Following a significant post-CPI sell-off, Dollar’s plunge appears to be losing some momentum during today’s Asian trading session on oversold conditions. However, the greenback is yet to demonstrate any considerable signs of a rebound. Investors seem buoyed by the waning likelihood of Fed extending its tightening phase beyond the imminent July interest rate hike. As
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High-yield 3.857% WI level at the time of the auction 3.847% Tail 1.0 basis points versus six-month average of 1.8 basis points Bid to cover 2.53X versus six-month average of 2.38X Directs (a measure of domestic demand) 19.9% versus six-month average of 20.0% Indirects (a measure of international demand) 67.7% versus six-month average of 61.8%
Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the world’s biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand. Brent futures had edged up 20 cents to $79.60 a barrel by 1145 GMT, while U.S. West Texas Intermediate (WTI) crude rose
Dollar’s decline accelerates again following US inflation data that reflected a more substantial than anticipated slowing in both core and headline CPI for June. Although the underwhelming data might not deter Fed from delivering another rate hike later this month, it may alleviate pressure for subsequent increases. In response to the data, US stock futures
The dollar looks bound for another leg lower now and we might just get a confirmation of that after the US CPI data today. Here’s how the charts are playing out: EUR/USD on approach to the April and May highs of 1.1075-95 USD/JPY breaking back below the 140.00 mark GBP/USD venturing near a test of
Gold prices were marginally up in Wednesday’s trade amid a weaker dollar and retreat in US treasury yields, and ahead of the US CPI data due later today. The June gold futures were trading at Rs 58,860 per 10 grams on the MCX at 10.13 am and were up by Rs 87 or 0.15% from
Dollar is facing an intensified selloff in today’s Asian trading session, with the currency’s decline appearing to accelerate. The return of risk-on sentiment, signaled by overnight gains in major US stock indexes, has added additional weight on the greenback. Market watchers are eagerly anticipating the release of US CPI data today, as they seek further
The EIA is out with forecasts for supply and demand. EIA 2023 world oil demand growth forecast raised by 170k BPD to 1.76mln BPD Y/Y, 2024 forecast demand cut by 60k BPD to a 1.64mIn BPD Y/Y . Production: 2023 US Dry Natural Gas production seen at 102.35 BCFD (prev. 102.74 BCFD in June). 2024
Gold prices were steady in early Asian hours on Tuesday as investors maintained a cautious stance ahead of U.S. inflation data that could influence the Federal Reserve’s rate policy trajectory. FUNDAMENTALS * Spot gold held its ground at $1,925.89 per ounce by 0047 GMT. U.S. gold futures were flat at $1,931.30. * The Fed will
British Pound sees a broad rally today, fueled by robust wage growth, indicating that secondary inflationary pressure remains persistent, which will likely force BoE to continue tightening. In contrast, Euro fell sharply due to plunging economic sentiment, leading to a downside breakout in EUR/GBP, resuming its recent downward trend. As it stands, Yen remains the
GBP/USD daily chart The pound is taking heart from the UK labour market report earlier here, with cable now moving up from 1.2870 to 1.2905 on the day. The softness in the dollar is also part of the reason but the latest push in the last 15-20 minutes is definitely more pound-driven. The wage numbers
Bullion traded negative in the opening trade on Tuesday amid weakness in Dollar Index (DXY) that led to rupee appreciation. A weaker dollar aids importers of bullion as the dollar-priced commodities become cheaper, denting the prospects of bullion prices on the exchanges. In the physical markets, prices are expected to come down. The DXY fell
Dollar’s selloff gained momentum in today’s Asian trading session, breaking through near-term support levels against Euro and Sterling. The market remains skeptical about the possibility of Fed implementing two or more rate hikes this year. With US CPI release scheduled for tomorrow, traders appear to be positioning themselves for potential downside surprises. Meanwhile, major US
Wholesale inventory to sales trending higher Wholesale sales: Prior month inventories -0.1% May 2023 wholesale sales, excluding manufacturers’ sales branches and offices, were $650.2 billion. Wholesale sales decreased 0.2% from the revised April 2023 level. Sales were down 4.0% from the revised May 2022 level. The sales change from March 2023 to April 2023 was
Gold prices edged higher in early Asian hours on Monday after U.S. jobs data last week cast doubts over the labour market’s strength, prompting investors to be more sceptical of the Federal Reserve’s rate hike trajectory. FUNDAMENTALS * Spot gold was up 0.1% at $1,925.49 per ounce by 0104 GMT. U.S. gold futures were down
Australian and New Zealand Dollar are under some selling pressure today, with the Sterling following suit. These currency fluctuations do not appear to be tied to any specific market developments, but their concurrent weakness may suggest a cautious undertone prevalent among risk-averse traders. Notably, market participants might be realigning their positions in anticipation of this
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Bullion traded weak in the opening trade on Monday as Dollar Index (DXY) strengthened. It had fallen on Friday below the 103 mark as weaker-than-expected non-farm payroll data in the US enthused bullion as the yellow metal ended with sharp gains on Friday. The outlook for bullion is expected to remain sideways over this week