Today's Market Analysis

Market Overview

Major news to come in for the Swiss Franc, the pound, and the NZ Dollar. Unemployment claims will also tell us of the narrative happening in the U.S. after lackluster results this Tuesday.

“Market expectations point to at least one rate cut from the Fed. That scenario has been fully priced in the value of the dollar. Government purchases (of gold) remain stable as well. So, unless there is any significant change in this scenario, prices are expected to remain supported above the $2,300 level,” said Ricardo Evangelista, senior analyst at ActivTrades.

Global stocks hit record highs on Wednesday, driven by a rally in tech shares that has made AI chipmaker Nvidia the world's most valuable company, while the dollar stalled as soft U.S. retail sales data suggested rates could fall this year.

A burst higher in U.S. tech stocks on Tuesday allowed Nvidia to dethrone Microsoft which boosted shares in chipmakers in Asia overnight.

U.S. stock index futures also rose, with those on the tech-heavy Nasdaq 100 up 0.23% and those on the S&P 500 up 0.1%. 

GOLD - Gold remains range-bound between 2332.174 and 2295.536 with no significant developments.

SILVER -While a slightly better performer than Gold, Silver continues to trade within a range, lacking the volume to break out. The current price is below 29.900 and above 29.018.

DXY - Not much action in the Dollar with yesterday's U.S. holiday. We expect price action to come in later today, especially after U.S. Unemployment claims release.

GBPUSD -UK annual CPI fell to 2% to meet the BOE's target for the first time since 2021. However, core annual inflation is still on the higher side at 3.5% and services inflation even more so at 5.7%, causing traders to lack confidence in seeing a BOE rate cut this August.

AUDUSD -Not much action after yesterday's trading. We are waiting for more price prints today.

NZDUSD - The market bounced off 0.61408. However, due to a lack of liquidity coming in after U.S. markets closed, not much price action was seen.

EURUSD -EURUSD has risen slightly above 1.07240 but remains below 1.07637. The price is testing the trendline again to see its validity. We continue to wait for further price action to confirm market bias.

USDJPY - The market found support at 157.220 and is trading lower than 158.255. There may be some changes happening with the USDJPY as further rate hikes in Japan are nearing reality, and easing in the U.S. economy is finding a foothold as rate cut seasons start.

USDCHF - There is not much price action after yesterday's trading session. We are waiting for further price action.

USDCAD - There is not much movement after yesterday's trading session. However, we can see a slight recovery for the CAD. We wait for further price action before calling anything for this price.