FRANKFURT, Germany – OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day cut for the first time in more than a year, underlining their unhappiness with crude prices that have sagged because of recession fears. The decision Monday by energy ministers means the cut for
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Euro remains the worst performer for the day so far, as weighed down by the news that Russia’s state-controlled Gazprom would stop gas delivery via the Nord Stream 1 due to a fault. Yet, the common currency is not giving up yet, as losses are relatively limited. Dollar is the strongest one, followed by Swiss
Another surge in energy prices beckons in Europe after Russia has decided to keep the Nord Stream pipeline shut, citing a “leak” found during maintenance. This came at the end of the supposed three-day repair period and now the flows will be put off indefinitely instead. Let’s be real. Nobody believes the “leak” story and
Gold prices were flat on Monday, after jumping as much as 1.2% in the previous session, as cautious investors focused on the U.S. Federal Reserve’s rate-hike path following a mixed jobs data. FUNDAMENTALS * Spot gold was unchanged at $1,611.48 per ounce, as of 0148 GMT. * U.S. gold futures were flat at $1,722.50. *
Germany’s coalition parties agreed to a €65 billion package to shied consumers and businesses from energy price hikes on Sunday. The package will be paid for via an energy windfall tax and bringing forward a planned 15% global minimum corporate tax. Energy prices are likely to spike further on Monday after Gazprom announced that Nord
Most industrial metals lost heavily from their mid-March highs when Russia triggered military operations in Ukraine. Weak demand amid slow global economic growth and a two-decade-high US dollar adversely hit the prices of industrial commodities. In the domestic future’s platform, Aluminium is the top loser, shedding prices by more than 38 per cent. Copper and
MUFG Research closed out a previous short on EUR/USD from 1.0290 and is now taking its USD exposure into a long USD/JPY trade from 140.00. They target 146.00 with a stop at 136.50. “We are recommending a new long USD/JPY trade idea… We believe there is room for USD/JPY to extend its advance in the
NEW DELHI: Gold prices edged higher on Friday but were headed for a straight third weekly drop. Gold futures on were trading flat, up 0.08 per cent or Rs 39 at Rs 50,109 per 10 grams. However, silver futures gained 0.21 per cent or Rs 113 to Rs 52,715 per kg. Patnaik, Head – Commodities,
On Friday, G7 finance ministers agreed to the implement a December price cap on Russian oil and there’s growing chance it leads to a natural gas-style price explosion in oil. The details of how it will work haven’t been sorted out but the philosophy was made clear by Treasury Secretary Janet Yellen in July. “Russia’s
Gold prices nosedived below the key $1700/oz level and ended the week with a decline of about 1.5 per cent marking its third weekly fall. These three weeks of losses have come on the back of four weeks of consecutive gains. The sharp and mixed movement reflects the lack of confidence in the market. Global
Dollar and Euro ended as double winners of the week. The greenback was boosted by solid economic data from the US, including non-farm payrolls, risk aversion, and rising yields. On the other hand, ECB policy makers were singing a hawkish chorus which prompted expectation of a 75bps rate hike at the September 8 meeting. Yen
Markets: NZD leads, GBP lags S&P 500 down 42 points to 3924. Down 3.3% for the week Gold up $14 to $1709 US 10-year yields down 7 bps to 3.19% WTI crude down 43 cents to $87.04 The day was cut in half for US traders with two completely different themes. Early on, the jobs
Oil prices climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weak global growth continued to limit gains. Brent crude futures rose $2.72, or 2.9%, to $95.08 a barrel by 0900 GMT and U.S. West Texas Intermediate (WTI) crude futures
With risk-off sentiment and rising treasury yields, Dollar is extending recent rally as focus now turns to US non-farm payrolls report. 2-yaer year hit the highest level since 2007 overnight while 10-year yield also breaks above 3.2 handle. While Dollar is strong, Euro is also resilient, holding in range against the greenback and maintaining most
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Gold in the national capital rose by Rs 47 to Rs 50,729 per 10 grams on Friday amid a rise in international precious metal prices along with depreciation in rupee, according to HDFC Securities. The yellow metal had closed at Rs 50,682 per 10 grams in the previous trade. Silver also jumped by Rs 496
Dollar is extending recent up trend against Yen after non-farm payroll report, but struggles to gain against others so far. Instead, Euro shines again on news that Russia looks set to resume gas supplies to Europe through Nord Stream 1. The common currency is retaining its number one place for the week so far, followed
Major FX moved in small ranges during the timezone here today. The focus is on getting the US non-farm payroll report out of the way, its due at 1230 GMT and there are previews in the points above. This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column