In today’s Asian trading session, forex markets are experiencing a lull, with most of the major currency pairs and crosses moving within the boundaries set by yesterday’s trading ranges. The anticipated volatility sparked by the robust remarks from the heads of the ECB, Fed, BoE, and BoJ during the ECB forum overnight failed to materialize.
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The Ukrainian offensive isn’t going well and it may be clear to the US and NATO that the equipment they have won’t be enough to re-take lost territory and win the war. So the US is upping the ante. The WSJ reports the US is close to approving the transfer of the Army Tactical Missile
Commodity exchange MCX has decided to extend its software support contract with 63 moons technologies, the former promoter of the bourse, after repeatedly failing to transition to a new trading platform within stipulated deadlines. In separate early morning stock exchange filings, Multi Commodity Exchange of India Ltd and 63 moons said the contract has been
In the currency trading arena, there’s been a notable lack of movement today. Gold has caught the market’s attention, sliding past the 1900 psychological level. Yet Dollar remains relatively undisturbed, also showing no significant response to the latest jobless claim data and Q1 GDP final figures. Likewise, the release of higher-than-anticipated German CPI data sparked
The most important time of the session was once again the People’s Bank of China’s yuan reference rate setting. Expectations for the mid-rate were around 7.2540. The PBOC shrugged those off with a much stronger CNY, setting USD/CNY at 7.2208. This sent a panicked shock wave of selling through USD/CNH which fell right of the
Bullion traded in the green on the MCX in Wednesday’s early trade aided by an almost flat Dollar Index (DXY). The DXY was hovering around 102.50, though the bias was positive. Meanwhile, gold and silver took the opposite trajectory on Comex. While the yellow metal traded on a positive note, silver futures declined. Both gold
Australian Dollar is experiencing a wild ride this week, tumbling in Asian trading hours due to lower-than-anticipated CPI results. The “encouraging” data has raised speculation about a potential pause in RBA’s tightening plans next week. There are also talks that the hike month was the last in the cycle. This decline is also dragging down
The panel discussion in Portugal is now over. The US dollar moved higher. Stocks moved a bit higher. Yields were mixed. EURUSD: The EURUSD eventually cracked below its 200 and 100-hour moving averages, and moved toward the low of the value area support near 1.0891 (see red box on the chart below). The low price
Gold prices extended their slide on Wednesday to hit their lowest in 3-1/2 months on bets for interest rates remaining higher for longer, while traders positioned for a speech by Federal Reserve Chair Jerome Powell. Spot gold fell 0.4% to $1,905.75 per ounce by 9:23 a.m. EDT (1323 GMT), hitting its lowest since mid-March. U.S.
Forex markets today are leaning towards mild risk-off sentiment, with traders cautiously awaiting comments from leading central bankers at the ECB forum. This cautious sentiment, interestingly, does not seem to be having a substantial effect on the stock or bond markets yet. British Pound is experiencing fresh selling, despite expectations of hawkish messages from the
The Australian dollar took a hit during the session on the release of May 2023 monthly inflation data. This came in at 5.6%, well below the 6.1% consensus mid-point estimate. Core measures for the month remained above 6% but it was the headline that the market responded to, immediately marking down the AUD. While the
Gold prices hovered near three-month lows as upbeat U.S. economic reports made a strong case for rates being higher, yet traders awaited cues from Federal Reserve Chair Jerome Powell and more economic data for a path ahead on rate-hikes. FUNDAMENTALS * Spot gold was little changed at $1,913.82 per ounce by 0120 GMT, close to
In an otherwise lackluster Asian trading session, Chinese actions add a zing today. The rebound in Yuan, propelled by China’s stepped-up measures to curb its slide, provided a boost to stock markets in both China and Hong Kong. The ripple effects are also being felt by Aussie and Kiwi, which are witnessing a bounce. Canadian
Fidelity is preparing to submit a a bitcoin ETF, according to The Block. BlackRock kicked off a fresh bitcoin ETF frenzy on June 15 with a filing that caught the market by surprise. Many are speculating that BlackRock received some kind of nudge in a process that’s been stagnant for many years. The Fidelity report
Bullion traded in the green in Tuesday’s early trade aided by a weaker dollar. The dollar index was down nearly 0.10%. witnessing its second successive decline, thereby raising the appeal for the yellow metal. The August Gold futures were trading at Rs 58,521 per 10 grams at 10:10 am, up Rs 105 or 0.19% from
In today’s trading, Euro takes the limelight, soaring broadly and reaching new heights against the frail Yen. While comments from ECB officials continued to be hawkish, there was basically nothing substantially new. The rationale propelling the shared currency is yet unclear. Following closely behind, Aussie and Kiwi mark themselves as the second and third strongest,
The People’s Bank of China fixed the onshore yuan stronger than expected at the reference rate setting today. The expected rate was just shy of 7.22 but the Bank set USD/CNY under 7.21. This was the second day in a row the PBOC had set the CNY stronger than expected. The yuan has been losing
Gold prices were flat on Tuesday, hovering slightly above their three-month lows, while the U.S. dollar strengthened as traders looked to hedge against a political turmoil in Russia and the Federal Reserve’s hawkish outlook. FUNDAMENTALS * Spot gold held its ground at $1,923.94 per ounce by 0114 GMT, while U.S. gold futures were also listless