Oil prices settled lower on Friday, posting a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower U.S. crude stocks. In a second straight day of losses, Brent crude closed down 29 cents, or 0.4%, to $73.85 a barrel. U.S. West Texas Intermediate (WTI) crude fell
Share: The EUR/JPY found support at a low of 155.06 and then recovered to 156.60. European and German PMIs came in weaker than expected. Soft inflation figures and monetary policy divergence weights on the Yen. Despite initial losses, the EUR/JPY pair managed to regain ground, climbing from a low of 155.06 to 156.60 and closing
The German Dax trended lower this week after reaching an all-time high last week at 16427.42. The move lower this week reached a low (today) at 15733.12. That low is getting closer to the rising 100 day MA at 15665.44. The low was still 68 points away, but be aware, be prepared. As a guide,
A civil war has broken out in Russia with Wagner Group leader Yevgeny Prigozhin leading a convoy towards Moscow and loyal parts of the Russian military attacking it. Reports are scattered and unreliable but helicopters are engaging the column and images suggest three of them were shot down. There are scattered videos of battles along
COMEX Gold prices are poised for the steepest weekly decline since January, as major central banks keep hiking rates and markets are pushing back against rate cuts later this year. The move came against the backdrop of elevated core inflation and a tight jobs market in most economies. Earlier in March, interest rate swaps were
Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023. Mandel Ngan | AFP | Getty Images The Federal Reserve plans to keep hiking interest rates to stem inflation, which means an increase in
Share: During the months of April and May, the price of Gold breached the $2,000 mark and was only within a few Dollars of the record high. Analysts at Natixis discuss XAU/USD outlook for the coming months. Gold prices to remain in the lower bound area of $1,900 in 2024 In the near term, Gold
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Creditors of bankrupt cryptocurrency lending platform Celsius have alleged that crypto market maker Wintermute assisted Celsius executives in manipulating the prices of CEL (CEL) through the use of “wash trading.” According to a June 23 Bloomberg report, citing a recent court filing, Celsius creditors have now amended their lawsuit in the United States District Court
The USDJPY has moved higher (lower JPY) despite higher inflation data out of Japan today. The move higher this week was kickstarted yesterday after the pair broke above a swing area between 142.24 and 142.49. The price also moved above the 61.8% retracement level of the move down from the 2022 high to the 2023
There was a very late bid in the oil market today that may have materialized as major events started to unfold in Russia. In a video last week, Wagner founder Yevgeny Prigozhin appeared to say that his 25,000 strong militia was heading to Moscow to oust the leadership of the defense ministry. “Those who destroyed
Gold prices on Friday were on track for their biggest weekly drop since February as prospects of additional interest rate hikes by the U.S. Federal Reserve this year weighed on bullion’s appeal. FUNDAMENTALS * Spot gold was up 0.1% at $1,915.39 per ounce by 0040 GMT, although prices hovered close to a three-month low. U.S.
Dollar saw a significant rebound overnight, a rally that carried on into the Asian trading session today. This surge is mainly attributable to short covering, particularly as central bank rate hikes this week failed to drive an extended selloff in the greenback. In fact, Dollar is currently the second strongest performer for the week, closely
Share: Gold recovers, rising 0.69% to $1926.30, amid global recessionary fears and faltering US bond yields. A worldwide slowdown in business and manufacturing activity stokes investor concerns and drives a shift to safe assets. Market participants focus on Fed speeches for rate hike insights; current odds are 74.4% for a 25-bps hike in July. Gold
Here we go again. The USDCAD has been trending more to the downside. This week a new low was made going back to September 2022. On the move to the downside, there have been corrective moves higher which have seen the price of the pair move above its 100-hour moving average (blue line in the
Fifth consecutive improvement in services Prior was 54.9 Manufacturing 46.3 vs 48.5 expected Composite 53.0 vs 54.3 prior Services new orders grew at a strong rate Full report The manufacturing and services PMIs are headed in opposite directions. The services upturn was led by strong customer confidence and new client acquisitions, according to S&P Global.