Spot gold closed with a loss of 0.48% at $2025 Friday as the US yields chugged higher to close 0.47% up at 4.177%. Spot gold was down nearly 0.70% on the week. The ten-year US yields firmed up by around 3.70% on the weekly basis, whereas the two-year yields were up roughly 2% on the
News
It’s surprising to see the loonie lagging today given today’s strong employment report. The country added 37.3K jobs compared to 15K expected and the unemployment rate fell to 5.7% compared to 5.9% forecast. If that wasn’t enough, oil prices rallied and the US dollar fell, dropping the pair briefly to 1.3420 but there has since
Oil prices were on track for over 5% gains week-on-week on Friday, amid persistent tensions in the Middle East after Israel rejected a ceasefire offer from Hamas. Brent crude futures slipped 20 cents, or 0.25%, on the day to $81.43 a barrel by 1223 GMT, while U.S. West Texas Intermediate crude futures fell by 9
The broader US stock indices continued to plow forward with the S&P closing above 5K for the first time ever. The Nasdaq traded above 16K for the first time since November 2021 and is now within 67 points of a new all time high close. The Dow did fall today but as Chevron, Disney and
The benchmark US Natural gas prices have shed over 24% since the start of the year. In the key NYMEX platform, prices edged below $2 last week, its lowest level since September 2020. The resilience of short sellers, lack of new buying interest in anticipation of warmer-than-normal temperatures in the US, and expectations of increased
Last week’s financial markets were characterized by a mix of resilience, speculation, and divergent central bank signals. In the US, the narrative remained steadfast with Fed officials emphasizing a patient approach towards monetary policy, firmly pushing back against the market’s eager anticipations for imminent rate cuts. This cautious did little to dampen the spirits of
The USD is ending the session lower to end the trading week with most of the declines coming vs the AUD and the NZD. Overnight, ANZ reported that is now predicts that the Reserve Bank of New Zealand (RBNZ) will increase the Official Cash Rate (OCR) by 25 basis points in both February and April,
Gold slipped on Friday and was heading for a weekly fall, pressured by elevated Treasury yields, while investors awaited next week’s U.S. inflation data for more clues on the timing of the Federal Reserve‘s interest rate cuts. Spot gold was down 0.5% at $2,022.86 per ounce at 01:47 p.m. ET (1847 GMT) and fell 0.8%
Swiss Franc and Japanese Yen are currently the weakest performers for the week on a couple of interrelated factors. Firstly, global central bankers are tempering expectations for early rate cuts, suggesting rate difference between SNB/BoJ and other central banks would remain large for longer. This stance has been further compounded by a significant rebound in
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
The issue price of the next tranche of Sovereign Gold Bond, opening for subscription for five days from Monday, has been fixed at Rs 6,263 per gram, the Reserve Bank said in a statement on Friday. The Sovereign Gold Bond Scheme 2023-24 – Series IV will be open for subscription during February 12-16, 2024. “The
Canadian Dollar bounces broadly in early US session, bolstered by unexpectedly robust Canadian employment data. This development comes amidst cautious remarks earlier in the week from BoC Governor Tiff Macklem, who tempered expectations by noting that achieving the 2% inflation target would be a gradual process, fraught with persistent risks. The January meeting minutes echoed
Good morning everyone, I’m Gina Constantin and I’m covering for Justin today. I am a global macro analyst and trader based in Romania with a background in economics and international affairs. The economic calendar looks relatively light, though we might have unexpected developments. Wish you a wonderful day and a profitable trading session. Today we
Notwithstanding a slight positive bias in bullion in Friday’s morning trade, gold and silver continue to tread in weak territory. Lack of demand, the likelihood of pushback in Fed rate cut and uptick in the dollar index have contributed to its decline this year. Taking cues from the global price trends, the MCX April gold
Japanese Yen declines broadly in today’s Asian session, reacting to dovish remarks made by BoJ Deputy Governor. The official’s commentary emphasized a cautious approach to monetary tightening, highlighting that even with exit from negative interest rate policy, the pace of interest rate hikes would remain measured. This outlook, especially the suggestion that inflation could stabilize
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 gained over 2% on Thursday as investors considered the impact of Israel’s rejection of a ceasefire offer from Hamas and unexpected drops in U.S. fuel stocks. Brent crude futures rose $1.70, or 2.15%, to $80.91 a barrel by 1525 GMT. U.S. West Texas Intermediate crude futures were up $1.61, or 2.18%, at $75.47.
Dollar rises broadly in early US session, standing out in a day characterized by relatively slow news flow. The move in the greenback can be primarily attributed to the rise in US benchmark yields, which outpaced those of other regions, thereby bolstering the greenback’s appeal. Sentiment surrounding the US market remains positive, with traders showing