Oil prices traded lower on Wednesday, extending losses after U.S. government data pointed to weak demand, which exacerbated fears that more aggressive U.S. interest rate hikes would pressure economic growth. Brent crude futures were down $1.07 cents, or 1.3%, to $82.28 per barrel at 11:19 a.m. ET (16:19 GMT). U.S. West Texas Intermediate (WTI) crude
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The market was looking for a hawkish shift from the Bank of Canada today but it didn’t come. Instead the central bank emphasized nascent signs of a coming slowdown and referred to previous guidance to pause rate hikes. Looking ahead to the April 12 BOC decision, the market still sees a 27% chance of a
In a surprising turn of events, the clear and direct hawkish message delivered by Fed Chair Jerome Powell has sent Dollar soaring and stocks tumbling overnight. The greenback maintained its solid gains during Asian session, and all eyes are now on Friday’s non-farm payroll report to see what the next move will be. While Canadian
Oil prices steadied in early Asian trade on Wednesday as industry data showed a draw in U.S. crude oil inventories, after the market tumbled in the previous session on fears more aggressive U.S. interest rate hikes would hit demand. Brent crude futures for April gained 8 cents to $83.37 per barrel by 0120 GMT. U.S.
The dollar is keeping in a firmer spot after the more hawkish remarks by Fed chair Powell yesterday. As Treasury yields march higher, the dollar is catching a strong tailwind and pushing for key technical breaks since yesterday. EUR/USD nearing its 100-day moving average at 1.0517 and key support near 1.0500 USD/JPY pushing for a
Dollar is gaining strength across the board as markets prepare for Fed Chair Jerome Powell’s semi-annual testimony in Congress. Powell’s views on the disinflationary process are expected to be a key focus, with traders also hoping for hints on the size of the upcoming rate hike and the outlook for the terminal rate. Quick update:
Gold prices retreated on Monday from an earlier 2-1/2 week high as traders awaited U.S. Federal Reserve Chair Jerome Powell‘s testimony this week for hints on future rate hikes. Spot gold was down 0.2% at $1,851.52 per ounce as of 0930 GMT after hitting its highest since Feb. 15 in earlier trade at $1,858.19. U.S.
High-yield 4.635% WI level at the time of the auction 4.641% Tail versus -0.6 basis points versus six-month average of 0.3 basis points Bid to cover 2.73X times versus six-month average of 2.56X Dealers 16.84% versus 21.1% six-month average Directs 20.67% versus six-month average of 18.9% indirects 62.49% versus six-month average of 60.1% The auction
Australian dollar experienced a broad decline today following a subtle dovish shift in the statement, raising speculation of a potential earlier pause in the tightening cycle. While the general expectation of another hike in April remains unchanged, May is getting slightly more uncertain. So far, New Zealand dollar is the strongest performer today, followed by
Gold prices rose marginally on Tuesday as investors awaited Congressional testimony by U.S. Federal Reserve Chair Jerome Powell and monthly jobs data, both of which could influence the interest rate policy. Spot gold was up 0.1% at $1,847.81 per ounce, as of 0344 GMT. U.S. gold futures eased 0.1% to $1,853.20. Higher interest rates to
It’s been a bit of a choppy start to the new week as markets are keeping rather tentative awaiting the key events to follow. The RBA kicked off the March central bank bonanza today but without much surprises to be honest. The aussie is a little lower as a result as noted earlier here. All
Swiss Franc climbed against major currencies following the release of stronger-than-expected inflation data, which is expected to bolster the case for SNB to raise interest rates by 50bps during their upcoming meeting this month. Euro also gained ground, supported by hawkish comments from ECB officials, while Dollar trailed behind. Conversely, Australian Dollar is trading as
After gold jewellery, the government plans to make hallmarking of gold bullion mandatory and is ready with the draft guidelines, Bureau of Indian Standard (BIS) Director General Pramod Kumar Tiwari said on Monday. Hallmarking — a quality certification — has been made mandatory with effect from July 1, 2022 for gold jewellery (14, 18, and
An unheralded risk to global markets is the March 16 expiry of the Ukraine grain export deal and today, CIBC is highlighting that and other risks to global food security. Ukrainian have officials pleaded with the UN for the start of negotiations to extend the Black Sea export corridor agreement and wants to include a
Mixed market sentiment led to a recovery in Yen during Asian session. Nikkei opened higher following a strong close in Wall Street on Friday. Meanwhile, stocks in Hong Kong and China were sluggish despite China’s announcement of an ambitious growth target of around 5% this year. Euro and Swiss Franc are trailing the Yen higher,
After a turbulent February, bullion has started March on a positive note. Gold recovered over 2 per cent over the week in the international market while gaining 0.54 per cent on the MCX. Next week, when trading resumes, gold and silver prices will likely take cues from a host of important events. Street will be
The overall market mood is looking steadier to start the new week, with equities finding a reprieve last week especially after a pullback in bond yields on Friday. The dollar is still in a decent spot but the bullish momentum is seeing a bit of a stall for now. In particular, USD/JPY upside and GBP/USD
Gold prices rose on Friday and looked set to post their biggest weekly gain since mid-January, as the US dollar eased while traders assessed prospects of further rate hikes by the Federal Reserve. On Friday, Gold futures were up 0.28% or Rs 160 to trade at Rs 55,899 on MCX. Analysts stated that interest rate