Last week, we brought you a trade idea from MUFG and it was to sell the Australian dollar. They recommend selling the pair at 0.6400 with a target of 0.6050 and a stop at 0.6650. “We are maintaining our short AUD/USD trade idea. We continue to expect the USD to strengthen further in the near-term
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Mounting concerns over slowing demand from the top commodity consumer China, recession worries in top economies, and a strong US dollar weighed down base metals. Prices decreased heavily from the first quarter of the year when commodity prices rallied to multi-year highs immediately after the Russian invasion of Ukraine. China’s demand for industrial metals has
Yesterday’s optimism has certainly faded. The market appears to be indicating that problems in the gilt market aren’t solved and when inflation peaks is certainly an open question. Add up the rest of the uncertainty around geopolitics and it’s a sell-the-rips market. It’s all left an unusual candle formation on the chart. A spike reversal
Gold prices fell on Friday, adding to the weekly decline, as a hotter-than-expected U.S. inflation reading cemented bets of another hefty Federal Reserve interest rate hike next month. FUNDAMENTALS * Spot gold fell 0.3% to $1,660.10 per ounce, as of 0123 GMT. * U.S. gold futures dropped 0.6% to $1,666.80. * The dollar index was
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New Delhi: Gold prices edged lower on Friday, adding more to the weekly decline, following the red-hot inflation numbers in the US, which increased the possibility of another aggressive rate hike from the US Federal Reserve. Data released on Thursday showed US consumer prices increased more than expected in September, as rents surge by the
There were so many important headlines last week. USD/JPY surged to new 32-year high with support from stronger than expected CPI, and as 10-year yield broke 4% handle. Japan maintained their stance that they will act resolutely on market volatility, without actual intervention. DOW staged a historic 1500pts U-turn on Thursday but gave up much
The markets continued what was started yesterday with stocks higher, yields lower, the dollar lower in early trading today. The retail sales data came in sufficiently mixed and suggested a slowing of demand especially in light that the retail sales are not adjusted for inflation meaning the 0.0% reading for the headline and the core
Gold price fell by Rs 261 to Rs 51,098 per 10 grams in the national capital on Friday amid a decline in the prices of yellow metal in the international market, according to Securities. In the previous trade, the precious metal had closed at Rs 51,359 per 10 grams. Silver also declined by Rs 692
Dollar’s post-CPI rally faltered quickly, as risk sentiment staged a historic U-turn. For now, Sterling is the strongest one for the week on rumors that UK Prime Minister Liz Truss is going to reverse the mini-budget. New Zealand Dollar is the second strongest, followed by Euro. Yen remains the worst performer despite sign of intervention.
Prior month -0.9%. Last month revised to -0.6% manufacturing sales -2.0% vs. -1.8% estimate. Manufacturing sales ex auto -2% vs. -1.1% last month (revised from -1.5%) The decline is the 4th consecutive monthly decline There were lower sales and 17 of 21 industries led by petroleum and coal -3.9%, chemicals -4.5%, primary metals -3.2% and
Oil prices dipped in a choppy trading session on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures were down 76 cents, or 0.8%, at $93.81 a barrel at 1044 GMT while U.S. West Texas Intermediate (WTI) crude
Dollar regains some growth today, and even rises to new 32-year high against Yen. Momentum is somewhat weak, however, as traders are guarding against intervention by Japan. Meanwhile, markets are mixed elsewhere. Sterling dips after UK Finance Minister Kwasi Kwarteng announced his resignation ahead of Prime Minister Liz Truss’s press conference later in the day. For
There really isn’t much meat in this from Japan finance minister Suzuki, pretty weak stuff: G20 chair Indonesia likely to issue a summary of this meeting’s discussion at a later date G20, in chair summary, likely to say many currencies have moved significantly this year with increased volatility, reaffirm fx commitment There was no discussion
New Delhi: Gold prices were flat, fitting into a tight range on Thursday as market participants maintained a cautious stance ahead of US inflation reading that could influence the Federal Reserve’s next interest rate hike decision. Wednesday’s readout of the central bank’s last policy meeting showed Fed policymakers agreed they needed to move to a
Dollar soars broadly in early US session after stronger than expected consumer inflation reading. Futures tumble while 10-year yield is back pressing 4% handle. Nonetheless, the greenback is overwhelmed by Pound on rumors that UK Prime Minister Liz Truss is going to further backtrack on the mini-budget. The eventual near term fate of Sterling will
We’re in the final countdown to CPI. I wrote up a full preview yesterday and it’s going to be a big market mover. There are two inflation numbers: headline and core and they’re measured in month-over-month and year-over-year terms. Inflation y/y +8.1% m/m +0.2% Core CPI 6.5% y/y Core m/m +0.5% A final question is
Gold prices in the national capital rose by Rs 42 to Rs 51,255 per 10 grams on Thursday amid a rise in the prices of the precious metal in the international market, according to Securities. In the previous trade, the yellow metal had touched Rs 51,213 per 10 grams. However, silver dropped by Rs 493