Oil Prices Rise as the Dollar Weakens and the US Prepares for Hurricane Adalia
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.
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.
| Resistance level | Support level |
| 104.00 | 103.00 |
| 104.65 | 102.65 |
| 105.00 | 102.00 |
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.
| Resistance level | Support level |
| 1945 | 1921 |
| 1953 | 1906 |
| 1969 | 1898 |
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.
| Resistance level | Support level |
| 35030 | 34645 |
| 35160 | 34390 |
| 35410 | 34260 |
This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.
Dear Valued Clients, Please be advised that the following CFD instruments will be automatically rolled…
Dear Valued Clients, Please be advised that the following instruments' trading hours and market session…
Dear Valued Clients, Please be informed that the trading hours for the following products will…
Forex trading is a global phenomenon that operates 24 hours a day for five days…
Dear Valued Clients, Please be advised that the following instruments' trading hours and market session…
As the largest market in the financial world, the Forex Exchange Market attracts trillions of…
This website uses cookies.