NEW DELHI: Gold prices edged up mildly on Monday, rebounding from recent lows, even as the US dollar continued to trade firm. The dollar started the week just off a 20-year high against peers, as investors sought safety due to fears about global growth, and continued to make rival safe-haven gold less attractive for buyers
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Yen and Dollar rise slightly in quiet Asia session today while Aussie and Kiwi weaken. It’s typical risk-off setting with weakness seen in oil price and gold too, but movements are limited. Major pairs and crosses are staying inside Friday’s range for now. Asia stock markets are also mixed with mild weakness seen in China
MUFG recommends selling AUD/JPY in a new trade this week and also re-emphasizes its call for buying EUR/GBP. In AUD/JPY, they recommend selling at spot at 89.50 with a target of 84.50 and a stop at 92.50. “We are recommending a new short AUD/JPY trade idea to reflect our view that the curret period of
A weekend report of comments from a “top official” in Iran. Bloomberg (gated) carry the report, citing Mohsen Khojastehmehr, managing director of the National Iranian Oil Co.. he spoke with reporters Saturday in Tehran. Iran has capacity to double oil exports if there’s sufficient demand Iran will “exert maximum effort to recoup its crude oil
The resilience in the oil market this week is shocking. Consider: Brutal market for risk assets with stock markets down six weeks in a row Other commodities — namely copper — down big China lockdowns ongoing, no sign of a shift from covid-zero Worsening sentiment about the economy Insane crack spreads driving up the cost
The current financial market environment is one where market players are shunning riskier assets and moving to the safety of cash. Increasing nervousness about economic growth, inflation concerns, geopolitical issues, and the rising interest rates has caused the switch. The US dollar has emerged as the clear winner in this flight to safety, with the
Extreme volatility was seen in the markets last week, in particular in the across the broad rout in cryptocurrencies. Stocks the tumbled sharp but stage a late come back. Gold and silver resumed recent decline. Yen ended as the best performer, helped by both risk aversion and pull back in benchmark treasury yields. However, overall
May 11: Gold prices eased on Wednesday to a three-month low as an elevated dollar continued to pressure bullion while investors await monthly U.S. inflation data, which could have some impact on the Federal Reserve‘s monetary policy stance. FUNDAMENTALS * Spot gold was down 0.3% at $1,832.06 per ounce, as of 0046 GMT. U.S. gold
It was Friday the 13th but the day was not a scary one for the markets. After sharp declines in the US stocks, bond yields and crypto coming into the day, today saw stocks rebound, yields moved back higher and bitcoin even rallied. Fundamentally, however, there was a scare as the UMichigan preliminary consumer sentiment
Gold prices on Friday were held near a three-month low as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal’s fourth consecutive weekly fall. FUNDAMENTALS * Spot gold was down 0.1% at $1,820.54 per ounce, as of 0054 GMT, having dropped to its lowest
The price action in risk assets in the last hour is sobering. The S&P 500 has turned a 110-point gain into a 60-point gain. That’s still up 1.5% but there’s still 90 minutes of trading left to go. If the index is already down for six straight weeks and it can’t muster a decent relief
Overall, the forex markets are rather quiet as the week is heading to a close. EUR/USD is still holding above 2017 low but lacks any strength for a recovery. The greenback might still have a last push during the rest of the session. Meanwhile, Gold is a major mover today, and it’s now pressing 1800
Risk trades are faring better on the day, building from the optimistic late bounce in US equities yesterday. Of note, the Nasdaq was down over 2% at one point but salvaged a 0.1% gain by the time the closing bell rang. More details on the wild swings here. That said, it still doesn’t take away
Overall market sentiment stabilize in Asia today, with Nikkei leading other major indexes higher. Bitcoin is trading back above 20k, arguing that the climax of the crypto rout is over. In the currency markets, both Dollar and Yen are paring some recent gains while commodity currencies recover. But for the week, Yen is still the
NEW DELHI: India MCX June futures fell marginally on Friday tracking weakness in gold spot prices which remained under pressure amid a strong dollar. The dollar steadied near a fresh 20-year high scaled on Thursday on concerns of aggressive US Federal Reserve’s actions to tame inflationary pressures, said a Reuters report. The bullion has lost
The year 2022 started out with a positive signal: on January 4, the S&P 500 hit an all-time high of 4818. A 20% decline would be 3855. But the inflationary winds had already started to blow and now global central banks have pivoted into an increasingly hawkish stance and hoped-for signs of an H2 fade
Oil prices eased in early Asian trade on Thursday, taking a pause after rising more than 5% in the previous session following new Russian sanctions on some European gas companies. On Wednesday Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after Russia invaded Ukraine in February. That created unease in the
Yen is the runaway winner today on massive safe-haven flows, which also pushed up treasury bonds. Meltdown in cryptocurrencies intensified further, as bitcoin barely holds on to 25k. Major European indexes are in deep red while US futures, in particular NASDAQ, are pointing to lower open. Benchmark treasury yields extend pull back, as US 10-year