Monthly Archives: September 2024
Libya Oil Field Shutdown Leads Oil Prices to Rebound
Written on September 4, 2024 at 2:10 am, by
Market Summary Oil prices rebounded above the critical support level near the $73.00 mark, driven by several key factors. Libya’s key oil field shutdowns have led to a reduction of a million barrels in global daily oil supplies, significantly pushing oil prices higher in the last session. Additionally, the U.S. government is set to imposeContinue Reading
Dollar Strengthen as Inflation Data Remain High
Written on September 4, 2024 at 2:09 am, by
Market Summary The highly anticipated PCE reading released last Friday catalysed the U.S. dollar, pushing it above its previous resistance level of $101.00 to reach a weekly high. While the Fed’s preferred inflation gauge came in lower than market expectations, it remained well above the 2% target, suggesting that the Fed may opt for aContinue Reading
Upbeat U.S. GDP Spurs Dollar Strength
Written on September 4, 2024 at 2:08 am, by
Market Summary The Dow Jones set a new milestone, rising to 41,577 points before experiencing a retracement. In contrast, the Nasdaq continues to struggle, weighed down by Nvidia’s earnings report, which appears to lack a significant “wow” factor. The Asian equity markets are expected to mirror the sentiment of the U.S. market and may endContinue Reading
