Intel (NYSE:INTC) shares were 2% higher on Wednesday after the company confirmed plans to split its foundry unit and also announced a chip deal with Amazon. INTC – Daily Chart A rally in INTC stock during 2023 was halted in 2024 and the stock has continued to slump with a current price of $21. The…
The US central bank cut interest rates by 50 basis points on Wednesday but did not create volatility for the EURUSD exchange rate. EURUSD – Daily Chart The price of EURUSD was trading at the 1.1140 level where there is some resistance ahead of the larger 1.1277 barrier. There are supports at 1.10 and 1.06…
Germany’s economic prospects took a dramatic shift on Tuesday with a deepening slump in confidence for the eurozone’s largest economy. EURJPY – Daily Chart The EURJPY exchange rate has tumbled from the July highs of 175 and now trades at 156.71. The last two days have been a weak bounce and could lead to further…
Some big-name US hedge fund investors have upped their stakes in Chinese stocks despite recent headwinds. CH50 – Daily Chart The price of the CH 50 index was higher for two days but the bounce from recent weakness was light on volume. A larger rebound is needed back to the 11,500 level or further lows…
US Stock markets experienced a mixed day just a few short trading sessions ahead of the key Fed rate call, markets are pricing in a 50-basis point cut more strongly again, with expectation of the bigger cut now sitting at 59%. The Dow hit a record high, whilst tech stocks weighed on the Nasdaq. The…
The EURUSD exchange rate awaits a pivotal US Federal Open Market Committee meeting. EURUSD – Daily Chart The EURUSD exchange rate is trading at 1.1255 with resistance above 1.1392. Support comes in below 1.0963 and that is creating a breakout zone for further upside or downside. EURUSD has economic data on Tuesday with retail sales…
Crude oil rallied from lows near $66 last week, shrugging off another OPEC downgrade. USOIL – Daily Chart The price of USOIL bounced last week, hinting at a potential base for a low. The first upside target for crude is at the $71.72 level. OPEC cut its forecast for global oil demand growth in 2024…
Gold has reached a new record high, as the data on US jobless claims and producer inflation suggests the likelihood of a Federal Reserve rate cut. The US Dollar Index (DXY) has experienced a 0.29% decrease, while US Treasury yields have increased, with the 10-year Treasury note currently standing at 3.689%. According to the CME…
Markets kicked into action yesterday after investors assessed potential rate cuts from the Federal Reserve next week as US PPI data came in slightly above expectations. US Stock indices charged higher, and Gold hit another all-time high. Tech stocks again led the way with the Nasdaq adding another 1% by the close of trading. Treasuries…
JP Morgan Chase & Co. saw its stock slump after warning on interest income. JPM – Daily Chart JPM stock saw its largest one-day drop since 2020 and with the uptrend channel in place it could be an important high. Support is below at the $191.03 level. President and COO of the bank Daniel Pinto…
