MUFG Research maintains a short USD/JPY exposure (spot ref: 134:70) in its TOTW portfolio with a target at 129.00, and a stop at 138.50. “We are maintaining a short USD/JPY trade idea. While there are risks of further increases in US short-term yields, we doubt USD/JPY will gain to the same extent of traction and
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Spot gold closed with a loss of 0.20% on the week as the yellow metal closed at $2004.26. The US Dollar Index at 101.58 was nearly 0.45% lower, while US ten-year yields closed around 3.10% higher at 3.515%. The yellow metal tumbled 1.74% Friday. The University of Michigan’s one-year consumer inflation expectations served as a
The major US stock indices are closing the day lower but recovered nicely off of session lows. The final numbers are showing Dow industrial average -143.22 points or -0.42% at 33886.48. The Dow industrial average was down -298.85 points at session lows.. S&P index -8.58 points or -0.21% at 4137.63. The S&P was down -33.01
VoVL, the oil and gas exploration company of Videocon Industries, Thursday approved a conditional sale of two oil basins to Eneva S A and one to PetroRio, said people aware of the development. However, before selling the oil basins to the Brazilian gas operators, the lenders must give VoVL’s joint venture partner Bharat Petroleum Corp
Dollar fell to its lowest level of the year and breached a critical support, after being under pressure for most of the week. Yet, it staged a recovery towards the end, closing mixed only. Decelerating US inflation data was welcomed by risk market investors, but a lower terminal rate may not necessarily lead to an
Retail sales in the US were weaker than expectations but it was Fed’s Wallers comments which surprised the markets more. Waller said that recent data show Fed hasn’t made much progress on inflation , and followed that up with more hikes are needed. That was hikes…not another hike. So although the market has been tolerating
COMEX Gold prices started the week on a bearish note, as last week’s NFP data showed that US economy added 236k jobs in March with the unemployment rate dropping to 3.5%, underscoring Fed’s calls for further rate hikes and increasing the odds of 25 basis points in May FOMC meeting. The dollar index also edged
As disinflation process in the US picks up steam, Dollar continues its relentless descent, fueling the belief that Fed’s tightening cycle is close to its curtain call. This evolving sentiment has not only lifted US stocks overnight but also spilled over into Asian session, painting a positive picture for the markets. Despite its recent woes,
Societe Generale Research likes short USD/CAD to express USD weakness over the coming weeks. “Our preferred way to express dollar weakness is probably through USD/CAD, because that’s where long USD positioning is most evident. If this week’s labour report could persuade the RBA’s Philip Lowe to be a little less dovish, long AUD would be
New Delhi, The gold price jumped Rs 480 to touch a lifetime high of Rs 61,780 per 10 gram in the national capital on Friday amid a strong global trend, according to HDFC Securities. In the previous trade, the precious metal ended at Rs 61,300 per 10 grams. Silver also climbed Rs 410 to Rs
Dollar is attempting to rebound in early trading sessions, as market sentiment is shaken by disappointing US retail sales data. Furthermore, a top Fed official has cautioned that interest rates could remain high for a more extended period than previously anticipated by the market. Nevertheless, the greenback continues to be one of the week’s worst
The highlights of yesterday’s thread here are still the notable standouts with the difference being that the dollar is now weaker and contesting the technical breaks mentioned. US retail sales will add to the mix today and we will see if the greenback can stay afloat, or if we are headed for a stronger downside
Oil prices rose in early Asian trade on Friday, after falling 1% in the previous session, as the market weighed supportive supply conditions ahead of the International Energy Agency‘s monthly demand outlook. Brent crude futures rose 17 cents, or 0.2%, to $86.26 per barrel by 0035 GMT. West Texas Intermediate crude futures (WTI) rose 20
Dollar remains somewhat soft in the Asian trading session, though it hasn’t seen any follow-through selling. Hawkish FOMC minutes have partially offset the impact of consumer inflation data on the currency. The broader financial markets also lack a clear direction, as US stock indexes closed lower after initial rally. Benchmark treasury yields mostly reversed their
The Atlanta Fed Wage growth tracker moved up to +6.4% in March versus 6.1% in February.. The tracker is a three month moving average of the median wage growth. For people who changed jobs, wage growth increased by 7.3% versus 6.7% previously For people not changing jobs the wage gains were 5.9% versus 5.8% This
Gold rose to a more than one-year high on Thursday as more weak U.S. economic readings bolstered bets for a pause in interest rate hikes, with prospects of a mild recession also sending investors scurrying for the safe-haven metal. Spot gold was up 1.3% to $2,040.10 per ounce by 9:31 a.m. EDT (1331 GMT), its
Dollar’s decline continues in early trading, fueled by weaker-than-expected upstream inflation and job data, pushing the greenback to its lowest level against Euro this year. The Swiss Franc emerges as today’s biggest winner, bolstered by falling benchmark yields in Germany and the UK. Meanwhile, Euro benefits from hawkish remarks by ECB officials, while Australian dollar
At the time of writing, the CME Fedwatch Tool is indicating roughly 69% odds that we will see a 25 bps rate hike next month. The remaining 31% odds are siding with no change, and overall pricing hasn’t changed drastically from before the US CPI data yesterday and earlier this week here. While you would