Base metals prices retreated from their January highs as Chinese economic woes threatened the demand from the world’s largest commodity consumer. Fears of excess supplies and the US Fed’s rate hike policies also added pressure on prices throughout the period. In the benchmark LME platform, prices of the most used industrial commodities like copper and
Despite a confluence of favorable conditions that are typically Dollar bullish — a decidedly hawkish Federal Reserve, plummeting stocks, and soaring yields — the greenback’s response was unexpectedly tepid last week. While it managed to gain ground against European majors and Yen, it faltered when squared against the robust commodity currencies. Dollar Index, a measure
Share: Next week, markets will continue to digest the outcomes of recent central bank meetings. Additionally, market participants will closely monitor the release of economic data, with a particular focus on inflation figures from the Eurozone and the US Core Personal Consumption Expenditure (PCE) index. Here is what you need to know for next week:
United States regulators including the Securities and Exchange Commission (SEC) have ongoing civil cases against major cryptocurrency firms including Binance, Coinbase, and Ripple, but not every company has been subject to the same treatment. Gary Gensler, serving as SEC chair since 2021, has been widely criticized by many lawmakers and industry leaders for a “regulation
The USDCAD traded down and up and down and up and back down and up this week (see hourly chart below). The high price on Monday was retested on Thursday. The low on Tuesday saw the pair, move to and through the 100-day MA (lower blue overlay line on the chart below at 1.3398) but
The NZD and the AUD are ending the day as the strongest of the major currencies. The JPY is the weakest. The latest central bank decision came before the US open, when the Bank of Japan in The rates unchanged but did say that they would consider easy policy exit 1 achievement 2% inflation is
Oil prices rose on Friday as renewed global supply concerns from Russia‘s fuel export ban counteracted fears that slowing economies and high interest rates could crimp demand. Brent futures were up 78 cents, or 0.84%, at $94.08 a barrel by 1443 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by $1.02, or 1.14%,
Yen languishes as the day’s worst performer, with sentiments taking a hit due to BoJ’s silence on potential policy tweaks. European majors aren’t faring much better, as subpar PMI data from both Eurozone and UK echo the sentiment that further tightening might not be on the cards for ECB and BoE. The Swiss Franc also
In this article GS Follow your favorite stocksCREATE FREE ACCOUNT Frederic J. Brown | AFP | Getty Images Credit card companies are racking up losses at the fastest pace in almost 30 years, outside of the Great Financial Crisis, according to Goldman Sachs. Credit card losses bottomed in September 2021, and while initial increases were
Share: AUD/USD is up 0.51%, benefiting from the overall weakness of US Dollar. Despite hawkish remarks from various Fed officials, the US Dollar remains subdued, with the DXY showing modest gains at 105.55. Solid PMIs in Australia and considerations of rate hikes by the RBA support the AUD. Key economic data scheduled for release next
US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed
The pound nudged lower after the data here, which showed a further slump in services activity. The continued downturn is prompting a call by S&P Global that the UK economy will contract by 0.4% in Q3, underscoring the faltering momentum in the second-half of the year. GBP/USD is down 0.3% to 1.2250, hanging around its
International gold prices were up on Friday in the morning trade though the uptick was capped amid continued strength in the dollar index (DXY) which was up 0.14% at 105.63 against six major currencies. However, the gold rate on the MCX took a downturn as traders preferred booking profits. The MCX October gold futures were
In a move that left many market observers bemused, Yen declined in Asian trading session after BoJ opted for continuity, leaving its monetary policy untouched. Notably, the bank refrained from dropping any hints about potential alterations in its policy stance in the foreseeable future. With US 10-year yield surging to a remarkable 16-year high, Yen
Share: The Norges Bank hiked by 25 bps to 4.25%. The Norwegian Krone was unable to benefit notably from Norges Bank’s decision. Economists at Commerzbank analyze NOK outlook. The end of the rate hike cycle could soon be reached Norges Bank hiked by 25 bps to 4.25% yesterday, but at the same time signalled another
Our weekly roundup of news from East Asia curates the industry’s most important developments. JPEX scandal grows to over $166M Last week’s Token2049 conference in Singapore was a life-changing experience for some; for others the event did not meet expectations, but for a select group of individuals, the imminent prospect of being pursued by law
Crude oil trade between 100/200 hour moving averages The price of WTI crude futures are settling at $89.63. That’s down $0.03 or -0.03%. Technically looking at the hourly chart above, the price settlement is just above its 200-hour moving average at $89.57, and below its 100-hour moving average at $90.30. That puts the price in
The early US session saw the Bank of England keep rates unchanged by a vote of 5 – 4. That was congruent with the 50-50 chance of a hike. The GBPUSD fell on the news reaching a low of 1.2227 before starting a rebound to the upside that saw the pair move to a post-low