TOKYO – Oil prices rose on Friday on support from tighter supply amid issues in Libya and Nigeria and easing U.S. inflation, which markets hope may bring an end to interest rate hikes in the world’s biggest economy. Brent crude futures rose 27 cents, or 0.3%, to $81.63 per barrel at 0028 GMT. U.S. West
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Gold prices on Friday were set for their biggest weekly gain since April, as the U.S. dollar hovered close to a more than one-year low on bets the Federal Reserve will soon hit the brakes on interest rate hikes. Spot gold was steady at $1,958.45 per ounce by 0051 GMT, and up 1.8% for the
The broader S&P and NASDAQ index snapped 4-day winning streaks, while the Dow industrial average extended its streak to 5 days. UnitedHealth soared by 7.27% today and was responsible for over 200 points of the Dow’s gains today. The Dow closed up $113.89 points. A snapshot of the market shows Dow industrial average rose 113.89
Gold prices eased on Friday but were on track for their biggest weekly gain since April, after signs of slowing U.S. inflation raised expectations of a pause in Federal Reserve’s interest rate hikes after this month. Spot gold fell 0.1% to $1,959.27 per ounce by 01:45 p.m. EDT (1745 GMT), but has gained about 1.8%
Following the release of data indicating a steeper than anticipated slowdown in inflation, Dollar saw a marked decline last week, securing its position as the week’s most significant loser in the currency markets. Concurrently, surge in stocks and tumble in benchmark treasury yields accompanied Dollar’s descent. At this juncture, it remains too premature to determine
Today, the US Dollar rallied, stimulated by rising preliminary inflation expectations from the University of Michigan’s monthly consumer survey and overall stronger data. The bond yields also recorded a sharp incline. The inflation reading depicted a minor increment, moving from 3.3% to 3.4%. Given a market that has reacted positively to the favorable CPI and
COMEX Gold prices mostly edged higher during the week, as the dollar doom started with last week’s NFP data. Friday’s labour data showed signs of slowdown in the jobs market, with non-farm payrolls falling to a two and half year low of 209K job additions. Meanwhile, US inflation print released during the week prompted further
The earnings calendar was unofficially started today with the release of some of the major banks including J.P. Morgan, Citigroup, and Wells Fargo. So what is on tap for next week? Below are some of the major releases: Tuesday, July 18 Bank of America Novartis Morgan Stanley Lockheed Martin Charles Schwab PNC Financial Interactive brokers
Global benchmark Brent crude hovered above $81 a barrel on Friday, with bullish sentiment over U.S. demand bolstered by supply disruption in Libya and Nigeria. Both the Brent and U.S. West Texas Intermediate (WTI) contracts had risen for three straight sessions and in early Asian trade on Friday, poised to register a third straight week
As China’s economy is sputtering, it seems like Beijing is stepping up initiatives to try and bolster the economy. The latest being reported is that financial regulators have invited some of the world’s biggest investors for a rare meeting next week, to encourage investment in the Chinese economy. The meet is said to focus on
Bullion traded with a positive bias in Friday’s early trade aided by the weakness in the US Dollar Index (DXY) which is on a slippery turf. The DXY has slipped below the 100 mark against a basket of 6 major currencies. A lower headline inflation numbers in the US weakened the greenback and lifted the
Dollar is still facing much broad-based pressure as risk-on sentiment continues to dominate the markets. A slight recovery could be on the cards due to pre-weekend profit-taking, although this largely hinges on the inflation expectation figures in the forthcoming University of Michigan Consumer Sentiment report. Should the inflation expectations display a substantial decrease, this could
John Flood, a partner at Goldman Sachs in a note to clients on Wednesday after the CPI data commented that “For the 1st time in 2023, we are currently being asked by multiple clients if we think the S&P 500 is on track to clock an ATH before year-end”. Flood responds, “I am going with
Gold prices held steady on Thursday after advancing more than 1% in the previous session, as U.S. inflation data raised hopes that the Federal Reserve would soon stop tightening its monetary policy. * Spot gold was almost unchanged at $1,957.48 per ounce by 0039 GMT. U.S. gold futures flat at $1,962.30. * U.S. consumer prices
Dollar’s extended selloff continues today, showing no clear signs of a turnaround. The slump comes on the back of the release of PPI and jobless claims data, which failed to inspire optimism among Dollar bulls. Meanwhile, global risk-on sentiment is prevailing, with noticeable rally in stock markets and corresponding dip in treasury yields. Japanese Yen
Well, the dollar looks to have finally broken and that is setting up some interesting technicals all across the board now. I’ll go into more details in the session ahead but as summarised earlier, here’s the overview: EUR/USD breaks above April to May highs to highest levels since March 2022, eyes 200-week moving average at
Gold futures traded with a positive bias in Thursday’s early trade aided by weakness in the Dollar Index (DXY) which slipped below the 101 mark. Cooling US inflation numbers in the US weakened the greenback and lifted the yellow metal. The DXY was trading at 100.47, losing nearly 3% over the past five trading sessions.