Jeff Weniger from WisdomTree put together a nice graphic emphasizing that US inflation is about to begin lapping some seriously high year-over-year comparative numbers. With that, the old numbers will ‘fall out’ of the year-over-year reading and that will cause inflation readings to fall. How far will they fall? If CPI were to run at
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Last year looked topsy-turvy in terms of crude oil prices. Immediately after the Russia-Ukraine war, NYMEX crude oil prices skyrocketed to a 14-year high, but substantially corrected later and fell back to more than a year’s low by the end of the year. Uncertain micro-economic conditions adversely hit the fundamentals of the commodity throughout the
Dollar was sold off broadly last week as a 25bps rate hike by Fed in February is now pretty much a done deal, after CPI data. On the other hand, Yen staged a strong rally on speculations that BoJ is now much closer to exit of ultra-loose monetary policy. USD/JPY ended as the biggest mover
The ghost of 2022 is behind us in the stock market as the major indices closed higher for the 2nd consecutive week to start the new year. The gains have been led by the Nasdaq which rose by an oversized 4.82% this week (largest 1 week gain since November 7 week), after rising by near
Chandigarh, The country’s wheat output is expected to be 112 million tonnes in the 2022-23 crop year, almost five million tonnes more than last year’s rabi harvesting season, with rise in area under high-yielding varieties contributing to this, said Gyanendra Singh, Director of Karnal-based ICAR-Indian Institute of Wheat and Barley Research (IIWBR). Singh ascribed expected
Australian Dollar rises broadly today as risk-on sentiment carried forward to Asian session. Additionally, the Aussie is lifted by reopening of China, together with Yuan and Hong Kong stocks. Kiwi and Sterling are currently the next strongest. Dollar plunges broadly as a result too, with expectations that Fed to going to slow down the tightening
Go with the break is the message from MUFG Research’s first trade of the week for 2023. They suggest buying EUR/CHF from spot (reference 1.0045) with a target of 1.0470 and a stop at 0.9830. “We are recommending a new long EUR/CHF trade idea. Given the CHF’s role as a regional safe haven currency, the
MCX Gold hits fresh record high, surpasses Rs 56,200 levels; key reasons behind the rise – The Economic Times Video | ET Now ET Now | 13 Jan 2023, 07:30 PM IST Embed <iframe mozallowfullscreen=”true” webkitallowfullscreen=”true” allowfullscreen=”true” width=”560″ height=”420″ frameborder=”0″ src=”/videodash.cms?autostart=1&msid=96971380&rlvideo=1808152121″></iframe> Gold on Thursday got more sheen with the price of the 24 karat yellow
Yen’s rally continues today on talks that BoJ could tweak the yield curve control again next week. It’s also supported by extended decline in US and European benchmark treasury yields. Meanwhile, Dollar is trying to fight back as US futures are taking dive, reversing some of yesterday’s post-CPI gains. But overall, the greenback remains the
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Oil prices slipped in early trade on Friday but were on track for gains of more than 6% for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States. Brent crude futures fell 17 cents, or 0.2%, to $83.86
While Dollar was sold off overnight, the decline was less severe than originally expected. Indeed, the greenback is currently just the second worst performer for the week, following Swiss Franc. The rally in commodity currencies was also less than convincing with Kiwi and Loonie as third and fourth weakest. Yen is currently the strongest, with
I think the Bank of Japan is a much bigger factor in today’s trading than CPI. The fresh hints overnight that the BOJ is getting ready to abandon yield curve control as soon as next week’s meeting sparked a surge in the yen. My strong suspicion is that Japanese bonds are being dumped in favor
Oil rose more than 1% on Thursday supported by optimism over China’s demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will
Dollar declines sharply after US data showed consumer inflation slowed notably in December as expected. The development reinforces expectation for Fed to further slowdown tightening in February with a 25bps hike. Yen is so far the strongest one for the day, as lifted by decline in US and European benchmark yields. Australian Dollar is leading
It’s all about the US CPI data today but this is a market that is wanting a softer number, if the recent dollar and risk mood is anything to go by. EUR/USD is staying more tentative upon its latest breakout attempt above 1.0700 with AUD/USD also cautious in making its way towards the 0.7000 mark.
Commodity prices — and especially crude oil — will hinge on China’s reopening after Lunar New Year celebrations later this month, according to Goldman Sachs Group Inc. “What is the best reopening play? It is oil,” Jeff Currie, the bank’s global head of commodities research said in a Bloomberg Television interview Wednesday. “What is idled?
At this point so far, Euro is the strongest one for the week, while Swiss Franc is the weakest, thanks to the upside breakout and rally yesterday. Dollar is more on the soft side too but there is still no clear follow through selling after the decline on Monday. Apparently, traders are still holding their