US CPI reaction CIBC Research discusses its reaction to today’s US CPI print for the month of June. “Price pressures were scorching hot in the US in June, as surging demand combined with supply chain issues to lead the way higher. Total monthly prices rose by 0.9%, well above the consensus forecast of 0.5%, leaving
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NEW YORK: Oil prices rose more than 1 per cent on Tuesday, as tight supply and expectations of a further draw in US and global crude inventories provided support. Brent crude rose $1.18, or 1.6 per cent, to $76.34 a barrel, while US West Texas Intermediate crude rose $1.11, or 1.5 per cent, to $75.21
Dollar rebounds strongly in early US session after much stronger than expected CPI inflation reading. The headline reading has indeed been trend up every month since January and showed no sign of slowing yet. Yen also rebounds following the greenback. Meanwhile Sterling and Canadian Dollar are the weakest ones for today for the moment. Technically,
RBNZ meeting on Weds On May 26th the RBNZ took a bullish tilt in their monetary policy meeting. They signalled a forward rate forecast pointing to a 25bps rate hike in September 2022. This saw a boost higher in the NZ 10 year bonds and strength in the NZD for a few weeks, but then that
NEW DELHI: Gold prices were steady on Tuesday after hitting a one-week low in the previous session. The dollar weakened slightly ahead of US inflation data, which may offer clues about policy tightening by the Federal Reserve. The yellow metal was trading marginally higher in the domestic market. US consumers expect the economy to continue
Yen decline continues overnight and stays soft on the back of solid risk-on markets. DOW closed just shy of 35k handle overnight, but the three major indexes ended at record highs nonetheless. Solid buying is also seen in Asia, with Hong Kong HSI staging and impressive rebound. Australian and New Zealand Dollar are currently the
CIBC sees more dollar strength CIBC is out with its latest dollar forecasts and sees the dollar broadly higher in the next six months, with gains against EUR, JPY and CAD. “The June FOMC meeting marked a turning point for the USD. Prior to the meeting, positioning and sentiment on the greenback was largely bearish,”
NEW YORK: Oil prices fell on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key crude producers to raise output in the coming months stalled. Brent crude for September fell 45 cents, or 0.6 per cent, to $75.10 a barrel by 12:08 p.m. EDT (1605 GMT). U.S.
Overall markets lack clear direction today. Major European indexes are mixed in tight range. DOW future is down over -100 pts at the time of writing, but NASDAQ futures are up. Dollar recover mildly together with Yen and commodity currencies are the softer ones. But overall, major pairs and crosses are bounded inside Friday’s range.
FOMC One of the key lines from the FOMC minutes was that ‘various participants mentioned that they expected the conditions for beginning to reduce the pace of asset purchase to be met somewhat earlier than they had anticipated at previous meetings in light of incoming data’. This sounds hawkish, but the initial reaction from the
NEW DELHI: Gold edged lower on Monday in the domestic market as equity markets stabilized and investors shrugged off persisting concerns around Covid-19. Investors await US inflation data due this week and Federal Reserve Chair Jerome Powell’s testimony. The market will keep a close eye on Tuesday’s consumer price index data and Powell’s appearance before
Impressive bounce in the past two days Weak hands were shaken out of the crude oil trade from Tuesday to early Thursday but a rebound late yesterday was followed by a $1.54 gain today to leave crude oil only modestly lower on the week. It does however cap a six-week winning streak after a one-way
LONDON: Banks clearing gold trades in London can apply for an exemption from tighter capital rules due in January 2022, a British regulator said on Friday, removing what some said was a threat to the functioning of the market. London is the world’s biggest physical precious metals trading hub. Its clearing system, operated by a
No offense to our Scottish and Welsh readers The cable bid has been relentless today. It was briefly squashed on fixing sales but it quickly came back and has been a one-way move that’s now extended to 100 pips. I earlier said that the weekly high of 1.3898 was out of reach before the close
Mumbai: The National Commodity and Derivatives Exchange (NCDEX) on Friday said its average daily turnover value (ADTV) has increased more than two-folds in June to Rs 1,945 crore compared to the same month in 2020. In June 2020, NCDEX had posted an ADTV of Rs 860 Crore, NCDEX said in a statement. “Continued trade disruptions
Yen and Dollar surged strongly overnight, but lost some momentum after on stocks recovered from initial steep selloff. Both are still firm with Asian markets in risk aversion mode. Canadian Dollar is currently the worst performing for the week, followed by Aussie. Focus will now turn to FOMC minutes for guidance on the next moves,
Not the usual correlation This week’s theme has been lower yields and a higher dollar but it started unwinding yesterday and that has continued. US 10-year yields are now up 7.2 bps to 1.36% today. That’s 11 bps above yesterday’s lows, which coincided with the 200-day moving average. We’re now testing the post-Fed low, which