US President Biden is in Japan for the G7 leaders’ summit. While the cat’s away the mice are not making progress. This is the latest out of Washington politics surrounding the debt ceiling negotiations: US House Speaker Republican Kevin McCarthy said he is not seeing progress while the President is away – “Unfortunately, the White
News
Spot gold closed with a loss of nearly 1.70% on the week as the metal closed at $1977.80 Friday. Gold continues to be highly volatile on sharp moves in yields, shifting risk sentiments, and incessant reassessment of the Federal Reserve’s monetary policy path. In a dramatic development on Friday, the US House Speaker Kevin McCarthy’s
The major US stock indices are ending the day lower. The excuse will be the debt ceiling talks stalling (for now), but if there was a lot of worry, the stock market would be down much more. Technically, however, the S&P index could not close above the 4200 natural level (it is closing at 4191.99),
The yellow metal has been in a continuous downtrend since the start of the week and is poised for the biggest weekly loss since February 2023, as progressive talks towards the resolution of the US debt ceiling crisis have dampened safe-haven demand. The US House Speaker Kevin McCarthy said that negotiators on the federal debt
Last week, the financial markets made a dramatic U-turn, as many key global stock indexes recorded substantial gains. Despite underlying concerns, the looming issue of US debt ceiling seems on track to be resolved, thus avoiding a default. US Treasury Secretary Janet Yellen’s explicit warnings appear to have had the intended effect. Simultaneously, NASDAQ’s significant
The negotiations to raise the U.S. debt ceiling were put on hold. Dems pointed the finger at the GOP. The GOP pointed the finger at the Dems. Pres. Biden comes back from the G7 over the weekend, and I am sure both sides, know what is at stake. Nevertheless, the development alarmed market participants as
Gold futures slipped below the Rs 60,000 mark on Thursday on stronger dollar index which breached the 103 mark against a basket of six major currencies. The hawkish stance from the US Federal Reserve also dented the appeal of bullion. The yellow metal on MCX slipped, taking cues from the correction in international prices. At
Japanese yen made a modest recovery today, bolstered by yet another month of robust consumer inflation data. However, this uptick in the currency was held back by strong risk-on sentiment prevalent in Japan, with Nikkei surging to a 33-year high. BoJ’s continued commitment to its ultra-loose monetary policy also put a damper on Yen’s rise,
The weekly Baker Hughes rig count shows a decline of -11 on the week: Oil rigs -11 to 575 Largest week decline since September 2021. Nat. Gas rigs unchanged at 141 Total rigs -11 at 720 Last week, natural gas rigs tumbled -16 rigs. This week it is the oil rigs with a sharp one-week
Oil prices fell slightly in early Asian trade on Friday as optimism that a U.S. debt default will be avoided weighed against sticky inflation data that could portend more interest rate hikes from global central banks. Brent futures were down 2 cents at $75.84 a barrel as at 0015 GMT. U.S. West Texas Intermediate (WTI)
As we wind down the week, dollar seems to have resumed its inverse relationship with risk sentiment. Major European stock indices are trending upwards, with Germany’s DAX reaching hitting a new record high. Meanwhile, Euro and other European currencies are registering notable gains against Yen and the greenback. However, these European majors are trailing behind
The dollar looks to finally broke through key levels this week and all there’s left is for Powell not to muck it all up later today. EUR/USD breaks below 1.0800 and 100-day moving average of 1.0806 USD/JPY breaks above 138.00 and resistance region of 137.77-91 to highs for the year USD/CHF returns back above 0.9000
Market sentiment received a significant boost following upbeat news about US debt ceiling negotiations, and yet, Dollar remains resilient, showcasing an impressive strength. US President Joe Biden, following a meeting with Republican House Speaker Kevin McCarthy, presented an air of optimism as discussions continue. “Now we have a structure to find a way to come
Gold prices on Friday were on course for their biggest weekly drop in 3-1/2 months as recent strong U.S. economic data and hopes for a resolution in the debt debate took some shine off bullion. FUNDAMENTALS * Spot gold held steady at $1,959.15 per ounce by 0026 GMT, while U.S. gold futures edged 0.1% higher
The European stock indices are closing higher with he German Dax leading the way. That index is closing in a new 2023 hi and at the highest level going back to January 2022. The all-time high price reached 16290.19 in November 2021. The price today closed at 16163.37 just 137 points from that record level.
Gold prices softened by Rs 480 to Rs 60,070 per 10 grams in the national capital on Thursday amid a decline in international precious metal prices, according to HDFC Securities. The yellow metal had finished at Rs 60,550 per 10 grams in the previous trade. Silver also plunged by Rs 530 to Rs 72,750 per
Dollar continues to power up today, as traders are rethinking Fed’s policy path ahead. The odds of a hold at June 14 FOMC meeting has dropped to around 60%, as the economy continued to show resilience. The strong stock market rally this week is also helping. Canadian Dollar is currently following as second best, and
It’s a key moment for the dollar as its recent resilience is being rewarded with a push towards key technical levels. In particular, EUR/USD is now running closer towards the 1.0800 mark with its 100-day moving average at 1.0806 set to be one to watch in the sessions ahead. There are some large expiries there