Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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Gold surged on Tuesday, reaching new record highs as expectations for US interest-rate cuts bolstered prices. Analysts foresee long-term gains for the precious metal, driven by the Federal Reserve's preparations to cut rates, believing inflation is under control. This anticipation has weakened the dollar and Treasury yields, enhancing gold's appeal. Gold rose by $46, or 1.9%, to close at $2,468.70 an ounce, surpassing previous records.
Federal Reserve Chair Jerome Powell stated that recent inflation data has increased confidence that price growth is moving towards the 2% target, noting progress and a focus on labour market cooling. On 11 July, government data showed a decline in the consumer price index and a year-over-year pace slowing to 3%, a positive sign for potential interest-rate cuts in 2024.
China's economy grew at a slower-than-expected annual rate of 4.7% in the last quarter, falling short of the 5.3% growth seen in the first quarter. The National Bureau of Statistics noted that progress this year has been challenging due to weak global economic momentum, persistent inflation, geopolitical conflicts, and insufficient domestic demand. Despite these challenges, the economy achieved a 5% growth rate in the first half of the year, matching…
A significant shift in market sentiment occurred on Thursday, as investors moved away from large-cap tech stocks and into other sectors. This change was triggered by a lower-than-expected inflation reading, which sparked a rally in small-cap stocks and a decline in tech shares. The Russell 2000 index saw a notable 3.6% increase, while the Nasdaq Composite fell 2%. Investors are now wondering if this shift marks a temporary correction or…
The US Consumer Price Index (CPI) came in lower than expected, which is likely to bolster the Federal Reserve's confidence that inflation is on a sustainable path to the 2% target. This has increased the likelihood of a rate cut in September to 81.3%. June's CPI report was notably soft, with headline inflation falling 0.1% month-on-month, contrary to the predicted rise of 0.1%. Core CPI increased by only 0.1% MoM,…
Microsoft stated it will relinquish its observer seat on the OpenAI board amidst regulatory concerns over generative AI in Europe and the U.S. Keith Dolliver, Microsoft's Deputy General Counsel, conveyed in a letter to OpenAI that the seat had been beneficial for insights without affecting board independence but was no longer needed due to the board's progress.
Treasury yields remained stable as investors awaited Federal Reserve Chair Jerome Powell's twice-yearly report on the economy to Capitol Hill. Powell is set to address the Senate Committee on Banking, Housing, and Urban Affairs at 10 a.m. Eastern on Tuesday, followed by the House Committee on Financial Services on Wednesday, where he is expected to face tough questions.
The S&P 500 and Nasdaq Composite are reaching record highs, but the market's future depends on second-quarter earnings and upcoming inflation data. Earnings season kicks off this week, with PepsiCo and Delta Airlines reporting on 11 July and banks reporting the day after. Analysts predict an 8.8% earnings growth for the S&P 500 but only 4.3% for financials in Q2.
Bitcoin and other cryptocurrencies experienced a significant drop early Friday, triggered by concerns over the upcoming asset refunds from the now-defunct Mt. Gox crypto exchange. Bitcoin fell 5.19% yesterday and is down over 13% for the week. The cryptocurrency is trading at $54,530.
Tesla's recent delivery announcement caused a significant surge in its shares, recovering nearly all 2024 losses. The company delivered about 444,000 cars in the second quarter, beating forecasts and lower estimates, which led to a 10% jump in stock price. By Wednesday, shares reached $248.35, just below the end-of-2023 level, marking a rebound from $140 in April. This rally added almost $30 billion to CEO Elon Musk's wealth.
Rivian Automotive reported strong Q2 deliveries of 13,790 vehicles, a 9% year-over-year increase, surpassing Wall Street’s expectation of 12,000 units. However, production dropped to approximately 9,600 vehicles from nearly 14,000 in Q1 2024. Rivian aims to produce about 57,000 vehicles in 2024, needing around 17,000 per quarter in the second half of the year. Rivian's stock rose 6.97% to $14.89 on Tuesday, though it fell slightly post-delivery report. The stock…
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