Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact info@vtmarkets.com.
Written on November 21, 2023 at 7:07 am, by anakin
The stock market rallied as tech giants Microsoft and Nvidia drove significant gains, marking record highs amidst former OpenAI chief Sam Altman’s move to lead a new AI research team at Microsoft and Nvidia’s imminent earnings report. With the Dow Jones, S&P 500, and Nasdaq Composite all climbing, investors remained optimistic despite holiday closures. Lower-than-expected U.S. inflation data lessened concerns about rate hikes, reinforcing asset values but keeping a watchful eye on fiscal spending. Meanwhile, currency markets saw the U.S. dollar decline as risk-on sentiment grew, fueled by market anticipation of a potential Fed rate cut based on softer CPI data. Major currencies like the Euro and Sterling gained against the dollar, signaling changing market perceptions over traditional indicators like yield spreads. Ahead, crucial economic events and jobless claims data hold sway over market sentiments and currency movements.
Stock Market Updates
The stock market surged at the start of the week, with tech giants like Microsoft and Nvidia leading the charge. Microsoft saw a 2% rise, hitting a new high, following the announcement of former OpenAI chief Sam Altman joining to spearhead a new AI research team. Simultaneously, chipmaker Nvidia climbed 2.3%, reaching an all-time high just before its earnings report. This drove the Dow Jones Industrial Average up by 203.76 points, marking a 0.58% increase to close at 35,151.04. The S&P 500 also saw gains of 0.74%, finishing at 4,547.38, and the Nasdaq Composite surged 1.13% to close at 14,284.53, both marking their fifth straight day of growth.
The tech and communication services sectors notably drove these gains, witnessing increases of 1.5% and 1%, respectively. With Thanksgiving approaching, markets prepared for closure on Thursday and a shortened trading day on Friday. Despite historical choppiness around this holiday, November has consistently proven to be the S&P 500’s most successful month. Additionally, investors were buoyed by recent lower-than-anticipated U.S. inflation data, easing concerns about persistently high prices and suggesting the possibility of the Federal Reserve halting interest rate hikes. This trend further supported asset values, particularly with the concurrent drop in Treasury yields. However, market watchers remain vigilant about potential fiscal spending and deficit concerns, which could trigger upward pressure on yields. Wall Street is eagerly awaiting the release of the latest Fed minutes scheduled for Tuesday.
On Monday, the market saw a positive trend across most sectors, with a general increase of 0.74%. The standout performers were Information Technology and Communication Services, surging by 1.50% and 1.05%, respectively. Real Estate also demonstrated strength with a 0.79% rise, followed closely by Health Care and Consumer Discretionary, both gaining 0.52%. However, sectors like Utilities and Consumer Staples experienced slight declines of -0.31% and -0.01% respectively, while Energy and Materials showed marginal increases of 0.12% and 0.15%. Overall, the market exhibited broad positivity, particularly in the tech and communication sectors, driving the day’s gains.
Currency Market Updates
The recent fluctuations in the currency market, particularly concerning the US dollar, have been influenced by various economic indicators and shifting market sentiments. The dollar index experienced a notable decline, dropping by 0.49% and breaching key levels, primarily due to increased risk appetite following heightened expectations of a Federal Reserve rate cut. This shift was triggered by softer-than-expected US CPI data, causing the dollar’s safe-haven status to wane as risk-on flows took precedence in determining its value.
Despite certain supportive comments regarding disinflation from Richmond Fed President Thomas Barkin and the adjustment in yield spreads favoring the dollar, the currency continued its downward trajectory post-soft CPI release. The market’s anticipation of more disinflationary US data adds weight to the likelihood of an earlier Fed rate cut, potentially moving from June-July expectations to a more imminent cut in May. This shift aims to mitigate the risk of a severe economic downturn and further diminishes the dollar’s safe-haven appeal, influenced significantly by market perceptions rather than traditional indicators like yield spreads.
Looking ahead, market attention is directed toward crucial economic events such as Tuesday’s US existing home sales and the release of Fed meeting minutes. However, the pivotal moment arrives with Wednesday’s jobless claims data, as an above-forecast figure could intensify the substantial sell-off of USD/JPY, possibly pushing it below crucial support levels. This recent market sentiment has seen other major currencies like the Euro and Sterling make gains against the dollar, influenced not just by traditional yield spreads but more prominently by the selling pressure on the dollar as equities rallied.
The EUR/USD soared to a three-month high around 1.0950 as the US Dollar continued its downward trajectory, driven by market expectations of the Fed’s halted interest rate hikes and Wall Street’s buoyant stock prices. The US Dollar Index (DXY) hit a low of 103.45, seeking stability amidst its decline. Anticipation builds for the Fed’s meeting minutes while key US data on the Chicago Fed National Index and Existing Home Sales are on the horizon. Meanwhile, Europe gears up for the release of crucial preliminary November PMIs. Despite the risk-on sentiment favoring the EUR/USD, the US economy’s stronger performance against the Eurozone remains a fundamental support for the Dollar’s outlook.
In technical analysis, the EUR/USD is showing a strong upward trend on Monday, nearing the upper band of the Bollinger Bands. It’s currently trading just below this level, indicating the possibility of further upward movement. The Relative Strength Index (RSI) at 77 confirms a consistent bullish trend in the market.
Resistance: 1.1004, 1.1042
Support: 1.0937, 1.0885
XAU/USD (4 Hours)
XAU/USDRecovers from Dip Amid Dollar Vulnerability and Fed Expectations
Spot Gold faced a dip to $1,965 before bouncing back during the Asian session, indicating ongoing upside potential against a weakened US Dollar and decreasing Treasury yields. Despite the Greenback’s monthly lows and a subdued bond market, both Gold and Silver are not responding to the buoyant market sentiment. With anticipation building around the Federal Reserve’s meeting minutes release, the prevailing belief that the Fed might have concluded its rate hikes is impacting the Dollar’s short-term prospects, sustaining the upside potential for Gold.
In technical terms, the analysis shows that XAU/USD is on an upward trajectory this Monday, targeting the upper band of the Bollinger Bands. The gold price is presently just under this band, suggesting a possible minor increase to reach the upper band. With the Relative Strength Index (RSI) at 62, it signals a continuing slight bullish trend for the XAU/USD pair.
Resistance: $1,992, $2,008
Support: $1,973, $1,955
Economic Data
Currency
Data
Time (GMT + 8)
Forecast
CAD
Consumer Price Index
21:30
0.1%
Written on November 21, 2023 at 2:37 am, by anakin
Embarking on your first Forex trade can be both exciting and daunting. As one of the most dynamic financial markets, Forex trading offers immense opportunities for UK traders. This comprehensive Forex Trading Guide, brought to you by VT Markets, is tailored to help you navigate your first Forex trade with confidence.
Understanding the Forex Market:
Forex, or foreign exchange, is the marketplace where currencies are traded. It’s the world’s largest financial market, operating 24 hours a day. For UK traders, this means the ability to trade around the clock, taking advantage of market movements across different time zones.
Choosing the Right Currency Pair:
Your first step is selecting a currency pair. The most traded pairs in Forex, known as the ‘majors’, include EUR/USD, GBP/USD, and USD/JPY. As a beginner, starting with these pairs can be a good strategy, as they tend to have more market information and analysis available. VT Markets offers extensive resources and tools to help you understand each currency pair’s dynamics.
Setting Up a Trading Account with VT Markets:
Choose a reputable Forex broker like VT Markets. Most importantly, VT Markets offers a demo account, allowing you to practice trading without financial risk, an essential step for beginners.
Market Analysis: Utilize VT Markets’ comprehensive analysis tools for both technical and fundamental insights.
Risk Management: Decide on your risk tolerance and set stop-loss orders to limit potential losses. VT Markets provides tools to help manage your risk effectively.
Trading Strategy: Develop a clear strategy. VT Markets offers various educational resources to guide you whether you’re planning a short-term day trade or a longer-term position.
Executing Your Trade:
Order Types: Understand the difference between market orders (executed at current market price) and limit orders (set at a specific price). VT Markets’ platform provides easy-to-use options for both.
Opening a Position: Use VT Markets’ intuitive trading platform to place your trade. You’ll need to decide on your position size and whether you’re going long (buying) or short (selling).
Monitoring Your Trade: Keep an eye on market changes and news that might affect your position with VT Markets’ real-time updates and alerts.
Closing Your Trade:
Knowing when to exit is as crucial as entering. Close your position either when your profit target is reached or to cut a loss if the market moves against you. VT Markets’ platform allows for easy management and closure of your positions.
Learning from the Experience:
Whether your first trade is profitable or not, it’s a learning opportunity. VT Markets encourages traders to review their trades, offering insights into what went well and what could be improved for your next trade.
Emphasizing Risk Management in Forex Trading:
As you embark on your Forex trading journey, it’s crucial to remember that effective risk management is the cornerstone of sustainable trading success. Forex trading involves significant risk, and it is possible to lose more than your initial investment. VT Markets is committed to helping traders understand and manage these risks.
By setting realistic profit targets, using stop-loss orders, and only trading with capital you can afford to lose, you can navigate the Forex market more safely. Remember, responsible trading is not just about maximizing profits, but also about minimizing and managing potential losses.
With VT Markets, you gain access to tools and resources that aid in risk management, helping you make informed decisions to protect your investments. We believe that a well-informed trader is a safer trader.
Your First Trade with VT Markets:
Your first Forex trade marks the beginning of an exciting journey in the financial markets. With the right preparation, strategy, and mindset, and with the support and tools provided by VT Markets, you can navigate the Forex market effectively. Remember, continuous learning and adapting are key to successful Forex trading.
Ready to start your Forex trading journey? Sign up for a demo account with VT Markets today and put your newfound knowledge to the test. With our user-friendly platform and comprehensive support, you’re well-equipped for success. Happy trading!
Written on November 21, 2023 at 2:36 am, by anakin
Explore the Basics of Forex Trading in the United Kingdom
Welcome to the world of Forex trading! As a global marketplace, Forex trading offers a dynamic and potentially rewarding opportunity for investors. This article aims to provide beginners with a foundational understanding of Forex trading basics.
What is Forex Trading?
Forex trading involves the exchange of one currency for another in the foreign exchange market. With a vast daily trading volume, it’s the largest financial market in the world. Traders profit by predicting currency value changes, buying and selling pairs based on these forecasts.
Market Size: It’s the world’s largest financial market, distinguished by its vast daily trading volume.
Profit Strategy: Traders aim to profit by:
Predicting currency value changes.
Buying (going long) or selling (going short) currency pairs based on these forecasts.
Currencies are traded in pairs, such as EUR/USD or GBP/USD. These pairs are categorized into majors, minors, and exotics. The first currency in the pair is the ‘base’ currency, while the second is the ‘quote’ currency. The price of a currency pair reflects how much of the quote currency is needed to purchase one unit of the base currency.
Currency trading is conducted in pairs, for example:
Major pairs: EUR/USD, GBP/USD, etc.
Minor pairs: Currency pairs not including the US dollar.
Exotic pairs: Pairs that include one major currency and one currency from a smaller or emerging economy.
Key terms:
Base currency: The first currency in the pair.
Quote currency: The second currency in the pair.
The price of a currency pair indicates how much of the quote currency is required to purchase one unit of the base currency.
How Does Forex Trading Work?
The Forex market operates 24 hours a day, enabling traders from around the world to trade at their convenience. Trades are executed through a network of banks, rather than a centralized exchange. You can either buy a currency pair (if you believe the base currency will strengthen) or sell it (if you expect it to weaken).
Market Operation: Forex market is open 24/7, allowing global trading across time zones.
Execution of Trades: Via a decentralized network of banks, not through a centralized exchange.
Trading decisions:
Buy (Long): If you anticipate the base currency will strengthen against the quote currency.
Sell (Short): If you predict the base currency will weaken against the quote currency.
Basic Forex Trading Terminology
Understanding Forex terminology is crucial:
Pip: The smallest price move a currency pair can make.
Spread: The difference between the bid (sell) and ask (buy) price.
Lot Size: The number of currency units you’re trading.
Margin: The money required in your account to open a trade.
Leverage: A tool that allows you to control a large position with a small amount of capital.
Choosing a Forex Broker
Selecting a reliable Forex broker is critical. Look for brokers that are regulated and offer transparent trading conditions. VT Markets, for instance, provides robust trading platforms, tight spreads, and a commitment to regulatory compliance.
Analyzing the Forex Market
Market analysis is essential for making informed trading decisions. Fundamental analysis involves studying economic indicators and news events, while technical analysis focuses on statistical trends and chart patterns.
Developing a Trading Plan
A well-thought-out trading plan is key. It should include your investment goals, risk tolerance, and strategies for entry and exit points. Effective risk management practices, such as setting stop-loss orders, are also vital.
Practicing with a Demo Account
Before diving into live trading, practice with a demo account. VT Markets offers demo accounts where you can trade in real-time market conditions without risking real money, allowing you to build confidence and skill.
What is the required capital for beginners to start trading forex?
The required capital for beginners to start trading Forex depends largely on the broker and the leverage they offer. Some brokers allow traders to start with as little as £100, while others may require a minimum deposit of £500 or more. Beginners should start with an amount they are comfortable with, keeping in mind that higher leverage can amplify both gains and losses. It’s crucial to only invest money you can afford to lose, and many traders begin with a demo account to gain experience without financial risk.
What is a best strategy for Forex Beginners?
A simple strategy for Forex beginners is to use trend following, which means identifying whether a currency pair is moving up or down and trading in that direction. It’s important to combine this with risk management, like setting stop-loss orders to limit losses. Beginners should also use a demo account to practice their strategies without risking real money before trading live.
Can Beginners really earn a possible profit from Forex Trading?
Yes, beginners can make a profit from Forex trading, but it takes time, learning, and careful planning. It’s important to start small, practice on a demo account, and focus on understanding the market. Using risk management strategies like setting stop-loss orders can help minimise losses. While profits are possible, beginners need to be patient and realistic, as success often comes with experience and a solid strategy.
Remember there is risk in Forex Trading, DO YOUR RISK MANAGEMENT
Forex trading can be exciting and rewarding, but it’s important to start with a solid understanding of the basics. Take your time to learn, practice, and develop a strategic approach to trading.
Ready to embark on your Forex trading journey? Open a demo account with VT Markets today and explore the world of trading with guidance and support from our expert team.
Written on November 20, 2023 at 10:08 am, by anakin
In the annals of history, 1848 stands out as a beacon of change and opportunity, a year when the American narrative took an unforeseen twist.
Gold Rush in California, 1849 Source: Click Americana
The spark that ignited this transformative journey was not a political decree or a technological breakthrough, but a glint of gold discovered by James W. Marshall at Sutter’s Mill in California.
This historical nugget, quite literally, set the stage for a phenomenon that would not only define California’s destiny but also provide a treasure trove of lessons for today’s traders navigating the intricate landscape of investments.
The allure of gold, beyond its shimmering aesthetic, served as the catalyst for the California Gold Rush. As news of Marshall’s discovery spread like wildfire, it triggered an unprecedented rush of fortune-seekers, prospectors, and dreamers from every corner of the globe.
The resulting frenzy of activity not only carved a new identity for California but laid the groundwork for understanding the ebb and flow of markets, a valuable insight that resonates even in the digital age of contemporary investments.
Historical Context: Unveiling the Golden Landscape
Picture the quiet waters of the American River near Sutter’s Mill in 1848, where a momentous discovery forever altered the course of history. James W. Marshall, a carpenter and sawmill operator, stumbled upon a glittering substance – approximately 280 ounces of gold.
James William Marshall source: Wikipedia
This singular event, this spark of gold, became the catalyst for a feverish quest for wealth, marking the inception of the legendary California Gold Rush.
As news of Marshall’s discovery spread, a wave of hopeful prospectors descended upon California, their eyes gleaming with the promise of unimaginable riches. By 1850, the population of California surged from around 14,000 to over 92,000.
The once quiet landscapes transformed into bustling epicentres of ambition, giving birth to a myriad of boomtowns. From the bustling streets of San Francisco to the remote corners of the Sierra Nevada, these makeshift settlements emerged, fuelled by the collective dream of striking it rich.
The influx of fortune-seekers wasn’t confined to a particular demographic. People from all walks of life, hailing from various corners of the globe, embarked on the arduous journey to California. This surge of diversity created a unique mosaic of communities – by 1852, the population included individuals from China, Mexico, Europe, and across the United States.
Map of the gold mining region of California and routes for travelling there, 1849 Source: Digital Public Library of America
The Gold Rush was not merely a quest for gold; it was a melting pot of cultures, dreams, and ambitions that shaped the sociocultural landscape of the region.
The impact of the Gold Rush on the local economy was nothing short of seismic. California, once a sparsely populated territory, witnessed an unprecedented surge in population and economic activity.
The rapid societal transformation was palpable – by 1853, California’s mineral production exceeded $58 million, a staggering sum in the 19th century. The pursuit of gold spurred innovation, entrepreneurship, and a sense of possibility that laid the groundwork for the birth of modern California.
The Gold Rush wasn’t just about striking it rich; it was a catalyst for change, propelling California into a new era. The once-sleepy region became a dynamic hub of activity – by the mid-1850s, San Francisco’s population exploded from a mere 1,000 to over 50,000 residents.
View of San Francisco 1850, painting by George Henry Burgess, 1878 Source: Wikimedia Commons
This exponential growth set the stage for economic development, infrastructure growth, and the establishment of enduring cities. The impact of those early seekers of fortune, both in terms of gold and societal transformation, is etched into the very fabric of California, underscoring the profound role of the Gold Rush as a transformative force that shaped the course of the state’s history.
Global Impact of the California Gold Rush: A Ripple Across Continents
The allure of California’s gold was not confined within the state’s borders; it radiated globally, beckoning fortune-seekers from every corner of the world. As the news of the gold discovery at Sutter’s Mill echoed through international channels, it became a beacon of hope, triggering an unprecedented surge in global interest and participation.
Influence on International Trade
The surge in gold production in California had profound implications for international trade. By 1850, California was producing roughly 750,000 pounds of gold annually, accounting for nearly 40% of the world’s gold output.
Gold production in California, 1852 Source: Western Mining History
This surge in supply rippled through global markets, influencing commodity prices and trade dynamics. The sudden influx of precious metal acted as a force that reshaped the dynamics of international trade, making gold a key player in the economic chessboard of the 19th century.
Alteration of Currency Systems
The impact of California’s gold extended beyond physical goods and commodities; it fundamentally altered currency systems across the globe. The sheer volume of gold pouring out of California prompted nations to reconsider their monetary policies.
In 1851, Australia, another gold-rich region, adopted the gold standard, and by the end of the decade, the majority of the world’s major economies followed suit. The California Gold Rush, therefore, played a pivotal role in shaping the modern monetary landscape, solidifying gold as a standard for currency valuation.
Migration Patterns and Demographic Shifts
The Gold Rush wasn’t merely a localised phenomenon; it triggered migration patterns and demographic shifts felt in distant corners of the world.
The surge in population and economic activity in California drew people from China, Europe, South America, and beyond. By 1852, the population of California included individuals from over 25 different nations, creating a melting pot of cultures that would leave a lasting impact on the state’s identity.
This unprecedented migration wave became a precursor to the globalized world we know today, emphasising the interconnected nature of the 19th-century economy.
California gold production summary Source: Western Mining History
Indelible Mark on the 19th-Century Economy
The Gold Rush was more than a regional event; it left an indelible mark on the interconnected nature of the 19th-century economy.
The sudden influx of gold from California had far-reaching consequences, influencing trade routes, currency values, and demographic patterns worldwide. As gold flowed from the California hills, it wove a golden thread through the fabric of the global economy, leaving a legacy that would endure for decades to come.
The interconnectedness unveiled during the Gold Rush era serves as a timeless reminder of how events in one corner of the world can send reverberations across continents, shaping the course of history on a truly global scale.
Parallels to Modern Investing: Navigating the Currents of Gold
Embarking on a journey through the annals of history, gold emerges as a steadfast custodian of wealth. Since time immemorial, civilisations have revered gold for its intrinsic value, rarity, and enduring lustre. The parallels between the Gold Rush era and modern investing reveal that the allure of gold as a historical store of value remains unwavering.
In the 19th century, as prospectors sifted through California’s riverbeds in pursuit of the precious metal, they were driven by an innate belief in gold’s ability to preserve wealth.
Fast forward to the present day, and gold maintains its status as a haven in times of economic uncertainty. The enduring appeal of gold lies not only in its physical beauty but also in its historical role as a reliable store of value, a timeless trait that transcends centuries.
California gold nugget 1849 Source: National Museum of American History
The speculative fervour that characterised the Gold Rush era finds an intriguing reflection in contemporary investment trends. Just as fortune-seekers flocked to California with dreams of striking it rich, modern investors exhibit a similar appetite for speculative assets.
Cryptocurrencies, for instance, embody the spirit of risk and reward akin to the speculative nature witnessed during the Gold Rush. The parallel between the exuberance of the Gold Rush and today’s investment landscape underscores the enduring human inclination for high-reward opportunities.
Gold, silver, and other precious metals have weathered the tides of time, serving as a hedge against economic uncertainties. During the Gold Rush, as financial markets experienced turbulence, gold provided a stable anchor for those navigating the unpredictable currents.
Fast forward to the present, and the same principle holds true. Investors turn to precious metals as a safeguard during periods of economic instability, reinforcing the notion that the lessons learned from the Gold Rush era are still relevant in today’s complex financial landscape.
Gold depository of Bank of England Source: BBC
The enduring appeal of gold as a historical store of value, coupled with the parallels between speculative fervour then and now, suggests that the lessons derived from the Gold Rush extend beyond the pages of history.
As traders navigate the currents of modern investing, the wisdom gleaned from the rush for gold in the 19th century remains a guiding light, emphasising the timeless nature of precious metals in the intricate dance of economic uncertainties.
In conclusion, the California Gold Rush encapsulates more than a bygone era of feverish prospecting. Summarising key takeaways, traders are encouraged to adopt a responsible and informed approach to investing. The timeless lessons derived from the Gold Rush era – adaptability, diligence, and a keen awareness of the global economic landscape – serve as beacons for today’s investors navigating the ever-changing seas of the financial market. As we trace the footsteps of those who sought fortune in the golden hills of California, we find that the lessons of the past continue to resonate in the challenges and opportunities of the present.
If the allure of gold and the echoes of the Gold Rush have sparked your interest in investing, consider navigating the currents with VT Markets. Providing a comprehensive platform for traders, VT Markets offers the tools and resources needed to venture into the world of precious metals. As you embark on your investment journey, VT Markets stands as a reliable companion, furnishing a secure and user-friendly environment for exploring the timeless opportunities presented by gold. Visit the VT Markets platform and set sail on your path to gold investment today.
Written on November 20, 2023 at 8:52 am, by anakin
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact info@vtmarkets.com.
Written on November 20, 2023 at 8:46 am, by anakin
Various events look set to impact the markets this week. In addition to minutes from the Fed’s November meeting, market movements will likely also be shaped by the release of updated flash services and manufacturing PMI figures.
Traders should maintain caution and closely monitor the following developments for a successful trading week:
Canada’s Consumer Price Index (21 November 2023)
The consumer price index for Canada decreased by 0.1% in September 2023 compared to the previous month.
Analysts anticipate a 0.1% increase in the figures for October, which are set to be released on 21 November.
FOMC Meeting Minutes (22 November 2023)
The Fed kept the target range for the federal funds rate at 5.25–5.5% for a second consecutive time in November, reflecting policymakers’ dual focus on returning inflation to 2% while avoiding excessive monetary tightening.
At a press conference, Fed chair Powell stated that rate cuts have not been discussed and that the focus remains on potential hikes by the central bank.
US Durable Goods Orders (22 November 2023)
New orders for manufactured durable goods in the United States surged by 4.6% month-over-month in September 2023, rebounding from a 0.1% contraction in August.
Analysts anticipate a 3.2% decrease in the figures for October, which are set to be released on 21 November.
Flash Manufacturing PMI for Germany and the UK (23 November 2023)
Germany’s manufacturing PMI increased from 39.6 to 40.8 between September and October 2023. Meanwhile, the UK’s manufacturing PMI increased from 44.3 to 44.8 during the same period.
New PMI figures will be released on 23 November. Analysts’ predicted manufacturing PMIs are 41.2 for Germany and 45 for the UK.
Flash Services PMI for Germany and the UK (23 November 2023)
Germany’s services PMI declined from 50.3 to 48.2 between September and October 2023. Meanwhile, the UK’s services PMI increased from 49.3 to 49.5 during the same period.
New PMI figures will be released on 23 November. Analysts’ predicted services PMIs are 48.5 for Germany and 49.5 for the UK.
Flash Services and Manufacturing PMI for the US (24 November 2023)
The US’ flash manufacturing PMI was 50 in October 2023, marking a slight increase from 49.8 in September. In the same period, the US’ flash services PMI rose from 50.1 to 50.6.
Analysts predict that the US’ manufacturing PMI for November 2023 will decrease to 49.8 while the US’ services PMI will also fall to 50.3.
Written on November 20, 2023 at 4:44 am, by anakin
Please note that the dividends of the following products will be adjusted accordingly. Index dividends will be executed separately through a balance statement directly to your trading account, and the comment will be in the following format “Div & Product Name & Net Volume ”.
Please refer to the table below for more details:
The above data is for reference only, please refer to the MT4/MT5 software for specific data.
If you’d like more information, please don’t hesitate to contact info@vtmarkets.com.
Written on November 17, 2023 at 7:49 am, by anakin
Thursday’s stock market saw the Dow Jones slipping by 0.13%, ending its winning streak, while the S&P 500 and Nasdaq showed marginal gains. Declines in Cisco and Walmart heavily influenced the Dow’s dip, accompanied by a pullback in Chevron due to a 5% fall in U.S. crude oil prices. Despite this pause, November’s overall trajectory remained positive, buoyed by encouraging inflation reports earlier in the week. The currency market witnessed the USD index decline amid speculation about Fed rate cuts, impacting pairs like EUR/USD and USD/JPY. Fluctuations were observed in GBP/USD, while commodities like gold surged amidst falling yields, contrasting Bitcoin’s 4.2% decline.
Stock Market Updates
In Thursday’s stock market session, the Dow Jones Industrial Average concluded lower, halting its recent four-day winning streak, slipping by 0.13% to close at 34,945.47. Similarly, while the S&P 500 marginally increased by 0.12%, closing at 4,508.24, the Nasdaq Composite showed a slight uptick of 0.07%, ending at 14,113.67. This pullback was influenced by significant declines in specific stocks: Cisco Systems plummeted nearly 10% following a disappointing outlook for the current quarter and full fiscal year, while Walmart saw an 8% decline after issuing a below-expectation forecast, making them the primary detractors in the Dow. Chevron also experienced a dip of 1.6% as U.S. crude oil prices observed a 5% fall.
Despite this pause in the November rally, the overall trajectory for the month has been positive, with the three major indexes showing approximately 2% gains each. The market was buoyed earlier in the week by encouraging inflation reports: October witnessed a substantial 0.5% decline in the producer price index, the most significant drop since April 2020, while the consumer price index remained stable, reinforcing investor hopes that the Federal Reserve might be content with the moderating inflation trend. As a result, the S&P 500 surged over 7%, the Dow ascended by 5.7%, and the Nasdaq soared by 9.8%, indicating substantial growth across these indices for the month.
On Thursday, most sectors saw positive gains, with Communication Services leading with an increase of 0.94%, closely followed by Information Technology at 0.68%. Utilities and Health Care also showed moderate growth at 0.45% and 0.38%, respectively. However, Energy experienced a notable decline of 2.11%, while both the Consumer Staples and Consumer Discretionary sectors saw significant decreases of 1.20% and 0.91%, respectively. Real Estate had minimal growth at 0.03%, while Industrials slightly dipped by 0.06%. Financials and Materials showcased modest gains of 0.32% and 0.24%, respectively, painting a mixed picture across various sectors on the trading day.
Currency Market Updates
The USD index experienced a slight decline during the trading session following higher-than-expected weekly U.S. jobless claims, which prompted a downward movement in U.S. Treasury yields. This weakening trend in the dollar persists due to ongoing speculation among traders regarding the anticipated timing and magnitude of rate cuts by the U.S. Federal Reserve. As a result, the EUR/USD pair saw a marginal increase of 0.1% to reach 1.0857, buoyed by the decrease in USD yields, albeit stalling near 1.09 amidst anticipation of potential Fed rate adjustments. Conversely, USD/JPY retreated from its earlier high at 151.30 to 150.47 due to the narrowing U.S.-Japan yield spreads, showcasing cautiousness among USD bulls regarding potential intervention by the Ministry of Finance near the 152 mark.
GBP/USD experienced fluctuations, sliding from its post-claims highs at 1.2455 to 1.2420, unable to sustain above the 200-day moving average at 1.2442. Despite this, the cable remained supported by its daily cloud top and upper 30-day Bolli, while the falling Fed rate expectations favored GBP bulls in contrast to the Bank of England’s slower anticipated rate adjustments. Additionally, AUD and CAD witnessed declines owing to decreasing commodity prices and a dimmer outlook on global growth. Meanwhile, amidst falling yields, gold surged by 1.3% to $1,985, silver rose by 1.9% to $23.9, while Bitcoin faced a 4.2% decline to $36.3k, encountering selling pressure after peaking around $38k.
The Federal Reserve’s apparent conclusion on interest rate hikes following subdued inflation data triggered a Dollar retreat. However, the USD showcased resilience post-data release, backed by a rebound in US yields. While the negative Dollar sentiment prevails, the USD’s strength is evident against a backdrop of comparatively robust US economic performance. This correction in EUR/USD is viewed as a temporary adjustment in light of ongoing market expectations regarding the Fed’s stance on rates. The coming US economic data could further impact the pair’s movement.
Technical analysis shows a flat movement in the EUR/USD on Thursday as it moves near the middle band of the Bollinger Bands. Presently, the pair is trading between the middle and upper bands, hinting at a potential slight decline towards the middle band. Additionally, the Relative Strength Index (RSI) stands at 64, indicating a sustained bullish bias.
Resistance: 1.0890, 1.0935
Support: 1.0835, 1.0772
XAU/USD (4 Hours)
XAU/USD Surges Amidst Weaker Dollar and Economic Reports
Spot Gold, represented by XAU/USD, surged as it broke above the $1,975 resistance level, reaching its highest point in over a week. The rally was fueled by a weaker US Dollar and declining Treasury yields. Despite reports showing a rise in weekly Jobless Claims and a contraction in Industrial Production, Gold soared over $20, propelled by technical factors and the growing sentiment that the Federal Reserve is halting interest rate hikes. With the focus now on the bond market’s volatility and overall risk sentiment, the looming question is the potential height of XAU/USD’s weekly close, as upcoming US data is unlikely to significantly alter the current trajectory.
Technical analysis indicates that XAU/USD moving higher on Thursday, aiming for the upper band of the Bollinger Bands. Currently, the gold price hovers slightly below this band, hinting at a potential slightly higher movement to push the upper band. The Relative Strength Index (RSI) is currently at 65, indicating that the XAU/USD pair is still exhibiting a slight bullish bias.
Resistance: $1,992, $2,008
Support: $1,973, $1,955
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Written on November 17, 2023 at 3:20 am, by anakin
