Market Recap | 18-July-2024
In the commodities market, gold price rose slightly to around $2,470 per troy ounce on Thursday, remaining near record highs. This is attributed to growing optimism that the Federal Reserve will cut interest rates in September, making gold more attractive to investors. Fed Governor Christopher Waller mentioned the central bank is ‘getting closer’ to a rate cut, and Richmond Fed President Thomas Barkin noted easing inflation.
In the currency market, the EUR/USD pair weakened to approximately 1.0935 on Thursday, ending a two-day winning streak. The dollar strengthened as traders became cautious ahead of the European Central Bank’s monetary policy meeting.
In the US, the weekly Initial Jobless Claims and Philly Fed Manufacturing Index will be released later today.
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