In the view of FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR is likely to trade within the 14,825-14,900 range for the time being. Key Quotes “Our expectation for USD/IDR to dip below 55-day exponential moving average support last week was incorrect as it popped briefly to 14,900 before
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It was a good week for gold, at least until Friday. However, the US jobs report has forced market players to reassess if the recent upward momentum can continue for long. Gold rose 0.5 per cent last week, marking its third consecutive weekly gain but ended well off the lows and short of the key
ANZ’s revisions to their oil demand forecasts were issued late last week. A snippet of commentary, firstly on the demand side: Crude oil recorded its biggest weekly decline since early April amid rising concerns of weaker demand. Demand indicators have largely held up, with global air travel improving as international borders are reopened. However, there
Sanya, in Hainan province, was in the headlines last week with partial shut-ins: A full city-wide lockdown is now in place, ‘static management’ the new buzzwords from the bureaucrats in charge: cases there spiked to more than 200 on Friday movement will be restricted except for those who provide essential public services, and emergency work
Hiring in July was far better than expected, defying signs that the economic recovery is losing steam, the Bureau of Labor Statistics reported Friday. Nonfarm payrolls rose 528,000 for the month and the unemployment rate was 3.5%, easily topping the Dow Jones estimates of 258,000 and 3.6%, respectively. The unemployment rate is now back to
AUD/USD dribbles around intraday high amid mixed concerns surrounding Taiwan, Fed. US employment report for July offered fresh life to hawkish Fed bets. Risk-aversion due to US-China tussles over Taiwan also challenges pair buyers. Firmer China trade numbers appeared to have triggered recovery ahead of the key US CPI. AUD/USD struggles to extend the week-start
Deriving their names from the size of the massive mammals swimming around the earth’s oceans, cryptocurrency whales refer to individuals or entities that hold large amounts of cryptocurrency. In the case of Bitcoin (BTC), someone can be considered a whale if they hold over 1,000 BTC, and there are less than 2,500 of them out
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There was an abrupt rise in commodity prices when Russia invaded Ukraine in the last week of February. Supply constraints and worries about inflation have helped commodity prices surge to record or multi-year highs. Although a correction was witnessed in several other commodities, natural gas prices remain unchanged. Restricted supplies from the world’s largest gas
The US jobs report on Friday helped to initially move the dollar higher, stocks lower and yields higher. However, by the close, the dollar had come off high levels, stocks took back declines. Yields did stay elevated. What about the expectations going forward? What might the Fed officials reaction be to 528K new jobs? What
China trade data for July 2022 was released on Sunday: This snapshot is from the ForexLive economic data calendar, access it here. China’s economy continued to recover from lockdowns earlier in the year through July, the best growth in exports will be welcome. Less welcome of course is the miss on imports, this will be
Zoom In IconArrows pointing outwards Bureau of Labor Statistics The U.S. economy added many more jobs than expected last month, and there was an appetite for workers particularly in the service sector, which has been grappling with labor shortages. The leisure and hospitality sector saw the most jobs growth, with 96,000 payrolls added in July,
Oil prices extended losses on Friday, after hitting their lowest since before Russia’s February invasion of Ukraine in the previous session, as the market fretted over the impact of inflation on global economic growth and demand. Brent crude dropped 10 cents, or 0.1%, to $94.02 a barrel by 0047 GMT, while U.S. West Texas Intermediate
BTCUSD had a nice rally above 3% yesterday but volume is not strong and bitcoin can easily test the 20k mark or close to it. We aim for a short position with a ‘take profit’ target that is in line with testing an important VWAP, and is much higher than that 20 thousand dollar key
Talks continued over the weekend in Vienna aimed at reviving Tehran’s 2015 nuclear deal with world powers. Iranian state media reported comments from Iran’s foreign minister Hossein Amirabdollahian, that he “stressed the need for a realistic U.S. response to Iran’s constructive proposals on various issues to make the deal work” Talks have been ongoing for
Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019. Ann Saphir | Reuters Federal Reserve Governor Michelle Bowman said Saturday she supports the central bank’s recent big interest rate increases and thinks they are likely to