Oil prices rose in early Asia trade on Wednesday, recovering from the previous day’s plunge, as a stronger OPEC outlook on China’s demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. Brent crude futures climbed 62 cents, or 0.8%, to $78.07 a barrel by 0058 GMT. U.S. West
News
It has been a bit of a ride for yen pairs since Friday last week, as traders had to endure the excessive volatility in the bond market amid the collapse of SVB. Market sentiment is recovering since yesterday and with bond yields tracking higher again, that is helping to see USD/JPY catch a bounce as
Dollar weakened slightly in early US session, following the release of economic data which showed that consumer inflation slowed in February to the level as expected. The absence of an upside surprise in the CPI readings means that Fed should be in a more comfortable position to address uncertainties over the banking system. This could
Bitcoin hit a nine-month high on Tuesday, taking gains past 30% in four days as it shrugged off chaos in global markets after last week’s collapse of Silicon Valley Bank and rode expectations that U.S. interest rates won’t rise so fast. Bitcoin jumped as much as 9.6% to $26,533, its highest since June 2022, in
There are a few things to watch in WTI crude: 1) This is a bit of a strange move because the risk trade has improved today and fellow global-growth commodity trade copper is flat this week. 2) The API oil inventory data is out later today and that leaks. Oil rebounded from early lows only
Investors are eagerly awaiting the release of February US CPI figures today, although the banking crisis has overshadowed the event. The possibility of a 50bps hike by Fed next week has been priced out by the market. While traders still anticipate a 25bps hike, with a likelihood of over 70% as indicated in the fed
Gold’s appeal as a safe haven has increased, thanks to the twin crises of Silicon Valley Bank (SVB) collapse coupled with niggling inflation. The jury is out on whether the US Federal Reserve will go ahead and undertake further rate hike or do a pause if not slash rates in the aftermath of the banking
Just when you thought that there might be room for a bit of a breather, the bond market starts to run again. The jitters are still persisting and this sort of choppy environment looks set to continue for a while more. The dollar is steadier today after dropping off yesterday amid more dovish Fed expectations,
The fallout from the collapse of Silicon Valley Bank continues to unsettle investors. Despite measures announced on Sunday by US Treasury, FDIC and Fed to calm the markets, concerns remain. European indexes saw sharp declines led by bank stocks, while benchmark treasury yields fell. Additionally, the market is also showing signs of pricing out a
Oil prices fell $2 in volatile trading on Monday as the collapse of Silicon Valley Bank hit equities markets and raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures were down $2.03, or 2.5%, to $80.75 per barrel by 1401 GMT. West Texas Intermediate U.S. crude
The price of crude oil moved lower today the price settled at $74.80 I was down $1.88. Since then, the price has continued its downside momentum and currently trades at $74.40 cents down $-2.26. The low for the day reached earlier today extended to $72.30. The low price on February 6 reached $72.25 the low
Mixed market sentiment prevails in the Asian session today, as Nikkei is weighed down by selloff in bank stocks, while Hong Kong’s HSI sees a recovery. US futures are also seeing a strong rebound. The announcement of measures by the US government and Fed to stabilize the situation surrounding the collapse of Silicon Valley Bank
Gold and Silver futures were trading positive on the MCX in the early trade on Monday, extending their previous week’s gains. The April Gold futures were trading at Rs 56,594 per 10 grams at 9:40 am and were up by Rs 444 or 0.79% from the Friday closing price. Meanwhile, the May Silver futures were
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
COMEX Gold prices started the week on a negative note, plunging almost 2.5% in the first two days. The yellow metal approached an eleven-week low of $1,810.8 per troy ounce notched in the previous week, as Fed chair Jerome Powell unveiled a hawkish tilt. During the congressional testimony, Fed chair Jerome Powell said that the
The US government will make a ‘material’ announcement today to shore up deposits at Silicon Valley Bank, according to a report from Reuters. The action is being taken to prevent a wider run on banks. There are no details in the report beyond that. There’s been plenty of ruminating about what should happen given that
The recent hawkish comments from the US Fed chairman let the gold investors take a cautious approach, pulling down prices to near $1800 an ounce this week. Easing fears of a global recession, higher US bond yields, and a three-month high US dollar also weighed down the sentiment of the precious yellow metal. Gold surged
US equities were hit hard today and the S&P 500 virtually erased its gains for the year in the second day of selling. Stocks tried to rally early on a higher US unemployment rate but worries about banks led to heavy selling in the latter half of the day as Silicon Valley Bank was taken