Eliman Dambell
Tradeview Markets
Gold, oil prices up as U.S. consumer spending increases
Gold and oil prices were trading higher on Friday, as data showed that consumer spreading had increased.
Figures from the Commerce Department revealed that spending surged by 1.1% in March, despite record inflationary pressures.
Consumer spending currently accounts for more than two-thirds of economic activity in the United States.
Despite this news, many still expect Jerome Powell and the Fed to opt to hike rates during next week’s meeting.
As of writing, XAUUSD is trading at $1,910 following a $22 increase, whilst WTI crude hit a one week highs of $107 per barrel.
Amazon stock sinks, as Q1 earnings miss expectations
Shares in Amazon were down by over 10% on Friday, as markets reacted to the company’s disappointing Q1 earnings report.
The company held its earnings call after yesterday’s closing bell, and it was announced that some headline figures missed expectations.
Amazon reported earnings of $7.38 per share, which fell well below expectations of $8.36 per share.
This comes as advertising income also disappointed, coming in at $7.88 billion vs. $8.17 billion expected.
Overall revenue however came in marginally above expectations, at $116.44 billion vs. $116.3 billion expected.
Trading any financial instrument on margin involves considerable risk. Therefore, before deciding to participate in margin trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney or accountant as to the appropriateness of an investment in margin trading is recommended. This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential. If you are not the addressee thereof or the person responsible for its delivery, please notify us immediately by telephone and permanently delete all copies of this message. Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited.
Recommended Content
Editors’ Picks
EUR/USD nears 1.1200 after US PCE inflation data
EUR/USD approaches 1.1200 following generally softer-than-anticipated US inflation-related figures. The pair lacks momentum amid tepid European data undermining demand for the Euro. Still, optimism weighs on the USD.
GBP/USD battles the 1.3400 level for a definitive bullish breakout
GBP/USD advances modestly beyond the 1.3400 level after US PCE inflation data showed price pressures continued to recede in August. Sterling Pound aims for fresh yearly highs beyond the 1.3433 peak posted earlier this week.
Gold hovers around $2,670 as US Dollar resumes decline
Gold price retains its bullish bias near fresh record highs, as demand for the US Dollar remains subdued following US PCE inflation figures. The strong momentum around stocks limits demand for the safe-haven metal.
Week ahead – NFP on tap amid bets of another bold Fed rate cut
Investors see decent chance of another 50bps cut in November. Fed speakers, ISM PMIs and NFP to shape rate cut bets. Eurozone CPI data awaited amid bets for more ECB cuts. China PMIs and BoJ Summary of Opinions also on tap.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.