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Markets Today’s PMIs marked the end of a busy week. They would either confirm or challenge yesterday’s ECB en BoE case for signaling steady rates for the foreseeable future. It turned out to be the latter for Frankfurt, triggering Bund outperformance vs US Treasuries. German yields currently drop 2.4 (2-y)-9.9 bps (30-y). The 10-y came […]

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17/07/2024

Gold (XAU/USD) Hits Record High of $2465/oz Despite Positive US Retail Sales Data

Gold prices reach a new record high of $2465/oz, driven by post-CPI and rate cut optimism. Despite a resurgent US Dollar, gold’s upward momentum remains strong, briefly dipping before rallying to new highs. June’s US retail sales figures and an upward revision of May’s data had minimal impact on gold’s rally and market expectations for […]
29/05/2024

WTI Oil: On Track for a Potential Recovery After 2-month of 12% Decline

Recent additional stimulus measures from China, a reduction in elevated net long positioning from large futures speculators & an uptick in geopolitical risk premium may support higher oil prices. Watch the key medium-term support of US$78.40/US$76.60 on WTI crude oil. A break above US$81.70 may trigger a multi-week bullish impulsive upmove in WTI crude oil. […]
17/07/2024

Cable Jumps as UK CPI Shows Stagnation

The S&P500 hit a fresh record this year for the 38th time on Tuesday, banks rallied on earnings which showed that the big banks’ trading revenue jumped nearly 20% in Q2 and investment banking revenues rose significantly on increased dealmaking. The technology-heavy Nasdaq 100 lagged, with smaller gains. The Russell 2000 rallied another 3.5%, on […]