ScopeMarkets

ScopeMarkets

The US dollar caught bids around the 1.3500 psychological level against the Canadian Dollar putting a halt to last week’s sell-off. The CAD’s recent performance has been owed to the BOC’s hawkish narrative on inflation and the continuous surge in oil prices. In anticipation of a range-bound pattern, we could see the price aim for 1.3550 resistance level which...

02:30

ScopeMarkets

Gold has broken into a fresh two-week low, as dollar strength helps drive further weakness for precious metals. Chief Market Analyst Joshua Mahony highlights the potential for further gold downside in the event of dollar strength, with US CPI and ECB providing near-term volatility in the days ahead. From a wider perspective, a dovish reversal in monetary policy...

ScopeMarkets

Oil prices remained elevated at the back of Saudi Arabia and Russia’s pledge to extend production cuts by 1.3 million bpd till the end of the year. Already up about +1.05%, the TVC:USOIL has exited a wedge pattern after consolidating for 5 days. The bulls currently have a clear path to push the price toward $90 as supply/demand factor weighs in

ScopeMarkets

The Australian dollar has been hit hard overnight, as markets react to a double whammy of a RBA rate hike and reemerging Chinese concerns. The real estate and credit crisis in China has been front and centre of the collective market mind of late, although yesterday afforded some relief to that theme as homebuilder Country Garden averted default thanks to a debt...

ScopeMarkets

The Australian dollar could be hitting fresh lows after the latest economic reports failed to lift it up. The Reserve Bank of Australia maintained its cash rate for the 3rd month at 4.1% as anticipated by analysts. The central bank noted that further tightening may be required to bring inflation back to the target of 2%-3% but that will depend on the economic...

ScopeMarkets

Oil prices stretched their gains from last week as markets got excited by the news that OPEC would extend production cuts into October and expectations that the Fed could be done with hiking rates. Saudi Arabia is expected to extend the production cuts of 1 million barrels per day into October with other OPEC members set to give the green light as they support...

ScopeMarkets

Europe has come to the forefront of the investor mindset over the past week, with concerns around the economic outlook thanks to the recent deterioration of their respective PMI surveys. With a number of economic warning signs coming to the fore, we are seeing markets adjust pricing around the forthcoming interest rate decisions. This should ensure that we see...

ScopeMarkets

Bitcoin is moving sharply higher after a US appeals court found in favour of Greyscale, who has looked to push back after the SEC rejected their application to convert their Grayscale Bitcoin Trust into a spot Bitcoin ETF. Today's ruling has helped lift sentiment across cryptos, while bitcoin mining stocks and brokers are also sharply higher in early trade. The...

ScopeMarkets

Gold prices have eased around $1923 ahead of the Jackson Hole symposium which could spark some market volatility. The Yellow metal and the US dollar which have a historical inverse relationship in price happened to display a temporary correlation as both assets could end up with gains this week. While the US dollar shrugged off the disappointment of the PMI...

ScopeMarkets

GBPJPY has been hit hard today, with a UK PMI survey bringing the services sector into contraction as manufacturing declined into a three-year low of 42.5. This marks a notable shift in the outlook for UK growth, with the entire economy now flashing red according to the composite PMI figure. For the pound, this undermines the tightening story that has underpinned...

ScopeMarkets

EURUSD risk further downward movement towards 1.0730, which is the support area on a rising channel. The current bearish move was sparked by the latest PMI report which showed less improvement in economic growth around the eurozone. With the US economy boosting the US dollar and a handful of economic data set to be reported, traders should expect more pressure on EURUSD.

ScopeMarkets

The New Zealand dollar has been under pressure as its correlation to the AUD and concerns over the Chinese economic outlook serve to sour sentiment. That has led the NZDUSD into a nine-month low, as recent risk-off sentiment further dented confidence around a currency that is typically perceived as pro-cyclical. Last week saw the RBNZ hold rates steady as...

ScopeMarkets

The NASDAQ100 has turned the corner after coming under pressure due to a hawkish Federal Reserve at last week’s FOMC meeting minutes. The Index was able to rebound from 14,550 following last week’s sell-off and has gone on to maintain a perfect inverse head and shoulder pattern. With a clear break of the neckline at 14,730, we could be in for the beginning of...

ScopeMarkets

Walmart has managed to beat expectations across the board today, with the retailer clearly managing to fare well despite concerns over the potential for an economic slowdown. Compared with Bloomberg numbers, the company has managed to outperform across a host of metrics: Net revenue: $161.6 billion versus $159.7 billion expected Adjusted diluted EPS: $1.84...

ScopeMarkets

Markets have been on the back foot over the course of this week thus far, with that risk-off sentiment bringing strength for the US dollar. Unfortunately for Bitcoin bulls, a strong dollar and rising US yields has dampened sentiment for the cryptocurrency. However, we are looking at a clearly defined trend that remains in place despite recent losses. With price...

ScopeMarkets

Australian jobs data released overnight provided a warning sign for AUD traders, with the weakness seen across the report putting additional pressure on the RBA. July's surprise decision to keep rates steady brought about a fresh bout of downside for the Australian dollar, driving AUDUSD into the lowest level since November 2022. That downside has been somewhat...

ScopeMarkets

Canadian dollar has continued to fall short of the dominance of the US dollar backed by solid economic data reports. The worry about China’s slow economic recovery has clouded the demand outlook on oil prices which could be to the disadvantage of CAD. Today, the market will be focused on the CPI report from Canada which is very essential to the BOC’s monetary...

ScopeMarkets

Indian appeared to have been having success in driving down inflation of late, with CPI falling back from over 7% to 4.8% in the past year. However, the 7.4% retail inflation rate announced today provides a dramatic shift to the landscape, marking the highest rate in 15-years. That has been largely attributed to food prices, which is so heavily weighted that it...