The pain is piling on for the dollar to start the year as it is being sold across the major currencies board once again in trading today. The only salvation is that the yen is doing worse after the BOJ policy decision earlier but even USD/JPY has recovered strongly from 131.50 to 129.80 levels at
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Gold prices retreated after touching lifetime highs earlier in the week as investors trimmed their positions. On Wednesday, gold futures were down 0.12% at Rs 56,285 on in morning trade. Meanwhile, silver futures rose Rs 78 to trade at Rs 69,264. The losses in the yellow metal were limited as traders still hoped that the
Yen falls broadly after BoJ defied some speculations and kept yield cap unchanged today. The announcement also sent Nikkei sharply higher while shot 10-year JGB yield down. Nevertheless, it’s still a bit early to confirm reversals in Yen crosses. Meanwhile, commodity currencies are trading firmer today. European majors are on the weaker side. In particular,
I don’t know if there’s a special catalyst for the latest round of US dollar selling, which isn’t large but it’s noticible. There’s the latest story out about breaking up banks but that’s more of a distant threat than something for markets to price in. More relevant are today’s weak Empire survey and worries about
Russia became the third-largest oil supplier to India in 2022, making up about 15% of total purchases, dragging down OPEC‘s share to the lowest in more than a decade, data obtained from industry sources show. Refiners in India, the world’s third-biggest oil consumer and importer, have been gorging on Russian oil sold at a discount
European majors are trading generally higher today, with help from strong improvement in Germany economic sentiment as well as solid UK job data. Commodity currencies are turning softer, with Canadian Dollar shrugging off CPI data. Dollar is mixed despite sharp decline in New York State manufacturing data. Yen is so far the weakest for today,
Waiting on the BOJ? That seems to be the case for broader markets as well with there being little in it in the new week so far. The yen remains on the softer side on positioning play, as traders are guarded on the possibility of Kuroda & co. disappointing tomorrow. I highlighted the risks of
Gold prices edged lower on Tuesday as the US dollar gained, but the losses were capped on the hopes of slower rate hikes by the Federal Reserve. Gold futures were down 0.07% at Rs 56,442 per 10 grams on In global markets, spot gold was down 0.4% at $1,910.48 per ounce. The dollar index gained
Markets are generally stuck in tight range in Asian session today, with better than expected data from China providing no inspirations. Dollar is staying in consolidations in tight range, with no sign of a sustainably rebound yet. Similarly, Yen is in retreat in rather shallow manner. Volatility might start to jump with UK employment and
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Gold prices are expected to rise towards record highs above $2,000 an ounce this year, albeit with a little turbulence, as the United States slows the pace of rate hikes and eventually stops increasing them, according to industry analysts. Spot prices of the precious metal have shot above $1,900 an ounce, surging by about 18%
The forex markets turned mixed with an ultra-light economic calendar today, while the US is on holiday. Dollar is recovering slightly but it’s outperformed by Swiss Franc and Canadian. Yen is paring some of recent gains, as eyes turn to Wednesday’s BoJ policy decision. Sterling and Aussie are turning softer together with Euro. Overall, though,
Major currencies are back to being little changed, with the dollar’s slight losses now being recovered. It’s pretty much looking to be a snoozefest with it being a long weekend in the US as well. USD/JPY has seen a good run lower after the break under 130.00 last week but there might be some position
Gold and silver settled on a positive note in the international markets on Friday. Gold February futures contract settled at $1,923.35 per troy ounce, up by 1.29%, and the silver March futures contract was settled at $24.415 per troy ounce, up by 1.71%. Domestic markets also settled on a positive note. Gold February futures contract
Yen firms up against Dollar in Asian session today, after PPI report adds more bullets for BoJ to start tweaking monetary policy. Investors in Japan are also feeling the risk of stimulus exit, and push Nikkei down more than -1%. Nevertheless, Yen is overall mixed for now. Aussie and Kiwi are so far the firmer
Gold is a pretty useless metal. Of all the gold that has ever been mined in the history of earth, only 10% has ever been used industrially. Yet no one has ever regretted buying the metal. For thousands of years starting way back in 5000 BC to present times, gold has found a place in
You don’t need to look around markets for long to see signs that sentiment around Europe has improved and now Deutsche Bank is quantifying it. Economists there have boosted their 2023 eurozone GDP forecast to 0% from -1.0% at year end. They note that Germany performed surprisingly well in 2022, growing 1.9% despite the industrial
Bullish momentum in gold continued in the second week of January, too, as the metal continues to attract investors on its safe-haven appeal and bright prospects this year on the worrisome situation of the global economy. Key central bankers have jacked up interest rates aggressively to control rampant inflation. Although inflationary pressure has abated to