Dollar has launched a broad-based rebound in today’s market. However, momentum appears to be faltering against its European counterparts in early U.S. trading session. Although it continues to perform strongly against Yen and Australian dollar, the greenback has been struggling to break last week’s high against other key currencies. Consequently, this rebound seems to be
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Oil prices were little changed in early trading on Friday but were headed for a 3% drop for the week on worries about the outlook for fuel demand after a bigger-than-expected interest rate hike in the UK and warnings about looming U.S. rate hikes. Brent futures slipped 7 cents, or 0.1%, to $74.07 a barrel,
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
Sterling is surprisingly soft this week even though markets are raising bets on a more aggressive than expected BoE rate hike, after yesterday’s UK CPI data. It’s clearly weighed down in selloff against the stronger Euro. Swiss Franc is comparatively steady as SNB rate decision is also awaited. Overall, currency markets appear more attuned to
Gold prices declined by Rs 200 to Rs 59,550 per 10 grams in the national capital on Thursday amid weak global cues, according to HDFC Securities. The precious metal had ended at Rs 59,750 per 10 grams in the previous trade. Silver also tumbled Rs 800 to Rs 71,500 per kilogramme. “Gold prices weakened on
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
The market witnessed some ups and downs today with BoE and SNB rate decisions stirring the waters. However, these movements failed to usher in a sustainable trend, as both currencies remain shackled within yesterday’s range against most major counterparts. BoE’s larger than expected rate hike sparked initial momentum but the impact quickly faded quickly. The
Gold traded in a narrow range on Wednesday as traders refrained from making big bets ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony, which could offer further insight into the central bank’s interest-rate hike plan. FUNDAMENTALS * Spot gold was almost unchanged at $1,936.99 per ounce by 0028 GMT. U.S. gold futures too were
A Chinese media report on Chinese Vice Premier He Lifeng meeting with Singapore’s Temasek Chairman Lim Boon Heng earlier this week in Beijing. He is a member of the Political Bureau of the Communist Party of China Central Committee and close to President Xi Jinping. The article is in Xinhua (English), in brief: the economy
Sterling is given a boost in the wake of latest CPI data, which indicated a steady headline inflation rate and a further acceleration in core inflation. This data is likely to solidify BoE’s case for a rate hike in tomorrow’s meeting. However, how long this tightening phase will continue remains uncertain. Notably, the Pound’s buying
Gold prices declined by Rs 360 to Rs 59,750 per 10 grams in the national capital on Wednesday amid weak cues from overseas markets, according to HDFC Securities. The precious metal had ended at Rs 60,110 per 10 grams in the previous trade. Silver also tumbled Rs 1,200 to Rs 72,300 per kilogramme. “Gold extended
The major US stock indices are trading lower for the 2nd consecutive day. The Dow Industrial Average is leading the declines with a decline of near 0.45%. Fed chair will begin his testimony at 10 AM ET. The text of his prepared remarks have already been released. You can find them HERE. A snapshot of
Despite Fed Chair Jerome Powell’s firm indications that further monetary tightening is needed, Dollar is struggling find momentum for its near-term rebound. The greenback is yet to break through its weekly high even against the weaker Yen and is primarily bounded within the confines of yesterday’s range, barring its performance against Australian dollar. Meanwhile, Canadian
Oil prices were mixed on Tuesday ahead of a decision on lending benchmarks by China, with the world’s second-largest economy widely expected to cut key rates to shore up a slowing recovery. Brent crude was 3 cents higher at $76.12 a barrel at 0041 GMT. U.S. West Texas Intermediate (WTI) crude was unchanged at $71.29
Westpac-Melbourne Institute Leading Index for May 2023, main points made by WPAC on their data: The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, declined to -1.09% in May from -0.78% in April. Tenth consecutive
Australian Dollar is trading broadly lower today, reflecting uncertainties that emerged after release of minutes from RBA meeting earlier this month. The minutes revealed that a hold was considered at the meeting. Arguments were finely balanced even though it eventually decided to hike 25bps. These revelations have stirred market doubts about the continuity of monetary
Air travel is certainly back as consumers return to the skies after years of covid-related curbs. The TSA reports that on Friday it screened 2.785m people, which is the highest number of passengers in a single day since 2019. Couple that with today’s surprise 21.7% jump in US housing starts and higher rates aren’t exactly
Bullion prices extended their losses on Tuesday on a stronger Dollar Index (DXY). Analysts expect gold to be range bound in today’s session with a bearish tilt. MCX August Gold futures were trading at Rs 59,176 per 10 grams in the opening trade and were unchanged as against their last close while July Silver futures