Economy Today

By Enso Assets

DAILY NEWS HIGHLIGHTS!
Date: 30 June 2024 
 
-Slowing U.S. Inflation Fuels Expectations of Interest Rate Cuts. With the Fed’s preferred inflation gauge meeting market expectations, the possibility of interest rate cuts remains alive.
-Apple Watch Is Becoming Doctors’ Favorite Medical Device. Some doctors are telling patients to get the watch to help manage their conditions.
-Startup Silicon Box to Build $3.4 Billion Chip Plant in Italy. Singaporean startup Silicon Box is planning a new chip-making facility in Italy, the latest big-ticket investment in Europe as Brussels seeks to become more self-sufficient in chip production.
-New AI Technology Spurs Excitement and Concerns Among Private-Credit Managers. Unease about data bias and job security as the use of generative AI ramps up could temper enthusiasm among private lenders..
-CDK Global Hack Shows Risk of One Software Vendor Dominating an Industry. Airlines, banks and hospitals could be vulnerable to a “single point of failure” attack like the one that hobbled car dealers. 
 
Sources: CNBC, Bloomberg, WSJ.

Daily Gold Analysis

By Enso Assets

Gold (XAUUSD) Analysis
Date: 13 Jun 2024 
 
-Gold made a bigger reaction to the softer US CPI read by pumping to 2339 - 2341, which the market believes will translate to dovish tweaks from the Fed going forward.
-However, the fact that the Fed left rates on hold and held with expectations for just one rate cut this year was enough to make gold to drop to 2320 - 2325 and then closed around 2325 at the end of day.
-Case 1: Gold will start a new up trend and goes up following U.S CPI, it will go up to test the 2336 - 2339.
Case 2: Gold will resume its down trend by following FOMC Meeting minutes, it will be sold off to 2289 - 2291.
-The 2320 - 2325 is the key zone for today gold trading post CPI and FOMC. If gold is sold off around 2320 - 2325, its down trend is resumed. 
 
-Resistant Zones:  2321 - 2325 | 2336 - 2339 | 2352 - 2353 | 2363-2365 | 2380 - 2385
-Support Zones: 2296 - 2298 | 2280 - 2285 | 2255 - 2260 | 2240 - 2245.
-SELL LIMIT 2339 | Stop 2343 | TP 2323 - 2325.
Forecast History

British Pound -US Dollar Rate

23-Jan-2024

6:00 AM

GBPUSD: Based on the current trading range printing, we anticipate a discount price of at least 1.25000-1.245000.

Euro -US Dollar Rate

07-Jan-2024

6:00 PM

Since DXY is still negative and hasn’t reached sell side liquidity, as was mentioned last week, we expect bullishness in EURUSD, which is correlated with GBPUSD. There has been a lot of enthusiasm in the market since the start of the new quarter. In the second week of January, we expect the market to move in line with its intended direction and seasonal and fundamental trends. 

U.S. Dollar Index (DXY) index overview

07-Jan-2024

6:00 PM

We anticipate bullishness from DXY. Bullishness is expected to reach 102.000, with a target of 108.000.

Forecast History

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