Monthly Archives: July 2024
41654156156Oil Prices Drop As Supply Disruption Concerns Ease
Written on July 10, 2024 at 2:29 am, by jonywang
Fundamental Analysis * Barrel Blues: Crude oil prices have declined by over 1% as traders realized that prolonged supply disruptions from Hurricane Beryl were unlikely. Hurricane Beryl was initially predicted to cause significant damage to U.S. crude hubs, but major refineries along the Gulf Coast sustained minimal impact after Beryl weakened into a tropical storm.Continue Reading
All Eye On Powell’s Testimony
Written on July 9, 2024 at 6:50 am, by jonywang
Market Summary Jerome Powell’s 2-day testimony at Capitol Hill begins today, and traders will be closely monitoring his statements for insights into the rate cut schedule. With the U.S. presidential election approaching, it is believed that the Fed will maintain its independence and possibly delay any rate cut policy until after the election. The dollarContinue Reading
Loonie Slips Following Prospect Of BoC Rate Cut
Written on July 9, 2024 at 3:12 am, by jonywang
Fundamental Analysis * Loonie Dip: The Canadian Dollar has declined against the U.S. Dollar due to expectations of consecutive rate cuts from the Bank of Canada (BoC). These expectations have risen amid turmoil in the labor market. Recently, Canada’s unemployment rate increased more than anticipated, reaching 6.4% compared to the expected 6.3% and the previousContinue Reading
