What a ride for oil bulls today. It fell $2 in short order on a report that UAE was mulling leaving OPEC. That dip didn’t last long as the dip buyers waded in and the rally was complete when a pair of denials crossed. That might have been a cue for profit taking but crude
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Gold price jumped Rs 160 to Rs 55,940 per 10 grams in the national capital on Friday amid a rise in rates of the precious metal in overseas markets, according to HDFC Securities. The yellow metal had closed at Rs 55,780 per 10 grams in the previous trade. Silver also climbed Rs 220 to Rs
Daily changes: S&P 500 +1.6% Nasdaq Comp +2.0% DJIA +1.2% Russell 2000 +1.3% Toronto TSX +1.2% Weekly changes: S&P 500 +1.9% Nasdaq Comp +2.6% Russell 2000 2.7% Toronto TSX +1.7% Greg highlighted the technical earlier and how the S&P 500 has quickly comeback from a trip below the 200-dma. The weekly chart shows a nice
Euro is digesting this week’s gains in Asian session, as traders turn their focus to flash CPI data from Eurozone. Market analysts believe that a 50bps hike by ECB this month is already a “done deal”, as affirmed by rate-setters on several occasions. However, how far ECB will go with tightening measures depends very much
Gold closed with strong gains of 2.50% on the week as the markets took solace in their notion that the US Federal Reserve may pause rate hikes in next few months and the next hike would be 25 bps, not 50 bps. The US 10-year yields were up 0.30% on the week, while the US
China’s parliamentary committees meet in the week ahead, beginning on Sunday in an event that will outline key government policies and targets. Chief among them will be a GDP growth estimate, which government advisors currently recommend at 4.5-5.5%. The consensus from economists is 4.9% but there’s some chatter about 6%. The two swing factors are
The likelihood of higher and sustained interest rates in the US and Europe is increasing as time goes on. This expectation has led to some volatility in risk markets, but the late rally in stocks indicates that sentiment remains resilient. Despite a rally in treasury yields, Dollar ended the week as the worst performer, with
Gold prices climbed to their highest in more than two weeks on Friday and were on track for their biggest weekly rise since mid-January, supported by a softer dollar as investors gauged the U.S. central bank’s policy path. Spot gold was up 0.5% at $1,844.60 an ounce by 1244 GMT, after hitting its highest since
Being the first Friday of the month, the day sorta felt like it should have been an employment day. However, because of the quirks of the shortened calendar month of February, this Friday was void of the big job report. That data will have to wait until next week, when both the US and Canada
Yen and Swiss Franc recovered today following pullback in benchmark US and European yields. Dollar and Canadian are the softer ones for today while European majors are mixed. Hawkish comments from ECB officials are shrugged off by the common currency. Instead, Euro turned softer after weaker than expected PPI inflation data. Technically, CHF/JPY’s rebound from
Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving OPEC and pumping more oil, but retraced some losses after a source told Reuters this was not true. Brent crude futures were down 71 cents, or 0.8%, at $84.04 a barrel by 1456
MUFG has been riding the recent wave of EUR/USD weakness. The pair bounced back this week but is still below their entry price and they maintain that trade, while adding a short in USD/BRL (spot ref 5.2200) with a target at 4.9000 and a stop at 5.4500. The stop for the EUR/USD trade is 1.0875
The dollar is slightly weaker today as bond yields are not extending higher just yet. However, you can sense that there is some apprehension in the air especially as US trading tends to have a life on its own these days. There was a solid turnaround in equities yesterday but perhaps it owes to another
Oil prices slipped in early trade on Friday but were on track to post gains of nearly 2% for the week as a rebound in China‘s factory activity offset growing concerns about rising U.S. crude stocks and potential rate hikes in Europe. Brent crude futures fell 39 cents, or 0.5%, to $84.36 a barrel at
The forex markets saw limited movement in Asian session today, with most major pairs and crosses remaining within yesterday’s range. While Aussie is trading slightly higher, there is no decisive momentum. For the week, Kiwi is currently the strongest, followed by Euro and then Aussie. Meanwhile, Yen is performing worst, followed by Dollar and Swiss
Bank of America Global Research maintains a sell-on-rallies bias on GBP over the coming weeks. “Developments since the start of the year can be best described as markets pricing out the tail risks from late-2022 rather than pricing in good news. The evidence from both our positioning and survey indicators points to an investment community
Gold prices declined by Rs 295 to Rs 55,700 per 10 grams in the national capital on Thursday amid weak global trends, according to HDFC Securities. In the previous session, the precious metal had settled at Rs 55,995 per 10 grams. Silver also tumbled by Rs 640 to Rs 64,380 per kg. “Spot gold prices
Dollar is fighting back today as jobless claims data continue to show tightness in the labor market. Following the greenback, Canadian dollar is the second strongest currency, surging in crosses. Meanwhile, Euro has failed to show a bullish reaction to stronger-than-expected consumer inflation data, disappointing traders. The common currency is even retreating notably against Swiss