Get daily live stock news and profitable signals

  SILVER SOARS AS GLOBAL BANKING CONCERNS DAMPEN RISK SENTIMENT . Silver experienced a modest increase of 0.19% in yesterday’s trading, closing at 73959, primarily driven by risk sentiment concerns surrounding the global banking sector. Investors recognized that despite lower-than-expected GDP data for Q1, the Federal Reserve is still expected to raise interest rates in the upcoming week. While business and residential investment slowed down, consumer spending remained resilient, and the personal consumption expenditures price index indicated higher inflation than estimated. Furthermore, the demand for silver was also boosted by a report highlighting the record-breaking contribution of wind and solar energy to electricity generation in 2022. GLOBAL BANKING SECTOR CONCERNS WEIGH ON RISK SENTIMENT: The global banking sector faced apprehension as Republic Bank’s rescue plan hinted at a significant divestment, leading to dampened risk sentiment among investors. A Bloomberg report unve...

  AUSTRALIAN INFLATION AND US DURABLE GOODS ORDERS DATA, AUD/USD HOLDS GROUND AT 0.6600. The Australian dollar (AUD) has shown some signs of recovery after hitting a fresh five-month low of 0.6614. However, the downside remains favored as the US Dollar Index (DXY) continues to show strength and negative market sentiment persists. Investors are worried about the interest rate guidance from the Federal Reserve (Fed), which has triggered a V-shaped recovery in the USD index from a weekly low of 101.20. The Fed is set to announce its monetary policy for May next week, with a 25 basis points (bps) interest rate hike expected. The street was earlier anticipating that the Fed would pause its quantitative tightening regime after this interest rate hike. The S&P500 settled Tuesday’s session on a bearish note, despite upbeat earnings from Microsoft and Google. Banking jitters renewed after First Republic Bank reported a sharp decline in customers’ deposits, requiring it to raise funds fo...

  CONCERNS OVER THE RECESSION AND POTENTIAL RATE HIKES WEIGH DOWN ASIAN STOCKS FURTHER . Asian stock markets continued to suffer losses for the third straight session on Friday. Weak data and hawkish signals from the Federal Reserve exacerbated concerns over an economic slowdown, leading to a sell-off in most markets. The Chinese markets were among the worst performers, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes falling over 1% each. Investors remained cautious due to concerns over a mixed economic recovery in the country, with the manufacturing sector continuing to struggle. While the Chinese economy grew more than expected in the first quarter, the weak data on foreign direct investment in March raised doubts over the economy’s rebound this year. In Japan, the Nikkei 225 index also fell 0.2% due to sticky consumer price index inflation through March. The reading added pressure on the Bank of Japan to eventually tighten policy, despite dovish signals from ne...

  META INITIATES GLOBAL LAYOFFS, WITH TECHNICAL STAFF BEARING THE BRUNT. Meta, formerly known as Facebook, has begun another round of layoffs globally, targeting employees with technical backgrounds. Many affected employees have shared their experiences on LinkedIn, stating that they were asked to leave. Teresa Jimenez, a business Programme manager at Facebook, posted that she was among those laid off and requested information on career opportunities. The layoffs affected employees in various verticals, including user experience, software engineering, and graphics programming. Reports suggest that the layoffs will affect at least 4,000 highly-skilled employees worldwide, with Instagram’s London office already affected. In March, Meta CEO Mark Zuckerberg announced the company’s plan to cut 10,000 jobs in the coming months. The company is also expected to announce new team structures and management hierarchies. These layoffs come four months after Meta laid off 11,000 employees, or 1...

  AS THE USD LOSES MOMENTUM ON EASTER MONDAY, THE GBP/USD CROSSES ABOVE 1.2400 . FUNDAMENTAL OVERVIEW With a rise above 1.2400, the GBP/USD pair has reversed the prior week’s decline from 10-month highs. Despite an overall cautious attitude and hawkish Fed predictions, the US dollar is declining across the board. Easter Monday is a holiday, causing the market’s weak conditions to worsen. GBP/USD has been able to launch a comeback early on Monday after closing in the red on Friday. On Easter Monday, the pair seems to have stabilized above 1.2400, although it is likely to oscillate in a narrow range amidst muted market activity. In contrast to the market expectation of 240,000, the US Bureau of Labor Statistics said on Friday that Nonfarm Payrolls (NFP) climbed by 236,000 in the US in March. The Labor Force Participation Rate increased to 62.6% from 62.5%, and the Unemployment Rate decreased to 3.5% from 3.6%. Additionally, the average hourly earnings, which serve as a proxy for annu...

  TRON (TRX) CRYPTOCURRENCY SURGES PRIOR TO THE LAUNCH OF USDD TOMORROW . TRON (TRX) cryptocurrency is outperforming most other cryptocurrencies, including Bitcoin, with a 10% increase in value since yesterday and nearly 25% over the past week. It has also entered the Top 20 most crucial cryptocurrencies, currently ranked 20th. The main reason behind this surge is the upcoming launch of the USDD or “Decentralized USD,” which claims to be the “most decentralized stablecoin in human history” and will be launched on the TRON network tomorrow. Additionally, TRON plans to create a decentralized reserve, generating hype and benefiting the cryptocurrency. On the technical side, TRON’s chart shows a positive signal today as it crossed its 200-day moving average, which it has been below since the end of 2021. The MM200 days are the first support near the current price of $0.07616. The first resistance zone to consider is the psychological threshold of $0.08000 coupled with the March 31 high...

  RECESSION CONCERNS DRIVE EUR/USD CLOSER TO 1.0860 SUPPORT DESPITE THE SHIFT TOWARDS . The EUR/USD pair has been facing downward pressure after retracing from its two-month high on Tuesday. This could be attributed to the US Dollar’s corrective bounce, as investors turn to safe-haven assets due to recession fears and geopolitical tensions. However, the pair’s losses are being limited by weak US economic data and the European Central Bank’s comparatively hawkish stance. The US Dollar Index has rebounded from a two-month low, up 0.12% intraday, as investors seek refuge in the greenback amidst economic concerns and geopolitical risks stemming from China and North Korea. The S&P 500 Futures have declined for three consecutive days, while the US Treasury bond yields remain near their multi-day lows. The market’s consolidation amid the holiday mood could also lead to intraday bearish sentiment for the EUR/USD pair, with the key event to reject the bullish bias being the US Nonfarm P...

  THE USD/CAD PAIR SURPASSES THE 1.3800 LEVEL DUE TO THE  UNCHANGED BOC POLICY . The USD/CAD pair rose above the key resistance level of 1.3800 in early Asian trading, bolstered by the Bank of Canada’s decision to maintain its current monetary policy and hawkish comments from Federal Reserve Chair Jerome Powell during his congressional testimony.. Although S&P500 futures showed some signs of recovery, it was not enough to boost market participants’ risk appetite. Furthermore, the 10-year US Treasury yields fell below 4.0%. The US Dollar Index experienced some volatility after the release of better-than-expected employment data from the Automatic Data Processing (ADP) agency. The data showed that job openings rose to 10.824 million, beating the consensus forecast of 10.6 million, while 242,000 jobs were added in the US, higher than the expected 200,000. The strong labor market data suggests that inflation may remain elevated as demand for talent increases, leading to higher...

  Binance, the world’s largest cryptocurrency exchange, announced that it will convert a fund containing almost $1 billion in reserves into various digital currencies, including Bitcoin, Ethereum, and its native token BNB. The move caused prices of these cryptocurrencies to rise, but concerns remain over increased U.S. scrutiny of Binance’s operations. The fund was initially earmarked to support troubled but viable crypto enterprises affected by the collapse of FTX in November, which Binance triggered by pulling the plug. However, Binance has not closed any significant support deals since the beginning of the year. The recent failures of three major institutions that facilitated money flows between fiat currency and cryptocurrencies – Silicon Valley Bank, Signature Bank, and Silvergate Capital – caused panic in crypto circles, triggering the selling of tokens deemed at risk. The collapse of these institutions made it harder for Binance to operate in the U.S., where regulatory scrut...