Monday's Market Update | 26-Aug-2024
On Monday, oil prices extended their upward trend in Asian trading, continuing their rise from the previous session. This increase is driven by the ongoing Israel-Hamas conflict, which shows no signs of a ceasefire.
Additionally, oil markets were supported by optimism around potential U.S. interest rate cuts after comments from Federal Reserve Chair Jerome Powell, which further boosted oil prices on Friday. The EUR/USD pair weakened to near 1.1185 during early trading in Europe on Monday.
The slight recovery in the U.S. dollar is putting downward pressure on the pair. However, the downside might be limited because Federal Reserve Chair Jerome Powell hinted at a possible rate cut in September.
The recent shift in momentum began after EUR/USD failed to clear the 1.1420 resistance. This…
Gold prices extended their retreat midweek as investors continued to pare back safe-haven positions amid…
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West Texas Intermediate shows a clear downtrend on the hourly chart as seen through the…
Gold prices showed weakness after the precious metal reached an all-time high last week. This…
Key Takeaway Global financial markets experienced a notable rebound during this , thanks to easing…
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