Currency markets shifted their attention towards the sell-off in Swiss Franc today, a reaction to the substantial rally observed in European and US treasury yields. With the 10-year yields in Germany and UK climbing back above 2.4% and towards 4.1% respectively, and US 10-year yield setting sights on 4.4%. The surge in yields comes on
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EUR/USD is heavy around 1.0730. Economists at Société Générale analyze the pair’s outlook. Next support is 1.0710/1.0695 EUR/USD has staged a steady pullback after forming a lower peak near 1.0980 last month. It has failed to defend 50-DMA resulting in deeper decline. Daily MACD has dipped within negative territory highlighting lack of steady upward momentum.
The NZDUSD price has extended to a new low for the trading year and extended to the lowest level since November 17. The low on that day came in at 0.5939 which is where the price decline stalled today. The current price is trading at 0.59487. Earlier today, the high praise tried to extend above
It was a four-day weekend in Europe and that saw a rather quiet trading period up until late yesterday. During the US session, the dollar caught a bid as Treasury yields jumped higher. And the moves are something to be mindful of as we get back on the saddle in Europe today. I pinpointed some
Notwithstanding a firmer dollar index (DXY), gold prices held their ground on Tuesday in hopes of an early rate cut as softer inflation numbers in the US lifted sentiments. The domestic yellow metal prices took cues from their overseas peers and traded with a positive bias. The MCX June gold futures were trading at Rs
Activity in global financial markets remain generally subdued due to the extended Easter holiday in many regions. Nevertheless, Japan’s markets kicked off the new fiscal year on a tumultuous note, with Nikkei index having a sharp sell-off. Analysts have largely dismissed the latest quarterly Tankan survey as the catalyst for this downturn. Instead, the sell-off
DXY Index stands positively at 104.95, reflecting a noticeable gain for the day. Investors focus on incoming data amidst speculation of an easing cycle commencing in June. ISM PMI readings from March beat expectations. Markets await Nonfarm Payrolls, Average Hourly Earnings, and Unemployment Rate from March to gauge insights into the economy’s health. The US
The AUDUSD has moved to a new low going back to March 5, and in the process has broken below its 61.8% retracement of the move up from the October 2023 low. That level comes in at a natural target at 0.64995 (call it 0.6500). The level now represents a short-term bias/risk-defining level for sellers
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 stayed near five-month highs on Monday as markets expected tighter supply due to OPEC+ cuts and after attacks on Russian refineries, while Chinese manufacturing data supported a stronger demand outlook. Brent crude was 35 cents lower at $86.65 a barrel by 1230 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude
The forex markets roared back to life from holiday lull in early US session, Dollar surges broadly as buoyed by unexpectedly strong ISM manufacturing data. This report marks a pivotal shift for the sector, which has transitioned back into expansion after 16 months of contraction. Additionally, the prices component of the report soared to its
Indian Rupee recovers some lost ground on Monday, despite the firmer US Dollar. India’s growth and inflation dynamics might convince the RBI to hold rates higher for longer. The US ISM Manufacturing PMI will be due on Monday. Indian Rupee (INR) trades on a stronger note on Monday despite the stronger US Dollar (USD). 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
Major currencies are caught in a lull, not much changed to start the new week. It owes in part to a lack of interest as the Easter break is still in effect for some major markets globally. Australia and New Zealand are out today and it is also a holiday for almost the whole of
Gold prices hit a fresh lifetime of Rs 69,487 on Monday, gaining nearly Rs 1,800 per 10 gram in the opening trade, taking cues from international prices as benign US inflation data unleashed the bulls. At 9:30 am, the MCX April gold futures were trading at Rs 68,930 per 10 grams, up by Rs 1,253
UPCOMING EVENTS: Monday: China Caixin Manufacturing PMI, US ISM Manufacturing PMI, BoC Business Outlook Survey. Tuesday: RBA Minutes, Switzerland Retail Sales, Switzerland Manufacturing PMI, German Inflation data, US Job Openings. Wednesday: China Caixin Services PMI, Eurozone CPI and Unemployment Rate, US ADP, Canada Services PMI, US ISM Services PMI. Thursday: Switzerland CPI, Eurozone PPI, US
Gold traded in a narrow range on Wednesday amid an uptick in the dollar index (DXY). Investors await more data scheduled for release this week to get a grip on which way the Fed could lean on the issue of interest rate cuts. The MCX April gold futures were trading at Rs 66140 per 10
China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global. The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small