The latest set of economic data reveals that China’s slowdown worsened. The most disappointing reading comes from retail sales growth which moderated to +2.5% y/y in August, compared with consensus of +7.1% and July’s +8.5%. The slowest growth in 12 months can be attributed to delta variant outbreak and the aftermath of July’s huge flood.
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SINGAPORE: Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. Brent crude oil rose 39 cents, or 0.5%, to $73.99 a barrel by 0133 GMT, while
Dollar drops broadly after data shows declining headline consumer inflation in the US, and even quicker fall in core CPI. It’s adding to the Fed’s case that prior surge in inflation was just transitory. DOW futures responde rather positively to the news. Strengthening risk appetite could put Yen under some pressure too. Meanwhile, Sterling is
What will drive the market in the fourth quarter Bank of America Global Research discusses the USD drivers in 4Q. “China has been an important driver of the US dollar in recent months but we expect a transition to more US-specific drivers in 4Q, reasserting its positive correlation with US yields. Much depends upon the
Kolkata: The National Commodity and Derivatives Exchange (NCDEX) has posted 115% rise in the average daily turnover value (ADTV) of Rs 2,444 crore in August 2021 despite restrictions on chana futures, one of its key liquid contracts in the pulses segment, a media release issued by the exchange said. It also added that exchange has
Overall market sentiment is mildly positive with the strong rebound in DOW overnight, followed by slight gain in Nikkei. European majors are having a small edge over the others but Swiss Franc is still clearly lagging behind. Australia Dollar is leading commodity currencies lower for now, after some cautious comments from RBA Governor. Dollar is
Forex news for Asia trading on Tuesday 14th September 2021 With US oil still struggling to recover from the damage done by Hurricane Ida, Tropical Storm Nicholas has been upgraded (just prior to me posting this wrap) to Hurricane Nicholas. Its expected to make landfall on the Texas coast imminently. Oil has inched a little
Gold prices edged lower on Tuesday as a stronger dollar crimped bullion’s appeal ahead of US inflation data that could offer cues on the possible timeline for the Federal Reserve‘s tapering. FUNDAMENTALSSpot gold fell 0.2% to $1,790.74 per ounce by 0138 GMT. US gold futures eased 0.1% to $1,792.10. The dollar index was steady after
Commodity currencies came back to live entering into US session, with help from broad based rally in European indexes and US futures. Canadian Dollar is also lifted as WTI oil price recaptures 70 handle. Dollar turned mixed for now as selling turns to Swiss Franc, Euro and Yen. With an empty economic calendar for the
It’s not about the absolute level of inventories Henry Hub natural gas prices are up another 4.3% today to $5.15, which is a fresh 8-year high and a 14-year high for this time of year. The bears point to absolute inventory levels as a reason not to worry about a spike higher in prices. They’re
New Delhi: Gold in the national capital on Monday rose by Rs 82 to Rs 45,952 per 10 gram in line with the firm global trends and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 45,870 per 10 gram. “Spot gold prices for 24 carat in
Dollar rebound continues in Asian session today and trades generally high. Weakness in more notable in Aussie and Euro, as both turn soft in crosses. Overall risk sentiment is slightly negative, with particular deep selloff in Hong Kong stocks, but Nikkei remains resilient. The economic calendar is very light today and movements in the currencies
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do
Gold prices were subdued on Monday as the dollar held firm, while cautious investors awaited readings on US consumer prices due this week that could be crucial to Federal Reserve’s decision on when to exit its super-supportive policy. FUNDAMENTALSSpot gold was flat at $1,787.40 per ounce, as of 0114 GMT, after having recorded a weekly
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A few items over the weekend for oil & energy traders to take note of. Reuters on German Chancellor Angela Merkel, tried to soothe fears over the Nord Stream 2 gas pipeline on Saturday: “I made clear that it is our concern that Ukraine will remain a transit land for Russian gas” Merkel said during
CNG and piped cooking gas prices in cities such as Delhi and Mumbai may be hiked by 10-11 per cent next month as the government-dictated gas price is set to rise by about 76 per cent, ICICI Securities said in a report. The government, using rates prevalent in gas-surplus nations, fixes the price of natural