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    /market_analysis/forex-market-analysis-21-august-2024/

    Forex market analysis: 21 August 2024

    August 21, 2024

    Today, the forex market is a blend of careful optimism and rising anticipation as investors process recent economic reports and prepare for important events later this week. The trading activity today offers valuable insights into the state of the economy.

    KEY INDICATORS

    1. Crude Oil Inventories:

    • West Texas Intermediate crude futures were flat at USD 76.61 a barrel by 20:48 ET (00:48 GMT), while Brent oil futures expiring in October steadied at USD 77.21 a barrel.

    2. FOMC Meetings Minutes:

    • Minutes of the Federal Open Market Committee (FOMC) is usually published three weeks after the day of the policy decision. Investors look for clues regarding the policy outlook in this publication.
    • A bullish tone is likely to provide a boost to the greenback while a dovish stance is seen as USD-negative.
    • It needs to be noted that the market reaction to FOMC Minutes could be delayed as news outlets don’t have access to the publication before the release.

    MARKET MOVERS

    USD / JPY

    Dow Jones Index (DJ30)

    XAUUSD

    TODAY’S NEWS HEADLINES

    Gold prices hit record highs above USD 2,500 as rate cut hopes grow

    • Spot gold rose 0.1% to USD 2,515.44 an ounce,
    • Gold futures expiring in December rose 0.1% to USD 2,553.35 an ounce by 00:51 ET (04:51 GMT). Spot prices hit a record high of USD 2,531.72 an ounce on Tuesday.
    • Platinum futures fell 0.1% to USD 956.25 an ounce.
    • Silver futures rose 0.1% to USD 29.538 an ounce.

    S&P 500, Nasdaq snap eight-day winning streak as rebound rally pauses

    • The Dow Jones Industrial Average slid 61.56 points, or 0.15%, to 40,834.97.
    • The S&P 500 slid 0.2% to 5,597.12.
    • The Nasdaq Composite shed 0.33% to 17,816.94.
    • Tuesday’s declines snapped eight-day winning streaks for the S&P 500 and Nasdaq, the first positive periods of that length for each since late 2023.

    Europe markets open slightly higher with Fed in focus; UK net borrowing higher than expected

    • European stock markets opened slightly higher Wednesday, cautiously rebounding after snapping a long winning streak on Tuesday.
    • The pan-European Stoxx 600 index was 0.1% higher at 8:33 a.m. London time, with sectors mixed.

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