Euro plummets broadly in today’s market after a CB survey revealed significant drop in consumer inflation expectations. Sterling and Swiss Franc also recorded a generalized weakness. On the other hand, Australian Dollar held its ground as the day’s strongest currency, buoyed by an unexpected interest rate hike by RBA. The Canadian Dollar followed closely, though
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The report is of two monkeypox cases detected in Beijing, which comes via Chinese state media. Given the “massaging” of data out of China I suspect the number is greater than two. I could be wrong. Via Global Times: Beijing has recently detected two cases of monkeypox. One is an imported case, while the other
Gold price climbed Rs 375 to Rs 60,775 per 10 gram in the national capital on Tuesday amid a rise in the precious metal’s prices in overseas markets, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 60,400 per 10 gram. Silver, however, fell by Rs 50 to Rs
Australian Dollar surges broadly after surprised RBA rate hike. Tightening bias is also maintained, so more hike(s) could still be in the pipeline. The move in Aussie is taking other commodity currencies higher. Now, a focus will be on whether BoC would follow and surprises the markets too. At the other end of the spectrum,
As the saying in markets goes, if something can’t go up on good news.. Well, that seems to be the case for oil as it not only erased the opening gap higher yesterday, but is now being pressured back towards the $70 mark today. It goes to show that while OPEC+ may want higher oil
Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output. Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 0020 GMT. The U.S. West Texas Intermediate crude eased 25
Euro is experiencing some selling pressure today, brought on by discouraging investor confidence data, with other European currencies also showing signs of distress. Meanwhile, US Dollar is making strides, superseding commodity currencies as it rides the wave of last week’s late rally. Australian Dollar is trading within a narrow range against Canadian Dollar and New
The US dollar is ending the day slightly weaker with modest trading ranges. The greenback was initially supported by a strong Nonfarm Payroll (NFP) and better Non-manufacturing ISM data out of China (and debt deal being signed by Biden), but later pulled back after the ISM Services and factory orders came out weaker than expectations.
Gold prices fell Rs 80 to Rs 60,400 per 10 grams in the national capital on Monday amid weak global cues, according to HDFC Securities. In the previous trade, the yellow metal had finished at Rs 60,480 per 10 grams. Silver also went lower Rs 400 at Rs 73,000 per kilogramme. Spot gold prices in
In a remarkable rally during Asian session, Japanese stocks surged sharply, with Nikkei index smashing through the 32k mark, reaching a high not seen in 33 years. This surge followed the bullish trend seen in US markets last week, further buoyed by robust services data emanating from Japan and China. However, it’s important to note
Prior 55.9 Composite PMI 54.0 vs 53.9 prelim Prior 54.9 Little change to the initial estimates as UK services activity continues to keep more robust in May. A strong rise in output and new work is helping to underpin the expansion. S&P Global notes that: “Service sector businesses have experienced strong growth so far in
Gold prices on MCX slipped on Monday as the dollar index strengthened and went above the 104 mark. The uptick in the greenback was on account of strong US payroll data that the Street fears has put the rate pause at the backburner. At 12:30 pm, August gold futures were trading at Rs 59,434 per
The news over the weekend was of oil output cuts: Also related to crude oil were United States and United Kingdom Royal Navy forces activity in the Strait of Hormuz on June 4. An internationally flagged merchant vessel made a radio distress call on Sunday afternoon (local time) while transiting the strait. The crew reported
Gold price jumped Rs 350 to Rs 60,600 per 10 gram in the national capital on Friday amid a rally in precious metals prices overseas, according to HDFC Securities. The yellow metal had closed at Rs 60,250 per 10 gram in the previous trade. Silver also zoomed Rs 650 to Rs 73,550 per kg. “Spot
Fitch is out with something of an ominous warning on the US credit rating. Fitch Ratings affirmed that the United States’ ‘AAA’ credit rating will remain on a Rating Watch Negative despite the resolution of the debt limit impasse. It was placed on ratings watch on May 24 in a move that prompted some US
Spot gold closed with a weekly gain of nearly 0.10% at $1948.46. The major driving theme of the financial markets, though it emerged late, in the week ending June 2 was a quick shift in notion about the possible monetary policy path of the Federal Reserve. Odds on bets for the Federal Reserve doing a
Global stock markets registered impressive gains last week, with the resolution of the US debt ceiling and robust American job data contributing to the bullish momentum. The ebbing expectation of a Federal Reserve rate hike in June also provided additional support. Canadian and Australian dollars emerged as the week’s top performers, reflecting the market’s increased
The yen is broadly softer today but the US dollar is taking particular advantage in the wake of the strong non-farm payrolls report. USD/JPY stalled out yesterday just ahead of 140.00 but broke through today as the pair benefits from rising long-term Treasury yields. One of the drivers of higher yields is a warning from