Gold edged up on Friday but was headed for a third straight weekly drop, as data pointing at a resilient U.S. economy bolstered the likelihood of Federal Reserve keeping interest rates higher for longer and pinned the dollar near recent peaks. FUNDAMENTALS Spot gold XAU= inched up 0.1% to $1,697.80 per ounce, as of 0055
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Dollar is back in control in Asian session, with some help from risk averse sentiment. Euro is staying firm against Sterling and Swiss Franc, and is picking up upside momentum against commodity currencies. In particular, Aussie is sold off on poor manufacturing data from both Australia and China. Yen is also weak along with renewed
The bearish mood descending on markets and the prospects for an Iran nuclear deal have hit the oil market hard in the past three trading days. WTI crude is at the lows of the day at $86.93. The low August 16 was $85.87. There’s some support down the the October 2021 highs but below that
Oil prices tumbled by 2% on Thursday, as new COVID-19 lockdown measures in China added to worries that high inflation and interest rate hikes are denting fuel demand. Brent crude futures fell $1.95, or 2%, to $93.69 a barrel by 1341 GMT. U.S. West Texas Intermediate (WTI) crude futures slid $1.98, or 2.2%, to $87.57
Dollar’s rally continues in early US session as supported by risk aversion and rising yields. On the other hand, Euro is staying to digest this week’s gain, and broadly. As for today, Canadian Dollar is currently the second strongest, following the greenback. Aussie and Kiwi follow. Sterling and Yen are the next weakest following Euro.
It’s not a good look to start the day for risk sentiment with S&P 500 futures seen down 27 points, or 0.7%, currently. Nasdaq futures are down 1.1% while Dow futures are down by 0.4% as we look towards European morning trade. This comes after another day of selling in Wall Street with the early
Gold prices slipped to a more than one-month low on Thursday, as the dollar firmed and prospects of the U.S. Federal Reserve continuing with its aggressive policy tightening stance weighed on the zero-yielding bullion’s appeal. FUNDAMENTALS Spot gold XAU= fell 0.2% to $1,706.99 per ounce, as of 0100 GMT, after hitting its lowest level since
Euro is staying as the strongest one for the week, as supported by a chorus of ECB hawks. Markets are starting to price in a 75bps rate hike by ECB next week. For now, the strength in Euro is most apparently only against Sterling, Swiss Franc and Yen. It’s kept well in range against Dollar.
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
West Texas Intermediate fell as much as $4.09 a barrel from high to low on Wednesday, putting it on course for a monthly decline of about 10%. Europe is gripped by an energy crisis that may herald a recession while in Asia, growth has slowed in China, the top world’s oil importer. “Consumption of crude
Euro is extending near term rally against Swiss Franc and Sterling after even higher than expected record inflation. But it’s struggling to gain against most other currencies. Dollar is also sluggish after ADP employment disappointment, while Yen’s is recovering. Commodity currencies are mixed for now. It seems like traders would continue to hold their bets
The last two fixings (30 August and 31 August) by the PBOC were interesting, in the sense that they have kept the USD/CNY rate below 6.90 and pushed back against market expectations for a stronger fix. In particular, the one yesterday was quite some ways off estimates – which normally isn’t so much so the
Gold languished near a one-month low on Wednesday and was set for a fifth consecutive monthly drop, as solid U.S. data and hawkish Federal Reserve comments pointing to higher interest rates dented the non-yielding metal’s appeal. FUNDAMENTALS * Spot gold was flat at $1,723.28 per ounce, as of 0109 GMT, trading close to a one-month
The markets are generally quiet in Asian session today. Euro surged notably yesterday as traders raised their bets on ECB rate hike next week, with some expecting a 75bps increase. But there is no clear follow through buying for now. While Dollar is paring some recent gains, loss is also limited. For now, Sterling, Swiss
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
Gold price in the national capital on Tuesday fell Rs 66 to Rs 51,469 per 10 grams amid rupee appreciation, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 51,535 per 10 grams. Silver, however, gained marginally by Rs 4 to Rs 55,550 per kilogram from Rs 55,546 per
Euro is trying to extend recent rally, but the gains also so far concentrated against Sterling and Swiss Franc. Persistent flow of hawkish comments from ECB official is support the common currency nevertheless. Australian Dollar and Yen are currently the stronger ones for the day. The Pound, Franc and Dollar are the weaker ones. Technically,
About the most interesting item from the session was early on, with afternoon comments from White House Press Secretary Karine Jean-Pierre saying the White House is anticipating a slowing in jobs growth, and that employment data is going to ‘cool off’. For those awaiting the non-farm payroll report out of the US on Friday this