Gold prices edged higher on Monday as a lower dollar prompted some short covering from investors with focus turning to U.S. jobs data due later this week that could offer more cues around interest rate cuts by the Federal Reserve. Spot gold was up 0.2% to $2,330.92 per ounce as of 10:02 a.m. ET (1402
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Euro has seen a notable rebound as the new week commenced, though the lack of follow-through buying momentum is evident. The initial results from French parliamentary elections were not as dire as investors had feared. The far-right National Rally’s victory was not as overwhelming as anticipated. However, significant uncertainty remains as political parties scramble to
David A. Steinberg, CEO of Zeta Global Holdings, at the New York Stock Exchange. Source: NYSE Measuring the strength of the sprawling U.S. economy is no easy task, so one firm is sending artificial intelligence in to do the job. The Zeta Economic Index, launched Monday, uses generative AI to analyze what its developers call
In the first half of 2024, the global financial landscape witnessed an increase in the momentum of dedollarisation. The movement is driven by various geopolitical, economic, and strategic factors by countries seeking to diversify their currency holdings and reduce vulnerability to the US monetary policy and financial and economic sanctions, DBS macro analysts Philip Wee
The strongest to weakest of the major currencies As the NA session begins the GBP is the strongest and the CHF is the weakest. The UK election is approaching on July 4 with Labour expected to win the majority. An exit poll will be released at 22:00 BST/5 PM EST, with expectations of a strong
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold prices traded flat at Rs 72,350 per 10 grams while silver gained Rs 200 per kg in the local market on Monday, according to HDFC Securities. Silver prices rose by Rs 200 to Rs 90,300 per kg from the previous close of Rs 90,100 per kg. “In Delhi markets, spot gold prices (24 carats)
Euro is staging a solid rebound today, with investors feeling somewhat reassured by the preliminary results of French parliamentary elections. While the far-right National Rally made significant gains with approximately 34% of votes in the first round, this is insufficient for an outright majority in the second round scheduled for July 7. The National Rally’s
The Japanese Yen hovers around its 38-year low of 161.28. The JPY may limit its downside due to possible intervention by Japanese authorities. The US Dollar struggles as recent inflation data raise expectations of Fed rate cuts in 2024. The Japanese Yen (JPY) remains tepid on Monday near its lowest level of 161.28 since 1986.
Fundamental Overview The USD continues to be backed by good economic data as we have also seen recently from the US PMIs last Friday and the US Consumer Confidence report this week. Although such data keeps the interest rates expectations stable around two cuts by the end of the year, it should also support the
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Oil prices slid in early Asian trade on Thursday as a surprise build in U.S. stockpiles fuelled fears about slow demand from the top oil consumer, though worries a potential expansion of the Gaza war may disrupt Middle East supplies capped declines. Brent crude oil futures fell 30 cents, or 0.4%, to $84.17 a barrel
Gold falls from daily highs, pressured by elevated US Treasury yields. May US PCE Index meets forecasts, fuels hope for 2024 Fed rate cuts. US 10-year yield hits 4.339%, a high since June 12; DXY at 105.80, down 0.08%. Gold prices retreated during Friday’s session after an inflation report revealed progress in the disinflationary process
Fundamental Overview The USD continues to be backed by good economic data as we have also seen recently from the US PMIs last Friday and the US Consumer Confidence report this week. Although such data keeps the interest rates expectations stable around two cuts by the end of the year, it should also support the
UPCOMING EVENTS: Monday: China Caixin Manufacturing PMI, Swiss Retail Sales, US ISM Manufacturing PMI. Tuesday: RBA Meeting Minutes, Eurozone CPI, Eurozone Unemployment Rate, Canada Manufacturing PMI, US Job Openings, Fed Chair Powell. Wednesday: Australia Retail Sales, China Caixin Services PMI, Swiss Manufacturing PMI, Eurozone PPI, US ADP, US Jobless Claims, US ISM Services PMI, FOMC
Gold prices held steady on Thursday after falling to a two-week low in the previous session as the dollar and Treasury yields held firm ahead of a key inflation reading due later this week. FUNDAMENTALS * Spot gold was unchanged at $2,298.88 per ounce, as of 0127 GMT. Bullion was at its lowest since June
AUD rose against USD due to US inflation reduction and a potential dovish stance from the Fed. Soft PCE data from the US may benefit the Aussie policy divergence between the RBA and Fed. RBA’s delayed rate cuts could bolster the Aussie, contrasting with other G10 central banks’ reduction strategies. Friday’s session recorded a significant
Fundamental Overview This was a messy week for many markets, including gold. After some up and downs, we are ending the week basically flat. There was no real change in the fundamentals this week as the data just showed some more rebalancing in the US labour market but didn’t signal any material weakness. As of