New York, Oil prices eked out modest gains as market participants weighed Russia’s plan to cut its oil production. The West Texas Intermediate (WTI) for March delivery rose 42 cents, or 0.53 per cent, to settle at $80.14 a barrel on the New York Mercantile Exchange. Brent crude for April delivery added 22 cents, or
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Dollar rises broadly in Asian session as helped by mild risk aversion. Nikkei hits a 2-week love as heavyweight technology stocks slip. Yen softens at the same time, after a former staff of the top runner for BoJ Governor Kazuo Ueda said he’s neither hawkish nor dovish, but data dependent. Kiwi and Euro are following
The US dollar was soft through Asian trade and into Europe but has rebounded somewhat since, notably against the commodity currencies. Some of that is coming with a dip in oil prices as crude slips to $79.00 from a high of $80.00. USD/CAD is now up 10 pips on the day to 1.3355 from a
Gold price jumped Rs 114 to Rs 56,982 per 10 gram in the national capital on Monday, according to Securities. In the previous trade, the precious metal had settled at Rs 56,868 per 10 gram. Silver, however, declined Rs 319 to Rs 66,802 per kilogram. “Spot gold prices in the Delhi markets traded at Rs
Selloff in Yen continues today even though 10-year JGB yield closed above BoJ’s 0.5% cap. Traders are probably positioning for a not-that-hawkish BoJ governor nomination by the government tomorrow. Dollar also softens as major European indexes rise, together with US futures. Sterling firms up ahead of a string of economic data this week, including employment
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 edged lower on Thursday, as the dollar steadied and after U.S. Federal Reserve officials said more interest rate increases were likely to curb inflation. FUNDAMENTALS * Spot gold was down 0.1% at $1,874.58 per ounce, as of 0054 GMT. U.S. gold futures fell 0.2% to $1,886.20. * The dollar was largely steady against
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 were little changed on Friday and were heading for their second straight weekly decline, as prospects of more interest rate hikes by the U.S. Federal Reserve dented bullion’s appeal. FUNDAMENTALS * Spot gold was flat at $1,861.11 per ounce, as of 0043 GMT. For the week so far, the metal was down 0.2%.
I’ve been writing about anecdotal reports that US home and auto sales suddenly picked up in the past few weeks. They’re the most interest-rate-sensitive part of the economy so they’ve been hit hard by Fed moves. However with rates ebbing early in the new year, a torrent of pent-up demand emerged. I think it’s telling.
Oil prices fell in early trade on Friday but were headed for a weekly gain with the market continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China, the world’s top oil importer. Brent crude futures fell 28 cents, or 0.3%, to $84.22 a
MasterCard today reported that US retail sales were up 8.8% y/y excluding autos. January CPI numbers aren’t out yet but the December reading was +6.5% so that’s roughly 2.3% growth. Perhaps more notably, it shows a better pace than the December when sales were up 7.0% excluding autos. Again, January numbers aren’t out yet so
In the wake of a much stronger than expected US job report for the month of February, JOLTs job data for December beating expectations, and stellar US ISM services report for the month of January have suddenly turned around sentiments and views on inflation. Market participants are becoming concerned that notwithstanding economists’ forecasts of upcoming
While the economic calendar was relatively light, the week was full of surprise. The biggest one was the big wagers that put on Fed interest rate peaking at 6%. Rumors and speculations about the next BoJ Governor triggered some volatility. Meanwhile, the blockbuster Canadian job data came in and blew everyone away. Canadian Dollar eventually
Last week, the “WOW” came from the US jobs report. Recall the US added 517K new jobs, much higher than the 185K estimate. Today, “WOW II” came via the Canada jobs report which added 150K. That gain came after a sharp rise of 69K last month which was revised lower from 104K previously reported, but
New Delhi, Gold price tumbled Rs 669 to Rs 56,754 per 10 grams in the national capital on Friday amid weak global trends, according to Securities. In the previous trade, the yellow metal had touched Rs 57,423 per 10 grams. Silver also plummeted Rs 1,026 to Rs 66,953 per kilogram. “Spot gold prices in the
Canadian Dollar steals the show in early US session after astonishingly strong employment data. It’s followed by Yen, which had some jitters regarding new rumors about BoJ Governor nomination. European majors, on the other hand, are the weaker ones for today, in order of Euro, Swiss Franc and Sterling for now. Aussie and Kiwi are
Crude oil prices are up more than 2% today after Russia said it planned to reduce crude production by 500K bpd in March. As of today, we are fully selling the entire volume of oil produced, however, as stated earlier, we will not sell oil to those who directly or indirectly adhere to the principles