With US futures weighed down today amid higher Treasury yields, the mood isn’t looking good ahead of European trading. That said, Wall Street will be the main focus as the S&P 500 is running into a test of key technical levels once again this week: The 200-day moving average (blue line) at 3,940 is the
News
Oil prices inched up in early Asian trade on Thursday, extending gains from the previous two sessions on signs of a strong economic rebound in China, the world’s top oil importer, which offset worries about a rise in U.S. crude inventories. Brent crude futures rose 12 cents, or 0.1%, to $84.43 a barrel at 0231
Asian markets traded on a positive note as sentiment was lifted by better-than-expected economic data from China. The strong performance of Hong Kong stocks was a clear indication of the positive outlook Commodity currencies staged a remarkable rebound, as led by New Zealand Dollar. In contrast, the Yen and the Dollar experienced mild weakness during
The oil market is in an interesting spot at the moment. The US has had a series of strong inventory builds, though there are questions about the quality of the data. The bulls though are pointing to China and a ramp up in demand in the second half of the year, along with potential stimulus
Oil edged lower on Wednesday, giving up earlier gains as signs of ample supply and rising U.S. crude inventories countered hopes for higher demand arising from a jump in manufacturing in top crude importer China. Brent crude was down 17 cents, or 0.2%, at $83.28 a barrel by 1455 GMT. U.S. West Texas Intermediate (WTI)
Two major themes are vying for attention today. Euro has seen broad gains following hawkish comments from Bundesbank President Joachim Nagel. In contrast, the remarks of BoE Governor Andrew Bailey have left Sterling struggling to keep pace. As these European majors trade blows, the Swiss Franc has been pushed higher too. Meanwhile, both Australian and
China’s National Bureau of Statistics PMIs showed a huge jump for manufacturing (52.6 in February, its highest since April 2012, from 50.1 in January) and non-manufacturing (56.3 from 54.4) today. Hong Kong stocks have surged, the Hang Seng is up around 3%, while on mainland China the Shanghai Composite is up around 0.8%. An underpinning
Oil prices rose for a second day on Wednesday as reports of expanding manufacturing activity in China, the world’s biggest crude importer, boosted the outlook for global fuel demand. Brent crude oil for May was up 24 cents, 0.3%, to 83.69 a barrel at 0214 GMT. The April contract expired on Tuesday up $1.44, or
Markets are generally quite in Asian session today, in consolidation mode. Australian and New Zealand Dollar remain the worst performed. While Dollar is recovering slightly, it’s trading below last week’s high, except versus Aussie and Kiwi. Sterling is supported by hope of a Northern Ireland deal with EU but lacks follow through buying. Yen is
> Dallas Fed service sector survey -9.3 vs -15.0 prior Service sector data from the Dallas Fed Adam Button Tuesday, 28/02/2023 | 15:32 GMT-0 28/02/2023 | 15:32 GMT-0 Prior was -15.0 Services revenue index +6.6 vs +4.9 prior Employment +8.8 vs +10.5 prior Input prices 38.8 vs 40.6 prior Retail outlook survey -19.9 vs -16.9
Gold price fell by Rs 110 to Rs 55,550 per 10 gram in the national capital on Tuesday amid a fall in global rates of the precious metal, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 55,660 per 10 gram. Silver also slumped by Rs 550 to Rs
Sterling’s broad-based rally continues today and shows sign of upside acceleration. The Pound is additionally added by selloff in Swiss Franc, which is also seen against Euro. Dollar is currently the third strongest for the day as supported by resilience in benchmark treasury yields. Meanwhile, Yen and Swiss Franc are the worst performers, while commodity
It feels like a “let’s get this out of the way” kind of situation now as there wasn’t any key drivers for the market moves yesterday. Equities saw a modest bounce but the gains fizzled towards the end, with the S&P 500 still keeping below the 4,000 mark. In FX, the dollar was softer with
Gold prices eased on Tuesday and were headed for their biggest monthly loss since June 2021 as impending interest rate hikes by the U.S. Federal Reserve sapped the non-yielding asset’s appeal. Spot gold was down 0.1% at $1,816.19 per ounce as of 0317 GMT, after hitting a two-month low on Monday. U.S. gold futures fell
Commodity currencies are experiencing selling pressure in Asian trading due to mild risk off sentiment. New Zealand Dollar is under added pressure following poor retail sales data. US Dollar and Japanese Yen are currently among the stronger currencies, with the latter showing little reaction to the dovish remarks made by the incoming BoJ Governor. Meanwhile,
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
Gold prices ticked up on Monday on a pullback in the dollar, although worries around further interest rate hikes from the U.S. Federal Reserve kept bullion near a two-month low. Spot gold rose 0.5% to $1,818.89 an ounce by 10:08 a.m. ET (1508 GMT). U.S. gold futures were also up 0.5% at $1,825.70. The dollar
US futures climbed following the release of mixed durable goods orders data, leading to a decline in Dollar, which reverses some of last week’s gains. However, the positive sentiment is not bolstering the commodity currencies, with New Zealand and Australian Dollars performing the worst for the day. Meanwhile, Sterling is showing strength, followed by Yen