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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Yesterday’s published FOMC minutes reveal that most Federal Reserve officials, during their meeting in June, expressed a likelihood of implementing additional tightening of monetary policy. However, these are anticipated to be at a more moderate pace compared to the previous rapid series of rate increases that have been a feature of monetary policy since 2022.
At the ECB’s symposium in Sintra, Portugal, Fed Chair Powell was hawkish, looking to align markets with the latest dot-plot projection of another two interest rate hikes for this year. US final GDP printed significantly higher than preliminary indications. Headline PCE declined but the core number was sticky. This week, the US celebrates its Independence Day holiday, with the first two days having light liquidity. Wednesday sees the FOMC minutes…
Tesla easily beat estimates regarding its deliveries for the second quarter.
FXCM's USDOLLAR basket is consolidating sideways in a symmetrical triangle pattern.
The Federal Reserve’s preferred inflation gauge, the PCE shows contrasting trends between its headline number and the core print, which excludes volatile items such as food and energy.
On Wednesday, the Federal Reserve released the results of their annual bank stress test. All 23 banks that were included passed the test, weathering a severe recession scenario, continuing to lend to consumers and corporations.
The USDOLLAR reacted to the general hawkish tone by moving from its neutral channel, between the blue bands, into its bullish channel between the upper blue and red bands. Its daily RSI is above 50 (green rectangle). This is the bullish side of the oscillator. The longer it maintains on this side of 50, the greater the likelihood of further USDOLLAR appreciation.
Nvidia has gapped down on its open today following a report that the Biden administration may be considering a new ban on AI chips to China. The stock closed at 418.70 yesterday and opened on the cash market today at 406.60.
XAUUSD charted a series of higher troughs followed by higher peaks from the end of October last year to the end of April this year. This put gold into a defined uptrend. However, from May, this pattern started to show cracks, and eventually a lower trough (LT) was charted. This, in effect ended the pattern of higher troughs followed by higher peaks, and as such ended the precious metal’s uptrend.
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