It is still all about the dollar right now as we are seeing a further capitulation in the yen and a further decline in the yuan – both of which are fueling further gains in the greenback this week. The US currency is running hot and is higher across the board once more, threatening to
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NEW DELHI: Gold prices fell sharply on Wednesday, thanks to rising bond yields and a firm US dollar. Further, economic data bolstered expectations of another rate hike by the US Fed. The dollar index was up, inching closer to the two-decade peak scaled in the previous session, making gold more expensive for overseas buyers. The
The downside breakout in EUR/USD is finally here as markets focus turns to meetings of RBA, BoC and ECB. Dollar is rising broadly, and risk-off sentiment takes Yen and Swiss Franc higher too. Euro is starting to reverse some of last week’s gain while Sterling is staying weak. Commodity currencies are currently mixed for now.
Credit Suisse discusses EUR/USD technical outlook and maintains a bearish bias in the near-term. “EURUSD has begun the week undergoing a concerted attempt to remove key support from the 78.6% retracement of the 2000/2008 bull trend at .9900 as energy supply pressures in Europe deteriorate further. We maintain our core bearish outlook and we look
Gold rose by Rs 107 to Rs 51,092 per 10 gram in the national capital on Tuesday amid depreciation in the rupee, according to HDFC Securities. In the previous trade, the yellow metal had settled at Rs 50,985 per 10 gram. Silver also jumped by Rs 563 to Rs 54,639 per kg. The rupee depreciated
Yen’s selloff is the main theme today with USD/JPY hitting the highest level in 24 years, above 140 handle. Australian Dollar quickly turns softer after RBA delivered an expected rate hike. On the other hand, Sterling is getting a lift after Liz Truss is set to become the next UK Prime Minister while Euro remains
It looks like buyers are making a play and solidifying that break above 140.00. There is plenty of upside room to roam for the pair with the next key resistance region being closer to the psychological level near 145.00. As much as Japanese officials are trying to jawbone to slow down the pace of the
Gold prices rose on Tuesday, buoyed by a pullback in the dollar and safe-haven buying due to economic slowdown concerns, though prospects of aggressive rate hikes capped further gains. FUNDAMENTALS * Spot gold rose 0.5% to $1,718.21 per ounce, as of 0120 GMT. * U.S. gold futures gained 0.5% to $1,731.30. * The dollar index
Australian Dollar is trading mixed, slightly to the soft side, after RBA’s expected 50bps rate hike. There is basically no surprise out of the statement. Dollar is paring back some of recent gains while Yen is also soft. On the other hand, Sterling is leading Euro for a rebound while Canadian Dollar is also a
There’s a fundamental tension in the oil market. Governments and consumers got used to the idea of $60 oil. To them, it feels like the ‘right’ price of oil. But oil companies and oil-dependent countries can’t prosper (and in many cases survive) with $60 oil. That’s a mismatch that will need to be resolved and
FRANKFURT, Germany – OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day cut for the first time in more than a year, underlining their unhappiness with crude prices that have sagged because of recession fears. The decision Monday by energy ministers means the cut for
Euro remains the worst performer for the day so far, as weighed down by the news that Russia’s state-controlled Gazprom would stop gas delivery via the Nord Stream 1 due to a fault. Yet, the common currency is not giving up yet, as losses are relatively limited. Dollar is the strongest one, followed by Swiss
Another surge in energy prices beckons in Europe after Russia has decided to keep the Nord Stream pipeline shut, citing a “leak” found during maintenance. This came at the end of the supposed three-day repair period and now the flows will be put off indefinitely instead. Let’s be real. Nobody believes the “leak” story and
Gold prices were flat on Monday, after jumping as much as 1.2% in the previous session, as cautious investors focused on the U.S. Federal Reserve’s rate-hike path following a mixed jobs data. FUNDAMENTALS * Spot gold was unchanged at $1,611.48 per ounce, as of 0148 GMT. * U.S. gold futures were flat at $1,722.50. *
Germany’s coalition parties agreed to a €65 billion package to shied consumers and businesses from energy price hikes on Sunday. The package will be paid for via an energy windfall tax and bringing forward a planned 15% global minimum corporate tax. Energy prices are likely to spike further on Monday after Gazprom announced that Nord
Most industrial metals lost heavily from their mid-March highs when Russia triggered military operations in Ukraine. Weak demand amid slow global economic growth and a two-decade-high US dollar adversely hit the prices of industrial commodities. In the domestic future’s platform, Aluminium is the top loser, shedding prices by more than 38 per cent. Copper and
MUFG Research closed out a previous short on EUR/USD from 1.0290 and is now taking its USD exposure into a long USD/JPY trade from 140.00. They target 146.00 with a stop at 136.50. “We are recommending a new long USD/JPY trade idea… We believe there is room for USD/JPY to extend its advance in the
NEW DELHI: Gold prices edged higher on Friday but were headed for a straight third weekly drop. Gold futures on were trading flat, up 0.08 per cent or Rs 39 at Rs 50,109 per 10 grams. However, silver futures gained 0.21 per cent or Rs 113 to Rs 52,715 per kg. Patnaik, Head – Commodities,