Stability in US Drilling Rig Numbers, Reports Baker Hughes The number of US drilling rigs remains steady at 585, according to Baker Hughes. There was a minor decrease in oil drilling rigs, down by one to 479, while natural gas rigs increased by one to 102. US energy companies are
US Election Results: A Potential Influence on Gold Prices Gold reached all-time highs in 2024, rising significantly during both Trump’s and Biden’s terms. While election results typically don't affect Gold prices immediately, administration policies do. The differing views of Trump and Harris on tax cuts, tariffs,
Economic Implications of the Upcoming US Presidential Election Polls show a close contest between Donald Trump and Kamala Harris ahead of the presidential election. Trump and Harris have significantly different economic policies, which are crucial for voters. Effective implementation of economic policies requires control of Congress and the Senate. Both
Gold has reached new record highs, continuing its strong upward trend. Bitcoin is experiencing a slight retracement after nearing its record high from March. Major US indices, including NASDAQ 100 and S&P 500, are trading close to all-time highs. The upcoming US election is influencing market sentiment, with
Monthly Growth: The US Personal Consumption Expenditure (PCE) index rose by 0.3% in September, matching expectations. Revised Previous Data: August’s growth was revised upward from 0.1% to 0.2%. Annual Growth: The PCE index increased by 2.7% year-over-year, consistent with August’s reading and above the
Gold reaches new record prices, advancing strongly in the market. Bitcoin and major US stock indices (NASDAQ 100 and S&P 500) are trading close to all-time highs. The upcoming US election is influencing market sentiment, with the “Trump Trade” gaining traction as polls suggest a narrow Trump victory.
US Natural Gas Inventories Update US natural gas inventories rose by 78 billion cubic meters (bcm) for the week ending October 25, surpassing expectations of an 81 bcm increase. The previous week's inventory increase was 80 bcm. Following the release of the data, December natural gas futures fell
Bitcoin Price Forecast: Nearing All-Time Highs Bitcoin (BTC) trading around $72,200, just below its all-time high of $73,620. BTC experienced a slight correction after reaching its peak on Tuesday. US spot Bitcoin ETFs saw significant inflows of $827 million on Tuesday, marking the third-largest single-day inflow since their
Forex Market Update (October 31, 2024) Japanese Yen Strength: The JPY rises following comments from the Bank of Japan (BoJ). Traders are closely monitoring Euro area HICP inflation and US PCE inflation data. Weekly Initial Jobless Claims data is also set to be released today. The USD faced bearish pressure
Core Inflation Rate: Unchanged at 2.7% in September, compared to 2.6% expected. Overall PCE Inflation: Yearly inflation decreased to 2.1% in September, down from 2.2% in August, aligning with market expectations. Monthly Expectations: Core PCE was anticipated to rise by 0.3% month-over-month and 2.6%
Japanese Yen Update Current Movement: The Japanese Yen (JPY) gains traction following the BoJ's unchanged policy. Rate Hike Uncertainty: Uncertainty about future BoJ rate hikes may limit further JPY appreciation. Market Focus: Traders are anticipating the US PCE Price Index for new market direction.
Gold Price Update Gold (XAU/USD) pulls back from record highs but downside appears limited. Elevated US bond yields and reduced expectations for Fed rate cuts are putting pressure on gold prices. Ongoing US political uncertainty and tensions in the Middle East may support gold prices.