Oil prices rose on Monday, bolstered by a slightly weaker U.S. dollar and stronger equity markets in a session that seesawed between supply fears and expectations that rise in U.S. interest rates would weaken fuel demand. Brent crude futures for September settlement rose 68 cents, or 0.66%, to $103.88 a barrel by 1402 GMT, while
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Overall sentiment appears to be positive in very quiet trading today. Major European indexes are trading higher while US and Germany benchmark yields are recovering mildly. Aussie is leading commodity currencies higher, as well as Sterling. Yen is currently the weaker one, followed by Swiss Franc and Dollar. Euro is mixed despite poor Germany business
UPCOMING EVENTS: Tuesday: US CB Consumer Confidence. Wednesday: FOMC Policy Announcement. Thursday: US Q2 Advance GDP. Friday: US PCE. We closed the last week with surprisingly awful US PMI data. The services index in particular fell much lower than expectations to 47 from the prior 52.7 a month earlier. That is a very fast deterioration
NEW DELHI: Gold prices were trading largely unchanged on Monday. Lower treasury yields and a slight pullback in the US dollar supported the sentiments for bullion. However, traders braced for a 75-basis-point interest rate hike by the US Federal Reserve. The US Fed is scheduled to meet this week to discuss the monetary roadmap. The
Dollar recovers mildly in quiet Asian session today, but it’s bounded inside Friday’s range except versus Canadian. The greenback will most probably wait until Fed Chair Jerome Powell’s comment, after another 75bps this week, before taking another firm move. As for today, Euro is so far the firmer ones, follow by Yen. New Zealand Dollar
US Treasury Secretary Yellen spoke over the weekend on NBC’s “Meet the Press”: “This is not an economy that is in recession” “You don’t see any of the signs. Now, a recession is a broad-based contraction that affects many sectors of the economy. We just don’t have that” Yellen did acknowledge the impacts of high
Gold prices were flat on Friday, pressured by an uptick in the U.S. dollar and fears over aggressive rate hikes, although heightened slowdown worries kept safe-haven bullion on track for its first weekly gain in six. FUNDAMENTALS * Spot gold held its ground at $1,717 per ounce, as of 0114 GMT, after rising more than
Societe Generale Research discusses the EUR/USD outlook and maintains a bearish bias into year-end. “Open your eyes, look up to the skies and see; Europe’s caught in a landslide: The ECB’s monetary policy matters less, than President Putin’s gas export strategy. Nordstream 1 came back online yesterday, but markets aren’t comforted. Not when even the
Copper prices on Friday increased by 0.51 per cent to Rs 626 per kilogram in the futures market on the back of higher spot demand. On the Multi Commodity Exchange, copper contracts for delivery in July traded higher by Rs 3.15 or 0.51 per cent at Rs 626 per kg in a business turnover of
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
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