West Texas Intermediate fell as much as $4.09 a barrel from high to low on Wednesday, putting it on course for a monthly decline of about 10%. Europe is gripped by an energy crisis that may herald a recession while in Asia, growth has slowed in China, the top world’s oil importer. “Consumption of crude
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Euro is extending near term rally against Swiss Franc and Sterling after even higher than expected record inflation. But it’s struggling to gain against most other currencies. Dollar is also sluggish after ADP employment disappointment, while Yen’s is recovering. Commodity currencies are mixed for now. It seems like traders would continue to hold their bets
A hiring sign is seen in a cafe as the U.S. Labor Department released its July employment report, in Manhattan, New York City, August 5, 2022. Andrew Kelly | Reuters Companies sharply slowed the pace of hiring in August amid growing fears of an economic slowdown, according to payroll processing company ADP. Private payrolls grew
The logo of Swedish payment provider Klarna. Thomas Trutschel | Photothek | Getty Images Klarna on Wednesday reported a dramatic jump in losses in the first half, adding to a deluge of negative news for the “buy now, pay later” pioneer. The Swedish payments firm generated revenues of 9.1 billion Swedish krona ($950 million) in
XAU/USD rises more than $10 from monthly lows. US yields retreat after ADP data, DXY turns negative. Stocks in Wall Street fail to hold to gains. Gold prices are modestly down on Wednesday but off lows. During the American session, XAU/USD rebounded from the one-month low at $1,709 and rose to $1,723. It is hovering
> Technical Analysis > What are the technicals that are driving the FX markets heading into the new trading day? Technical Analysis A technical look at the major currencies vs the USD for the Asia Pacific traders The EURUSD is trading above its 100/200 hour moving averages which is bullish, but remains below its 38.2%
The last two fixings (30 August and 31 August) by the PBOC were interesting, in the sense that they have kept the USD/CNY rate below 6.90 and pushed back against market expectations for a stronger fix. In particular, the one yesterday was quite some ways off estimates – which normally isn’t so much so the
Gold languished near a one-month low on Wednesday and was set for a fifth consecutive monthly drop, as solid U.S. data and hawkish Federal Reserve comments pointing to higher interest rates dented the non-yielding metal’s appeal. FUNDAMENTALS * Spot gold was flat at $1,723.28 per ounce, as of 0109 GMT, trading close to a one-month
The markets are generally quiet in Asian session today. Euro surged notably yesterday as traders raised their bets on ECB rate hike next week, with some expecting a 75bps increase. But there is no clear follow through buying for now. While Dollar is paring some recent gains, loss is also limited. For now, Sterling, Swiss
AUD/USD picks up bids to rebound from the key Fibonacci retracement support. 12-day-old resistance line, 200-SMA join bearish MACD signals to challenge recovery. The mid-July swing high can acts as additional support during the south-run to yearly low. AUD/USD renews intraday high around 0.6880 during early Wednesday morning in Europe. In doing so, the Aussie
Reddit co-founder Alexis Ohanian’s venture capital (VC) firm Seven Seven Six (776) is looking to raise a crypto investment fund worth $177.6 million, while current and former executives from Galaxy Digital and Genesis are raising a $500 million fund of their own. 776’s crypto play According to an Aug. 29 report from The Information, 776’s
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The EURUSD moved above its 200 hour moving average earlier in the European session. Recall from yesterday, the price tried to crack above that moving average line but could not sustain momentum. The European run-up took the price up near 1.0051 before rotating back to the downside. Focus returned to a higher dollar after better
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Gold price in the national capital on Tuesday fell Rs 66 to Rs 51,469 per 10 grams amid rupee appreciation, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 51,535 per 10 grams. Silver, however, gained marginally by Rs 4 to Rs 55,550 per kilogram from Rs 55,546 per
Euro is trying to extend recent rally, but the gains also so far concentrated against Sterling and Swiss Franc. Persistent flow of hawkish comments from ECB official is support the common currency nevertheless. Australian Dollar and Yen are currently the stronger ones for the day. The Pound, Franc and Dollar are the weaker ones. Technically,