• Monthly UK GDP Elbows into Positive Territory

    Monthly UK GDP Elbows into Positive Territory

    • March 13, 2024

    The latest data from the Office for National Statistics (ONS) revealed that the UK economy rebounded by 0.2% in January (in line with market forecasts), bolstered by robust growth in retail, wholesale and construction. This followed a month-over-month fall of 0.1% in December 2023 and two consecutive quarters of contraction in the second half of

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  • Hotter-Than-Expected US CPI; The Last Mile Will be Bumpy

    Hotter-Than-Expected US CPI; The Last Mile Will be Bumpy

    • March 12, 2024

    According to data from the US Bureau of Labor Statistics (BLS), the year-over-year change in US consumer prices accelerated for a second straight month in February. Elevated Inflation Nominal headline inflation rose 0.4% on a month-over-month basis for February, which fell in line with economists’ estimates and a touch higher than January’s 0.3% reading. Year-over-year

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  • XAU/USD: Support at $2,147 to Welcome Dip Buyers?

    XAU/USD: Support at $2,147 to Welcome Dip Buyers?

    • March 11, 2024

    Last week, we witnessed the price of spot gold (XAU/USD) refresh all-time highs (ATHs), comfortable north of the $2,000 mark at $2,195. Markets witnessed demand for the precious metal increase based on a number of factors, which has seen buyers lift prices higher for eight consecutive days. Last week also recorded its largest one-week gain

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  • US Equity Indices: Indecisive End to the Week

    US Equity Indices: Indecisive End to the Week

    • March 9, 2024

    Upside Momentum Slowing While it was another all-time high (ATH) for the S&P 500 last week, reaching 5,189, upside momentum is beginning to slow and concluded the week tentatively. The Dow Jones Industrial Average also ended a second week in negative territory and the Nasdaq 100 and Nasdaq Composite finished off ATHs in the shape

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  • GBP/USD Bulls Favoured This Week

    GBP/USD Bulls Favoured This Week

    • March 9, 2024

    Ahead of this week’s wages/employment data, the technical position for the GBP/USD leans in favour of bulls. Monthly Resistance Cedes Ground Following two months of downside, GBP/USD bulls pencilled in a solid offensive last week (+1.6%), drawing the currency pair through resistance on the monthly timeframe at $1.2715. While one may argue that this market

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  • Dollar Index: Further Selling Likely if 102.92 Holds as Resistance

    Dollar Index: Further Selling Likely if 102.92 Holds as Resistance

    • March 9, 2024

    According to the US Dollar Index, the US dollar (USD) had a rather disappointing week, falling -1.1% against a basket of six major currencies. On the month, the buck is also -1.4% lower and, assuming a continued negative trajectory this month, is on track to snap a two-month bullish phase. The FP Markets Research Team

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  • BTC/USD: The Trend Is Your Friend

    BTC/USD: The Trend Is Your Friend

    • March 9, 2024

    It was another impressive week for the major cryptocurrency pairing BTC/USD, adding nearly +10.0% and carving out a second straight weekly gain to reach a fresh record high of $70,198. Traders Eye Dip-Buying Opportunities It is clear across all primary timeframes that the trend in this market is bullish, prompting traders and investors to seek

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  • ECB Rates Unchanged; Downside Revisions in Growth and Inflation

    ECB Rates Unchanged; Downside Revisions in Growth and Inflation

    • March 7, 2024

    Following the Bank of Canada (BoC), the European Central Bank (ECB) announced it would hold all three key benchmark rates unchanged today for a fourth consecutive meeting, as widely expected. Downward Revisions in Growth and Inflation The updated macroeconomic Staff Projections observed a more optimistic picture for inflation in the form of downward revisions, and,

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  • XAU/USD Clocks All-Time Highs

    XAU/USD Clocks All-Time Highs

    • March 6, 2024

    Fuelled amid softer-than-expected US economic data—ADP non-farm employment change and JOLTs—and hopes of the Fed cutting rates in the summer, spot gold (XAU/USD) is on track to wrap up a sixth day in positive territory after refreshing all-time highs at $2,150. It has been quite the run for the precious metal, but with price now

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  • BoC Rate Decision: Dovish Policy Shift?

    BoC Rate Decision: Dovish Policy Shift?

    • March 6, 2024

    Today will see the release of the Bank of Canada (BoC) rate decision at 2:45 pm GMT. BoC to Hold the Line The BoC is widely expected to keep its Overnight Rate on hold at 5.0% for a fifth consecutive meeting—a 22-year peak. As per the OIS curve, there’s only a 6% chance that we

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  • Precious Metals Broadly Higher!

    Precious Metals Broadly Higher!

    • March 4, 2024

    Following the US cash open, we can see precious metals have been broadly bid today. The price of spot gold (XAU/USD) and spot silver (XAG/USD) are +1.7% and +2.8% higher, respectively, at the time of writing. Despite UST yields advancing and the Dollar Index offering very little, both gold and silver are outperforming! Resistance is

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  • Major US Equity Indices Refresh All-Time Highs

    Major US Equity Indices Refresh All-Time Highs

    • March 2, 2024

    It was another great week for the US equity space, concluding February with a fourth successive month of upside. Investors remain buoyed by earnings, AI and, of course, the resilience of the US economy. Equities were bolstered by not only on PCE inflation data on Thursday, but also Friday’s ISM manufacturing report. Nasdaq Refreshes All-Time

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