On Friday, G7 finance ministers agreed to the implement a December price cap on Russian oil and there’s growing chance it leads to a natural gas-style price explosion in oil. The details of how it will work haven’t been sorted out but the philosophy was made clear by Treasury Secretary Janet Yellen in July. “Russia’s
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Gold prices nosedived below the key $1700/oz level and ended the week with a decline of about 1.5 per cent marking its third weekly fall. These three weeks of losses have come on the back of four weeks of consecutive gains. The sharp and mixed movement reflects the lack of confidence in the market. Global
Dollar and Euro ended as double winners of the week. The greenback was boosted by solid economic data from the US, including non-farm payrolls, risk aversion, and rising yields. On the other hand, ECB policy makers were singing a hawkish chorus which prompted expectation of a 75bps rate hike at the September 8 meeting. Yen
Markets: NZD leads, GBP lags S&P 500 down 42 points to 3924. Down 3.3% for the week Gold up $14 to $1709 US 10-year yields down 7 bps to 3.19% WTI crude down 43 cents to $87.04 The day was cut in half for US traders with two completely different themes. Early on, the jobs
Oil prices climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weak global growth continued to limit gains. Brent crude futures rose $2.72, or 2.9%, to $95.08 a barrel by 0900 GMT and U.S. West Texas Intermediate (WTI) crude futures
With risk-off sentiment and rising treasury yields, Dollar is extending recent rally as focus now turns to US non-farm payrolls report. 2-yaer year hit the highest level since 2007 overnight while 10-year yield also breaks above 3.2 handle. While Dollar is strong, Euro is also resilient, holding in range against the greenback and maintaining most
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Gold in the national capital rose by Rs 47 to Rs 50,729 per 10 grams on Friday amid a rise in international precious metal prices along with depreciation in rupee, according to HDFC Securities. The yellow metal had closed at Rs 50,682 per 10 grams in the previous trade. Silver also jumped by Rs 496
Dollar is extending recent up trend against Yen after non-farm payroll report, but struggles to gain against others so far. Instead, Euro shines again on news that Russia looks set to resume gas supplies to Europe through Nord Stream 1. The common currency is retaining its number one place for the week so far, followed
Major FX moved in small ranges during the timezone here today. The focus is on getting the US non-farm payroll report out of the way, its due at 1230 GMT and there are previews in the points above. This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column
Gold edged up on Friday but was headed for a third straight weekly drop, as data pointing at a resilient U.S. economy bolstered the likelihood of Federal Reserve keeping interest rates higher for longer and pinned the dollar near recent peaks. FUNDAMENTALS Spot gold XAU= inched up 0.1% to $1,697.80 per ounce, as of 0055
Dollar is back in control in Asian session, with some help from risk averse sentiment. Euro is staying firm against Sterling and Swiss Franc, and is picking up upside momentum against commodity currencies. In particular, Aussie is sold off on poor manufacturing data from both Australia and China. Yen is also weak along with renewed
The bearish mood descending on markets and the prospects for an Iran nuclear deal have hit the oil market hard in the past three trading days. WTI crude is at the lows of the day at $86.93. The low August 16 was $85.87. There’s some support down the the October 2021 highs but below that
Oil prices tumbled by 2% on Thursday, as new COVID-19 lockdown measures in China added to worries that high inflation and interest rate hikes are denting fuel demand. Brent crude futures fell $1.95, or 2%, to $93.69 a barrel by 1341 GMT. U.S. West Texas Intermediate (WTI) crude futures slid $1.98, or 2.2%, to $87.57
Dollar’s rally continues in early US session as supported by risk aversion and rising yields. On the other hand, Euro is staying to digest this week’s gain, and broadly. As for today, Canadian Dollar is currently the second strongest, following the greenback. Aussie and Kiwi follow. Sterling and Yen are the next weakest following Euro.
It’s not a good look to start the day for risk sentiment with S&P 500 futures seen down 27 points, or 0.7%, currently. Nasdaq futures are down 1.1% while Dow futures are down by 0.4% as we look towards European morning trade. This comes after another day of selling in Wall Street with the early
Gold prices slipped to a more than one-month low on Thursday, as the dollar firmed and prospects of the U.S. Federal Reserve continuing with its aggressive policy tightening stance weighed on the zero-yielding bullion’s appeal. FUNDAMENTALS Spot gold XAU= fell 0.2% to $1,706.99 per ounce, as of 0100 GMT, after hitting its lowest level since
Euro is staying as the strongest one for the week, as supported by a chorus of ECB hawks. Markets are starting to price in a 75bps rate hike by ECB next week. For now, the strength in Euro is most apparently only against Sterling, Swiss Franc and Yen. It’s kept well in range against Dollar.