Nimblefx Markets Ltd.

Nimblefx Markets Ltd.
On expectations of increased Chinese demand, copper rises.
While some speculators were betting that prices had already hit their lowest point for the month, copper prices increased due to expectations about additional government support for the Chinese economy. Following a 0.7% increase thus far this month, copper three-month futures at the London Metals Exchange increased by 0.9% to $9328 per tonne.
Prices increased on news that China is enabling households to refinance mortgages totaling around $5.4 trillion in order to reduce borrowing expenses. China stepped increased its attempts to prop up the collapsing real estate sector, which is a key driver of demand for industrial metals.
At the Shanghai Futures Exchange, copper futures ended the day 0.1% higher at 74,220 yuan a tonne, up 0.5% so far this month. Real-world Chinese requests for The supply of copper was restrained, but Chinese imports of copper wires and cables surged, as reported by Shanghai's minerals market.
A proper bottom that may eventually result in a comeback in copper prices pleased some investors as well, as the metal fell 22% from its record highs in May to a 4-⅕ month low in August. At the London Metals Exchange, prices for aluminum increased 1.1% to $2485 per tonne, while those for nickel increased 0.1% to $17025, zinc increased 1.3% to $2914, lead increased 1.5%, and tin increased 0.6% to $32545 a tonne. In other words, as of 16:51 GMT, the dollar index increased by 0.3% to 101.6, reaching a top of 101.6 and a low of 101.6 during the day. As of 16:48 in American trade, copper December futures were down 0.5%.

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After the GDP release, the Canadian dollar fails to pique attention.
The Canadian dollar (CAD) gained a little ground against the majority of its major currency competitors; however, trading volume is still low as market flows find it difficult to support the CAD. In addition, the Canadian dollar was unable to generate a significant bullish buy against the US dollar, swaying to the downside versus the US dollar following an uptick in GDP growth. Canada will be dark for a long weekend, making the opening volleys of the following week even more sparse than usual. Additionally, CAD flows will be more constrained than usual due to an impending rate drop by the Bank of Canada (BoC). In the second quarter, the Canadian GDP crept up. from the prior 0.4% to 0.5%.The annualized GDP of Canada during the second quarter surged to 2.1% from 1.8%, exceeding the predicted decline to 1.6%. MoM GDP faltered, printing at a flat 0.0% compared to the prior 0.2% and missing the median market estimate of 0.1%, despite the overall positive swing in the print.
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The NZD drops ahead of the FOMC minutes.
On Wednesday, the New Zealand Dollar (NZD) gradually declines after retreating from ten-week highs around 0.6164. China is New Zealand's biggest trading partner, so the prolonged drop of the USD Index (DXY) and improved risk sentiment following China's announcement of additional steps to bolster the real estate industry should strengthen the Kiwi.
However, the upside potential of the pair may be constrained by the Reserve Bank of New Zealand's (RBNZ) dovish comments following last week's unexpected rate decrease. The Federal Open Market Committee (FOMC) minutes, which are coming on Thursday, will be closely watched by investors. The entire world will be watching Jackson Hole symposium and Fed Chair Powell's remarks. Any dovish remarks made by Powell is probably going to damage the USD and provide the NZD/USD pair a boost.

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GBP/USD is still restricted at 1.3000; pay attention to Fedspeak
The three-day winning streak is broken by the GBP/USD pair's decline to 1.2980 on Tuesday morning during the early European session. The major pair falls as a result of the Greenback's muted comeback. The USD price dynamic will be the primary driver of the GBP/USD pair later this week if there are no significant data releases from the UK. The Federal Reserve (Fed) Chair Jerome Powell's address will be the center of attention.
The Bank of England (BoE) decided to hold the interest rate at 5.0% during its September meeting in light of last week's UK inflation and employment data. "The BOE is most likely to leave rates unchanged at their next meeting in September," said Rupert Thompson, chief economist at IBOSS. with November being the deadline for the subsequent reduction. In the near future, the Pound Sterling (GBP) may be negatively impacted by expectations of additional rate reduction by the BoE.

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As traders wait for fresh indications about prospective Fed rate reduction, USD/INR remains stable.
Despite the US dollar's (USD) decline, the Indian rupee (INR) remains unchanged on Monday. The high USD demand from importers and India's outflows abroad are still putting some selling pressure on the INR. The Reserve Bank of India (RBI) has intervened to protect the local currency despite several challenges; it is expected to sell USD to stabilize the exchange rate and keep the INR from breaking through the critical 84.00 mark. Additionally, since India continues to be one of the biggest importers of crude oil, the drop in prices is probably going to help the INR. On Wednesday, the preliminary HSBC India Purchasing Managers Index (PMI) will be released. The Federal Reserve (Fed) Chair is on the US docket. will be closely watching the Federal Reserve (Fed) Chair Jerome Powell's address as they look for fresh clues regarding possible interest rate reductions. The Fed members' dovish comments could limit the upward potential of the pair and pull the Greenback down.

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Nimblefx Markets Ltd.
Forecast for Silver Prices: XAG/USD stays below $29.00 in spite of escalating global tensions
During Monday's Asian session, the price of silver (XAG/USD) is trading at about $29.00 per troy ounce, with some little losses. Rising geopolitical tensions, however, may restrict the downside of the safe-haven silver. Israel's and Hamas's contradictory remarks undermined the likelihood of a breakthrough ceasefire agreement. In a statement, Hamas rejected the conditions for a ceasefire and hostage release agreement that was discussed on Thursday and Friday in Doha. The party, according to Reuters, which cited the local news agency Times of Israel, accuses Prime Minister Benjamin Netanyahu of putting up additional barriers in the negotiations. On Monday, US Secretary of State Antony Blinken is expected to be hosted by Israeli Prime Minister Benjamin Netanyahu. After their encounter, Blinken will journey to Cairo, the ongoing hub of the deal-making process. In an effort to complete the agreement by the end of the week, the US has said that it will hold a second meeting later in the week.

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Ethereum climbs 4% and records a weekly high.
Saw a rise in the majority of cryptocurrencies as risk appetite increased on hopes that the US economy will escape a recession this year. Investors' worries about US recession and inflation have subsided in the wake of a wave of encouraging news. Although most experts predict a 0.25% rate cut rather than a 0.5% one, analysts now fully expect a Fed rate cut in September. Expectations for US consumer inflation, according to recent statistics from Michigan University, remain unchanged at 2.9% for the upcoming year and 3% over the long run. The Fedwatch tool indicates that there is a 74.5% chance of a 0.25% rate decrease in September and a 25.5% chance of a 0.5% rate cut. Ethereum increased 3.6% in trading on Coinmarketcap as of 20:46 GMT to $2624, indicating a 1.3% weekly gain.

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Nimblefx Markets Ltd.
Updated silver price projection for August 16, 2024
With a quiet negative trading approach to the 28.00$ barrier, the silver price is waiting for more declines to test the major negative goal of 27.62$. As a result, until the price breaks through 28.55$ and holds above it, we will continue to recommend the intraday bearish trend. We would like to remind you that it is crucial to keep an eye on the price after it reaches the desired level because it will help define the next trend. Today's trading range is predicted to be between the resistance at 28.55$ and the support at 27.60$.


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Nimblefx Markets Ltd.

USD/JPY retreats after data on consumer sentiment improve investor morale.

Early in the day, USD/JPY fell below 149.00 and briefly tested the 148.00 handle. As broad market sentiment improves as a result of an increase in US consumer confidence data, the US dollar is being sold off everywhere. The University of Michigan's Consumer Sentiment Index, which rose to 67.8 from 66.4 to a comfortably higher level than predicted in August, revealed a stronger-than-anticipated rebound in the outlook of questioned consumers. While the UoM 5-year Consumer Inflation Expectations in August remained stable at 3%, investors seized onto the headline data and rushed back into riskier assets while dumping the Greenback. The UoM Consumer Current Conditions outlook also slightly declined, easing to 60.9 from 62.7, completely changing course from the prediction 63.1.
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Heads Up:💶 ECB Bank Lending Survey due at 08:00 GMT (15min)

Ethereum price (ETHUSD) surpasses the resistance
The price of Ethereum (ETHUSD) strongly overcame the 3360.31$ level to reach our newly set positive target at 3490.00$. We anticipate that the bullish bias will continue to produce further gains and test 3641.82$ as the next major target.
As a result, the scenario of the bullish trend will continue to dominate in the upcoming sessions. However, it should be noted that any brief sideways fluctuation influenced by stochastic negativity may precede this scenario. A break of $3360.31$ will halt the bullish wave and cause the price to begin declining once more.
Today's trading range is predicted to be between 3600.00$ resistance and 3360.00$ support.

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Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule:
US 500: 0.15%
Wall Street: 0.10%
France 40: 0.09%
Germany 40: -0.11%
FTSE 100: -0.16%

Heads Up:🇯🇵 Tertiary Industry Index MoM (May) due at 04:30 GMT (15min)
Expected: 0.1%
Previous: 1.9%

Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule:
🇨🇭CHF: 0.01%
🇨🇦CAD: 0.00%
🇪🇺EUR: -0.01%
🇦🇺AUD: -0.17%
🇳🇿NZD: -0.25%
🇯🇵JPY: -0.36%

🇯🇵 Tertiary Industry Index MoM (May)
Actual: -0.4%
Expected: 0.1%
Previous: 1.9%

Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min)

Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule:
Gold: 0.07%
Silver: -0.16%
Oil - US Crude: -0.17%

Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule:
Wall Street: 0.45%
US 500: 0.35%
FTSE 100: -0.24%
Germany 40: -0.27%
France 40: -0.51%

🇮🇳 Balance of Trade (Jun)
Actual: $-21B
Previous: $-23.8B

💶 Industrial Production YoY (May)
Actual: -2.9%
Previous: -3.1%

Heads Up:💶 Industrial Production YoY (May) due at 09:00 GMT (15min)
Previous: -3%

Soybean price reaches the new target
The price of soybeans continues to drop in order to hit the thresholds of the anticipated target at 1050.00$. We anticipate that the bearish bias will continue to produce further negative targets, which reach 1035.00$ and 1000.00$, respectively.
Maintaining a holding below 1070.00$ is a crucial condition for the expected decline to continue, as breaking it will cause the price to develop a bullish wave that aims to test the resistance of the bearish channel around 1100.00$ before making another attempt to decline.
Today's trading range is anticipated to lie between the 1030.00$ support and the 1170.00$ resistance.


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Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule:
Gold: -0.29%
Oil - US Crude: -0.32%
Silver: -0.38%

Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule:
🇯🇵JPY: -0.05%
🇨🇭CHF: -0.07%
🇬🇧GBP: -0.17%
🇪🇺EUR: -0.20%
🇨🇦CAD: -0.21%
🇳🇿NZD: -0.48%

Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule:
Wall Street: 0.26%
US 500: 0.22%
Germany 40: -0.39%
FTSE 100: -0.52%
France 40: -0.78%

Sugar price suffers more losses
The sugar price continues its bearish trend, surpassing our first target at 19.32$ and settling below it. This confirms the bearish trend's dominance and paves the way for the achievement of further negative targets, which begin at 18.75$ and go all the way to 18.05$.
The recommended bearish wave is supported by moving below the EMA50; it will not end unless it breaks through and stays above 19.82$.
Today's trading is expected to be in the range of the 18.80$ support and the 19.50$ resistance.

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Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule:
🇯🇵JPY: -0.07%
🇨🇦CAD: -0.12%
🇦🇺AUD: -0.12%
🇪🇺EUR: -0.13%
🇨🇭CHF: -0.15%
🇳🇿NZD: -0.34%

Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule:
Wall Street: 0.14%
US 500: 0.12%
FTSE 100: -0.22%
Germany 40: -0.38%
France 40: -0.47%

Bitcoin price (BTCUSD) fails to confirm the breach
The price of bitcoin (BTCUSD) was unable to confirm breaking above the 58660.00$ level. Instead, it bounced bearishly and approached the key support level of 56160.00$. As a result, it remained trapped between these levels, which stand in for the next trend keys, and it had to breach one of them in order to clearly identify the next destination.
As a reminder, breaking the support will cause the price to revert to the main bearish trend and hit negative targets up to $51990.00$. On the other hand, breaking the resistance is essential to creating a bullish wave and achieving gains that will take the price from 60325.00$ to 63230.00$, which are the main positive stations.
Today's trading range is predicted to be between 59500.00$ resistance and 55000.00$ support.

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The EURJPY achieves bearish correction
The EUR/JPY pair saw significant negative pressure yesterday, leading to a brief intraday bearish correction. It then tested 171.60 and began a bullish recovery, moving forward to resume the main bullish trend and reach positive targets, which begin at 176.00.
As a result, the bullish trend is still anticipated for today, with the caveat that a break of 171.60 will halt the anticipated increase and cause the price to undergo further bearish correction.
Today's trading range is anticipated to be between 172.50 and 174.20.

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