Indian oil minister Dharmendra Pradhan on Friday described his Saudi counterpart’s advice to reduce oil stores to tackle high crude prices as “undiplomatic”. “That was in a way (an) undiplomatic answer by some of our old friend. I politely disagree with that kind of approach. “Certainly India has its own strategy, when and how to
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After staying cautious for most of the week, risk sentiments were turned on again towards the end, bringing DOW and S&P 500 to new record highs. Aussie, Kiwi and Sterling staged a strong come back while Yen and Swiss Franc were deeply sold off. Yet, Dollar ended as the best performer last week, followed by
Forex news for North American trading on March 26, 2021. A snapshot of markets near the close of the day/week shows: Spot gold is up $5.59 or 0.32% at $1732.52. For the week gold fell $12.73 or -0.73% Spot silver is down $0.02 or -0.09% at $25.04. For the week, silver fell $1.20 worth -4.6% WTI crude
NEW YORK: Oil prices rose more than 4% on Friday, rebounding on concerns it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products. Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh
Overall risk sentiments continue to drive the forex markets. Yen, Swiss Franc and Dollar softer following rebound in US and Asian stocks. On the other hand, Australian Dollar is leading commodity currencies and Sterling higher. Still, for the weak, Dollar and Yen remain the biggest gainers while Aussie and Kiwi are the weakest. But the
Trajectory is going the wrong way As the US looks to open up into the spring and summer, the CDC is reporting a 7% increase in the 7-day average of Covid cases. The average number of cases is up to 57K. That is still well below the levels reached earlier this year, but with the
By Eddie SpenceThere’s one metal that’s leaving all commodities — and even Bitcoin — in the dust this year. The challenge for investors is buying it. Iridium, one of the rarest precious metals and mined as a byproduct of platinum and palladium, has surged 131% since the start of January, far beating Bitcoin’s 85% gain.
Yen is sold off broadly today as risk appetite returns to the markets. European indices are all trading in black at the time of writing, while US futures also point to a rebound. Additionally, US 10-year yield is also trading higher. Swiss Franc, Dollar and Euro are trading as the weaker ones. Commodity currencies and
Wood Mackenzie is an energy, chemicals, renewables, metals and mining research and consultancy group The firm estimates there are 16 laden crude and product oil tankers delayed by the Suez Canal blockage, and say: “Our data suggests that there have been no cargoes diverted to alternative routes such as around the Cape of Good Hope”
TOKYO: Oil prices bounced back on Friday from a plunge a day earlier on concerns that a large container ship that ran aground in the Suez Canal may block the vital shipping lane for weeks, squeezing supply. Prices, however, were still headed for a third consecutive weekly loss. Brent crude was higher by 43 cents,
The SNB left all its monetary policy measures unchanged. It kept the policy rate and interest on sight deposits at −0.75% and pledged to continue intervening the FX market if necessary. While leaving the growth outlook intact, the central bank upgraded slightly the inflation forecasts. In the accompanying statement, the SNB described the Swiss franc
Constitutional challenge could have caused a huge headache At issue was whether the Federal Government had the power to force provinces to implement a carbon tax. In a 6-3 decision, the Canadian Supreme Court agreed with Trudeau’s Liberals that they did. “This matter is critical to our response to an existential threat to human life
NEW DELHI: Gold gained Rs 44 to Rs 44,347 per 10 gram in the national capital on Thursday, supported by weaker rupee and overnight gain in global precious metal prices, according to HDFC Securities. It had closed at Rs 44,303 per 10 gram in the previous trade. Silver, however, dipped Rs 637 to Rs 64,110
Sterling trades mildly higher in rather quiet market today while Euro and Yen turn softer. Dollar is attempting to extend this week’s rally after better than expected jobless claim data. But no follow through buying is seen in the greenback yet. Swiss Franc’s selloff slowed mildly after SNB upgraded inflation forecasts. But then recovery is
Reuters conveying some commentary from National Australia Bank on the euro today: The weak point in Europe remains around the vaccine rollout amid the rise in new virus cases and the tightening of restrictions … which likely means the mooted acceleration in Q2 may have to be pushed back by a quarter The narrative of
Gold prices were steady on Thursday as support from easing U.S. Treasury yields was offset by a strong dollar, which emerged as a preferred safe-haven amid growing concerns about extended lockdowns in Europe. FUNDAMENTALS Spot gold was little changed at $1,734.81 per ounce by 0130 GMT. U.S. gold futures were steady at $1,732.90 per ounce.
Crude oil prices have extended the selloff for a third consecutive week. While the demand/supply fundamentals have changed little, the major reason for the decline is the broadly-based risk aversion driven by rising yields. International Energy Agency (IEA)’s report refuting prospect of a commodity supercycle has also triggered the profit-taking selloff. Rising Yield Environment Hurts
India will keep the vaccines at home Reuters, citing sources, reports that India is delaying big shipments of the AstraZeneca vaccine as cases surge at home. Here’s a look at the case count in India and you can imagine how many cases go unreported in country that big and that poor. Meanwhile, in Italy, AstraZeneca