market overview A summary of what was remarked in Jackson Hole on Friday and over the weekend Justin Low Monday, 28/08/2023 | 04:08 GMT-0 28/08/2023 | 04:08 GMT-0 Here’s a roundup of the headlines, in case you missed the happenings from Jackson Hole: All in all, there wasn’t anything really new that was offered up
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Gold prices were flat on Monday as Federal Reserve Chair Jerome Powell’s hawkish commentary doused expectations that the U.S. rate-hiking cycle was nearing an end, with investors awaiting economic data this week for confirmation on rate trajectory. FUNDAMENTALS * Spot gold was little changed at $1,915.79 per ounce by 0105 GMT, U.S. gold futures gained
UPCOMING EVENTS: Monday: UK Bank Holiday, Australian Retail Sales. Tuesday: Japan Unemployment Rate, US Consumer Confidence, US Job Openings. Wednesday: Australia CPI, US ADP. Thursday: Japan Retail Sales, Chinese PMIs, ECB Minutes, Eurozone CPI, Eurozone Unemployment Rate, US Jobless Claims, US Core PCE. Friday: Swiss CPI, US NFP, US ISM Manufacturing PMI. Tuesday The US
Gold’s journey remains uncertain, with market attention turning toward the forthcoming US jobs data. This week, COMEX Gold prices saw an uptick, marking their first weekly gain in four weeks, even amid a significant surge in the US dollar. Previously, spot gold prices had dipped below the critical $1,900 per troy ounce threshold due to
Mon: Australian Retail Sales (Jul) Tue: NBH Announcement, German GfK Consumer Sentiment (Sep), US CaseShiller (Jun) and JOLTS (Jul) Wed: Australian CPI (Jul), Spanish Flash CPI (Aug), EZ Sentiment Survey (Aug), US GDP 2nd Estimate (Q2), US ADP National Employment (Aug) Thu: ECB Minutes, Japanese Retail Sales (Jul), Chinese Official PMI (Aug), German Retail Sales
Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. “Strong refined products markets and deep OPEC cuts have been supporting crude oil prices,” analysts
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Oil prices climbed about 1% on Friday, supported by supply cuts despite weak economic news from Germany, a stronger U.S. dollar and the prospect of more U.S. rate hikes. Brent futures rose 96 cents, or 1.2%, to $84.32 a barrel by 12:16 p.m. EDT (1616 GMT). U.S. West Texas Intermediate (WTI) crude rose 78 cents,
Dollar clinched the title of the week’s best performing currency, even though there was just muted impact from Fed Chair Jerome Powell’s remarks at Jackson Hole. While Powell’s renewed commitment to combating inflation prompted traders to elevate their expectations for another rate hike within the year, broader market reactions, notably in equities and bonds, were
Fed’s Powell’s Jackson Hole speech finally came and unlike last year when the speech was short and sweet and to the point, there was little bit of something for everyone : Regarding monetary policy and rate decisions: Prepared to raise rates further if deemed necessary. The next move will be based on data. The Federal
Oil prices jumped more than 1% on Friday as the dollar firmed ahead of an eagerly awaited speech by the head of the U.S. Federal Reserve for hints on the outlook for interest rates. Brent crude rose 93 cents, or about 1.1%, to $84.29 a barrel by 1104 GMT. U.S. West Texas Intermediate crude was
A shift in market sentiment rattled investors as the optimism spurred by Nvidia was short-lived. DOW experienced its most severe daily slump since March overnight, while S&P 500 and NASDAQ posted their largest one-day drops since early August. This change in market dynamics played into the hands of Dollar, which surged, hitting weekly highs against
UAW workers are voting now to authorize a strike and the current tally is around 97%. This is more of a procedural step to give union leadership the power to strike and was a sure thing. The problem is that workers are asking for a lot in negotiations, and that’s not a surprise given inflation
Gold steadied on Friday as it heads for its best week since mid-July, with support from a pullback in the U.S. bond yields before Federal Reserve Chair Jerome Powell’s keynote remarks at the Jackson Hole symposium. Spot gold edged down 0.1% to $1,915.40 per ounce by 0958 GMT, having risen about 1.4% so far this
As the financial world gears up for the much-anticipated remarks from Fed Chair Jerome Powell and ECB President Christine Lagarde, market participants are treading with caution. Dollar has started to retreat, shedding some of its recent impressive gains. Simultaneously, Euro grapples to find solid ground elsewhere amidst a mixed backdrop. Both leading central bank figures
Moves were not large during the session here today but were characterised by small, but mixed, gains for the USD. EUR, GBP, CHF and CAD are all down a few points while AUD and NZD are more or less unchanged. From Japan today we had Tokyo area CPI data for August (the Tokyo inflation data
Gold prices steadied near two-week highs on Friday and was headed for their best week in six as U.S. Treasury yields backed off highs ahead of speeches by top central bankers including Fed Chair Jerome Powell that could guide on future interest rates. FUNDAMENTALS * Spot gold was down 0.1% at $1,915.89 per ounce by
The foreign exchange are mostly stable today, with major currency pairs and crosses staying confined within the boundaries set yesterday. Both Sterling and Euro have had a lackluster week, emerging as the weakest performers. US Dollar, while subdued, still fares better, positioned ahead of Canadian Dollar as the third least impressive for the week. In