Monthly Archives: April 2024
Upbeat PMI Readings Bolsters Dollar
Written on April 19, 2024 at 6:21 am, by
Market Summary The dollar index (DXY) surged by nearly 0.5% in the previous session, propelled by the robust ISM PMI readings surpassing the 50-mark threshold, signalling sustained economic growth in the United States. Federal Reserve Chair Jerome Powell’s relatively dovish remarks last Friday, following the release of the PCE reading within expectations, fostered market anticipationContinue Reading
Dollar Dominance: Fed’s Hawkish Remarks
Written on April 19, 2024 at 6:20 am, by
Market Summary The Dollar Index extended its upward trend, buoyed by hawkish remarks from Federal Reserve officials and robust inflation figures, including the Personal Consumption Expenditures (PCE) Price Index hitting 2.5% annually. Concurrently, safe-haven gold surged to record highs amidst subdued market sentiment, although concerns lingered regarding the Federal Reserve’s inflation-fighting stance. Attention now turnsContinue Reading
Dollar Gains On Upbeat U.S. GDP Data
Written on April 19, 2024 at 6:18 am, by
Market Summary The Dollar surged as upbeat U.S. GDP data, surpassing expectations at 3.4%, fueled speculation of a Federal Reserve pullback on anticipated rate cuts, heightening investor confidence in the currency. Concurrently, safe-haven gold experienced significant bullish momentum as investors hedged portfolios ahead of pivotal events despite the dollar’s ascent. Eyes are keenly set onContinue Reading
