Yen remains the worst performer for the day, but selloff appears to have slowed somewhat. Meanwhile, Euro and Swiss Franc are also softening, thanks to selling against Sterling. Canadian Dollar is mixed for now, with muted reaction to worse than expected job data from Canada. While the data doesn’t add to the case for another
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This week, the US dollar, tracked within a 103.290-104.400 range in the DXY index. That index (heavily weighted to the EUR) for the week fell -0.49%. The decline was initially triggered this week by below-expectation US services ISM data. In that report, released on Monday, the index for May 2023 came in below expectations with
Gold jumps Rs 440 to Rs 60,820 per 10 grams in the national capital on Friday amid strong global trends, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 60,380 per 10 grams. Silver also zoomed Rs 1,050 to Rs 74,350 per kilogramme. “Gold prices edged higher in the
While Dollar is trading as the worst performer of the week at the time of writing, Yen’s decline looks finally taking off today. BoJ Governor Kazuo Ueda repeated once again the need to maintain current ultra-loose monetary monetary. At the same time, some other major central banks are continuing or even restarting tightening. So far,
Here’s a look at the changes in the Fed funds futures curve over the last one week and compared to a month ago: After the US jobs report on Friday last week, traders moved in to further price a higher for longer narrative by the Fed and that hasn’t changed by much even after yesterday’s
While the Dollar Index (DXY) slipped to a four-day low, breaching the 104 mark against a basket of six top currencies, gold still traded lacklustre on Friday. Traders preferred to hold their bets on the yellow metal ahead of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting, scheduled for next week. The August
Dollar falls broadly in early US session after much worse than expected jobless claims data. But it’s so far still holding largely in range. Market pricing on whether Fed would hike on June 14 continues to flip-flop (at around 30% for a 25bps hike). For the week, Kiwi is the second worst, after Dollar, followed
An analyst at BoA says that market sentiment is overall negative (this is despite the S&P500 heading back into a bull market Thursday!) but that even so many stocks are sitting at high valuation levels: “Stocks do trade at statistically rich levels on most measures. But where one might expect multiples to expand with inflows
Gold price declined by Rs 420 to Rs 60,380 per 10 gram in the national capital on Thursday amid a fall in prices of the precious metal overseas, according to HDFC Securities. The yellow metal had closed at Rs 60,800 per 10 gram in the previous trade. Silver, however, jumped Rs 500 to Rs 73,300
The global forex markets are in a state of relative tranquillity today, as the dust begins to settle following two central bank surprises. With a light economic calendar on the horizon, trading activity is predicted to stay muted. Australian Dollar currently retains its pole position, closely pursued by its Canadian counterpart. However, with the release
A little higher, a little lower, and all around we go. That’s the mood in markets this week as we continue the slow countdown to the US CPI and Fed decision next week. The dollar is now slightly lower on the day as major currencies are stretching their previously narrow ranges in European morning trade.
MCX Gold futures traded flat on the MCX on Thursday as traders preferred to hold their bets on the yellow metal ahead of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting outcome, scheduled for next week. The August Gold futures were trading at Rs 59,511 per 10 grams on MCX, up Rs 8.
Yen is encountering renewed selling pressure, particularly against European majors. This weakness is partly attributed to the rising treasury yields that have dampened enthusiasm for the Japanese currency. However, its losses remain contained for the moment. On the other hand, Australian Dollar is seeking to prolong its short-term rally, most notably against New Zealand Dollar.
US Treasury Secretary Yellen spoke in a wide-ranging interview with CNBC on Wednesday. You can find the full transcript here. Some of the highlights: Says I see a path to bringing down inflation while maintaining strong labor market Seeing some signs of easing in labor market We’ll continue to see economic progress over the next
“Amid currency fluctuations, traders and investors are advised to remain cautious while trading in crude oil futures as there could be some volatility in the markets. We are recommending ‘buy on dips’ in crude oil for mid- to long-term as demand is expected to increase for upcoming winter and stormy season ahead,” says Anuj Gupta
Australian Dollar is staying generally firm in Asian session today, as supported by hawkish comments from RBA Governor Philip Lowe. More tightening could still be underway after yesterday’s surprised rate hike. Aussie basically shrugged off Weaker than expected Q1 GDP growth. Meanwhile, market reactions to the poor set of trade data from China was surprisingly
Gold prices were flat on Wednesday as cautious traders awaited the U.S. Federal Reserve’s interest rate decision at its policy meeting next week, although a softer dollar kept the bullion supported. FUNDAMENTALS * Spot gold was little changed at $1,963.83 per ounce by 0027 GMT. U.S. gold futures were listless at $1,980.20. * The dollar
The plunge in the lira to fresh record lows against the dollar is one of the more interesting events in markets this week, considering the lack of appetite as we wait on the Fed next week. USD/TRY has gone parabolic and is up over 7% again today to above 23.00 as the Turkish currency continues