It’s the sports day holiday in Japan and the #1 spectator sport in the FX world is guessing with the Japanese ministry of finance will be forced to do another round of intervention. They struck in late September after USD/JPY rose to 145.90 on a squeeze above the figure. The pair is up 15 pips
News
Oil futures inched lower on Friday as a firm dollar weighed on prices ahead of key U.S. jobs data, although benchmarks were headed for a weekly gain on OPEC+’s move to cut production. Brent crude futures were down 25 cents, or 0.26%, to $94.17 a barrel at 0649 GMT. WTI crude futures were down 25
Caixin Services Purchasing Managers’ Index (PMI) for September 2022 came in at 49.3 from 55.0 in August China’s economy is struggling under the weight of ongoing COVID outbreaks and the imposition of restrictions on activity. As well as the imploding property sector, burdened by debt servicing issues. After August’s improvement, the roller-coaster has taken the
Silver recovered from a two-year low on the escalation of geopolitical tensions, recession worries in key economies, and seasonal demand. Though the post-pandemic industrial demand helped commodity prices to stream higher, silver prices were reeling under the bearish grip. Silver was the worst performer among precious metals in 2022. The metal has lost more than
USD/JPY is up 20 pips today and trading at 145.30. In all liklihood that will be the highest close in 20 years for USD/JPY and it’s the highest intraday trade since they intervened at 145.90. The Ministry of Finance may be pressed to intervene again. The problem is that they’re fighting a fundamental battle. The
Diwali festival in India, retail gold demand tends to pick up, offering a floor to global gold prices or the potential impetus to push prices seasonally higher. Several years of lower-than-expected gold demand suggest that there is room for an uptick in demand in Q4 2022 for India’s second-largest import by value. India plays a
After a brief recovery, risk sentiment turned sour again towards the end of the week. Solid data from the US that solidify expectation for continuous aggressive Fed actions was a factor. Strong rebound in oil price also raised concern of a second wave in inflation. The overall development suggests that risk sentiment remains fragile, and
The trade in the first half of the year was to sell stocks and buy oil. That’s shaping up to be the trade of Q4 as well. WTI crude oil are up 5% today and briefly touched $93.00, which is the highest since August 30. It’s also come on a day with a strong US
Pulses prices have shot up during the recently concluded monsoon season, especially Kharif pulses, owing to lower production estimates compared to the last year, propelled by the erratic rainfall distribution in the key producing states like Maharashtra and Karnataka, and lower crop area this year as farmers shifted to competitive crops. Tur (Arhar) dal prices
Markets: Gold down $16 to $1695 US 10-year yields up 6 bps to 3.88% WTI crude up $4.06 to $92.51 S&P 500 down 115 points to 3629 USD leads, NZD lags The Fed-pivot talk went down in flames today and it didn’t even take a big surprise in the jobs report. The headline was basically
Gold prices have been on the rise recently, hovering around Rs 51,000 mark. The yellow metal has gained value, rebounding after six months of consecutive decline. For the last six months prices were on a declining spree. It was the rising interest rates which was actually driving the dollar index on the higher trajectory and
Dollar rises broadly after US published another set of robust non-farm payroll job data. As Fed got a nod from the report for continuing its aggressive tightening, US stock futures are trading knocked down while treasury yields jump. Canadian Dollar is also lifted slightly by solid employment data too. In immediate actions, Euro and Swiss
It’s an earlier than usual finish for me today, so I’ll leave you with the Newsquawk US Market Open Preview and wish you all an amazing weekend. Summary European bourses are modestly on the backfoot, though have trimmed this slightly as the session progresses, in limited newsflow pre-NFP. Stateside, futures are similarly contained and lie
Gold price in the national capital rose Rs 37 to Rs 52,300 per 10 grams on Friday amid depreciation in rupee, according to HDFC Securities. In the previous trade, the precious metal had touched Rs 52,263 per 10 grams. Silver also gained Rs 311 to Rs 62,022 per kg from Rs 61,711 per kg. The
The forex markets are still staying in consolidative mode for now, awaiting guidance from US non-farm payrolls. For now, some Fed hawks are rather clear that there’s seeing no case for slowing down tightening yet. Fed fund futures are pricing in over 70% chance of another 75bps hike in November. But such expectations could be
Earlier: Fed’s Waller wants continued rate hikes until meaningful, persistent progress on inflation Governor Christopher Waller is a member of the Federal Reserve Board of Governors, more remarks: the longer inflation stays up and the more aggressive the Federal Reserve has to be the less likely a soft landing will be I think there is
india: Losing Sheen: India’s gold imports drop 30% in September despite festive season – The Economic Times Video | ET Now ET Now | 06 Oct 2022, 09:00 PM IST Embed <iframe mozallowfullscreen=”true” webkitallowfullscreen=”true” allowfullscreen=”true” width=”560″ height=”420″ frameborder=”0″ src=”/videodash.cms?autostart=1&msid=94687843&rlvideo=1808152121″></iframe> Despite the festive season, India’s gold imports have fallen, compared to the previous year. India imported
The forex markets are very quiet today, with major pairs and crosses stuck inside yesterday’s range so far. Dollar is trying to recover but lacks sustained buying. Traders are clearly holding the bets before tomorrow’s non-farm payroll report. As for the week, the greenback remains the worst performer, followed by Yen and Swiss Franc. Commodity