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Daily Market Outlook, September 6, 2023 Munnelly’s Market Commentary… Asian equity markets started the day with a bearish tone, influenced by the lacklustre performance on Wall Street. Investors there were grappling with concerns over rising yields, a strengthening dollar, and surging oil prices. However, the Nikkei 225 defied the broader trend, managing to breach the […]
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GBPUSD, “Great Britain Pound vs US Dollar” GBPUSD is correcting after a rebound from the support level. The instrument is going below the Ichimoku Cloud, which implies a downtrend. A test of the Kijun-Sen line at 1.2585 is expected, followed by a decline to 1.2415. An additional signal confirming the decrease might be a rebound […]
USDJPY, “US Dollar vs Japanese Yen” USDJPY quotes are above the 200-day Moving Average on H4, which indicates the prevalence of an uptrend. The RSI, however, has reached the overbought area, indicating a possible correction. As a result, in this situation, a downward breakout of 6/8 (146.87) is expected, followed by a decline to the […]
US Economic Strength Stalling The silver market has come under heavy selling pressure over the last week. Following the recovery across the back half of August, a rebound in USD has weighed heavily on silver prices. Concerns over the US economy have reared their head in recent weeks against a backdrop of several key data […]
BOC on Watch The Bank of Canada meets for its September rate-setting meeting today and while no further policy adjustments are expected, traders will be keeping a close eye on the bank’s forward guidance. Recent data point to a deterioration of the domestic economy, creating room for the BOC top hold rates steady today. Indeed, […]