Hedge funds plowed money into bets that the commodities rally of 2021 still has further to run, snapping three straight weeks of reductions. Net-long positions on a basket of 20 commodities rose by 8.3% in the week ended Tuesday, according to U.S. Commodity Futures Trade Commission data compiled by Bloomberg. Investors added wagers on further
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The Fed sounded cautiously optimistic at the July meeting. The members acknowledged continued improvements in economic activities and that “the economy has made progress toward” the “maximum employment and price stability goals”. While leaving all monetary policy measures unchanged, Chair Jerome Powell affirmed the the ongoing discussions over tapering. We expect to hear more comments
ISM data and jobs reports highlight the events next week Monday will be the August 2nd and the start of a new month. That means the traditional ISM data, ADP employment, the US and Canada jobs reports. Highlights on the economic calendar. Monday (bank holiday in Canada) Japan consumer confidence 36.0 versus 37.4 last month
NEW DELHI: Nickel prices on Friday declined 0.26 per cent to Rs 1,504.40 per kg in the futures trade after participants offloaded their positions amid weak demand in the spot market. On the Multi Commodity Exchange, nickel contracts for the August delivery traded lower by Rs 3.90, or 0.26 per cent, to Rs 1,504.40 per
Dollar recovers mildly in early US session, following slight weakness in risk sentiments. Additionally, stronger than expected personal income and spending are providing some support too. Still, the greenback remains the worst performing one for the week. There is prospect of Yen, Aussie or Kiwi overtaking Dollar as biggest loser, but we’ll see. Meanwhile, Sterling
Some targets laid out by Morrison and the government Phase A as is the current situation Phase B is when 70% of the vaccine-eligible population is fully vaccinated both nationally and in that state/territory Phase C is when the fully vaccinated target hits 80% Only when reaching Phase C it can lead to extension of
NEW DELHI: Gold prices bucked the global trend in India and opened lower on MCX on Friday. Gold futures on MCX were down merely 0.08 per cent, or Rs 39, at Rs 48,357 per 10 gram. Silver futures traded lower by 0.21 per cent, or Rs 145, higher at 68,055 per kg. The precious metal
Dollar suffered another round of selloff overnight and stays soft. Mild risk aversion in Asia is not helping the greenback much. But commodity currencies are following closely, in particular Aussie and Kiwi, as the next worst performers for the week. European majors look set to be the winners of the week, as led by Sterling.
Forex news for North American trade on July 29, 2021: Markets: Gold up $21 to $1823 US 10-year yields flat at 1.265% WTI crude oil up $1.20 to $73.59 NZD leads, USD lags The post-FOMC dollar slump continued on Thursday. Soft economic data wasn’t the main reason but it contributed with the dollar easing further
KOLKATA: Gold demand in India increased 30% in the first half of 2021 to 216.1 tonnes, from 165.8 tonnes a year ago, signalling that the deadly second wave of Covid-19 was less of a deterrent than the first wave of the pandemic which had led to a nationwide lockdown “The second quarter of 2021 was
Dollar’s decline continues and accelerates a little in early US session after weak economic data. Gold is also accelerating upwards, in tandem with the greenback’s movements. Yen is following as second worst for now, following recovery in European stocks and US futures. Commodity currencies and Sterling are currently the stronger ones for today. Technically, immediate
Daily thread to exchange ideas and to share your thoughts The dollar is keeping slightly softer to start the day, continuing the post-Fed move after Powell & co. steered clear of any serious taper talk once again. The meeting served as more of a placeholder for Jackson Hole and I reckon that and the weeks ahead will
Globally, consumer investment in gold increased in the second quarter of 2021 but some investors were less bullish, according to the World Gold Council’s latest Gold Demand Trends report. The two forces helped create gold demand of 955.1 tonnes over the quarter – a 9% rise from Q1 2021, and in line with the equivalent
Dollar drops broadly overnight and stays weak, even though Fed acknowledged that progress has already been made in the economy. Uncertainty in the risk markets is keeping Aussie soft too. But Canadian Dollar is apparently rebounding with resilience in oil prices. Sterling is also strong with Swiss Franc while Euro under performs them. Focus will
Forex news for North America trade on July 28, 2021: Markets: Gold up $7.75 to $1806 US 10-year yields down 0.5 bps to 1.2393% WTI crude oil up 60-cents to $72.24 S&P 500 up 2 points to 4400 CAD and CHF lead, JPY lags On July 14, Powell said the FOMC was ‘still a ways
Mumbai: As the country moves towards creating a spot gold exchange, markets regulator Sebi‘s Whole Time Member G Mahalingam on Wednesday suggested routing all the imports of the precious metal through the exchange ecosystem in the future. Such a “funnelling” would ensure that gold monetisation takes place right at the source as the metal enters
Dollar is trying to recover in early US session but upside is limited so far. Overall market sentiments stabilized as US stocks might have regained footing for another take on new records. Also, traders are turning a little bit more cautious ahead of FOMC statement and press conference. Overall picture for the week is unchanged
NZDUSD long on a dovish hand The last FOMC meeting in June resulted in a shift higher in the USD. The reason was due to the dot plot shift which demonstrated that FOMC board members saw interest rates coming sooner than they had previously. This resulted in some USD strength and chatter that the ‘reflation’