Dollar is trading with a slightly firmer tone in quiet Asian session. But overall, most major pairs and crosses are stuck inside Friday’s range. Trading would likely remain subdued with Japan and UK on holiday, and the calendar is light. Nevertheless, the week ahead is ultra busy with four central bank meetings and some important
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Tehreum is trading down $59 to $1378 today as the relentless selling around the ‘merge’ to a proof-of-stake model results in a heavy round of ‘sell the fact’ trading. It’s something I warned about last week: “Crypto has a bad habit of ‘sell the fact’ trades around events and this one is another risk”. I
Despite prices falling back to levels seen before Russia’s invasion of Ukraine, crude oil remains volatile due to ongoing uncertain market fundamentals. The G7 leaders proposed a price cap on Russian oil with a view to keeping down Russian oil revenue. A possible decline in non-OPEC supply and Europe’s ongoing energy crisis continues to keep
A Goldman Sachs note from later Friday (info via Reuters) has analysts at the bank making more pessimistic forecasts ahead due to a more aggressive Federal Reserve tightening policy through the rest of this year: “higher rates path combined with recent tightening in financial conditions implies a somewhat worse outlook for growth and employment next
From a macro perspective, hawkish comments from Fed Chair and other US Fed officials at the Jackson Hole meeting have been keeping upside limited in base metals. The recent inflation data unexpectedly beat market expectations and renewed fears that the markets could witness a hefty rate hike in September has also been pressurizing markets. At
Markets: WTI crude oil up $0.21 to $85.30 US 10-year yields down 1 bps to 3.45% Gold up $10 to $1673 S&P 500 down 28 points to 3873, or 0.7% — down 4.8% on the week NZD leads, GBP lags It could have been worse. The FedEx warning late yesterday boosted the dollar and weighed
Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world’s biggest crude consumer, supported markets. Brent crude futures rose 38 cents, or 0.4%, to $94.48 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude rose 46 cents, or 0.5%,
The stronger than expected consumer inflation data from the US basically sealed the case for a 75bps hike by Fed next. Dollar ended as the strongest one last week, as supported by risk aversion too. But the greenback could only close above prior week’s high against Canadian and New Zealand Dollar, suggesting that momentum was
The Canadian dollar is at an interesting spot on the global spectrum of risk assets at the moment. Domestically, it’s been a good year with strong GDP growth as the economy reopened from covid. Commodity investment has picked up and terms of trade have improved. For much of the year, that kept the loonie neck-and-neck
Oil prices dipped in early trade on Friday, extending the week’s losses as concern over tight supply was outweighed by escalating fear of sharp interest rate hikes slamming global growth and hitting fuel demand. Brent crude futures fell 22 cents, or 0.2%, to $90.62 a barrel as at 0052 GMT after sliding 3.5% to a
Bloomberg reports that UK businesses will get their energy bills cut in half in a government bailout package. The market has been assuming that some kind of business bailout was coming and I’m not sure this is good enough. Consumer bills will be capped at £2500 and that same largess was never going to come
Gold prices hovered near a two-year low on Friday and were set for a weekly fall as an elevated dollar and prospects of aggressive U.S. rate hikes dented bullion’s appeal. FUNDAMENTALS * Spot gold was unchanged at $1,664.48 per ounce, as of 0030 GMT, and was down 3% for the week so far. Prices hit
Selloff in Pound catches most currency related headlines today, as it slumped to a 37-year low against Dollar. The decline came after data showed retail sales contracted in both volume and value term in August, indicating that inflation was already biting into spending. In the background, the UK economic is already in recession. Still for
A note from ANZ in New Zealand on what they expect for the NZD. This in summary: The Kiwi has now made a convincing break below the key psychological and technical 0.60 level While much of the poor performance of the NZD/USD has been a function of USD strength, the Kiwi is also losing ground
NEW DELHI: Gold prices continued to bleed on Friday tracking the trend in global markets. Prospects of aggressive rate hikes by the US Federal Reserve lifted bond yields and took the shine off bullion. Markets are pricing in a 75-basis-point rate hike by the US central bank. Gold futures on were trading lower by 0.18
Overall, Dollar remains the strongest one for the week, followed by Swiss Franc and then Yen. Risk aversion support these currencies, on the expectation of another jumbo rate hike by Fed next week. Commodity currencies are the worst performers with Kiwi having an underhand. Euro and Sterling are mixed for now, with Euro having a
Oil is $1 off the lows but still down $2.92 to $85.56 today. The oil bulls haven’t got any help from the Atlantic storm season and we’re at the peak of the season now. We’ve been watching formation in the mid-Atlantic and it spun up today into Tropical storm Fiona but the latest forecast track
Gold prices inched lower on Thursday, as a firmer dollar and expectations of big interest rate hikes from the U.S. Federal Reserve diminished the metal’s appeal. FUNDAMENTALS Spot gold fell 0.1% to $1,693.81 per ounce, as of 0110 GMT. U.S. gold futures were down 0.3% at $1,704.4. The dollar index edged 0.1% higher towards recent