Eerily Symbolic: Treasury Seal Falls Off Podium As Yellen Fields Question About The Dollar’s Status
The universe seems to know the dollar is in trouble. During a recent news conference, a reporter asked Treasury Secretary Janet Yellen, “How concerned are you about the potential impact of the dollar’s status as the world reserve currency?”Before the reporter could finish the question, and hit the floor with a loud series of thuds.It was an eerily symbolic moment. As one commenter on X put it, “Even the Treasury sign is giving up.” Danger for the DollarWhile the dollar isn’t in any immediate danger of losing its status as the reserve currency, its dominance is slowly bleeding away. since 2002, and de-dollarization accelerated after the U.S. and her Western allies aggressively sanctioned Russia. Two primary U.S. policies are undercutting the dollar.First, is making many countries wary of holding them. In simple terms, the U.S. and its allies have used the dollar as a hammer in attempts to bend other countries to its foreign policy will. This is most evident in the aggressive sanctioning of Russia, including locking the country out of the SWIFT payment system in the wake of its invasion of Ukraine. As an Atlantic Council report put it, “In recent years, and especially since Russia’s invasion of Ukraine and the Group of Seven (G7)’s subsequent escalation in the use of financial sanctions, some countries have been signaling their intention to diversify away from dollars.”Whether you think the sanctions were justified or not, it’s important to remember that other countries are watching how the U.S. behaves. They realize that dependence on dollars makes them vulnerable to U.S. meddling, and […]
Gold-Backed ETFs Join The Rally
This seemingly never-ending gold rally just keeps on giving. What initially started as a reaction to COVID back in 2020 has now transformed into one of the most prolonged and meaningful bull runs in gold’s modern history. The questions remain: why does gold continue to achieve new all-time highs, and how long will this momentum last?The first part of that question is easier to answer. Currently, all three segments of the gold market are actively participating, resulting in sustained and growing demand for the yellow metal.Central banks have been the primary driver of global gold demand since the onset of COVID. Although the majority of this buying has been concentrated within a dozen or so central banks, predominantly those in the East, this demand has created a robust floor for gold prices throughout the rally.Perhaps even more notably, we’ve seen the recent arrival of ETF investors to the precious metals market. Demand from physically-backed gold exchange-traded funds (ETFs) has been almost exclusively net positive since April 2024 and has surged in recent weeks. According to the World Gold Council, gold ETFs added 23.9 tons of physical gold in the week ending October 18 and 14.7 tons in the week ending October 25.Combined with steady retail investment buying in North America, Europe, and Asia, the demand from central banks and ETFs is fueling this continued rally.So, how long can this momentum continue? Conservative estimates put gold at $2,800 to $2,900 USD per ounce by the end of 2024, while more aggressive […]
Elliott Wave Technical Forecast: James Hardie Industries Plc
Image Source: ASX: JAMES HARDIE INDUSTRIES PLC – JHX Elliott Wave Technical Analysis TradingLounge (1D Chart)Greetings, Our Elliott Wave analysis today updates the Australian Stock Exchange (ASX) with JAMES HARDIE INDUSTRIES PLC – JHX . We see that JHX can still continue to push lower. Eventually, the ((3))-navy wave can return to push much higher.ASX: JAMES HARDIE INDUSTRIES PLC – JHX 1D Chart (Semilog Scale) AnalysisFunction: Major trend (Intermediate degree, Orange)Mode: MotiveStructure: ImpulsePosition: Wave c-grey of Wave (2)-orangeDetails: The B-grey wave has ended, and the C-grey wave is unfolding to push lower, it could push down to around 40.37.Invalidation point: 59.53ASX: JAMES HARDIE INDUSTRIES PLC – JHX 4-Hour Chart AnalysisFunction: Major trend (Intermediate degree, orange)Mode: MotiveStructure: ImpulsePosition: Wave C-grey of Wave (2)-orangeDetails: Since the high around 59.53, the C-grey wave is unfolding to push lower, I don’t think it’s over yet, and it will at least continue to target lower levels like 47.06 or lower. While price must remain below 59.53 to maintain this view. A push above that level suggests that the (3)-orange wave may have returned and pushed higher.Invalidation point: 59.53Conclusion:Our analysis, forecast of contextual trends, and short-term outlook for ASX: JAMES HARDIE INDUSTRIES PLC – JHX aim to provide readers with insights into the current market trends and how to capitalize on them effectively. We offer specific price points that act as validation or invalidation signals for our wave count, enhancing the confidence in our perspective. By combining these factors, we strive to offer readers the most objective and professional perspective […]
Analytical Overview Of The Main Currency Pairs – Tuesday, Oct. 29
Image Source: The EUR/USD currency pairTechnical indicators of the currency pair: Prev. Open: 1.0793 Prev. Close: 1.0814 % chg. over the last day: +0.19 % Belgian Central Bank governor Pierre Wunsch said yesterday that there is no urgent need to cut interest rates and that the ECB can even tolerate a small temporary excess of the inflation target. There is little risk of a sustained fall in inflation below the ECB’s 2% target, he said. Swaps discount the odds of a 25bp ECB rate cut at the December 12 meeting at 100% and a 50bp rate cut at the same meeting at 45%.Trading recommendations Support levels: 1.0808, 1.0780 Resistance levels: 1.0826, 1.0835, 1.0868, 1.0894, 1.0951, 1.0979, 1.1013 The EUR/USD currency pair’s hourly trend is bearish. The euro is trading in a narrow corridor of 1.0808–1.0826. Intraday buyers prevail, so there is a high probability that the price will reach the resistance level of 1.0835. Buying can be looked for from 1.0808 or slightly lower. For selling, we need to evaluate the price reaction to the resistance level of 1.0826 or 1.0835. If sellers take the initiative at any of these levels, the euro could decline sharply.Alternative scenario:if the price breaks the resistance level at 1.0871 and consolidates above it, the uptrend will likely resume.(Click on image to enlarge)News feed for 2024.10.29: German GfK German Consumer Climate (m/m) at 09:00 (GMT+2); US CB Consumer Confidence (m/m) at 16:00 (GMT+2); US JOLTs Job Openings (m/m) at 16:00 (GMT+2). The GBP/USD currency […]
Asian Stock: Zhejiang China Commodities City Group
TM Editors’ note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.Company: Zhejiang China Commodities City Group Company LimitedBloomberg ticker: 600415 SHMarket cap: US$6,581mBackground: Zhejiang China Commodities City Group Company Limited operates real estate development businesses. The Company provides housing renovation, housing loans, real estate brokerage, and other services. Zhejiang China Commodities City Group also operates industrial investment, investment management, and other businesses. World Class Benchmarking of Zhejiang China Commodities City Group(Click on image to enlarge) Profitable Growth rank of 1 was same compared to the prior period’s 1st rank This is World Class performance compared to 200 large Real Estate companies worldwide Profitability rank of 1 was better than its Growth rank of 3 Profitability rank of 1 was the same compared to the prior period’s 1st rank This is World Class performance compared to peers Growth rank of 3 was down compared to the prior period’s 1st rank This is above average performance compared to peers