LONDON -Oil prices extended losses on Wednesday after plunging 5% in the previous session, as investors fretted about the health of the US economy ahead of an expected Federal Reserve interest rate hike later in the day. Brent futures fell $1.99, or 2.6%, to $73.33 a barrel by 1225 GMT, while West Texas Intermediate crude
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The Federal Reserve raise rates by 25 basis points as per expectations to 5.00% to 5.25% (although there were plenty who thought otherwise as well). The rate is now at the target terminal rate from the last Fed Dot plot from March. During the May FOMC press conference, Federal Reserve chair Jerome Powell highlighted the
Dollar remains weak in early US session, despite strong ADP job data, seeing only modest gains the Australian and Canadian Dollars. However, the selloff remains contained, even against strong Yen and Swiss Franc. Traders are evidently holding their bets as they await FOMC rate decision. A 25bps hike to 5.00-5.25% is widely anticipated, and it
Gold prices rallied Rs 670 to Rs 60,750 per 10 grams in the national capital on Wednesday amid strong global cues, according to HDFC Securities. The precious metal had finished at Rs 60,080 per 10 grams in the previous trade. Silver also zoomed Rs 1,150 to Rs 76,100 per kg. “Spot gold prices in the
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Dollar weakens broadly in today’s Asian session as markets await what could be the last Fed rate hike in the current cycle. Risk sentiment is on the downside, with stock selloff carrying over from the US to Asia. Despite this, the greenback sees no apparent support. Conversely, Yen benefits from cautious sentiment a decline in
Gold prices held steady on Tuesday as market participants awaited fresh cues from top central banks on their monetary policy plans, especially from the U.S. Federal Reserve. FUNDAMENTALSSpot gold was unchanged at $1,982.58 per ounce by 0012 GMT. U.S. gold futures fell 0.1% to $1,990.80. The Federal Reserve, which meets on May 2-3, is widely
The inventory data from the private survey is out now, official data follows Wed. morning (US time). Via Twitter: Expectations I had seen centred on: Headline crude -1.1 mn barrels Distillates -1.1 mn bbls Gasoline -1.2 mn — This data point is from a privately-conducted survey by the American Petroleum Institute (API): It’s a survey
Forex traders are probably starting to put up guards ahead of the key events in FOMC rate tomorrow, ECB on Thursday, and NFP on Friday. Australian Dollar remains the top performer today, bolstered by RBA’s unexpected rate hike. However, there is no follow through buying after the initial spike. Meanwhile, Yen is attempting a recovery,
Gold price declined Rs 225 to Rs 60,075 per 10 grams in the national capital on Tuesday amid a fall in precious metal prices internationally, according to HDFC Securities. In the previous trade, the yellow metal had ended at Rs 60,300 per 10 grams. Silver also went lower by Rs 380 to Rs 75,600 per
Prior 47.9 That’s a decent revision higher, which sees UK manufacturing activity fall marginally in April as compared to March. That said, it is still in contraction territory with both output and new orders also falling. S&P Global notes that: “The UK manufacturing sector remained in the doldrums at the start of the second quarter.
Australian Dollar surges after RBA surprised the markets by resuming rate hike today. In addition, tightening bias is maintained even though the tone is softened. New Zealand and Canadian Dollars trail closely, boosted by a slightly positive risk sentiment. On the other hand, Japanese Yen continues to be the runaway loser in the market. Dollar
Oil fell on Monday as concern over the economic impact of the U.S. Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data outweighed support from OPEC+ supply cuts taking effect this month. The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar
US Treasury Secretary Yellen says debt limit measures may be exhausted by the first of June. “our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before
Dollar rises against Yen after release of slightly better than expected ISM manufacturing data. But there is no clear pick up in buying against other major currencies. Weakness in Yen remains in the main theme. Overall trading is relatively subdued today, with most markets closed on holiday. But volatility will certain come back with lots
Gold prices eased on Monday as the U.S. dollar held firm, with cautious traders awaiting the Federal Reserve‘s interest rate hike decision later this week. Spot gold fell 0.5% to $1,980.78 per ounce by 0759 GMT. U.S. gold futures shed 0.5% to $1,989.20. The dollar index rose 0.2%, making greenback-priced bullion more expensive for overseas
The week will start slow with a holiday in Europe to observe Labor Day on Monday, but we’ll get some data from the U.S., like the ISM Manufacturing PMI. On Tuesday, all eyes will be on the RBA meeting and cash rate in Australia. Additionally, the U.S. JOLTS Job Openings data will be released. Moving
Silver returned to the limelight outperforming its sister metal gold in the past few weeks. Prices surged to a near one-year high on increased demand optimism and a weak US currency. In the overseas market, prices gained more than 25 per cent in the last one-month period while the domestic futures rallied more than 20