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Gold traded in the red on Wednesday despite weakness in the dollar index (DXY) which hovered around 104.67 against a basket of top six currencies as the Street remained cautious ahead of the US Federal Reserve’s Federal Open Market Committee Meeting (FOMC) which begins on September 19, to take cues of the road ahead. The
Euro experienced a bounce amidst whispers that ECB forthcoming inflation projections might support an imminent rate hike on Thursday. Nevertheless, this uptick was moderate, as the revelations originated from an anonymous source. Simultaneously, investors worldwide are gearing up for pivotal US CPI data and UK GDP figures set to drop later today, both of which
It’s been a sluggish start to the US trading week (though not the Tokyo week) but that will change on Wednesday with the release of the August consumer price index report. There’s no scope for this data point to meaningfully change the odds of a September Fed rate hike, which is currently priced at just
NEW YORK, Sept 12 – Oil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and OPEC optimism over the resilience of energy demand in major economies. Brent futures rose $1.64, or 1.8%, to $92.28 a barrel by 11:15 a.m. EDT (1515 GMT). U.S. West Texas Intermediate (WTI)
Euro and Sterling stumbled today as they responded to less than impressive economic indicators. Despite a slight uplift in German economic sentiment, the broader picture reflected deteriorating current situation, adding pressure on the common currency. Concurrently, the Pound exhibited a steeper reaction to the shrinking payroll employment coupled with the decelerated wage growth noted in
Major currencies are still mostly little changed as we settle down after the whole fuss with the Japanese yen, which was stirred up by BOJ governor Ueda over the weekend. There hasn’t been any follow through in the yen buying as we do see USD/JPY up 0.2% today to 146.80 levels currently. Meanwhile, EUR/USD is
Gold traded range bound on Tuesday ahead of the US inflation numbers amid a flat dollar index (DXY) which was hovering around 104.75 against a basket of six top currencies, though the bias remained positive. The MCX October gold futures were trading up by Rs 35 or 0.06% from the Monday closing price at Rs
In Asian trading session today, the forex markets remained steady with no significant movements outside of yesterday’s range among major pairs and crosses. Sterling stood slightly firmer, holding much anticipation for the forthcoming UK employment data, notably the insights on wage growth which can potentially delineate its next significant move. In contrast, Euro presented a
USDJPY daily USD/JPY is in the middle of the daily range after falling as low as 145.90 today and the bouncing 60 pips. It’s been a back-and-forth market but has defied some early loud commentary that suggested buying the dip. I spoke with Dale Pinkert on Thursday and warned that intervention was less of a
Gold traded with gains on Monday amid a weak dollar index which was down 0.35% at 104.75 against a basket of six top currencies. The MCX October gold futures were trading up by Rs 52 or 0.09% from the Friday closing price at Rs 58,950 per 10 gram on the MCX while the December Silver
Trading in the European session has been relatively muted, with the primary contributor to the quietness being a notably thin economic calendar. Euro experienced a mild dip following European Commission’s downgrade of growth projections for Eurozone for the current year and next. While Euro displayed pronounced weakness against commodity-linked currencies, its descent was restricted against
The pair is down 1.2% on the day near the 146.00 mark currently, with the low earlier touching 145.90. It has been more or less one-way traffic since liquidity picked up in Asia, after the opening gap lower in the pair. USD/JPY hourly chart The surge higher in the Japanese yen comes after BOJ governor
The Sovereign Gold Bond Scheme 2023-24 – Series II is open for subscription from today, September 11. The issue price is Rs 5,923 per gram of gold, while there is a discount of Rs 50 for those investors who subscribe online. For such investors, the issue price of a Gold Bond will be 5,873 per
Yen displayed impressive strength in Asian session, following hawkish remarks from BoJ Governor Kazuo Ueda over the weekend. Speculation is rife that the central bank is laying down preparations to exit negative rates early next year, with sustained wage growth being a key prerequisite, as echoed by various BoJ officials. Meanwhile, both Australian and New
UPCOMING EVENTS: Tuesday: UK Labour Market report, German ZEW, US NFIB Small Business Optimism Index. Wednesday: Japan PPI, UK GDP, EZ Industrial Production, US CPI. Thursday: Australia Labour Market report, Japan Industrial Production, Switzerland PPI, ECB Policy Decision, US Jobless Claims, US PPI, US Retail Sales. Friday: NZ Manufacturing PMI, China Industrial Production and Retail
Crude oil prices clocked at a ten-month high last week, driven by worries about supply shortages after an unexpected extension of voluntary supply cuts by Saudi Arabia and Russia. Hopes of a delay in further rate hikes by the US Federal Reserve and positive fuel demand from China aided the demand outlook. The most active
Markets: Gold flat at $1918 US 10-year yields flat at 4.26% WTI crude oil down 48-cents to $87.35 S&P 500 up 0.2% CAD leads, JPY lags The euro ends the day flat but it certainly wasn’t quiet as some hawkish ECB sources reports ahead of next week’s meeting, along with some lumpy flows led to