Monthly Archives: June 2024
Oil Plummet On U.S. Crude Inventory Surge
Written on June 10, 2024 at 5:56 am, by
Market Summary Oil prices experienced their steepest decline of 2024, dropping over 5%, following the release of the American Petroleum Institute (API) weekly crude data, which revealed an unexpected inventory build-up exceeding 4 million barrels. This surprise data, coupled with OPEC+’s decision to increase oil supply in the fourth quarter, exerted significant downward pressure onContinue Reading
Soft PMI Reading Hammers Dollar Lower
Written on June 10, 2024 at 5:55 am, by
* U.S. Dollar continued to slide as the PMI readings came short. * Seeking today’s JOLTs job opening data to gauge the dollar’s strength. * Gold traded within its sideways range despite the dollar having been weakening. Market Summary The U.S. dollar remained on a downward trajectory following the release of yesterday’s PMI readings, whichContinue Reading
Soft PCE Boost Equity Market
Written on June 10, 2024 at 5:52 am, by
* Soft PCE reading hammered the dollar’s strength and improved stock market performance. * Eye on today’s U.K. and U.S. PMI readings. * Oil prices are expected to be hindered by the outcome of the OPEC meeting. Market Summary The highly anticipated U.S. PCE, the Fed’s preferred inflation gauge, met market expectations when released lastContinue Reading
