Despite prices falling back to levels seen before Russia’s invasion of Ukraine, crude oil remains volatile due to ongoing uncertain market fundamentals. The G7 leaders proposed a price cap on Russian oil with a view to keeping down Russian oil revenue. A possible decline in non-OPEC supply and Europe’s ongoing energy crisis continues to keep
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The EURUSD is extending to the upside and looks toward the 200 hour MA at 1.00091 level. Helping is a dip in US yields. The 2 year is off yet another high at 3.924% at 3.89%. The 10 year is now lower on the day by 3.3 bps at 3.42%. The 100 hour MA is
A Goldman Sachs note from later Friday (info via Reuters) has analysts at the bank making more pessimistic forecasts ahead due to a more aggressive Federal Reserve tightening policy through the rest of this year: “higher rates path combined with recent tightening in financial conditions implies a somewhat worse outlook for growth and employment next
From a macro perspective, hawkish comments from Fed Chair and other US Fed officials at the Jackson Hole meeting have been keeping upside limited in base metals. The recent inflation data unexpectedly beat market expectations and renewed fears that the markets could witness a hefty rate hike in September has also been pressurizing markets. At
GBP/JPY is set to finish the week with decent losses of 1.28%. From a daily chart perspective, the cross-currency GBP/JPY shifted to neutral biased. Short term, the GBP/JPY is about to hit 162.30. the head-and-shoulders target. The GBP/JPY drops for the four consecutive trading session, down by 0.86% on Friday, after Wall Street finished the
The Ministry of Science and ICT (MSIT) of South Korea revealed plans to move away from imposing traditional video gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines for incentivizing the growth of the budding ecosystem. South Korea’s interest in garnering Web3 and the Metaverse ecosystems is evidenced by the $200
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The USDJPY has been trading above and below the 100/200 hour MAs today, with the most recent swing being to the downside. The MAs are converged at 143.29. In the early hours of the New York session, the price extended briefly above that level up to 143.34, but could not sustain any momentum. The price
Markets: WTI crude oil up $0.21 to $85.30 US 10-year yields down 1 bps to 3.45% Gold up $10 to $1673 S&P 500 down 28 points to 3873, or 0.7% — down 4.8% on the week NZD leads, GBP lags It could have been worse. The FedEx warning late yesterday boosted the dollar and weighed
Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets. Brent crude futures rose 38 cents, or 0.4%, to $94.48 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude rose 46 cents, or 0.5%,
The stronger than expected consumer inflation data from the US basically sealed the case for a 75bps hike by Fed next. Dollar ended as the strongest one last week, as supported by risk aversion too. But the greenback could only close above prior week’s high against Canadian and New Zealand Dollar, suggesting that momentum was
The price of gold is up around $10 on the day. The current price is trading at $1674.11. The high price reached $1680.41. THe low extended to the lowest level since April 2020 to $1654.28. The rebound has taken the price back into a swing area between $1670.88 and $1688.91. Also in that area is
The Canadian dollar is at an interesting spot on the global spectrum of risk assets at the moment. Domestically, it’s been a good year with strong GDP growth as the economy reopened from covid. Commodity investment has picked up and terms of trade have improved. For much of the year, that kept the loonie neck-and-neck
Oil prices dipped in early trade on Friday, extending the week’s losses as concern over tight supply was outweighed by escalating fear of sharp interest rate hikes slamming global growth and hitting fuel demand. Brent crude futures fell 22 cents, or 0.2%, to $90.62 a barrel as at 0052 GMT after sliding 3.5% to a
Silver price is erasing Thursday’s losses up by almost 2% on Friday. September’s US economic data justifies the Fed’s 75 bps rate hike. The US Consumer Sentiment improved, showing US citizens resilience despite a worsening economic outlook. The silver price climbed as the Wall Street close looms, gaining 1.85% during the day, caused by a
As directed by the President of the United States, Joe Biden, the Office of Science and Technology Policy (OSTP) submitted a report analyzing the design choices for 18 central bank digital currency (CBDC) systems for possible implementation in the US. The technical analysis of the 18 CBDC design choices was made across six broad categories