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NAGA Weekly Recap November 4 - 2024 – November 8 - 2024
8 November 2024
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Maxim Bohdan
As the month kicks off, markets are reacting to notable developments. The Federal Reserve announced another 25-basis-point rate cut, marking its second consecutive reduction amid signs of cooling inflation. Nvidia reached a record market cap of $3.6 trillion following Trump’s return to the White House, fueling investor optimism. In contrast, gold dropped below $2,700 due to a stronger US Dollar, while EUR/USD neared 1.0800 under pressure from Trump’s tariff plans.
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Marcinovsky closed a remarkable 254 trades this week, focusing exclusively on DOGEUSD and achieving a total profit of $67,017.07. With Trump’s pro-crypto stance making headlines and post-election market sentiment supporting digital assets, Marcinovsky demonstrated a sharp sense for fundamentals, capitalizing on DOGE’s volatility with impeccable timing. This high-frequency, self-initiated trading strategy reveals a keen awareness of both market trends and potential crypto-friendly shifts in U.S. policy, positioning Marcinovsky to potentially make the most of this dynamic landscape. | Zhongsheng Group Holdings Ltd., a leading automotive retailer in China, saw its stock rise 26% this past week. This gain was driven by optimism over potential Chinese government stimulus, lifting investor sentiment across the Hong Kong market, particularly in consumer-driven sectors like automotive retail. Zhongsheng’s announcement of a buyback plan for 10% of its shares also signaled confidence in its outlook, potentially boosting share value by reducing supply. With strong performance in the automotive sector overall, investors are hopeful about Zhongsheng’s continued growth. |
*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.
Fed Lowers Interest Rate by a Quarter Point
On Thursday, the Federal Reserve announced its second consecutive rate cut, lowering the benchmark interest rate by 25 basis points in response to economic data showing signs of cooling inflation and a softening labor market.
With this 25-basis-point reduction, the federal funds rate now stands at a target range of 4.5% to 4.75%. This move follows a larger 50-basis-point cut in September, the first rate reduction since March 2020, which lowered rates from a range of 5.25% to 5.5% — the highest level since 2001.
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Nvidia's Market Value Surpasses $3.6 Trillion Following Trump's Election Victory
Shares of Nvidia ($NVDA) surged to a record high, making the chipmaker the first company in history to surpass a stock market value of $3.6 trillion. This milestone comes as Wall Street extends a rally sparked by Donald Trump's return to the White House.
The dominant AI chipmaker's shares rose 2.2%, buoyed by broad investor optimism about potential tax cuts and deregulation following the Republican candidate's election victory on Tuesday.
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Gold Price Drops Below $2,700 Amid Stronger US Dollar and Market Optimism
Gold ($XAUUSD) remains under pressure, trading below the $2,700 mark in the European session on Friday as the US Dollar gains strength. Market sentiment is buoyed by hopes that Trump’s policies will stimulate economic growth, reducing demand for safe-haven assets like gold.
Additionally, positive risk sentiment is stalling gold’s recent recovery from key support levels, with the 50-day Simple Moving Average (SMA) now in focus after hitting a three-week low on Thursday.
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EUR/USD Drops Below 1.0800 on Trump's Tariff Proposal
The $EURUSD pair approaches the 1.0780 level, pressured by renewed demand for the US Dollar. Trump's proposed tariff hikes weigh on the Euro (EUR) against the Greenback. Traders await upcoming US Michigan Consumer Sentiment data and a speech from Federal Reserve official Michelle Bowman for fresh direction.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. This is not investment advice.
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail client investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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