A debt ceiling deal isn’t done yet but it’s safe to trade as if it is. Here are the latest comments from US House majority leader Kevin McCarthy. We do not have a deal yet June 5 date doesn’t change things We’ll get debt ceiling deal when it gets right Have not dropped permitting reform
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COMEX Gold prices are poised for a third consecutive weekly decline, after notching a 33-month high of $2,085.4 per troy ounce in early May. It has been a painful week for the yellow metal, as hawkish comments from Fed officials, better than expected economic data from US, and progressive talks on the debt ceiling front
Markets: WTI crude oil up 96-cents to $72.79 Gold up $6 to $1946 US 10-year yields flat at 3.81% S&P 500 up 1.4% GBP leads, JPY lags The odds of a June Fed hike have risen to 70% from 50% today and that tells the story in FX, with the dollar gaining, though not exactly
Gold prices languished near a two-month low on Friday and were set for their third straight weekly fall, as progress in U.S. deal ceiling negotiations bolstered the dollar. FUNDAMENTALS * Spot gold was flat at $1,939.18 per ounce by 0032 GMT after hitting its lowest since March 22 in the previous session. U.S. gold futures
While Dollar engaged in retreat for most of the day, some buying appears to emerge again in early US session. A surprising rise in both headline and core PCE inflation is considered to be a key factor driving this resurgence. While it’s unsure whether that could result in sustainable rally, the sentiment should stabilize the
US non-farm payrolls have beaten the consensus 13 times in a row and the market will try to stretch that unprecendented streak a week from today. Overall, the week promises a number of key economic data releases that could move the market but the week starts quietly on Monday due to Memorial Day holiday. Tuesday,
Gold futures have given negative returns in May, dragged by strength in the Dollar Index (DXY) which is now hovering over 104 against a basket of six major currencies. Yellow metal is likely to take cues from the bullion prices in international markets, going ahead. With the US debt ceiling likely to get resolved soon
Dollar has maintained its position as the strongest performer for the week, despite the noticeable waning of its upside momentum over the past two days. Today, markets anticipates the release of several US economic indicators, including PCE inflation and durable goods orders. However, the primary driver is likely to be any updates on the debt
The key levels from yesterday (summary post here) are all still holding as the dollar remains in the driver’s seat in trading this week. We’re seeing a light pullback today but the ranges for most dollar pairs are still relatively narrow. EUR/USD is up 0.2% to 1.0740 but sits in just a 23 pips range
The market is exhibiting caution as it awaits a catalyst, precisely the outcome of the US debt ceiling talks, to determine its next directional move. Despite positive developments, we expect the discussions to widely go down to the wire, resulting in extreme volatility. As a result, we expect the crude prices to trade in a
Dollar continues to be the strongest one for the week and sees fresh buying in early US session. Republican House Speaker Kevin McCarthy noted the debt ceiling negotiations have made some progress. But that was largely ignored by stock investors, even through treasury yields are on the rise. As for today, Canadian Dollar and Swiss
Could USD/JPY be in store for another look at the top? I don’t think the market is as worried about +6% Fed funds as it was in October but there’s a good chance that the terminal rate stays above 5% for longer than previously thought. The Bank of Japan transition has also proven (so far)
Gold slid to its lowest in two months on Thursday as optimism around the U.S. debt ceiling talks lowered safe-haven demand for bullion and robust economic data fueled bets of another rate hike by the Federal Reserve. Spot gold was 0.4% down at $1,949.69 per ounce by 10:10 a.m. EDT (1410 GMT), having hit its
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– Gold prices held steady on Thursday after minutes from the U.S. Federal Reserve’s last meeting signalled a likely pause in the rate-hike campaign in June, while debt ceiling negotiations kept investors on the edge. FUNDAMENTALS * Spot gold was flat at $1,957.69 per ounce by 0034 GMT. U.S. gold futures were down 0.2% at
Dollar surged overnight trade and maintained its momentum into today’s Asian trading session. This robust performance followed the release of FOMC minutes, which depicted a high degree of uncertainty regarding the future trajectory of monetary policy. Despite this ambiguity, a pause in the tightening cycle by June does not necessarily signal its end, and any
There’s no news behind the recent bids in stocks and selloff in bonds. The moves haven’t left much of an impression on FX but the Nasdaq (shown above) has pared its daily decline to just 0.4%, which is the best since the opening minutes of trade. In the rates market, US 10-year yields are up
Gold prices were steady on Wednesday as another round of talks to raise the U.S. government’s debt ceiling ended with no progress, while investors assessed the possibility of further rate hikes by the Federal Reserve. FUNDAMENTALS * Spot gold held steady at $1,975.99 per ounce by 0020 GMT. U.S. gold futures edged 0.1% higher to