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Brent crude futures extended gains on Tuesday as a strike in Norway is expected to disrupt oil and gas output, fanning tight supply worries. Brent crude futures rose 82 cents, or 0.7%, to $114.32 a barrel by 0105 GMT after a 2.4% gain on Monday. U.S. West Texas Intermediate crude climbed $2.58, or 2.4%, to
It’s a rather slow start to the week, with major pairs and crosses stuck inside Friday’s range. Trading could remain subdued for the day with the US on holiday. But there are lots of events to look forward to, starting from RBA’s rate hike tomorrow. Minutes of Fed and ECB meeting might not reveal anything
Prior was 56.8 Sentiment hit at 17-month low though still positive New orders at 23-month lows Production volumes grew in June for the 24th consecutive month Further acceleration in backlogs Input prices accelerated in June Full report (pdf) Everyone expects a slowdown in factory activity after the pandemic boom, but where it settles out is
New Delhi: Gold in the national capital on Monday rose by Rs 241 to Rs 52,048 per 10 grams amid firm global trends, according to HDFC Securities. In the previous trade, the yellow metal settled at Rs 51,807 per 10 grams. Silver also gained Rs 254 to Rs 58,139 per kg from Rs 57,885 per
Australian Dollar recovers broadly today, following recovery in European markets. Meanwhile, traders are also preparing for tomorrow’s RBA rate hike. New Zealand Dollar is also mildly firmer. On other hand, Yen is turning softer with Swiss Franc and Dollar. Euro and Sterling are mixed for now. Overall, trading is subdued with US on holiday. Technically,
Gold prices edged lower on Monday, as an elevated U.S. dollar hurt demand for greenback-priced bullion and also outweighed support from weakening Treasury yields. FUNDAMENTALS * Spot gold was down 0.2% at $1,807.19 per ounce, as of 0101 GMT, after hitting a five-month low of $1,783.50 on Friday. U.S. gold futures fell 0.5% to $1,809.50.
The July 4 Independence Day holiday long weekend in the US sapped interest during the Asian time zone today. Major FX ranges stayed confined mainly to lacklustre ranges. USD/JPY did drop under 135.00 again during the session. Lows under 134.90 were rejected though and as I update USD/JPY is back just over 135.00. Bitcoin was
LONDON – Copper prices slumped on Friday to their weakest in 17 months as inflation and factory data reinforced fears that central bank tightening would push economies into a recession and hit metals demand. Three-month copper on the London Metal Exchange had eased 2.6% to $8,047 a tonne by 1630 GMT after dropping to its
We started the week at +0.2% in the Atlanta Fed’s GDP tracker. After a series of economic data point disappointments, it’s now at -2.1%. That’s down from yesterday’s reading of -1.0% and comes after today’s data on manufacturing and construction spending. The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the
Supply crunch and strong demand are keeping global oil prices well above the psychological level of $100 a barrel for the last seven weeks. The global crude oil market has been tightened by short supply due to restrictions on Russian oil and little spare capacity among other big oil producers. Russia plays an outsized role
The market is navigating different outcomes and in the simplest terms, here’s how it shapes up. 1) High inflation with ongoing growth and Fed hikes above 4% This is the scenario the market grappled with for most of the year and the results speak for themselves. It was the worst H1 for the S&P 500
This week has brought an end to the first half of 2022, and it has been a volatile one for gold as well as commodities at large. We are facing uncertain times ahead as market players try to assess the implication of higher interest rates on economic growth while the Russia-Ukraine fighting continues to intensify.
Extending fall in commodity prices and recession fears were the main theme in the markets last week. Australian Dollar ended as the worst performer, followed by New Zealand Dollar, and then Sterling. However, Canadian Dollar was surprisingly the strongest one, partly helped by resilient oil prices. Meanwhile, extended pull back in US and European benchmark
Markets: Gold flat at $1806 US 10-year yields down 8.5 bps to 2.89% WTI crude oil up $2.51 to $108.29 S&P 500 up 1.1% JPY leads, AUD lags This was a holiday-thinned trade with Canada out and many US traders heading out early for the long weekend but it was also the start of a
Markets start the first day of the second half dumping risk assets, from stocks to oil to gold and copper. Safe haven flow into treasury has indeed started overnight, pushing US 10-year yield back below 3% handle. In the currency markets, Yen rides on the negative sentiment and rises broadly. Aussie leads other commodity currencies
Shares of tumbled nearly 9 per cent in morning trade on Friday after the government imposed an export tax on petrol, diesel and jet fuel (ATF). The government on Friday slapped an export tax on petrol, diesel and jet fuel shipped overseas by firms like , and imposed a windfall tax on crude oil produced
“My own views on policy… are that we need to get to something like the neutral rate of interest by the end of the year, which in my judgment would be to around the 3.1% range of a nominal Fed funds rate.” “And so what would unwind the need to do that? Well, if there