Thursday’s CPI report is the highlight of the week and the final one before the Feb 1 FOMC decision. The consensus is for a fall 6.5% y/y from 7.1% as the numbers continue to retreat from above 9% in the scary June report. Equally important is the month-over-month trend, which is expected to show a
News
Gold price jumped by Rs 89 to Rs 56,126 per 10 gram in the national capital on Wednesday amid gains in rates of the precious metal globally, according to Securities. In the previous trade, the yellow metal had settled at Rs 56,037 per 10 gram. Silver also rose Rs 677 to Rs 69,218 per kilogram.
EUR/CHF is providing some excitement in otherwise dull markets today. The cross finally breaks out from the sideway pattern started back in October. Some buying is also seen in Euro against Sterling and Aussie, but it’s staying in very tight range against the greenback. Indeed, Euro and Dollar are currently the strongest ones for the
Well, Fed chair Powell’s anticipated remarks ended up being a non-event and now all eyes are focused on tomorrow’s US CPI data instead. That will make for a quiet period today with surely a lack of conviction across the board. The dollar remains in a tricky spot with EUR/USD and AUD/USD both threatening upside breaks,
Oil prices fell on Wednesday, erasing the previous session’s gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world’s biggest oil user, which reignited worries about fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 59 cents, or 0.8%, to $74.53 a barrel at 0134
Australian Dollar regains some ground in Asian session today, following stronger than expected monthly CPI data. In the background, market sentiment also stabilizes after Fed Chair Jerome Powell refrained from commenting on monetary policy or inflation. New Zealand Dollar is currently the second strongest, followed by Swiss Franc. Yen is the worse performer, followed by
Bank of America Global Research constructed a G10 heatmap of likely G10 FX drivers this year. “FX markets are already close to the end of 2023 consensus forecasts, but this is a year with plenty of known unknowns. We are concerned about the outlook of risk assets in the short-term, whether sticky inflation during a
Gold price fell Rs 105 to Rs 56,160 per 10 grams in the national capital on Tuesday, according to Securities. The yellow metal had ended at Rs 56,265 per 10 grams in the previous trade. Silver also tumbled Rs 833 to Rs 68,725 per kilogram. “Comex gold prices traded flat in Asian hours on Tuesday
Dollar recovers broadly today as risk sentiment turns negative again. Hawkish comments from Fed officials this week reminded people that even though a smaller hike is possible for February, interest rates are going to stay high for “a long time”. Euro is currently the second strongest for the day, followed by Canadian. On the other
The changes among major currencies are light to start the day, after having seen the dollar slump further yesterday. The overall mood is more tentative now as market players throw caution to the wind awaiting remarks from Fed chair Powell later today. Here’s a snapshot of dollar pairs at the moment: Yeah, it leaves a
Gold prices inched lower on Tuesday as the U.S. dollar witnessed an uptick, with traders largely focusing on Federal Reserve Chair Jerome Powell’s speech for insights into the central bank’s rate hike path. * Spot gold was down 0.2% at $1,868.85 per ounce, as of 0033 GMT. U.S. gold futures also slipped 0.2% to$1,873.10. *
Markets turned steady in Asian session as risk-on moves take a breather for now. Dollar remains the worst performer but there is no committed follow through selling so far, after breaking near term support against Euro and Swiss Franc. Commodity currencies also lose some momentum and are overtaken by European majors in terms of strength.
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
Oil extended gains on Monday, rising more than 3% after China‘s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to
Selloff in Dollar remains the main theme today, but Yen is also sharing some burden. US 10-year yield is falling below 3.6 handle again, giving the greenback some additional pressure. Swiss Franc breaks through recent resistance against Dollar already, with help from cross buying. But Euro might also follow very soon. For now, Aussie and
The index closed at its highest level in over three weeks, as price looks to break out of its recent consolidation range upon multiple tests of the 50.0 Fib retracement level at 3,796 towards the end of December. Now, the break back above its 100-day moving average (red line) sees buyers in a decent spot
Gold has started the new year on a strong positive note, and the prospects of the metal have brightened up further as the US Dollar Index and US yields remain under pressure on disappointing macro data. At $1,866 (spot price), it is up nearly 2.20% this year. Key US economic indicators like the latest ISM
The fall in the US dollar , has now pushed the EURUSD above its 100 hour MA at 1.05837. The price also moved back into the up and down trading range that had been the “value area” from December 13 until earlier this week. That area comes in between 1.0584 up to 1.0694. Yes, there