COMEX Gold prices saw a second consecutive weekly increase, tracking a decline in US benchmark treasury yields and the dollar value. These declines were prompted by a series of labour market indicators released at the beginning of the week, indicating a softening in the job market. US 2-year treasury yields, often considered a proxy for
News
USDCAD daily Bank of America (BofA) analysts are suggesting that traders consider selling USD rallies, particularly against the Canadian Dollar (CAD), Japanese Yen (JPY), Israeli Shekel (ILS), and Indian Rupee (INR). The team identifies specific technical indicators that suggest a USD correction could be imminent. Key Points: General Outlook: BofA analysts suggest that Tuesday’s USD
Gold rose on Friday and was poised for a second straight weekly gain, helped by diminished chances of U.S. interest rate hikes this year after a data-filled week that concludes with the pivotal jobs report later in the day. FUNDAMENTALS * Spot gold gained 0.2% to $1,942.56 per ounce by 0130 GMT, looking set for
EURCAD daily Goldman Sachs maintains its recommendation for a short position in EUR/CAD with a target of 1.42 and a stop at 1.50. The rationale behind this trade is largely based on the resilience of the U.S. economy and the potential for upside in the Bank of Canada’s monetary policy. Key Points: Strategic Focus: Goldman
Spot gold closed almost flat at $1,940 on Friday as US treasuries fell, despite a weak monthly US job report. The surge in yields on Friday boosted the US dollar index, thus mitigating the impact of a weak job report. However, the yellow metal was up nearly 1.37% for the week as yields were lower
In a week marked by high volatility, Dollar proved resilient, closing within its established range against other major currencies after intra-week selloff. This performance quells, at least for now, fears of bearish reversal for the greenback. Indeed, sentiment has shifted to favor near-term upside for Dollar, which is likely to maintain its strength at least
Markets: Gold flat at $1940 US 10-year yields up 8.8 bps to 4.18% WTI crude oil up $2.25 to $85.88 S&P 500 up 0.1% USD leads, CAD lags The initial market reaction to the non-farm payrolls report was about what you would expect — USD selling, bonds bid — but then it got complicated. The
Gold prices fell Rs 100 to Rs 60,150 per 10 grams in the national capital on Friday amid weak trends in global markets, according to HDFC Securities. The precious metal had settled at Rs 60,250 per 10 grams in the previous trade. Silver also plunged Rs 400 to Rs 77,100 per kg. Gold prices retreated
Forex markets are showing unremarkable activity in today’s Asian session, with major currency pairs and crosses largely contained within yesterday’s trading range. The mood this week has been one of indecision, with sporadic movements failing to evolve into sustained trends. Despite China’s intervention to bolster Yuan, the impact was fleeting. Similarly, stronger-than-expected manufacturing data seemed
US oil and natural gas drilling rigs Oil rigs unchanged at 512 Gas rigs down 1 to 114 Oil rigs down 16% from the peak If I’m OPEC+ and looking at this, I feel totally in control. There’s no surge of US production coming to counter OPEC cuts. Some notes from John Kemp: Based on
Oil prices jumped by more than 1% on Friday and were on track to snap a two-week losing streak, bouyed by expectations of tightening supplies. Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day (bpd) oil production cut into October, prolonging supply curbs engineered by the Organization of the Petroleum
Investors react favorably to the much-anticipated US Non-Farm Payroll data, sending stock futures soaring while Treasury yields and Dollar weaken. The latest numbers point to a more relaxed labor market, yet with decent job growth, which is what Fed would love to see. Additionally, the slowdown in wage growth suggests some relief for domestic inflation
With the focus being on the non-farm payrolls, we are likely to be in for a quiet and more tentative session in Europe later. Major currencies are mostly little changed so far on the day and barring any major headline surprises, there might not be much appetite to stretch things too much in the session
Gold prices were trading in the red on Friday amid a surge in the dollar index in the previous session. The MCX October gold futures were trading down by Rs 65 or 0.11% from the Thursday closing price at Rs 59,309 per 10 gram on the MCX while the December Silver futures were trading at
Markets took a breather in today’s Asian trading session after Dollar experienced a significant selloff overnight. For now, the greenback seems to have found some footing, as market participants shift their focus to the release of high-impact data—Eurozone’s CPI flash and US PCE inflation—slated for later today. Eurozone inflation report is particularly critical as it
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
Gold prices firmed on Thursday as a fresh set of soft U.S. economic data added to expectations that the Federal Reserve will pause rake hikes this year, although a surge in Treasury yields and dollar kept bullion on track for a monthly loss. FUNDAMENTALS * Spot gold was up 0.2% at $1,946.17 per ounce by
Euro falls broadly today together with other European majors. Some might point to the expected slowdown in Eurozone core inflation in August as a factor. But indeed headline inflation was steady from the prior month, above expectations. Comments from ECB officials were also hawkish. Traders are probably just squaring positions ahead of tomorrow’s US non-farm