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Thread: Market Update by Solidecn.com

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    Gold Prices Hold Steady at $2,030 Amid Fed Rate Decision Anticipation.



    On Wednesday, gold prices hovered at approximately $2,030 per ounce, maintaining a consistent trading pattern as market participants awaited the US Federal Reserve's decision on monetary policy. Expectations are high that the Fed will keep current interest rates. Key attention is on Fed Chair Jerome Powell's upcoming comments for indications of possible rate cuts within the year.

    Nevertheless, more robust than anticipated, recent US economic data has lessened enthusiasm for potential rate reductions, exerting pressure on gold prices. Current market predictions indicate a below 50% likelihood of a Fed rate cut in March, a decrease from the 73% probability noted at the beginning of the year, as per CME's FedWatch Tool. Additionally, investors are exercising caution due to escalating geopolitical tensions in the Middle East, especially after a recent lethal drone strike on US forces near the Jordan-Syria border.

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    NZDUSD Nears Key Fibonacci Levels, Bearish Trend Intact



    The NZDUSD pair trades around 0.611, corresponding to the 23.6% Fibonacci support level, and is inside the Ichimoku cloud. The RSI indicator has returned from the 80 level, indicating that the downtrend will likely continue. The 38.2% Fibonacci resistance level further supports the bearish trend.

    If the NZDUSD price remains below this level, the next target could be the recent lower lows at 0.60618, followed by the lower band of the bearish flag.

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    Australian Dollar Rises to $0.66 Amid Anticipation of GDP Report.



    The value of the Australian Dollar has increased to approximately $0.66, offsetting its recent downturn. This change occurs as market participants eagerly anticipate Australia's GDP report for the fourth quarter, a significant precursor to the Reserve Bank of Australia's meeting scheduled for February 5th. Recent statistics indicate a larger-than-anticipated drop in Australian retail sales for December, attributed to consumers accelerating their holiday shopping to November, motivated by Black Friday sales.

    Concurrently, the Australian Dollar faces ongoing challenges. Strong economic figures from the US and assertive comments from its central bank officials have heightened the anticipation that the Federal Reserve may maintain its current interest rate stance in the near term. Additionally, despite new economic measures in China, Australia's primary trading partner, the Australian currency has struggled to maintain momentum. This is partly because the Australian Dollar is often seen as a direct indicator of the Chinese yuan's performance.

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    Stable GBP Awaits BoE Meeting; Rate Cut Odds Surge


    Solid ECN - The British currency has found stability above $1.27 as market participants anticipate the Bank of England's initial policy meeting of 2024, scheduled for later this week. Current market consensus indicates that the bank rate is unlikely to change. However, investors will pay close attention to how the committee members cast their votes and the details of the statement that follows. During their last meeting in December, three members favored raising the rate by 25 basis points, hinting at the possibility of future policy tightening.

    Yet, recent economic indicators, including lower-than-expected inflation and declining wage growth, hint at a potential shift in the central bank's next steps, possibly toward reducing borrowing costs. Current market predictions suggest a 42% chance of a rate reduction in May, with the likelihood increasing to 74% by June.

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    Euro Hits Low as ECB Rate Cut Looms, Recession Fears Rise


    Solid ECN - The euro has recently fallen to its lowest point since December 12th, dipping close to $1.08. This decline is partly attributed to expectations of a rate reduction by the European Central Bank (ECB), potentially by 25 basis points as early as April. Upcoming GDP figures are likely to indicate a recession in the Eurozone for the final quarter of 2023, and a decrease in the inflation rate is expected for January. ECB officials, including de Guindos, Centeno, and Kazimir, have hinted at a probable interest rate cut shortly.

    However, they have not provided specifics about the timing or conditions that would prompt such a decision. Recently, the ECB maintained its historically high-interest rates. President Lagarde noted it was too soon to consider rate cuts for the Eurozone while acknowledging that the economic growth outlook remains predominantly negative.

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    Mexican Peso Recovers Amid Inflation Data and US Dollar Dip



    Solid ECN - The Mexican peso has shown resilience, approaching the 17.2 level against the US dollar, recovering from a low in late January. This upturn is mainly due to the latest inflation figures from Mexico and a dip in the US dollar's strength. Market players had initially hoped for a more lenient approach from Mexico's central bank (Banxico). Still, higher-than-forecasted inflation rates checked these expectations in mid-January, which registered at 4.9% against an anticipated 4.78%, which rose from December's 4.46%.

    In contrast, the Mexican economy is showing signs of vulnerability under stringent monetary policies, with economic activities in November shrinking by 0.5% month-on-month, a more-than-expected decline, and an increase from the previous month's figures. Concurrently, the US dollar's support has waned due to diminished prospects of early interest rate reductions by the Federal Reserve in 2024, following encouraging preliminary data from S&P Global on manufacturing and service sectors.​

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    FTSE 100 Rises on Oil Gains, BoE Decision Awaited

    Solid ECN - On Monday, the FTSE 100 experienced a modest increase, nearing the 7660 mark, marking its peak in almost three weeks. This growth was primarily driven by a 1.4% gain in Royal Dutch Shell and a 2% jump in BP stock values. The escalation of tensions in the Middle East played a role in bolstering oil prices, contributing to this upward trend.

    Meanwhile, market participants anticipate the upcoming Bank of England's monetary policy announcement, expecting the central bank to maintain the interest rate at its current level for the fourth consecutive session.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Gold Price Surges Past $2,020 Amid Middle East Tensions



    Solid ECN - Gold's value climbed to over $2,020 per ounce on Monday, recovering some of its recent losses, driven by increased demand for this secure asset amidst escalating tensions in the Middle East. This surge was primarily attributed to the missile strike by Houthi rebels on a Transfigura-managed oil tanker near Yemen's coast and a drone assault on American troops in northeastern Jordan, resulting in the death of three US soldiers.

    The investment community is cautiously awaiting the US Federal Reserve's upcoming monetary policy decision. It's primarily anticipated that the interest rates will remain unchanged. Still, keen attention is on Federal Reserve Chairman Jerome Powell's commentary post-meeting for hints about initiating a potential easing phase. Additionally, the impact of unexpectedly robust US economic figures and the Fed officials' firm stance has lessened the likelihood of a rate reduction in March. Market predictions now suggest a 48% probability of a rate cut in March, a notable drop from the 86% likelihood recorded at December's end, per the FedWatch Tool by CME.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Crude Oil Hits 2-Month High Amid Red Sea Attack.



    On Monday, WTI crude oil futures surged to around $79 per barrel, marking a two-month peak. This uptick was largely driven by heightened concerns over potential supply disruptions following the Houthi group's assault on a Transfigura-managed fuel tanker in the Red Sea.

    The incident, involving a missile strike near Yemen's coast last Friday, has led Transfigura to reevaluate the safety of continuing shipments through the Red Sea. Additionally, there's an anticipated decline in Russian refined oil exports due to repairs at several refineries due to recent drone strikes. On the demand front, robust economic figures from the US and new financial measures in China are boosting oil consumption prospects in these significant markets. While OPEC and its allies plan to convene virtually on February 1, it's not anticipated that they will make early decisions regarding their output policies.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Solid ECN: Revolutionizing Forex and Crypto Trading with Transparency and Speed

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    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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