Forex News from InstaForex

[IFX Gertrude]

NZ DOLLAR DROPS AGAINST MAJORS



The New Zealand dollar weakened against other major currencies in the Asian session on Wednesday.

The NZ dollar fell to more than a 1-month low of 0.6101 against the U.S. dollar, from yesterday's closing value of 0.6148.

Against the euro and the yen, the kiwi dropped to a 9-day low of 1.7997 and a 2-day low of 87.42 from Tuesday's closing quotes of 1.7857 and 88.12, respectively.

The kiwi edged down to 1.0804 against the Australian dollar, from yesterday's closing value of 1.0750.

If the kiwi extends its downtrend, it is likely to find support around 0.59 against the greenback, 1.82 against the euro, 83.00 against the yen and 1.10 against the aussie.

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[IFX Gertrude]

BANK OF ENGLAND SET TO HIKE INTEREST RATE



The Bank of England is set to lift its key interest rate on Thursday after its major counterparts U.S. Federal Reserve and the European Central Bank lifted benchmark rates last week.

The August decision is likely to be a close call between a 25 basis-point and a 50 basis-point hike. The announcement is due at 7.00 am ET. The bank will also release its quarterly monetary policy report along with the policy decision.

The Monetary Policy Committee is set to decide on a split vote with seven members seeking a rate increase, while two others calling for no change.

As the inflation has slowed to a 15-month low of 7.9 percent in June amid stretched housing affordability, the BoE is more likely to opt for a 25 basis point hike today.

The BoE has lifted its benchmark rate over the last thirteen consecutive policy sessions, taking it to the current 5.00 percent, which was the highest since 2008.

Last week, the U.S. Federal Reserve had raised the target range for the federal funds rate by 25 basis points to the highest since early 2001. The next day the ECB also resorted to a similar rate hike.

The International Monetary Fund recently projected growth in the UK to ease sharply from 4.1 percent in 2022 to 0.4 percent in 2023. However, the 0.4 percent growth reflects an upward revision as the lender sees a stronger-than-expected consumption and investment amid falling energy prices.

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[IFX Gertrude]

Major US indicators show decline



US stock indices continued to drop in yesterday's trading. The Dow Jones Industrial Average dropped by 0.4%, NASDAQ lost 0.36%, and S&P 500 decreased by 0.49%.

American indicators began to fall on Wednesday after the sudden credit rating downgrade of the US from AAA to AA+ by Fitch. This was due to the potential deterioration of the country's budget situation over the next three years and the growing national debt, which requires a debt ceiling to be set.

However, this is not the only reason for the Wall Street index slump. Yesterday, macroeconomic data was released, which also contributed to the decline. One factor behind this negative trend was the increase in unemployment benefit claims by 6,000 in a week, reaching 227,000.

The business activity index in the service sector for the past month declined to 52.7% compared to the June figure of 53.9%, surpassing experts' predictions of a drop to 53%.

According to economists, as long as there are no signs of improvement in the labor market, there is a risk of further interest rate hikes. Unemployment remains one of the potential inflationary threats to the US Federal Reserve.

The next meeting of the central regulator will take place in September. All the statistical data received during this time will be considered by the Fed when making decisions on further monetary policy.

The corporate reporting season is in full swing. Among the largest American companies, Apple and Amazon are leading. Traders are eagerly awaiting the results of these companies.

Apple is the absolute leader in market capitalization, while Amazon dominates in online trading volume. Apple is expected to report on the continuation of declining revenue, which was observed in the past two quarters. In addition, investors are interested in information on the potential use of AI in the company's operations.

The stock value of Anheuser-Busch InBev rose by 1.7%, beating expert forecasts. DoorDash's shares also increased by 1.7% due to an improved forecast for annual core earnings and quarterly revenue report, driven by increased demand for their products.

In contrast, Qualcomm dropped by 10% due to a disappointing revenue forecast for the third quarter.

The US is experiencing a record decrease in oil inventories, which, combined with the country's credit rating downgrade, led to significant losses during the previous session. According to official data, oil inventories decreased by 17 million barrels in the last week of July, marking the largest decline in forty years.

However, since yesterday, the situation has started to stabilize, and oil prices are also normalizing. WTI crude oil futures increased by 1% to $80.31, and Brent crude oil futures rose by 0.9% to $83.92.

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[IFX Gertrude]

US premarket on August 7: US stock market under pressure again

Futures on US stock indexes opened with a slight increase after another Friday sell-off, driven by a decreased appetite for risk following weak US labor market data. Treasury bond yields rose both on Friday and Monday during morning trading. S&P 500 futures gained 0.2%, while the yield on 10-year Treasury bonds increased by 8 basis points. NASDAQ futures rose by 0.3%. European stock indexes declined as Germany's industrial production fell to a six-month low in June, highlighting economic weakness.



Meanwhile, investors continue to analyze the perplexing signals from the Friday employment report in the US. According to the data, wages exceeded economists' forecasts, despite a slowdown in wage growth. Unemployment rate declined even further, but the number of new jobs was lower than economists' predictions.

Considering the July rally, which happens almost every year, August promises to be calm, and it is not surprising that investors are taking profits, leading to market weakness. Market sentiments for this week will depend on new data. It will start with Germany's consumer price index and continue with the US consumer price index on Thursday and UK GDP data on Friday. The US core consumer price index is predicted to rise by 0.2% in July, the slowest growth in 2.5 years.

German bonds fell after the Bundesbank's statement on Friday about halting interest payments on domestic government deposits. This unexpected move caught traders off guard, leading to a sell-off in 30-year debt, resulting in the highest yield since January 2014.

Meanwhile, representatives of the US Federal Reserve say that further rate hikes may be necessary. Over the weekend, Michelle Bowman stated, "We don't think central banks will get the rise in unemployment rate and sustained moderation in wage growth in the coming year that they hope to see."

In Asia, the yen fell for the first time in four days after the minutes showed that one of the Bank of Japan's members voted for the central bank to provide greater flexibility in managing the yield curve at the July meeting.

Regarding the S&P 500 index, demand for the trading instrument remains relatively low. Bulls may continue the uptrend, but they need to settle above $4,515. From this level, a surge to $4,539 may occur. An equally important task for bulls would be to control $4,557, which would strengthen the bullish market. In the event of a downward move due to decreased risk appetite, bulls will have to protect $4,488. A breakthrough would quickly push the trading instrument back to $4,469 and $4,447.

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[IFX Gertrude]

Wall Street on the Rise: Awaiting Key Inflation Report

What's behind this rise? After a bit of anxious waiting, investors are getting back to business, preparing for the release of a key inflation report in the U.S. this week. This event has sparked significant interest, especially after last week ended with a decline in major indices and investors were eager to lock in their gains.

2023 is proving to be a real boom for U.S. stocks. The primary driver? Optimism surrounding artificial intelligence technology and faith in the steady growth of the global economy. The S&P 500 has soared an impressive 17.7% this year.

And while summer typically brings a certain lull in the market due to vacation season, August remains a month to watch. All eyes are now on Thursday: the U.S. consumer price report will provide much insight into the future course of the Federal Reserve. Recent employment news has made many cautious, suggesting that the Fed might keep rates high for much longer.

An interesting twist: John Williams of the New York Fed hinted at a potential rate cut in 2024, while Governor Michelle Bowman believes there needs to be another hike to achieve the desired 2% inflation.

The Dow Jones Industrial Average (.DJI) rose by 407.51 points (1.16%), reaching 35,473.13 points. This marks the largest single-day increase since June 15th of the current year. The S&P 500 (.SPX) showed a similar growth, increasing by 40.41 points (0.90%) to 4,518.44. The Nasdaq Composite (.IXIC) also advanced, climbing by 85.16 points (0.61%) to close the day at 13,994.40.

The tech-heavy Nasdaq managed to break a negative streak of four sessions. This has been the longest downward period for the year so far. It's worth noting that Tesla shares dropped 0.9% following the appointment of Vaibhav Taneja as the company's Chief Financial Officer, replacing Zach Kirkhorn.

Nasdaq had previously seen a decline for four consecutive days in May, and prior to that, the longest negative stretch was six sessions in October. The S&P 500 also recorded losses in four sessions in 2023, with similar streaks occurring in May and February. In December, the index lost ground in five consecutive sessions.

Overall, the main S&P indexes showed growth, particularly in communication services (.SPLRCL) by 1.9% and financial services (.SPSY) by 1.4%.

According to Refinitiv, second-quarter profits exceeded analysts' expectations for 79.1% of the 422 S&P 500 companies that have already reported. Berkshire Hathaway shares surged by 3.4%, reaching a record high after the company reported a quarterly profit of over $10 billion.

However, Tyson Foods shares dropped 3.8% due to third-quarter revenue failing to meet expectations. Vaccine manufacturers BioNTech SE and Moderna Inc also saw their shares decrease by 7.5% and 6.5% respectively.

BioNTech SE slashed its drug development budget due to a decrease in quarterly revenue, stemming from reduced demand brought on by the pandemic. Additionally, the investment bank Leerink revised downward its target price for Moderna Inc's shares.

Sage Therapeutics' (SAGE.O) stocks saw a sharp decline of 53.6%, marking the largest drop since December 2019. This happened after the U.S. drug regulator rejected their application for a postpartum depression treatment. Meanwhile, shares of their partner, Biogen (BIIB.O), rose by 0.9%.

Trading volume on U.S. exchanges amounted to 9.92 billion shares, which is below the 20-day average of 10.86 billion. Within the S&P 500 index, 19 new 52-week highs and eight lows were registered. As for the Nasdaq Composite, the number of new highs reached 71, with lows at 169.

The CBOE Volatility Index, based on option trading for the S&P 500, decreased by 7.78%, settling at 15.77.

On the commodities market, the December delivery gold futures fell by 0.26% to $1.00 per troy ounce. WTI and Brent oil futures also showed a slight decline, reaching $82.52 and $85.86 per barrel respectively.

On the foreign exchange market, the EUR/USD pair showed a minor change, settling at 1.10 (a 0.09% change), while the USD/JPY increased by 0.53% to 142.50. The U.S. dollar futures rose by 0.07%, settling at 101.90.

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[IFX Gertrude]

Wall Street on the Edge: When Banking Ratings Shake the Foundation

Significant changes occurred with 10 medium-sized banking institutions, whose ratings went down by one notch. In addition, six of the largest banks, including Bank of New York Mellon, US Bancorp, State Street, and Truist Financial, were under close scrutiny by Moody's for further review.

While the banking sector felt the pressure, the pharmaceutical industry lit up with good news. Thanks to successes in developing an obesity drug, Novo's shares went up. Eli Lilly also brings its share of optimism to the market, reaching record highs due to impressive profit reports.

However, not everything was smooth sailing. UPS faced challenges, cutting its annual revenue forecast due to falling demand. Overall, the indices showed the following picture: Dow decreased by 0.45%, S&P went down by 0.42%, and Nasdaq lost 0.79%. This day reminded investors that even Wall Street's sturdy foundation can be subject to external influences. All that remains is to hope that the current turbulence will soon subside.

Following the shock wave of bankruptcy of three creditors at the beginning of the year, which significantly shook the US financial world and even impacted giants like Silicon Valley Bank, the market's trust in banks showed signs of recovery. However, recent events suggest that this trust is far from being stable. The numbers confirm this: the S&P 500 Banks index (.SPXBK) has fallen by 2.5% since the beginning of the year, while the main S&P 500 index has risen by an impressive 17.2%. The recent ratings downgrade underscores how fragile investor confidence remains in financial stocks. Specifically, on Tuesday, the banking index went down by 1.1%, and the KBW regional banks index (.KRX) lost 1.4%.

Many major banks felt the pressure. Shares of giants such as Goldman Sachs and Bank of America each dropped about 1.9%, Bank of New York Mellon lost 1.3%, and Truist shares went down by 0.6%. Jason Pride of Glenmede notes that Moody's actions aren't just a formality. It's a clear expression of the agency's concern about the current state of the banking system and its potential impact on the overall economic situation. As a result of this news, the CBOE market volatility index (.VIX), which serves as Wall Street's "fear barometer," showed an increase, at one point reaching its two-month peak. All of this reminds us that trust is a fragile thing, especially when it comes to finances.

On Monday, Wall Street indices suffered a decline, with Dow Jones losing 158.64 points (0.45%), dropping to 35,314.49, the S&P 500 went down 19.06 points (0.42%) to 4,499.38, and Nasdaq lost 110.07 points (0.79%), reaching 13,884.32. Out of the 11 key sectors of the S&P 500, eight suffered. Although financial stocks, as expected, took the hardest hit, materials and consumer goods sectors also felt significant pressure. However, not everything was bleak. The energy sector, initially depressed by poor trade data from China, ultimately went up by 0.5%, thanks to rising oil prices amid more optimistic economic forecasts from the US.

In the pharmaceutical world, it was a good day: shares of Novo Nordisk, a Danish manufacturer, surged 14.9% after announcing that their drug Wegovy might aid in combating heart diseases. Among other winners of the day was Dish Network, whose shares rose by 9.6% following the announcement of merger plans with EchoStar, whose shares also went up by 1%. But, as always on Wall Street, where there are winners, there are losers. United Parcel Service shares dropped 0.9% after the company downgraded its forecasts. By the end of the day, US trading volume reached 10.94 billion shares, aligning with the average over the last 20 trading days. It's also interesting to note that the S&P 500 recorded 13 new 52-week highs and 17 new lows, while Nasdaq registered 46 new highs and a whopping 195 new lows. In the commodity market on Monday, gold futures for December delivery faced pressure, declining by 0.54% or $10.60, hitting the mark of $1.00 per troy ounce. Such a sharp drop may raise questions since gold rarely costs so little, and this data likely requires verification or correction.

Meanwhile, oil futures showed positive momentum. WTI crude oil futures for September delivery increased by 1.04% or $0.85, reaching a level of $82.79 per barrel. Brent crude oil futures for October delivery also moved up, adding 0.81% or $0.69, settling at $86.03 per barrel. On the currency front, no significant changes were observed. The EUR/USD pair showed a minimal change, decreasing by 0.43% to the 1.10 level. Meanwhile, the USD/JPY quotes exhibited growth, increasing by 0.62% to a mark of 143.38. It's also worth noting that the U.S. dollar index (USD) futures displayed an upward trend, rising by 0.49% and reaching the mark of 102.36. These movements reflect the overall picture of the global markets at the moment, where investors assess various economic and geopolitical factors in determining their investment strategy.

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[IFX Gertrude]

Global markets await CPI data: stocks are declining, and the dollar is under pressure due to the situation in China

Meanwhile, the dollar faced pressure from news out of China. Reports indicated that China's economy is experiencing deflation, causing some concerns among market participants. The European stock market received some support thanks to tax assurances from Italian banks. At the same time, oil prices rose to their highest level since January due to a supply shortage. Against the backdrop of these news, some major companies showed growth on Wall Street. Dow Inc's shares added 0.96%, closing at 55.54. Honeywell International stocks increased by 0.85%, reaching 189.24, while Caterpillar Inc rose by 0.58%, ending at 284.53. The stock market today was an arena of intense movements, where some corporations shone, while others faced pressure.

On Wall Street, Salesforce Inc experienced a noticeable drop of 2.70%, settling at 205.86. However, not everything looked grim. Intel Corporation, for instance, rose by 2.11% and closed the day at 34.28. Meanwhile, Goldman Sachs Group Inc lost 1.60% of its value.

Among the components of the S&P 500 index, shares of Axon Enterprise Inc stood out, showcasing an impressive rise of 14.06%. They were complemented by stocks of Akamai Technologies Inc and Fleetcor Technologies Inc, which increased by 8.47% and 6.29% respectively. However, major players such as NVIDIA Corporation and Paramount Global Class B dropped by 4.72% and 4.46%.

At the end of trading on NASDAQ Composite, shares of Tango Therapeutics Inc almost doubled their value, with an increase of 103.92%. Renovaro Biosciences Inc and Decibel Therapeutics Inc also showed significant growth, adding 82.35% and 80.29%. On the other side of the spectrum, Palisade Bio Inc shares fell by 62.50%, and both Bruush Oral Care Inc Unit and Yellow Corp lost nearly half of their value.

All in all, today's stock market was eventful, showing how quickly the fortunes of companies can change on the global economic stage.

On the New York Stock Exchange, there was a dominance of declining stocks: 1593 against 1324, which closed in the green. Another 83 stocks retained their positions. The situation on NASDAQ was similar: 2225 stocks decreased in value, 1284 gained, and 112 remained unchanged.

Akamai Technologies Inc (NASDAQ:AKAM) showcased splendid performance, hitting a 52-week high with a rise of 8.47%, and closed the day at 102.99. In contrast, Palisade Bio Inc (NASDAQ:PALI) shares plummeted, losing 62.50% and setting a new all-time low. The volatility index, CBOE Volatility Index, based on S&P 500 options, modestly declined by 0.19%, reaching 15.96. In the commodities market: gold futures slid 0.57%, pricing at $1,000 per troy ounce. At the same time, WTI and Brent crude increased their value, closing at $84.26 and $87.44 per barrel respectively.

On the foreign exchange market, the EUR/USD pair remained almost unchanged, ending the day at 1.10, while USD/JPY gained 0.22%, reaching 143.68. The US dollar index slightly slipped, losing 0.01%, and settled at 102.33. Experts anticipate that the Consumer Price Index (CPI) for July will show a modest annual increase of 3.3%, keeping the core rate at a steady 4.8%. On Tuesday, the financial market underwent a massive selloff, stimulated by Moody's credit agency's decision to downgrade ratings of ten small and medium US banks. This decision intensified investor concerns already troubled by high stock valuations and potential interest rate hikes, especially following the unexpected decision by Fitch agency to downgrade US government debt.

Nvidia, a technology company, found itself at the epicenter of the negative dynamics on Wall Street. However, several other giants from the "Magnificent Seven" also played a role in pressuring the market, leading to a decline in major indices. The global MSCI stock index decreased by 0.30%. U.S. stock indices also showed negative dynamics: the Dow Jones index lost 0.54%, the S&P 500 went down by 0.70%, and the Nasdaq Composite dropped by 1.17%. Meanwhile, the European market displayed more optimistic results. The STOXX 600 index increased by 0.43%, partially due to Italy's announcement that the new tax on banking profits would be within 0.1% of a bank's assets, which was lower than many investors had anticipated. Nevertheless, a heated debate continues among global investors regarding the potential taxation of extraordinary banking revenues. Jim Reid, a strategist from Deutsche Bank, expressed the opinion that the question of how to distribute the burden of high rates among various market participants is likely to become political. European banking stocks rose by 1.01%, with the Italian FTSE MIB index showing a growth of 1.31%. The situation in China raises many questions on the global economic stage. The ongoing decline in consumer and producer prices confirms the fears of many experts about a potential slowdown in China's economic growth post-pandemic. Both domestic and foreign demand for Chinese goods is weakening, suggesting that the country might be transitioning into a period of stagnation. The inflation data, as well as weak foreign trade indicators, have led to comparisons with Japan's "lost decades," a period when the country's economy stagnated for many years. The currency market also reacted to the news from China. According to dealers, the alleged interventions of China's state banks to support the national currency led to the strengthening of the yuan. The dollar declined against the yuan and major currencies, which was reflected in the dollar index. There were fluctuations in the US government bond market. The Treasury issued 10-year bonds, and the market closely monitored demand, especially after the recent sharp increase in yields. Instability in this sector reflects investor uncertainty regarding future economic growth and monetary policy. The global oil market continues to show positive dynamics. Reduction in US reserves, as well as decreased supplies from major exporting countries, including Saudi Arabia and Russia, led to price increases. Despite concerns about declining demand from China, the oil market maintains its position. Overall, global financial markets remain influenced by the economic situation in China and the response of key players to these changes.

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[IFX Gertrude]

Bitcoin: simple trading tips for novice traders on August 11. Overview of yesterday crypto market trades

Tips for trading
BTC Yesterday, Bitcoin did not move according to the plan, failing to give any market entry signals. The US inflation data had no impact on BTC, disappointing traders who were betting on a bullish trend, especially after favorable growth earlier this week, approaching $30,000. Today, Bitcoin's direction is unlikely to see significant changes, mostly maintaining a sideways movement. Nonetheless, it is better to stick to scenario 1.

Buy signal
Scenario 1: Today, you may buy Bitcoin when it reaches the entry point near $29,480 (green line on the chart), aiming for growth toward $29,780 (thicker green line on the chart). It is better to close long positions and open short ones near $29,780. Expecting substantial Bitcoin growth today might be overly optimistic, but a gradual upward movement toward $30,000 may occur. Important! Before buying, make sure that the MACD indicator is above zero.

Scenario 2: Another opportunity to buy Bitcoin today arises if the price tests $29,330 twice. This would limit the downward potential of the trading instrument and trigger an upward market reversal. We can also anticipate a rise towards the opposing levels of $29,480 and $29,780.

Sell signal
Scenario 1: Selling Bitcoin today is possible after $29,330 (red line on the chart) is breached, leading to a rapid decline in the trading instrument. Bears' key target would be $29,037, where you may close short positions and open long ones. Pressure on Bitcoin will intensify if bulls show weak activity near the daily peak range. Important! Prior to selling, make sure that the MACD indicator is below zero.

Scenario 2: Selling Bitcoin today can also be considered if the price tests $29,480 twice. This would limit the upward potential of the trading instrument and result in a downward market reversal. We can expect a decrease toward the opposing levels of $29,330 and $29,037.

What's on the chart:
Thin green line: Entry price for purchasing the trading instrument.

Thick green line: Estimated price at which to set a take profit order or lock in profits manually, as further growth beyond this level is unlikely.

Thin red line: Entry price for selling the trading instrument.

Thick red line: Estimated price at which to set a take profit order or lock in profits manually, as further decline below this level is improbable.

MACD Indicator: When entering the market, consider overbought and oversold zones.

Important! Novice cryptocurrency market traders should exercise extreme caution when making market entry decisions. It's best to stay out of the market before major fundamental reports to avoid exposure to sharp course fluctuations. If you choose to trade during news releases, always place stop orders to minimize losses. Without stop orders, you could quickly deplete your deposit, especially if you neglect money management and trade with large volumes.

Remember that successful trading requires a clear trading plan, like the one provided above. Making spontaneous trading decisions based on the current market situation is inherently a losing strategy for an intraday trader.

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[IFX Gertrude]

BTC update for August 14,.2023 - Fake breakout of the support zone

BTC/USD has been trading upside this morning and I found fake breakout of the support level at $29.200, which is sign that sellers could be in the trap.

Due to the strong rejection of the support at $29.200 and potential for the fake breakout of the consolidation, I see potential for the further rally towards upside references.

Upside objectives are set at the price of $29.670 and $30.110

Stochastic oscillator is showing bullish divergence and potential for the further rally...

Intraday support is set at the price of $29.000

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[IFX Gertrude]

Nvidia Sets the Pace: New Horizons for S&P 500 and Nasdaq

This leap propelled the information technology index up by 1.85%, making it stand out among other sector indices of the S&P 500.

Apart from Nvidia, stocks of other tech giants, such as Alphabet and Amazon.com, also demonstrated steady growth, increasing by 1.4% and 1.6% respectively. Jay Hatfield from Infrastructure Capital Advisors notes: "Tech has rarely surprised us lately, and now it has surpassed all expectations. With Nvidia's upcoming report, the tech market could receive an additional boost."

Next week, Nvidia plans to publish its quarterly results, sparking particular interest among analysts and investors. On Monday, Morgan Stanley highlighted the company's influence on the market, especially considering the current interest in artificial intelligence.

Meanwhile, Tesla's shares dropped by 1.2% due to the company's decision to reduce prices for some models in China. This week promises to be eventful for the market, with expectations of quarterly reports from major retailers such as Walmart and Target, as well as the release of July retail sales data, which may impact the US economic landscape.

The Market in Anticipation: Retail sales for July are expected to influence the US Federal Reserve's interest rate forecasts. According to CME Group Fedwatch's instrument data, analysts are 89% confident in the Fed's rate stability over the next month. However, Goldman Sachs expects the beginning of rate cuts only by the second quarter of 2024.

Meanwhile, on the global stage, there's growing concern about real estate in China, especially after the country's largest developer, Country Garden, decided to delay payments on its bonds.

Against this backdrop, news from the IT sector: PayPal shares confidently rose by 2.8% after the appointment of Alex Kress, former leader of Intuit, as the CEO.

In the entertainment sector, AMC Entertainment shares took a deep dive, losing 36% due to a court decision to review the agreement with shareholders, while shares of Hawaiian Electric Industries dropped 34% on news of the company's possible involvement in forest fires in Maui. The overall trading volume in the US was below average, with declining shares dominating over rising ones on the S&P 500. Meanwhile, BioXcel Therapeutics shares fell sharply, reaching a three-year low. In conclusion, the CBOE Volatility Index, which reflects the dynamics of S&P 500 options, decreased by 0.13%, indicating a relative market calm.

Gold futures for December delivery fell by 0.36% or $7.05, amounting to around $1,000 per troy ounce. As for oil, WTI futures for September delivery dropped by 0.73% or $0.61, settling at $82.58 per barrel. Meanwhile, Brent futures for October lost 0.59% in price, or $0.51, hovering around $86.30 per barrel. In the currency market, the EUR/USD pair showed minimal change, losing 0.36% and standing at 1.09. The USD/JPY pair, on the other hand, grew by 0.36%, reaching around 145.48. The US dollar index, reflecting the dynamics of the American currency against a basket of major currencies, rose by 0.34%, hitting the 103.04 level.

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