This is the first dip into negative territory and it’s a big dip. You could see this coming after yesterday’s Q1 GDP revisions. The consumption numbers in today’s PCE report were also poor. The release: The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2022 is -1.0
News
New York: The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fuelled inflation plaguing the global economy. The increase of 648,000 barrels per day in August leaves the world thirsty for oil
Euro is under broad-based pressure today as selloff against Swiss Franc spreads to other pairs. Yen is currently the best performer following another round of pull back in Germany, and to a lesser extent US, benchmark yields. Aussie and Kiwi are also recovering while Dollar is firm. But for the week, Swiss Franc is still
The headline is from ING’s take on today’s POMIC data from China. ICYMI, the data is here: ING remarks (in brief): The rebound of the non-manufacturing PMI to 54.7 in June from 47.8 in May was mainly due to more construction activity (the PMI for which was 56.6, up from 52.2 in May), This indicates
Gold firmed on Thursday as U.S. Treasury yields dipped, but faces its worst quarter since early 2021, as the dollar cemented its place as the safe-haven asset of choice, amid top central banks adopting aggressive tactics against runaway inflation. FUNDAMENTALS * Spot gold was up 0.1% at $1,818.31 per ounce by 0115 GMT. U.S. gold
Risk-off sentiment is back in Asia today, after US stocks were sold off on poor consumer confidence data. In the currency markets, trading is relatively subdued, with Euro and Dollar trading in soft tone. Canadian Dollar and Swiss Franc are the strongest ones for the week. In particular, Swiss Franc is extending up trend against
Oil was falling before some comments crossed from US envoy Hochstein but this added to it: Welcomed major change in attitude from OPEC+ Hopes OPEC+ will move to Step 2 of supply boost Hopes OPEC continues putting on more supply Says US can assess more SPR releases after October This cryptic ‘step 2’ comment suggests
New Delhi: Gold price in the national capital fell by Rs 176 to Rs 50,649 per 10 grams on Wednesday, reflecting a decline in international precious metal prices, according to HDFC Securities. In the previous trade, the yellow metal settled at Rs 50,825 per 10 grams. Silver also fell by Rs 443 to Rs 59,725
Swiss Franc continues to rise broadly today, with additional help from selloff in Euro. The common currency is weighed down by Germany CPI, which unexpectedly slowed in June. But for now, Aussie, Sterling and Yen are even weaker than Euro. On the other hand, Canadian Dollar is second strongest as supported by rebound in oil
German consumer inflation is estimated to accelerate to 8.0% y/y in June, up slightly from the 7.9% y/y reading in May. Once again, that will just reaffirm that inflation is more sticky and persistent – providing little comfort to the ECB. The thing to note about the inflation data from Europe this week is that
TOKYO, – Oil prices fell on Wednesday after rising in the previous three sessions but losses were limited on the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production. U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to
Canadian Dollar and Swiss Franc continue to be the stronger ones in subdued trading. Euro and Dollar and trailing for now. On the other hand, Aussie and Kiwi are still the underperformer, despite recovery attempt in Asian session. Stock markets are also sluggish while gold and oil are range bound. Focuses will turn to ECB
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Gold price in the national capital rose by Rs 52 to Rs 50,770 per 10 grams on Tuesday, according to Securities. In the previous trade, the yellow metal settled at Rs 50,718 per 10 grams. Silver, however, slipped by Rs 60 to Rs 60,128 per kg from Rs 60,188 per kg in the previous trade.
Yen is back as the worst performer on improving risk sentiment and rising yields. Dollar is trying to rally in early US session following rise in treasury yields. But strength is mainly seen against European majors and Yen only. Canadian and Australian Dollars are resilient so far. In other markets, Gold is largely staying in
Globex saw sharp selling of equity index futures in the US evening session. News flow was light only. Across the FX space moves yen crosses were noticeable heavy. USD/JPY highs above 135.50 did not last long asn as I post its back circa 135.20. CHF, EUR, GBP, AUD, NZD, CAD are all little changed against
June 28: Gold prices were nearly flat on Tuesday, as recent gains in Treasury yields prevented any significant interest in bullion. FUNDAMENTALS * Spot gold was last up 0.1% at $1,824.65 per ounce by 0056 GMT. U.S. gold futures were flat at $1,824.70. * A move by Britain, the United States, Japan and Canada to
The forex markets are rather quiet in Asian session today, even though risk sentiment is positive. Most major pairs and crosses are staying inside Friday’s range, even though Yen is slightly stronger with Swiss Franc and Euro. Commodity currencies are generally soft, except Canadian, which is indeed trading notably higher against Aussie and Kiwi. Technically,