Oil Prices Rise as the Dollar Weakens and the US Prepares for Hurricane Adalia
market news summary
A survey of job openings and labor turnover conducted by the Ministry of Labor revealed that the number of job vacancies reached 8.827 million in July, marking a decrease for the third consecutive month. Another report indicated a decrease in consumer confidence in the United States to 106.1 in August, compared to the expectations of 116.
European stocks closed at their highest level in two weeks on Tuesday, supported by the rise of mining companies’ stocks due to higher metal prices, as well as the performance of NN Group, the largest insurance company in the Netherlands, which improved its financial situation. British stocks outperformed other European stocks.
The European STOXX 600 index closed 1%, amid broad gains, marking its best performance for two consecutive days in over a month. European mining companies’ stocks rose by 2.1% and touched their highest level in three weeks during yesterday’s session.
Dollar Index (USDX)
The dollar experienced a sharp decline, causing the dollar index to trade below its pivot point at $103.55 today, following the release of several important economic data yesterday. These data impacted market expectations regarding the future monetary policy moves of the US Federal Reserve, and their significant implications on the dollar’s performance.
These data have led to the likelihood of the interest rate being kept unchanged, with an 87% probability for the upcoming Federal Reserve meeting in September.
Pivot point: 103.65
| Resistance level | Support level |
| 104.00 | 103.00 |
| 104.65 | 102.65 |
| 105.00 | 102.00 |
Spot Gold (XAUUSD)
Gold prices rose on Tuesday, August 29, as the decline in the dollar and Treasury bond yields in recent times signaled economic weakness. The prices of gold were further boosted during yesterday’s trading session following the release of important US data that prompted the Federal Reserve to consider ending its monetary tightening cycle.
The spot price of gold increased by 0.65% to $1932 per ounce, and the settlement of US gold futures rose by 0.7% to $1960.
Pivot point: 1929
| Resistance level | Support level |
| 1945 | 1921 |
| 1953 | 1906 |
| 1969 | 1898 |
Dow Jones Index (DJ30ft – US30)
The US indices closed with strong collective gains in Tuesday’s session, following the decline in US Treasury bond yields after weak economic data. These data have led to the likelihood of the interest rate being kept unchanged, with an 87% probability for the upcoming Federal Reserve meeting in September.
The Dow Jones index rose by 0.85%, equivalent to 293 points, marking its highest daily gains in 3 weeks. The NASDAQ Composite index also increased by 1.7%, recording its highest daily gains in a month. Additionally, the S&P 500 index rose by 1.45%, marking its highest daily gains in 3 months.
Pivot point: 34775
| Resistance level | Support level |
| 35030 | 34645 |
| 35160 | 34390 |
| 35410 | 34260 |
US Crude (USOUSD)
Risk Warning
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