Beijing: Iron ore slumped more than 7% – dropping below the $110 a ton mark – as disappointing demand in China left the market lumbered with bulging inventories. The steelmaking material has tumbled by around a quarter from a peak in early January as China’s real estate and manufacturing activity remained under pressure. The annual
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Yen continues to stand out as the strongest currency in today’s relatively subdued markets, supported by anticipations of an imminent rate hike by BoJ next week. Swiss Franc and US Dollar are trailing behind in strength, indicating a preference for safer assets. Conversely, Australian Dollar, New Zealand Dollar, and Sterling find themselves at the lower
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Off its lifetime high of $2,202 per troy ounce on the Comex, Gold traded in the red in the early trade on Monday amid mild profit booking. The yellow metal’s recent surge is on the hopes of a June interest rate cut which has triggered a fall in the world’s safest hedge – the US
Yen rises broadly in Asian session today, lifted by economic data indicating Japan’s narrow escape from recession last year. This economic turnaround, while not directly influencing BoJ decision on interest rates decision next week, certainly does not obstruct the pathway for a hike. Yen’s momentum, though currently modest, could amplify with anticipated positive developments from
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Oil prices rose on Friday, driven by growing demand in the United States and China, the world’s biggest oil consumers, and as the U.S. Federal Reserve gave a positive signal on possibility of rate cuts. Brent crude futures were up 0.45%, or 37 cents, at $83.32 a barrel at 0110 GMT. U.S. West Texas Intermediate
UPCOMING EVENTS: Tuesday: Japan PPI, UK Labour Market report, US NFIB Small Business Optimism Index, US CPI. Wednesday: UK GDP, UK Industrial Production, Eurozone Industrial Production. Thursday: US PPI, US Retail Sales, US Jobless Claims, New Zealand Manufacturing PMI. Friday: US Industrial Production, US University of Michigan Consumer Sentiment Survey, PBoC MLF. Tuesday The UK
Gold prices on Friday were on track for their biggest weekly jump in five months, hovering near a record peak, as Federal Reserve Chair Jerome Powell‘s comments reinforced investor hopes for a first U.S. rate cut in June. FUNDAMENTALS * Spot gold was steady at $2,159.49 per ounce, as of 0120 GMT, hovering around a
Week Ahead 11-15th March Sat: Chinese Inflation (Feb) Sun: Japanese GDP (R) Mon: Eurogroup Meeting; Norwegian CPI (Feb) Tue: NBH Announcement, EIA STEO, OPEC OMR; UK Labour Market Report (Jan/Feb), US CPI (Feb) Wed: UK GDP (Jan) Thu: IEA OMR; Swedish CPIF (Feb), US PPI (Feb) and Retail Sales (Feb) Fri: Quad Witching, PBoC MLF,
gold. It not only glitters when used as an ornament but also extends its charm to strengthen the portfolio of an investor. Since this Valentine’s Day, the bullion has risen by almost 4.9%, breaking the previous highs of US$ 2065.6 per ounce, and is gearing up for a further up move. Despite such a move,
Consumer price inflation data from China for February 2024 shows an exit from deflation CPI +0.7% y/y expected +0.3%, prior -0.8% (that -0.8% in January was the sharpest the steepest fall in more than 14 years) for the m/m, comes in at +1.0% (prior +0.3%) first rise in the CPI since August of 2023 PPI
Spot gold extended its stunning rally to the eighth day on Friday as the US nonfarm payroll report of February was weaker than expected. The metal rose to a fresh record high as it hit $2195 before closing with a gain of 0.89% at $2179. It posted a whooping weekly gain of 4.60%. The US
Dollar and Yen had contrasting fortune last week, responding to divergent central bank expectations. Dollar found itself as the week’s worst performer, a reflection of solidified expectations for Fed’s first rate cut in June, reinforced by Fed Chair Jerome Powell’s semiannual testimony. The cooling job US market is seen as unlikely to stand in the
Markets: Gold up $18 to $2177 US 10-year yields down 1.3 bps to 4.08% WTI crude oil down $1.07 to $77.86 S&P 500 down 33 points, or 0.6%, to 5123 JPY leads, CAD lags I’m always leery of a pre-NFP front run and today is an example of why. The US dollar was soft and
Gold prices surged to a fresh record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the Federal Reserve could begin cutting interest rates soon. Spot gold rose 0.7% to $2,173.49 per ounce by 10:42 a.m. ET (1542 GMT), while U.S. gold futures added 0.7% to $2,180.50. Bullion
Dollar’s decline accelerated in the early US session, triggered by disappointing non-farm payroll data. Despite a seemingly robust headline job growth figure for February, the substantial downward revision of January’s numbers cast a shadow, marking the overall report as a miss. Moreover, the unemployment rate’s unexpected jump and the below-forecast earnings growth further dented investor
The Japanese yen has been the big mover in European trading, as USD/JPY briefly dipped below 147.00 amid more hawkish BOJ murmurs during the session. Outside of that, the market moves so far today have been relatively contained for the most part. The dollar remains vulnerable, down against the likes of the pound and aussie.