Asian stocks took a beating today as disappointing economic data from China put a damper on the region’s markets. The bearish mood led to widespread selling of commodity currencies. Despite higher-than-expected CPI figures, Australian Dollar found little support, while an uptick in New Zealand business confidence did little to boost Kiwi. As investors sought safe
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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
MCX Gold futures were trading flat with a positive bias on Wednesday as the strength in Dollar Index (DXY) did not let the yellow metal rise appreciably. The gold is expected to inch higher though the gains may remain capped in the near term. The June gold futures were trading at Rs 60,030 per 10
Dollar appears to be taking a breather, experiencing a broad decline in month-end trading as it reverses some of its recent gains. The initial support from the debt ceiling deal seems to be waning, while market participants are adopting a cautious stance ahead of this week’s crucial non-farm payroll data. The figures are expected to
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
Gold bounced back from early losses on Tuesday, as the dollar pulled back and Treasury yields slid on wider market optimism about the U.S. debt ceiling deal. Spot gold rose 0.9% to $1,960.55 per ounce by 11:51 a.m. EDT (1551 GMT), after hitting its lowest since March 17 earlier. U.S. gold futures gained 0.8% at
Trading has remained muted as major markets recuperate from a lengthy weekend. Investors are not reacting dramatically to the agreement regarding US debt ceiling. Instead, they are casting a cautious eye towards Congress, awaiting indications of how the deal will be received. Compounding the apprehension, a slew of significant economic data is slated for release
The dollar is picking up from where it left off last week as gains are coming through once again. EUR/USD is down 0.2% to fresh ten-week lows at 1.0685 while USD/JPY is touching 140.90 as buyers look to extend the break above the 140.00 mark and are eyeing 142.00 next: And that comes despite Treasury
Gold prices slipped to a two-month low on Tuesday, losing their appeal amid optimism over the debt ceiling deal and a hawkish Federal Reserve commentary hinting of an unlikely pause in the interest rate. The yellow metal was trading with a negative bias on MCX and Comex owing to strength in the Dollar Index (DXY)
Markets: AUD leads, EUR lags WTI crude oil up 37-cents to $73.04 US bond market closed US equities closed Canada TSX Comp +0.3% Gold down $3 to $1942 It was a holiday in the US and UK so it was predictably quiet, especially after Europe went home. Selling the dollar was the main theme throughout
Oil prices slipped on Monday as economic worries over further interest rate hikes trumped a tentative debt ceiling deal reached in the U.S., possibly averting a default in the world’s largest economy and oil consumer. Brent crude futures slipped 68 cents, or 0.8%, to $76.27 a barrel by 1350 GMT, while U.S. West Texas Intermediate
Now that markets can put behind them the US debt ceiling issue, the focus will start to turn back towards the balance between inflation, central banks, and the economic outlook. For Europe, it will be more about the inflation outlook again this week as we will be getting preliminary CPI data across the region for
Gold prices slipped on Monday as a tentative deal sealed over the weekend to suspend the U.S. debt ceiling coupled with jitters around higher-for-longer interest rates weighed down on the non-yielding metal’s appeal. FUNDAMENTALS * Spot gold was down 0.3% at $1,941.45 per ounce by 0059 GMT, hovering near two-month lows hit on Friday. U.S.
The repricing of Fed hikes higher for longer has been felt in USD/JPY more than anywhere else in the forex market. The pair has risen in 10 of the past 12 trading sessions and one of those declines was only 6 pips. At the moment, the pair is carving out a new high that dates
Weaker-than-expected demand for copper from China dampened the sentiment for the base metals. Copper, the widely used industrial metal is trading down by more than 8% so far this month in key London Metal Exchange and domestic futures platforms. A similar trend was witnessed in the China Shanghai futures as well. Copper prices were on
Last week saw the US Dollar dominating the currency markets, with a surprising rally buoyed by market sentiments flipping in favor of an imminent Fed rate hike in June. An atmosphere of growing optimism pervaded the scene, buoyed by increasing confidence in a forthcoming agreement on raising the US debt ceiling, thus staving off a
The debt ceiling charade is all over. This was the 79th time it’s been raised since 1960 and the US still hasn’t defaulted. Remember that next time. The US has averted a major economic crisis by raising its debt ceiling as part of a new two-year budget agreement that echoes the structure of the past
Spot gold closed with a weekly loss of 1.60% at $1945.74. The 10-year US yields at 3.79%, while the US Dollar Index recorded a weekly gain of around 1% to rise to 104.23. Friday’s US data releases were mostly positive for the US Dollar and negative for bonds, thus for gold. Headline durable goods orders