the unemployment rate lost 0.1% to 3.5%. Although the results ended a 12-month streak for an overachieving labor market, they still indicate a resilient US market. On Wednesday night, the year-on-year inflation rate for March is expected to slow down from 6.0% to...

Mitrade_official

The private report on the US labor market indicated only 145,000 jobs were added in March, considerably lower than Mitrade's expected figure of 200,000. As a result, the market worries over Friday’s official nonfarm payrolls report. Meanwhile, EUR/USD declined 52 pips to 1.0901, and GBP/USD fell 44 pips to 1.2457. AUD/USD lost 31 pips to 0.672. USD/CAD added 13...

Mitrade_official

Later today, the Reserve Bank of Australia will announce its interest rate decision. As the market expected yet another no-change decision, AUD/USD surged 100 pips to 0.6785. EUR/USD advanced 56 pips to 1.0895, and GBP/USD increased 78 pips to 1.2411. The US JOLTs Job Openings will also be available tonight, with Mitrade anticipating job supply falling to 10.4...

Mitrade_official

Last Friday, the UK annual GDP reading for February was 0.6%, higher than the expected 0.4%. Canada's monthly national production increased by 0.5% in January, exceeding Mitrade's estimates of 0.3%. However, GBP/USD fell 50 pips to 1.2333, and USD/CAD slid 5 pips to 1.3515. EUR/USD declined 62 pips to 1.0839, and AUD/USD dropped 22 pips to 0.6685. USD/JPY rose 14...

Mitrade_official

The US economy displayed signs of a slowdown, as quarterly GDP readings and initial jobless claims were at 2.6% and 198,000 respectively, both underperforming against Mitrade's estimates. USD/CAD fell 35 pips to 1.3520, and USD/JPY slid 19 pips to 132.65. Meanwhile, German monthly inflation is just higher than its forecast at 0.8%, with EUR/USD climbing 59 pips...