Today's Market Review
Abstract：Market Review for March 6, 2023
| Dollar Slides as Weak US Data Fuels Rate Cut Hopes, Gold and Silver ShineThe US Dollar took another hit today as disappointing economic data fueled speculation of an imminent Fed rate cut. This news sent Gold and Silver soaring to record highs for 2024.The highly anticipated Super Tuesday primaries are happening today, with over a third of delegates up for grabs in both the Republican and Democratic races.Market Highlights:AUD/USD: Initially dipped following Australia's GDP data, potentially testing the 0.6481 support level.NZD/USD: Briefly bounced back but quickly retreated near the 0.6071 support, showcasing the Dollar's influence.EUR/USD: Continued its upward trend, challenging the 1.0875 resistance.GBP/USD: Unable to hold onto Tuesday's gains, revisiting the 50-day moving average.USD/CAD: Inched higher, testing the 1.3600 resistance as the BoC is expected to hold rates.USD/JPY: Weakened near the 149.56 support, remaining within its recent trading range.Commodities:Gold: Reached a new high of $2,141.94 on growing anticipation of Fed rate cuts.Silver: Continued its bullish run, approaching the $24.9 resistance.US Stocks:All major indices opened lower on Wednesday, with tech stocks leading the decline.S&P 500 closed at $5,084.87, Dow Jones ended at $38,598.40, and the NASDAQ fell below the $17,960 support.Overall, the weakening US Dollar and strong performance of Gold and Silver reflect growing market expectations of a Fed rate cut in the near future. However, key events like Powell's testimony and the ADP report could potentially shift the market sentiment. |
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The Week Ahead: Outcome of US-Iran talks keenly watched; Malaysia’s advance 1Q GDP estimates due thi
Global markets remain on edge as US–Iran negotiations approach amid a fragile ceasefire and ongoing geopolitical tensions. Despite volatility in energy prices and external uncertainties, Malaysia’s economy is expected to remain resilient, supported by strong exports and stable domestic demand, while inflation stays contained.
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If you're trading online or thinking about starting, you've probably heard of XM- one of the most popular and trusted forex and CFD brokers. But whether you're new or already a client, there's a good chance you might not know about some of the powerful tools and features XM offers. In this article, we’ll highlight five lesser-known XM features that could make your trading experience even better.
10 Best MUST- READ Books on Forex Trading
Traders neglect the basic education about the forex market and end up losing money. It is one of the common mistakes they do. It is unsaid rule that If you're enter in the jungle of forex, you must read, learn, and understand before you start trading. In this article, you'll get to know about the books on forex trading that you must read.
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