With the Bank of Canada hiking rates more aggressively, Canada’s largest bank new sees a deeper correction in the nation’s housing market. They now project home resales to fall nearly 23% this year and 15% next year in Canada, and the national benchmark price to drop 12.4% from peak to trough by the second quarter
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Gold slumped to a 16-month low last week but managed to recover and end the week with a 1.1 per cent gain bringing a halt to its five week losing streak. Despite the recovery, there is little encouragement for yjegold bulls as they face the next big challenge which is the Fed‘s monetary policy decision
Dollar ended as the worst performing one last week. Selloff somewhat intensified on Friday after poor PMIs indicated that the US economy was already in contraction. Deep fall in benchmark treasury yields dragged down the greenback while traders were betting on a lower terminal rate in Fed’s tightening cycle. Canadian Dollar was the second weakest,
The economic data today was all about global PMIs from S&P Global and there was a similar theme in all of them: Germany July flash manufacturing PMI 49.2 vs 50.6 expected France July flash services PMI 52.1 vs 52.7 expected Eurozone July flash services PMI 50.6 vs 52.0 expected UK July flash services PMI 53.3
New Delhi: Gold in the national capital on Friday jumped by Rs 594 to Rs 50,341 per 10 grams, reflecting a rally in international precious metal prices, according to Securities. In the previous trade, the yellow metal settled at Rs 49,747 per 10 grams. Silver also surged by Rs 998 to Rs 55,164 per kg
Canada retail sales rose 2.2% mom to CAD 62.2m in May, above expectation of 1.6% mom. That’s the fifth consecutive growth where sales were up in 8 of 11 subsectors. Excluding gasoline stations and motor vehicles and parts, sales rose 0.6% mom. Statistics Canada estimated that sales increased 0.3% mom in June. Full release here.
Markets: Gold up $5 to $1723 US 10-year yields down 15 bps to 2.75% WTI crude down $1.69 to $94.69 S&P 500 down 1.0% JPY leads, CAD lags The bond market is signaling less fear about inflation and more about growth. Yields continue to fall dramatically in a sign that bonds have seen enough hiking
New Delhi: Gold prices, while extending weakness, breached the Rs 50,000 mark on Thursday. This happened after over a year as the yellow metal slumped to 16-month lows. The rising interest rates over the inflationary worries and the dollar flexing its muscles have hit the bullion hard, which yields nothing on its own. The yellow
Yen surges broadly today, together with Swiss Franc, following resumed decline in benchmark yields in US and Germany. Euro is sold off broadly, as the ECB lift faded, and as pressured by poor PMI data. Sterling is following as the second worst. Dollar is also weak on yields. For the week, Dollar is still the
Prior 53.0 Manufacturing PMI 49.6 vs 51.0 expected Prior 52.1 Composite PMI 49.4 vs 51.0 expected Prior 52.0 As already foreshadowed by the French and German readings, the figures here aren’t any better with the Eurozone economy slated to fall into contraction in July. Of note, both output and new orders declined for the first
Gold prices edged lower on Friday due to an uptick in the US dollar and fears over aggressive rate hikes by major central banks to tame inflationary pressures dented bullion’s appeal. The dollar rose 0.2 per cent against its rivals, making greenback-priced bullion more expensive for buyers holding other currencies. The US Fed’s meeting is
The lift from ECB rate hike to Euro was rather brief yesterday. The common currency remains range bound again most currencies and turns slightly softer today. Dollar, on the other hand, is regaining some ground with Canadian and Swiss Franc. Overall, the greenback is still the weakest one for the week, followed by Yen. Aussie
Today we get June national inflation data from Japan. The indications from the June CPI data for the capital shows Tokyo CPI excluding Food, Energy hit 1.0% y/y, (from 0.9% the previous month). This measure of Japanese inflation is closest to the US ‘core’ CPI. More on the June Tokyo data is here: — Yesterday
Oil prices fell by more than $5 on Thursday after higher U.S. gasoline stockpiles and an ECB rate hike stoked demand worries and returning oil supply from Libya eased supply concerns. Brent crude futures lost $3.88, or 3.6%, to $103.04 a barrel by 1224 GMT after slipping 0.4% in the previous session. U.S. West Texas
Euro rises broadly after ECB raising interest rate by 50bps, and front-loads the exit from negative deposit rate. The central bank also maintains tightening bias. Swiss Franc is taken up by Euro too. Meanwhile, New Zealand Dollar is the worst performing one for today, together with Canadian and Yen. Dollar is mixed for now, and
After a bit of a sluggish mood early on, the dollar is catching some bids across the board with EUR/USD now trading down to the lows for the day at 1.0173. The high today reached 1.0230 earlier after the news on the restart of the Nord Stream pipeline. This now puts the 100-hour moving average
NEW DELHI: Gold prices tumbled on Thursday, to hit nearly their lowest in a year ahead of rake hike prospects by major central banks. The European Central Bank is set to raise interest rates for the first time in 11 years on Thursday, with a bigger-than-expected move seen as increasingly likely as policymakers fear losing
The forex markets are generally steady in Asian session today, with all major pairs and crosses stuck inside yesterday’s range. BoJ’s decision to stand pat on policy triggered little reaction. Instead, focus will turn to ECB, with main question on whether a 25bps hike will be delivered as pre-committed, or a bolder 50bps hike. As