Asian markets are very mixed today, with Nikkei trading lower, following US stocks overnight. But strong rebound is seen in Hong Kong and China. As a result, Dollar is paring some of the post-FOMC gains while commodity currencies recover. It’s also possible that traders are lighting up their positions ahead of non-farm payroll data form
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US equity markets have given back huge gains and are now trading flat in a trading day that’s had 4-5 big twists already. Price action today is all about China and whether or not it’s reopening. Art Cashin had a great line on CNBC regarding China reopening talk: A rumor without a leg to stand
Gold price in the national capital rose Rs 604 to Rs 50,869 per 10 grams on Friday, amid strong global trends, according to Securities. In the previous trade, the precious metal had touched Rs 50,265 per 10 grams. Silver also jumped Rs 2,061 to Rs 59,477 per kilogram. “Gold and silver prices posted some gains
Canadian Dollar surges broadly after employment blows past expectations. While US non-farm payroll growth was solid, Dollar reacted more to improving risk sentiment and fall sharply. Yen is the second weakest for the day following the greenback. European majors are gaining against the greenback but are all under heavy selling pressure against commodity currencies. Technically,
It’s a bit of a controversial time for the meeting to take place but one can figure what this is really all about in just one glance. As much as Europe would like not to admit it, China remains a key pillar for the economy as a trading partner and business investor. I mean just
Gold prices were little changed on Friday, but the metal was headed for a second straight weekly drop as a stronger dollar and U.S. Federal Reserve’s hawkish policy stance clouded outlook for the non-yielding bullion. FUNDAMENTALS * Spot gold rose 0.1% at $1,631.33 per ounce, as of 0043 GMT, but it was down 0.6% for
After initial jitters, Dollar rose broadly overnight as Fed Chair Jerome Powell indicated the possibility of higher terminal rate in the current tightening cycle. US stocks ended notably lower and risk-off sentiment carried on in Asian session. Yen is also rising on risk aversion. Nevertheless, markets are taking a breather for now, with focus firstly
The model for 4Q growth in the US from the Atlanta Fed showed a sharp jump to 3.6% from 2.6% on November 1. In their own words: The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2022 is 3.6 percent on November 3, up from 2.6 percent
Gold price in the national capital fell Rs 402 to Rs 50,597 per 10 grams on Thursday, amid weak global trends, according to Securities. In the previous trade, the yellow metal had closed at Rs 50,999 per 10 grams. Silver, also, tumbled Rs 1,244 to Rs 58,111 per kilogram. “Gold inched lower on Federal Reserve
Sterling dives sharply after dovish BoE rate hike, which saw two doves dissented. Aussie and Kiwi are following as next weakest as risk-off sentiment persists. Dollar’s post-FOMC rally is accelerating, partly supported by expectation of a higher terminal rate for Fed, and partly by risk aversion. Yen is following as next strongest, and then Canadian,
In the FOMC statement yesterday, markets got a taste of something new and interpreted it in a dovish light as the Fed noted that: “In determining the pace of future increases in the target range, the committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic
Gold prices edged higher on Thursday, helped by a slight dip in the dollar, although U.S. Federal Reserve Chair Jerome Powell’s hawkish remarks limited further gains in zero-yielding bullion. FUNDAMENTALS * Spot gold rose 0.2% to $1,638.32 per ounce, as of 0118 GMT, after falling 0.8% on Wednesday. * U.S. gold futures fell 0.6% to
Dollar is trading mildly lower in Asian session today, but manages to maintain most of this week’s gain so far. The greenback will look into today’s FOMC rate decision, where a 75bps hike is well priced in. Today’s Fed meeting is not about today, but how Chair Jerome Powell would indicate the rate path ahead.
This is a message worth $450 billion. It’s a screenshot that began circulating on WeChat yesterday and then Twitter and claims that China’s top politburo official Wang Huning will lead a plan to reopen in March. It’s unverified, unsourced and nothing more than words on a white background. The Chinese stock market has gained at
Gold price in the national capital gained Rs 51 to Rs 50,964 per 10 grams on Wednesday amid weak rupee, according to Securities. In the previous trade, the gold had touched Rs 50,913 per 10 grams. Silver, however, dropped Rs 502 to Rs 59,265 per kilogram. The rupee depreciated 12 paise to 82.71 against the
The financial markets are all very steady today, awaiting FOMC rate decision. A 75bps hike a done deal, and the key is whether Fed Chair Jerome Powell would signal slower tightening pace ahead. For now, Dollar is the weaker one for today, followed by Euro and Sterling. On the other hand, Yen is the stronger
The market continues to chop around on the week as all the focus and attention stays on the FOMC meeting later today. It is one of the most anticipated decisions this year as there is plenty of hope attached to a potential policy pivot by the Fed. Looking towards the decision, it isn’t so much
Gold prices ticked higher on Wednesday, supported by a pullback in the dollar, although investors were focused on the U.S. Federal Reserve outlook on future pace of interest rate hikes as the central bank’s policy meeting concludes later in the day. FUNDAMENTALS * Spot gold was up 0.2% at $1,650.13 per ounce, as of 0100