Sterling rebounds strongly after two BoE MPC member voted for tapering. Also, recent developments strengthened the case of modest tightening. Commodity currencies are also firmer following mild rebound in the stock markets. On the other hand, Yen, Swiss Franc and Dollar turned softer on improvement overall risk sentiment. But for now, the Pound is still
News
Lumber prices begin to tick higher In the past few months, I’ve seen far too many charts overlaid with lumber trying to prove that everything is about to collapse. I can count on one hand the times that I’ve seen anything useful come out of the overlay of two unrelated charts and lumber will be
New Delhi: Gold in the national capital on Friday declined by Rs 365 to Rs 45,141 per 10 grams reflecting an overnight plunge in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 45,506 per 10 grams. Silver gained marginally by Rs 21 to Rs
Market sentiment took a big turn overnight with strong rally in US indexes. Nikkei follows in Asia and reclaimed 30k handle, but other Asian markets are soft. Yen dropped notably following return of risk appetite while Dollar also weakened. On the other hand, commodity currencies rebounded notably. Yen is now the worst performing one for
Working from home Bloomberg has written a few pieces recently on the rise of home working that is assumed now to be part of working landscape. The ECB announced this month that remote working for bank staff would continue until early next year. The ECB’s default solution to the spreading delta variant is remote working
TOKYO: prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month
The BOE voted 9-0 to leave the Bank rate at 0.1% at the September meeting. The members voted 7-2 to keep the QE program at 895B pound. Deputy governor Dave Ramsden and external member Michael Saunders favored lowering the amount of asset purchase to 840B pound. Policymakers warned that inflation could rise above +4% by
It’s turning into a banner day The S&P 500 has extended today’s gain to 67 points, or 1.53%, to 4463. It opened the month at 4522 so we’re another 60-point rally from extending the monthly streak of gains to 8 with a week of trading to go. I believe this is all about the abundance
New Delhi: Gold in the national capital on Thursday declined Rs 294 to Rs 45,401 per 10 gram reflecting overnight fall in international precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 45,695 per 10 gram. In contrast, silver gained marginally by Rs
Dollar initially dipped after FOMC overnight, but quickly found its footing. Overall market reaction was positive, but insufficient to alter the near term outlook. Sterling remains the worst performing one for the week while Swiss Franc is the strongest. Both will look into BoE and SNB policy decision today. Commodity currencies are on the softer
Metals to buy Bloomberg recently had an article outlining the green metals that they see being set for gains. The reason for the gains is the extra demand on them that is expected due to the world’s move towards clean, green energy. Here is the rundown as solar panels, wind farms, and electric vehicles replace
NEW DELHI: Gold and silver futures dipped on Thursday, following global trends after US Federal Reserve signalled easing its monthly bond purchases by next year and a sooner-than-expected interest rate hike. In its policy statement on Wednesday, the US central bank said it could start paring bond purchases as soon as November and that half
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -8.78 mmb to 1234.64 mmb in the week ended September 170. Crude oil inventory fell -3.48 mmb (consensus: -2.44 mmb) to 413.96 mmb. Stockpile fell in 4 out of 5 PADDs. PADD2 (Midwest) alone
The Washington Post reports The Washington post is reporting that former Treasury Secretary Mnuchin and Paulson both spoke privately with Senate Minority Leader McConnell on the debt ceiling risks. The article the noted. Two former GOP treasury secretaries held private discussions this month with Treasury Secretary Janet Yellen and Senate Minority Leader Mitch McConnell (R-Ky.) hoping
New Delhi: Among the precious metals, silver has been underperforming consistently for sometime now. A record-breaking bull run in equities and a stronger dollar have diminished the lustre of the white metal quite a bit. Spot prices of silver were pinned around Rs 60,000 on Wednesday, before slipping to Rs 59,714 earlier this week, highlighting
Markets have turned quiet today as focus is shifted to FOMC policy decisions. While a tapering announcement is highly unlikely, there are still prospects of hawkish surprises in the dot plot and the economic projections. In the currency markets, Sterling is currently the worst performing one for the week, followed by Kiwi and then Aussie.
Well, at least for the time being Risk trades are able to breathe in a sigh of relief as we get towards European trading, with Chinese equities recovering losses further towards the tail-end of the session. Of note, the Shanghai Composite has turned positive as it erases the sharp losses at the start of the
NEW DELHI: Tracking global cues, gold prices were little changed in the domestic market, trading almost flat on Wednesday. Asian markets were trading cautiously amid rising uncertainties triggered by China’s Evergrande debt crisis and anticipation of policy cues from the US Federal Reserve on its timeline for reducing stimulus in the world’s largest economy. Gold