By Naeem Aslam Friday is all about one thing, the mother of all economic data which is most important to traders of gold and Bitcoin. The U.S. will disclose the most crucial economic reading, the non-farm payrolls unemployment figure. The Federal Reserve and other market participants place a high value on this information, considering that
More
Gold traders and investors expected the European Central Bank to cut interest rates by 25 basis points for the first time since 2019 in its meeting on Thursday, making it the first reversal in the bank’s hawkish monetary policy in five years. The Euro and the equities markets in Europe had already priced a major chunk of
More
Cyprus recorded the hottest June in 23 years, with inland temperatures reaching an infernal 43.6 degrees Celsius on Wednesday, and expected to rise further to a record 44C on Thursday. The Met Office issued an Orange Alert saying that maximum temperatures on Thursday are expected to reach around 43-44 degrees Celsius over the central plain
More
Silver recovered further to $30.60 in Thursday’s Asian trading. The white metal discovers strong buying interest, as normalising US labour market conditions boost speculation that the Federal Reserve will start reducing interest rates in the September meeting. The CME FedWatch tool shows that traders see a 68% chance for rate cuts in September. The probability
More
Following Wednesday’s choppy action in foreign exchange markets, investors are gearing up for key events that could ramp up the volatility. The European Central Bank will announce monetary policy decisions on Thursday and the US economic calendar will feature weekly Initial Jobless Claims and Unit Labor Costs data for the first quarter ahead of Friday’s
More
The last two years have been rough for the NFT market, and 2024 doesn’t look much better. With falling sales and investors losing appetite for digital artwork, market projections became less optimistic, showing only a modest 2.6% annual growth by 2028, twenty times less than this year. Moreover, the entire market faces a substantial user
More
USDJPY bulls are further encouraged by a weakening Japanese Yen following data that shows real wages declining for the 25th straight month in April, as domestic inflation in Japan continues to outpace wage growth. The data will make it harder for the Bank of Japan to normalise policy, as it hopes to lift the bank’s
More
Silver (XAG/USD) declined below the psychological support of $30.00 in Tuesday’s European session. The white metal weakened from its multi-year high of $32.50 as the DXY Dollar Index saw a rebound amid uncertainty ahead of Nonfarm Payrolls data for May. The latest NFP will provide cues about whether the Federal Reserve will start lowering key
More
Some 800 tourists remain in Cyprus and await news about their return home after Germany’s third largest tour operator, FTI Touristik GmbH, announced insolvency proceedings on Monday. FTI Touristik is part of the FTI Group active in Germany, Austria, Holland, Switzerland and Poland. Philokypros Rousounides, director general of the hoteliers’ association PASYXE, said that FTI
More
West Texas Intermediate (WTI) continues to decline for the fifth consecutive day, trading around $73.90 per barrel on Tuesday. This drop in crude oil prices is attributed to the Organisation of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, announcing a gradual plan to ease some of their oil production cuts.
More
