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 [email protected].
As part of our commitment to provide the most reliable service to our clients, there will be server maintenance this weekend.
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The Nasdaq Composite displayed resilience with its fifth successive day of gains, despite encountering its most substantial monthly decline in 2023. Closing at 14,034.97, the tech-centric index rose by 0.11% on Thursday. In contrast, the Dow Jones Industrial Average stumbled by 0.48%, finishing at 34,721.91, and the S&P 500 experienced a minor setback of 0.16%, concluding at 4,507.66.
Stock Market Updates
Although a series of positive sessions managed to alleviate some of the monthly losses for the S&P 500 and the Dow, the broader market index reported a 1.77% decrease, while the Nasdaq endured a 2.17% loss during August. The Dow, composed of 30 stocks, encountered a significant drop of 2.36%. Traders also diligently examined fresh U.S. inflation data, particularly the core personal consumption expenditures index, which matched economists’ projections by increasing 0.2% month over month in July and 4.2% year over year. This index holds particular importance as a gauge of inflation for the Federal Reserve.
Some analysts highlighted the interplay between equities and bonds, noting that declining U.S. Treasury yields remain pivotal for potential near-term stock market growth. Looking ahead, investors are eyeing the upcoming non-farm payroll data release, hoping for signs of a meaningful economic slowdown that could influence the central bank’s stance on benchmark interest rate hikes.
On Thursday, most sectors experienced a slight decline, with the overall market showing a decrease of 0.16%. However, there were a few areas of growth, notably Consumer Discretionary, which saw a rise of 0.51%, and Information Technology, which increased by 0.37%. Energy and Communication Services also recorded modest gains of 0.15% and 0.11% respectively. On the other hand, sectors like Health Care, Utilities, and Real Estate faced notable losses, with Health Care declining the most at 1.21%.
Currency Market Updates
The dollar index rose 0.45% on Thursday, supported by better US data and one ECB hawk taking notice of the region’s economic headwinds. US consumer spending surged 8% in July, up from 6% in June, and June was revised higher. Jobless claims remained in their recent range, and the August Chicago PMI rebounded to 48.7.
The euro fell 0.7% against the dollar after Wednesday and Thursday’s recovery highs were rejected by the 30-day moving average (DMA) and other resistance levels. Sterling also fell 0.4% after it ran into sellers at its 30-DMA and cloud base. USD/JPY fell 0.57%, putting EUR/JPY down a whopping 1.26%, as relatively static Japanese government bond (JGB) yields contrasted with the 7.8 basis point (bp) drop in German bund yields.
The main event on Friday is the US employment report. Non-farm payrolls are forecast to be 170,000, down from 187,000 in July. Average hourly earnings are forecast to rise 0.3% from July, and the jobless rate is forecast to remain near 50-year lows at 3.5%. August ISM manufacturing is forecast at 47.0, down from July’s 46.4. More important will be ISM services due out on September 6.
Picks of the Day Analysis
EUR/USD (4 Hours)
EUR/USDDeclines as Euro Underperforms and US Dollar Posts Mixed Results
The EUR/USD currency pair declined on Thursday as the Euro underperformed against the US Dollar. The failure of the EUR/USD to hold above the 1.0900 level indicates a loss of bullish momentum for the pair. The next direction of the move is likely to depend on the outcome of the US Nonfarm Payrolls (NFP) report, which is due to be released on Friday.
The Euro weakened on Thursday after ECB policymaker Robert Holzmann said that interest rates are not yet at their highest level and that another one or two rate hikes are possible. However, market expectations regarding tightening from the ECB weakened, contributing to the Euro’s slide. Eurozone inflation data did not offer any surprises, but German retail sales showed an unexpected decline in July.
The US Dollar rose against its main European rivals, but the Dollar Index (DXY) lost ground. US consumer inflation figures did not have a significant impact on the US Dollar. Now, the focus turns to Friday’s NFP report, which is expected to show strong job growth. The ISM Manufacturing PMI is also due to be released on Friday.
Based on technical analysis, the EUR/USD moves lower on Thursday, reaching below the middle band of the Bollinger Bands. Currently, the price is moving just below the middle band, showing that there’s potential for another lower movement to reach the lower band. The Relative Strength Index (RSI) is currently at 45, signaling that the EUR/USD is moving lower and trying to start the bearish trend.
Gold price ended August lower, as the US Dollar staged an impressive rebound, despite the persistent weakness in the US Treasury bond yields. Risk sentiment turned tepid in American trading, as traders resorted to the end-of-the-month settlement while repositioning ahead of Friday’s high-impact US labor market report.
Earlier in the day, the US Dollar maintained its corrective downside, as the mixed set of economic data from the United States bolstered expectations that the Fed could likely end its tightening cycle. However, the US Dollar rebounded in the afternoon, as traders turned risk-off ahead of the US jobs report.
Gold price initially jumped to challenge the monthly high of $1,949, but failed to sustain at higher levels on the US Dollar comeback. The next major support for gold is seen at $1,880, followed by $1,850.
The main event risk of the week is the US Nonfarm Payrolls and the Average Hourly Earnings data, which will likely hint at the Fed’s policy path for the rest of this year. The US economy is expected to add 170K jobs in August, compared with the 187K previous job gain. Average Hourly Earnings are seen steady at 4.4% YoY in August.
Based on technical analysis, the XAU/USD moves lower on Thursday and able to reach the middle band of the Bollinger Bands. Currently, the price is moving near the middle band showing there’s potential for Gold to move in consolidating mode. The Relative Strength Index (RSI) is at 58 currently, showing that the XAU/USD pair is still in a positive mode but might have some correction lower.
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 [email protected].
In online gaming, few titles have garnered as much global attention and devotion as Fortnite. Since its debut almost a decade ago, this game has become a cultural phenomenon, boasting a daily player base of over 30 million. And it’s no wonder why: Fortnite combines exhilarating action with clever strategies that keep players hooked as they battle against 99 opponents on a deserted island.
But here’s the thing: there’s a hidden side to Fortnite that goes beyond what meets the eye. Imagine taking the clever strategies used in Fortnite and using them in a completely different world: gold trading. It might sound unusual to connect the two, but the tactics that make Fortnite players successful can be the same ones that help you succeed in trading gold.
Keep reading to uncover just how your Fortnite skills might help you conquer the gold market in the near future!
1) Optimising Resource Management
Resource management is a skill in Fortnite that separates the best from the rest. Take Bugha, Veno, and Queasy, for example. Their success isn’t just about their incredible aim; it’s also about their ability to allocate resources like wood, metal, and bricks effectively.
Interestingly, resource management is equally important in gold trading. Unlike many other financial instruments, gold is known for being a relatively stable asset. While this means it tends to retain its price when markets are dipping, it also means that upside is limited when markets are booming.
This being the case, traders should be mindful of how much of their capital they allocate to gold. If done prudently, exposure to the gold markets could hedge against inflation, mitigate downswings in times of turbulence, and ensure healthy capital management for sustained trading success.
2) Formulating Strategic Plans
The best Fortnite players possess the talent to construct defensive structures in accordance with a defined game plan. Whether it’s fortifying defences in the endgame or gradually developing structures throughout the game, everything they do is timed, precise, and carried out with a specific purpose in mind. Similarly, gold trading requires the same sort of strategic thinking, given the number of factors that can impact its price. Given its reputation for stability, the demand for gold tends to surge in uncertain economic conditions Additionally, as gold is priced based on the dollar, any price movements for the dollar can typically also result in an inverse movement for gold.
Much like Fortnite players have to plan their approach to the map from the moment they drop, traders must hence also develop a long-term plan for their gold investments. Doing the necessary research and pre-planning to spot volatile market conditions or likely dollar movements can often pay off handsomely.
3) Adapting to Change
From the moment a Fortnite player steps foot on a map, they are thrust into a world of infinite possibilities. With randomly spawning supply drops, frequent map and weapon system updates, and a multitude of strategies from fellow players, the game always presents new challenges and surprises. As a result, Fortnite players must not only enter the game with preconceived strategies but also cultivate adaptability to navigate ever-changing environments and opponents.
Similarly, gold traders face analogous experiences in their trading endeavours. Aside from broader macroeconomic factors, the price of gold can also be heavily influenced by short-term trends and day-to-day news. As a result, traders must always remain vigilant and be prepared to adjust their strategies accordingly.
For anyone entering gold trading, staying abreast of market news is imperative. By ensuring comprehensive coverage of potential entry and exit points, traders can stay ahead of the game even in the face of changing conditions.
4) Teaming Up for Victory
Fortnite is not limited to solo gameplay. For those who enjoy the complexity of teamwork, there are various game modes available. Modes like 50v50 or Beach Assault allow teams of players to compete against each other, fostering coordination and cooperation. Meanwhile, duos—where pairs of players battle it out—offer a classic Fortnite experience.
These cooperative modes provide a refreshing break from the often toxic and individualistic nature of ambitious solo players and the ranking system they live and die by. Similarly, while gold trading might be perceived as a cutthroat activity, it can also be a rewarding collaborative experience. By connecting with industry experts and gaining valuable insights and skills, traders can often expand their horizons and become more successful in the markets.
Additionally, participating in networking events and engaging with trading communities can lead to the creation of new friendships and an invaluable support network for dealing with the stresses of trading.
5) Perfecting Your Timing
While Fortnite games can go on seemingly forever—to the chagrin of mums and spouses across the globe—being able to manage your time is still an indispensable aspect of getting good at Fortnite.
Anticipating supply drops is often the deciding factor for many players, especially as they reach the end game when resources have been exhausted. The precise timing of weapon usage is also crucial, as a single misfire can be fatal and shatter battle royale dreams within seconds.
With gold being one of the oldest and most traded assets globally, there is an abundance of historical charts and data available for developing trading strategies. Traders who are willing to utilise technical analysis and historical data might find a potential edge on the rest of the market when deciding when to enter and exit a position.
Ready to put these tactics to the test and trade gold like a Fortnite champion? Open your VT Markets trading account here and secure your victory royale.
The S&P 500 extended its winning streak to four days, rising 0.38% and surpassing 4,500 points to close at 4,514.87. The Dow Jones Industrial Average added 0.11%, while the tech-oriented Nasdaq Composite advanced 0.54% to 14,019.31. The S&P’s recent gains helped trim month-to-date losses to approximately 1.6%. The tech sector saw an upswing with chipmaker Nvidia contributing to the rise, and Apple’s shares climbing nearly 2% as anticipation for the iPhone 15 unveiling event on September 12 grew.
Investors have reacted positively to underwhelming economic data for the second consecutive day. Disappointing payrolls data showed that private employers added only 177,000 jobs in August, well below expectations and the previous month’s figure. Additionally, the annual gross domestic product growth forecast was revised downward from 2.4% to 2.1%. This market behavior indicates a hopeful perspective that weaker economic data might lead to adjustments in the Federal Reserve’s policy stance.
On Wednesday, the S&P 500 showed a 0.38% overall increase. The Information Technology sector led the gains with a significant rise of 0.83%, followed by Energy at 0.51% and Industrials at 0.44%. Communication Services and Real Estate both recorded a 0.35% uptick, while Consumer Discretionary saw a 0.33% increase. Meanwhile, Consumer Staples and Materials experienced more modest growth with gains of 0.17% and 0.15%, respectively. Financials and Health Care registered smaller gains, rising by 0.12% and declining by 0.03%, respectively. Utilities were the only sector to show a notable decrease, falling by 0.42%.
Major Pair Movement
The dollar index decreased by 0.37% due to underwhelming revisions and significant drops in JOLTS and consumer confidence data. The impact of this setback hinges on the forthcoming core PCE on Thursday and the employment report on Friday, which will provide clearer insights into the dollar’s trajectory. While mid-week U.S. data hold less significance for the Fed’s primary inflation and employment assessments, the misses prompted EUR/USD to reach a two-week high, rising 0.4% on Wednesday and 1.63% from August’s lows.
EUR/USD’s advance surpassed multiple technical indicators, such as the downtrend line across July and August highs, the 21- and 100-day moving averages, and last week’s 1.0930 high. The upward momentum paused near the 30-day moving average at 1.0948, favored by trend followers, and the 61.8% retracement level of August’s drop. The British pound increased by 0.6%, encountering resistance near its 30-day moving average at 1.2747. The Bank of England (BoE) is projected to initiate two more 25bp rate hikes to address UK inflation, which stands at 5.3% compared to 3.2% in the U.S.
The Japanese yen gained 0.2%, but its appeal remains limited due to the BoJ’s negative rates and doubts about a near-to-medium-term shift from ultra-easy policies. Treasury-JGB yield spreads declined from recent highs, and market participants are waiting for U.S. inflation, employment, and ISM manufacturing reports to ascertain the direction of the trend. The Australian dollar remained steady, while USD/CNH rose 0.24% following weaker-than-forecast data and attempts to stimulate the sector. Upcoming events include euro zone CPI, U.S. core PCE, jobless claims, and Chicago PMI.
The EUR/USD pair reached two-week highs at 1.0947 but retraced slightly, maintaining its position above 1.0900. The prevailing upward bias is fueled by US Dollar corrections due to recent disappointing US data, while Eurozone inflation rates suggest potential European Central Bank tightening. Despite the data undershooting expectations, upcoming US economic figures remain pivotal, including the Core Personal Consumption Expenditure Price Index and Jobless Claims on Thursday, followed by Friday’s Nonfarm Payrolls report. The US fundamentals’ relative strength compared to the Eurozone may cap further upside potential in the EUR/USD pair.
Based on technical analysis, the EUR/USD moves higher on Wednesday, reaching the upper band of the Bollinger Bands. Currently, the price is moving just below the upper band, showing that there’s potential for another higher movement. The Relative Strength Index (RSI) is currently at 65, signaling that the EUR/USD is in a bullish trend.
Resistance: 1.0935, 1.1003
Support: 1.0893, 1.0833
XAU/USD (4 Hours)
XAU/USD Hits Four-Week High as US Dollar Weakens Amid Fed Speculation
The US Dollar’s decline continued on Wednesday, driving XAU/USD to a four-week high of $1,949.02 per troy ounce, prompted by weak macroeconomic data fueling speculation of an impending end to the Federal Reserve’s tightening cycle. The USD’s descent was exacerbated by discouraging figures, including a decrease in private job creation in August and a downward revision of Q2 Gross Domestic Product to 2.1% QoQ. While stock markets gained modestly and government bond yields retreated, expectations for the Fed to remain on hold in September rose to 88.5%. However, discussions of the Fed pressuring regional banks to bolster liquidity strategies led to Wall Street pulling back from recent highs. Attention now shifts to US inflation data, with the July Core Personal Consumption Expenditures (PCE) Price Index expected to show a 5.3% YoY increase in August, potentially impacting rate hike expectations.
Based on technical analysis, the XAU/USD moves higher on Wednesday and creating a push to the upper band of the Bollinger Bands. Currently, the price is moving below the upper band higher showing there’s potential for Gold to move even higher. The Relative Strength Index (RSI) is at 70 currently, showing that the XAU/USD pair is still in a positive mode but might have some correction lower.
New contracts will automatically be rolled over as follows:
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• The rollover will be automatic, and any existing open positions will remain open.
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If you’d like more information, please don’t hesitate to contact [email protected].
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 [email protected].
Investors rallied around tech stocks, propelling the Nasdaq Composite up by more than 1% on Tuesday, seeking respite in the closing stages of a challenging August for the market. The tech-centric index surged 1.74% to reach a closing figure of 13,943.76. Similarly, the S&P 500 marked its most robust performance since June 2, surging 1.45% to conclude at 4,497.63, while the Dow Jones Industrial Average managed a 0.85% rise, accumulating 292.69 points to cap off the session at 34,852.67.
Leading the ascent among tech stocks was chipmaker Nvidia, boasting a gain of over 4%, with Meta Platforms, Tesla, Apple, and Microsoft also closing the day in positive territory. The sector found support in declining bond yields prompted by the release of fresh U.S. economic data. Moreover, AT&T’s shares climbed 3.9% on the back of a Citi upgrade, while Best Buy saw a 3.8% increase after reporting better-than-anticipated earnings. As the month of August concludes, the Dow is projected to record a 1.9% dip, with the S&P 500 and Nasdaq anticipated to incur losses of 1.9% and 2.8%, respectively.
On Tuesday, all sectors of the market showed positive movement, with an average increase of 1.45%. Communication Services experienced the highest gain, rising by 2.46%, followed closely by Consumer Discretionary at 2.35% and Information Technology at 2.11%. Other notable sector increases included Materials at 1.68%, Real Estate at 1.15%, Financials at 0.88%, Health Care at 0.83%, Industrials at 0.78%, Consumer Staples at 0.41%, Energy at 0.30%, and Utilities at 0.28%.
Major Pair Movement
The dollar index started with gains but ended with a 0.55% loss due to disappointing JOLTS and consumer confidence data, causing Treasury yields to drop significantly. This shift, along with recent remarks from central bank leaders, suggests the Fed might prioritize rate cuts over hikes in 2024. Further U.S. data this week will likely influence this view. Despite initially strong levels, the dollar index’s momentum waned after speeches by Fed Chair Jerome Powell, ECB President Christine Lagarde, and BoJ Governor Kazuo Kuroda. EUR/USD stayed above key supports while USD/JPY reached new 2023 highs. However, Tuesday’s U.S. data led to a 0.64% gain for EUR/USD, raising it from crucial supports.
The ECB is leaning toward a rate hike by October, while the likelihood of a September hike is uncertain. Sterling rose 0.44%, hindered slightly by EUR/GBP clearing resistance, yet still reclaiming its 100-day moving average. The Australian dollar surged by 0.86% as falling Treasury yields boosted higher-risk assets. It also benefited from increased commodity prices and positive economic prospects after Chinese state banks lowered mortgage rates. Australian CPI data and the RBA’s stance on potential rate hikes will be closely watched. USD/CNH declined 0.15%, remaining within its recent range due to skepticism surrounding the resolution of structural issues impacting the Chinese economy. The upcoming release of German CPI, ADP data, and U.S. pending home sales on Wednesday, followed by more crucial U.S. data on Thursday and Friday, will further shape market trends.
Picks of the Day Analysis
EUR/USD (4 Hours)
EUR/USDSurges Amidst Dollar Weakness Triggered by Economic Data
The EUR/USD saw its most substantial daily gain in a month on Tuesday, surging from below 1.0800 to near 1.0900, driven by a notable correction in the weakening US Dollar, which stemmed from disappointing US economic indicators and a decline in Treasury bonds. US data unveiled employment setbacks, particularly in the JOLTS report and CB Consumer Confidence index, which led to a decline in US Treasury yields, applying downward pressure on the US Dollar. The DXY index dropped below 103.50 after being at 104.40. Upcoming economic data releases, including the ADP private employment report and US consumer inflation data, may continue to impact the US Dollar’s trajectory.
Based on technical analysis, the EUR/USD moves higher on Tuesday, reaching the upper band of the Bollinger Bands. Currently, the price is moving around the upper band, showing that there’s potential for another higher movement. The Relative Strength Index (RSI) is currently at 59, signaling that the EUR/USD is trying to move higher into a bullish trend.
Resistance: 1.0874, 1.0935
Support: 1.0833, 1.0789
XAU/USD (4 Hours)
XAU/USD Surges as US Economic Data Points to Easing Monetary Measures
On Tuesday, the XAU/USD shifted its trajectory, surging to $1,938.08 per troy ounce, driven by US macroeconomic indicators that suggested a potential conclusion to the monetary tightening cycle. The US Dollar faced a sharp decline after the US Bureau of Labor Statistics reported fewer job openings than expected, indicating a loosening labor market trend. The number of job openings stood at 8.82 million in July, down from the anticipated 9.46 million.
Adding to this, Consumer Confidence dwindled to 106.1 in August from 114.0 in July, reflecting a decrease in household demand. As a result, financial markets are increasingly predicting the Federal Reserve will maintain rates in the upcoming September meeting, with the likelihood of a 25 basis points hike in November dropping from 50.9% to 44.5%. This news spurred Wall Street to reach new weekly highs, and Treasury bond yields experienced a downturn, with the 10-year note yielding 4.12% (down 8 bps) and the 2-year note offering 4.88% (down 12 bps).
Based on technical analysis, the XAU/USD moves higher on Tuesday and trying to widen the bands for the Bollinger Bands. Currently, the price is trying to push the upper band higher showing there’s potential for Gold to move even higher. The Relative Strength Index (RSI) is at 73 currently, showing that the XAU/USD pair is still in a positive mode.
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