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The Brent crude oil benchmark hovered above $80 a barrel on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations that the U.S. Federal Reserve will stop raising interest rates soon. Brent futures were up 63 cents at $80.26 a barrel by 1325 GMT while U.S. West Texas Intermediate (WTI) crude was up

Sterling continues its descent, which was spurred on by the fallout from UK CPI data, in early US session. The odds of a 50 bps rate hike from BoE in August are being reassessed, now standing at a mere 50% probability. Furthermore, expectations of a peak rate have also dipped, falling below the 6% threshold.

The report here helps to pull back the recent hawkish market pricing on the BOE and that is dragging the pound lower on the day. It’s a pretty straightforward one as price pressures may be starting to ease in the UK, which is a welcome development to the economy. Not only did we see a

Gold traded flat in the early trade on Wednesday as the dollar index (DXY) crossed above the 100 mark and was trading with positive bias. The DXY was around 100.07 against a basket of 6 major currencies. The August gold futures were trading at Rs 59,793 per 10 grams on the MCX around 9:10 am,

Sterling falls sharply following the release of June’s UK CPI figures which revealed faster than expected slowdown in both headline and core inflation. Despite the persistent high inflation levels, these figures suggest BoE may not need to raise interest rates as aggressively as previously anticipated by some economists, potentially easing some monetary policy pressures. In

DXY daily TD Securities maintains its bearish outlook for the USD, suggesting that the currency’s recent free fall, following a positive inflation report, marks the beginning of a broader downward trend expected for the second half of 2023 and most of 2024. Key Points Advocating USD shorts: TD has been advocating for USD shorts since

Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Both benchmark contracts had fallen more than 1.5% on Monday following lacklustre economic data from China, the world’s largest oil importer, as well as the partial restart of some Libyan oilfields. Brent crude

Canadian Dollar is having a mild slump in early US session following lower-than-expected headline CPI reading. However, the currency’s slide was largely restrained, primarily due to the base-year effects of gasoline prices contributing to the deceleration in consumer inflation. Concurrently, Australian and New Zealand Dollars also experienced a slight dip amid mixed risk sentiment. Euro,

The pair is up 0.3% now to 1.1270 at the highs for the day, with the dollar keeping slightly lower across the board. The gains are now starting to run into the 61.8 Fib retracement level of the swing lower from 2021 to 2022, seen at around 1.1274: EUR/USD weekly chart I wouldn’t label that

Bullion traded in the green in early trade on Tuesday with the dollar index (DXY) still below the 100 mark. The DXY was trading with a negative bias around 99.77 against a basket of 6 major currencies amid buzz that the US Federal Reserve is close to ending its monetary tightening cycle. The August gold

Asian markets presented a subdued trading environment today, despite overnight rallies in their US counterparts. A notable exception is that Hong Kong’s stock market underwent a significant tumble, taking a step back after a day off. Elsewhere, indices generally hovered around flat levels within a tight range. In the realm of currencies, most major pairs

The Russell 2000 is particularly strong today, aided by bank stocks, industrials and technology. Typically, the Russell tracks global growth sentiment but it’s headed in the opposite direction to copper and oil today as the world frets about China but cheers on a goldilocks recovery in the US. The index opened slightly lower but has

Gold prices declined Rs 50 to Rs 59,950 per 10 gram in the national capital on Monday amid a fall in yellow metal prices internationally, according to HDFC Securities. The precious metal had closed at Rs 60,000 per 10 gram in the previous trade. However, silver prices remained flat at Rs 76,400 per kilogramme. Gold

With mild risk aversion permeating the markets, Gold and some other commodities are weakening notably today. China’s latest economic indicators paint a dreary picture – a sluggish recovery, dampened consumer demand, record youth unemployment, and escalating deflation risk. With a key meeting of the Chinese Communist Party’s Politburo around the corner, all eyes are on

The antipodeans are the slight laggards as we get into European trading today, with AUD/USD down 0.4% to 0.6810 currently. This comes after the China Q2 GDP data earlier here. While there was a beat in the quarterly estimate, the focus seems to be on the yearly estimate – which disappointed heavily. In turn, that

Bullion traded in the red in early trade on Monday amid an attempt by the dollar index (DXY) to claw back to the 100 mark. The DXY was trading up around 99.98 against a basket of 6 major currencies with hopes of the US Federal Reserve close to ending its monetary tightening cycle. The August

The financial markets kicked off the week on a sour note, grappling with disappointing Chinese GDP figures that undercut the overall sentiment. Despite a mixed bag of data for June, the weaker-than-expected economic expansion in China sent Australian Dollar – a bellwether for the commodities sector – on a slide, spearheading losses among commodity-linked currencies.

UPCOMING EVENTS: Monday: PBoC MLF. Tuesday: US Retail Sales, Canada CPI. Wednesday: New Zealand CPI, UK CPI. Thursday: PBoC LPR, Australia Jobs Report, US Jobless Claims. Friday: Japan CPI, UK Retail Sales. Monday: There’s no expectations for the PBoC to cut the MLF rate as the recent comments by the PBoC deputy governor Liu Guoqiang