The EURUSD raced higher today and in the process moved up to test the old low of a swing area going back to July/August. That area comes in at 1.00958 and 1.0121. Looking at the daily chart the high price today reached 1.01128 and backed off. Going forward if the buyers are to take more
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WTI crude oil settled up $3.25 today to $86.79 on the day. That’s higher than last week’s close at $85.98 and represents an impressive turnaround from $81.20 at yesterday’s low. The market is struggling to price in tight global supplies against worries of falling future demand. There are also uncertainties about how much natural gas-to-oil
Gold traded in a broad range but managed to end with a modest gain last week bringing a halt to its 3-week losing streak. Gold traded in a narrow range near $1700/oz and ended the week with a modest 0.3% gain. Gold along with other commodities edged up last week as market players moved from
GBP/USD Weekly Forecast: Eyes 21 DMA on a technical rebound ahead of critical US, UK events GBP/USD put an end to its three-week losing streak and staged a strong comeback from roughly four-decade lows of 1.1405. The US dollar correction and economic stimulus measures unveiled by the new UK PM Liz Truss saved the day
Despite the ongoing crypto winter, global trust in crypto remains unshakable, with countries like the US showing more trust in crypto in the second quarter. In a new survey from Bitstamp exchange which included 28,000 retail and institutional investors from 23 countries, the proportion of retail investors worldwide who believe cryptocurrencies are trustworthy decreased slightly
It will be a close call but the Nasdaq is threatening to trace out an outside week on the weekly chart. We tracked lower on Tuesday in the appreviated week as part of a seven-day losing streak but we’ve had three strong days of gains since. That’s nearly traced an outside week. To complete it,
Markets: S&P 500 up 61 points, or 1.5%, to 4067 US 10-year yields up 2.5 bps to 3.31% WTI crude oil up $2.78 to $86.32 Gold up $8 to $1715 AUD leads, USD lags The economic highlight was the Canadian jobs report and for the second month, it stumbled. That may begin to give the
NEW DELHI: Gold prices rose on Friday as the weakness in the US dollar boosted the sentiments for the yellow metal. However, the gains were capped following hawkish comments by the US Fed chair. The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday and promised further hikes
The markets are relatively steady in Asian session today, as focus turns to ECB rate hike. Dollar has been paring some gains overnight as risk aversion receded mildly. Both Euro and Swiss Franc are generally firming up. On the other hand, There is little sign of life for Yen, as it’s staying pressured across the
“A steady path of rate hikes, predictable adjustments based on data could improve market functioning, facilitate balance sheet runoff,” Kansas City Fed President Esther George said on Friday, as reported by Reuters. Additional takeaways “For interest rate hikes, steadiness and purposefulness over speed.” “Case for continuing to remove policy accommodation is clear cut, but peak
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The major European indices are ending the day with solid gains. Italy’s FTSE MIB leads the charge. The German DAX, France’s CAC, and Spain’s Ibex all rose by 1.4% or greater as well. The major indices are also closing higher for the week despite the 75 basis point hike by the ECB. Looking at the
One of the best trades of this decade will be copper or copper miners with deep inventories. It’s well understood, right down to the government level, that we’re going to need a lot of copper in the green transition and that existing mines aren’t enough. At the same time, investors are unwilling to fund new
Gold in the national capital rose by Rs 62 to Rs 51,131 per 10 grams on Friday amid a jump in international precious metal prices, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 51,069 per 10 grams. Silver also jumped by Rs 579 to Rs 55,540 per kg
Dollar’s decline accelerates today on improving risk sentiment and pull back in treasury yields. Aussie is gaining most so far but Yen catching up quickly. Euro is struggling to extend the post-ECB rally, as dragged down by selloff in crosses, in particular against Swiss Franc. Canadian Dollar turned weaker after huge employment miss. Technically, EUR/CHF’s
Federal Reserve Governor Christopher Waller said on Friday that it was too soon to say whether inflation was moving meaningfully and persistently downward, as reported by Reuters. Key takeaways “I support another significant hike in two weeks.” “The pace of tightening is uncertain; it will depend on the data.” “Fears of a recession have faded;