Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved. Brent futures rose 21 cents to $84.87 a barrel by 0055 GMT, after falling 1.3% in the previous session. U.S. West
Dollar is recovering mildly overnight, as traders prepare for Fed Chair Jerome Powell’s highly anticipated two-day Congressional testimony. Powell is scheduled to address the Senate today and the House tomorrow. Fed’s latest dot plot suggests median expectation of just one rate cut this year. However, recent soft economic data from June, including non-farm payroll numbers,
Jerome Powell, chairman of the US Federal Reserve, during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, US, on Tuesday, July 9, 2024. Tierney L. Cross | Bloomberg | Getty Images Federal Reserve Chair Jerome Powell on Tuesday expressed concern that holding interest rates too high for too long could jeopardize
US Dollar regained some ground afterJerome Powell’s comments. Market retains confidence in a September rate cut. Investors await June’s CPI snapshot of US inflation on Thursday. The US Dollar staged a minor comeback and the DXY rose to 105.20, courtesy of Federal Reserve (Fed) Chairman Jerome Powell’s recent congressional comments, which shied away from embracing
The USDCHF price action today is setting up traders for the Fed chair testimony at 10 AM ET. On the topside, the 100-day moving average resistance. That level comes in at 0.89903. It would take a move above that level to increase the bullish bias through the Fed chair testimony. On the downside, the 100
Fed’s Powell said decisions are made meeting by meeting. He sees solid increases in consumer spending, moderate growth in capital spending, and a pickup in residential investment. He characterizes the labor market as strong but not overheated. He says that more good data would strengthen their confidence. He also said that elevated inflation is not
Gold August futures contracts at MCX opened at Rs 72,533 per 10 gram on Tuesday, showing a Rs 500 fall so far this week, while MCX silver September futures contracts traded flat, opening at Rs 93,133/kg, down by Rs 160 in the week. Gold and silver witnessed profit taking on Monday ahead of the Fed
As US session kicks off, Dollar is trading mildly higher, with traders eagerly anticipating Fed Chair Jerome Powell’s two-day semiannual testimony before Congress. The key questions looming over the markets are whether the Fed will initiate interest rate cuts in September and if there will be a total of one or two cuts this year.
BP in 2020 set out its ambition to become a net zero company “by 2050 or sooner.” Matt Cardy | Getty Images News | Getty Images BP shares dropped on Tuesday after the firm flagged it expects to post an impairment of up to $2 billion in the second quarter and warned of lower refining
The Pound Sterling holds gains against the US Dollar with a focus on Fed Powell’s testimony. BoE’s Haskel argued in favor of holding interest rates steady at their current levels. This week, investors will pay close attention to the US CPI and UK factory data. The Pound Sterling (GBP) ranges above 1.2800 against the US
The NZDUSD rallied toward the end of last week’s trading, after sellers had their shot on the break of both the 100/200 day MAs earlier in the week. The move higher initially extended to the 200 bar MA on the 4-hour chart, before correcting lower midweek. On Friday, buyers returned after the US jobs report
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 your initial investment; do not
Gold prices fell more than 1% on Monday, hurt by a risk-on rally in equities and profit-taking by investors after a sharp rally in the previous session over expectations that the U.S. Federal Reserve could cut interest rates in September. Spot gold was down 1.5% to $2,354.59 per ounce as of 12:01 p.m. ET (1601
Euro dips mildly a in Asian session after French parliamentary elections on Sunday delivered unexpected results. The markets had anticipated a challenging outcome for centrist President Emmanuel Macron, including a hung parliament. Yet, the outcome was particularly surprising for Marine Le Pen’s National Rally. Despite being a frontrunner, her party only secured the third spot.
Mexican Peso rallies as USD/MXN drops below 18.00 and hits lowest level since June 25. June’s CPI report, Consumer Confidence, and Industrial Production to shape Mexico’s economic outlook. Banxico minutes likely to signal patience on rate cuts amid steady inflation expectations. The Mexican Peso rallied sharply against the US Dollar as the USD/MXN fell below
The USDCHF moved lower last week after testing a swing area and a key downward-sloping trend line successfully. The price decline ultimately took the price back below its 100-day moving average. That moving average now joins with the 200 bar moving average on the 4-hour chart as topside resistance near 0.8988 (see blue and green
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 your initial investment; do not
Post a downbeat U.S. job data, prices of gold and silver steadied. Gold August futures contracts and silver September futures contracts on Monday opened flat at Rs 72,966 per 10 grams and Rs 93,380/kg respectively. Gold August future contracts at MCX opened flat today at Rs 70,977 per 10 gram, which is down by merely