Forex Market Today Update – August 19, 2024

Forex Market Today Update: USD Weakens, EUR/USD Breaks Resistance, Oil Prices Drop, Gold Nears Record High – August 19, 2024

Forex:

• The US dollar (USD) is under pressure following weaker-than-expected inflation data, which has led to increased speculation about a Federal Reserve rate cut. The EUR/USD pair broke above the 1.10 resistance level, reflecting positive sentiment and potential further gains. The New Zealand dollar (NZD) dropped sharply after the Reserve Bank of New Zealand (RBNZ) unexpectedly cut rates, falling below 0.60 against the USD. #ForexMarket #USDollar #EURUSD #NZDUSD #ForexTrading

Commodities:

• Oil: WTI crude oil futures fell 1.9% to $76.65 per barrel due to concerns about weakening demand from China, although geopolitical tensions have prevented a larger drop. US crude oil inventories also jumped unexpectedly, adding more pressure on prices. #CrudeOil #WTI #OilPrices #Commodities
• Gold: Gold prices increased, driven by broad USD weakness and approaching a new record high +$2500. #GoldPrices #PreciousMetals #GoldTrading

Shares:

• US Indices: On Friday, the Dow Jones (US30) rose by 0.24% and gained 2.79% for the week. The S&P 500 (US500) was up 0.20% and saw a weekly gain of 3.78%, while the NASDAQ (US100) increased by 0.21%, ending the week with a 4.99% gain. Economic data showing lower inflation, strong retail sales, and fewer jobless claims supported the market’s recovery. Federal Reserve signals of a potential rate cut in September also boosted investor sentiment. #StockMarket #DowJones #SP500 #NASDAQ #MarketUpdate
• European Indices: Germany’s DAX (DE40) rose by 0.77% for the week. France’s CAC 40 (FR40) was up 0.35%, Spain’s IBEX 35 (ES35) gained 0.59%, but the UK’s FTSE 100 (UK100) fell by 0.43% for the day, although it was up 1.75% for the week. #EuropeanMarkets #DAX #CAC40 #IBEX35 #FTSE100
• Asian Markets: Japan’s Nikkei 225 (JP225) surged 7.91% over the week, but fell by 1.77% on Monday due to profit-taking and a stronger yen. China’s FTSE China A50 (CHA50) rose 1.15%, Hong Kong’s Hang Seng (HK50) added 1.91%, and Australia’s ASX 200 (AU200) gained 2.49%. #AsianMarkets #Nikkei225 #FTSEChinaA50 #HangSeng #ASX200

Economic Highlights:

• Thailand’s economy grew by 0.8% in Q2 2024, missing market estimates due to political uncertainty and a slowdown in private consumption. #ThailandEconomy #EconomicGrowth #MarketUpdates

Market Summary:

• S&P 500 (US500): 5,554.25 (+0.20%)
• Dow Jones (US30): 40,659.76 (+0.24%)
• DAX (DE40): 18,322.40 (+0.77%)
• FTSE 100 (UK100): 8,311.41 (−0.43%)
• USD Index: 102.40 (−0.06%)

No major events are expected today.

Rana Das, CEO and Founder , Forex Wave Expert.

#Forex Market #USD Dollar #EUR/USD #NZD/USD #Forex Trading #Crude Oil Prices #WTI Crude Oil #Oil Prices #Commodities Market #Gold Prices #Precious Metals #Gold Trading #Stock Market #Dow Jones #S&P 500 #NASDAQ #Market Update #Federal Reserve Rate Cut #Inflation Data #Retail Sales #Jobless Claims #forex market today

• “US dollar under pressure”
• “EUR/USD breaks resistance”
• “NZD/USD rate cut impact”
• “WTI crude oil price drop”
• “Gold prices near record high”
• “Dow Jones weekly gain”
• “S&P 500 market recovery”
• “NASDAQ weekly performance”
• “Federal Reserve rate cut speculation”
• “Impact of inflation data on markets”