Oil prices were broadly level on Wednesday, after official numbers were released for U.S. crude stockpile and signs the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week Brent crude futures for May were down 23 cents, or 0.3%, to $86.02 a barrel by 1447 GMT while the
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Japanese Yen staged in a notable rebound in European session, triggered by heightened market vigilance towards market interventions. This reaction comes in the wake of a significant meeting between Japan’s Ministry of Finance, Financial Services Agency, and Bank of Japan, marking the first such tripartite gathering since last May. The meeting was called into action
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EUR/USD loses traction around 1.0830 on the renewed USD demand on Wednesday. The pair maintains the bearish outlook above the key EMA; RSI lies below the 50-midline. The first upside barrier is seen near 1.0853; the potential support level is located at 1.0800. The EUR/USD pair trades in negative territory for two straight days near
USD The Fed left interest rates unchanged as expected with basically no change to the statement. The Dot Plot still showed three rate cuts for 2024 and the economic projections were upgraded with growth and inflation higher and the unemployment rate lower. Fed Chair Powell maintained a neutral stance as he said that it was
It was a day of strength again for the US dollar, with yen a notable loser. As I post USD/JPY has hit a high just short of 152.00 and to its highest since 1990. We had comments from Bank of Japan policy board member Tamura, who signalled he is in favour of continued, albeit slow
Gold prices held firm on Wednesday, supported by lower U.S. Treasury yields, although bullion traded in a narrow range as investors stayed on the sidelines awaiting more cues on the Federal Reserve policy. FUNDAMENTALS * Spot gold was steady at $2,178.31 per ounce, as of 0125 GMT, following two session on gains. * U.S. gold
Swiss Franc traded broadly lower in Asian session today, amidst a backdrop of general market inactivity with all other major pairs and crosses staying inside Monday’s range. Still, it remains to be seen whether the Franc’s sell-off could extend beyond last week’s lows, a downturn initiated by SNB’s unexpected rate cut. Meanwhile, Euro and Sterling
The daily technical analysis reveals a steady bearish momentum but with indicators recovering. The hourly chart hints at initial signs of bullish momentum with the RSI in the positive territory. Despite the bearish short-term indicators, the pair is trading above the main SMAs, indicating a persisting bullish sentiment in the larger trend. During Tuesday’s session,
USD The Fed left interest rates unchanged as expected with basically no change to the statement. The Dot Plot still showed three rate cuts for 2024 and the economic projections were upgraded with growth and inflation higher and the unemployment rate lower. Fed Chair Powell maintained a neutral stance as he said that it was
Gold today rose as high as $2199 but failed to break back above $2200. That’s a level it first crossed on March 20 before it fell back the next day. Today’s rally came in Europe and Asia but has given it all back in US trading. It’s another hint that all the buying is coming
Tracking weakness from its offshore peers, gold prices traded in the red in the opening trade on Tuesday. The street remains cautious ahead of the inflation data due for a release in the US later this week. Softness in the yellow metal over the last few sessions has been on account of dollar uptick The
Risk-on sentiment is pressuring e Swiss Franc and, to a lesser extent, Yen and Dollar today. DAX soared to new record highs, undeterred by the latest weak German consumer sentiment data, while CAC and FTSE are also marking gains. Similarly, the CAC and FTSE indices are registering gains, with U.S. futures indicating a positive start
Gold price struggles to gain any meaningful traction, though the downside seems cushioned. The Fed projected three rate cuts in 2024 undermines the USD and continues to lend support. Tuesday’s US macro data to provide some impetus ahead of the US PCE Price Index on Friday. Gold price (XAU/USD) extends its sideways consolidative price move
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Gold prices inched higher on Tuesday, buoyed by a weaker dollar as investor focus turns to U.S. inflation data due later this week, which could shed more light on the timing of the Federal Reserve‘s first interest rate cut this year. FUNDAMENTALS * Spot gold was up 0.1% at $2,172.82 per ounce, as of 0122
The forex markets display a calm demeanor in the Asian session, with most major pairs and crosses gyrating in very tight ranges. Australian Dollar finds modest support from the state orchestrated rebound in Chinese Yuan. However, this lift hasn’t translated into clear momentum for an extended rally in Aussie. Meanwhile, Yen continues to pare back
Mexican Peso benefits from US Dollar weaknesses, shrugging off Banxico rate cut. Banxico Governor emphasized cautious approach to rate adjustments, stressing ongoing inflation battle. Mixed economic updates from both Mexico and the US leave traders weighing Fed’s rate cut discourse against actual data. The Mexican Peso capitalized on broad US Dollar weakness on Monday, climbing