Commodity currencies are trading generally higher today on mildly positive market sentiment. Australian Dollar is the stronger one among them, ahead of RBA’s rate decision tomorrow. Opinions on whether RBA would hike by 25bps next month (i.e. August 1 tomorrow) are divided . Major local banks exhibit this split sentiment, with Commonwealth Bank and Westpac
Share: GBP/USD is offered on Monday, extending losses from Friday while the dollar index is finishing July down after a similar loss in June. However, the Greenback is rebounded from July lows that printed following below-forecast US core PCE that favoured the Fed being done with rate hikes. The following illustrates the prospects of a low close for the day
Last week, the Fed hiked interest rates by 25 bps as expected leaving the policy statement unchanged. The market was eager to get some clues on the next policy moves but was disappointed as Fed Chair Powell just reaffirmed their data dependency and kept all the options on the table. The US Jobless Claims beat
The slightest of beats in the quarterly GDP reading for Q2 will at least provide the ECB some comfort, even as growth conditions are seen slowing down significantly. It is still a positive estimate and it is one that they can use to keep the spin of things if they want to push the agenda
Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook. Goldman analysts estimate global oil demand climbed to an all-time high of 102.8 million barrels
Yen extended its late last week’s slide in Asian session today, a downward trajectory that prevailed despite a notable ascent in 10-year JGB yields above the 0.6% mark. Market watchers seemed to have absorbed BoJ’s recent communication effectively — that the added flexibility to its yield curve control doesn’t suggest an impending tightening cycle. As
Cityscape of Saudi capital Riyadh. Harri Jarvelainen Photography | Moment | Getty Images Saudi Arabia’s economy slowed in the second quarter, as crude output cuts and a drop in oil prices reined in one of the fastest growing nations of the G20. Riyadh’s GDP expanded by an annual 1.1% in the second quarter, the Saudi
Share: The Dollar is proving quite resilient. Economists at ING analyze USD outlook. Dollar can probably trade out ranges over coming weeks Cross-market volatility remains low – perhaps as investors are now expecting prolonged pauses in core interest rate markets. This remains a negative for the Japanese Yen and a positive for the high yielders
A Samsung Galaxy Z Fold 5 smartphone, left, a Galaxy Z Flip 5 smartphone during the Galaxy Unpacked event in Seoul, South Korea, on Wednesday, July 26, 2023. Samsung introduced the fifth generation of its foldable smartphones on Wednesday, seeking to counter a sluggish market for devices and upcoming rival products from Apple Inc. SeongJoon
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The Fed hiked interest rates by 25 bps as expected and kept the policy statement unchanged. The market was looking for clues and hints on the next policy path, but it didn’t get anything. In fact, Fed Chair Powell just reaffirmed their data dependency. Yesterday though, the US Jobless Claims beat expectations again by a
While details are very thin indeed, the WSJ reports that Saudi Arabia is set to host Ukraine peace talks in Jeddah. Head of Ukraine’s presidential office, Andriy Yermak, confirmed the talks: “The Ukrainian Peace Formula contains 10 fundamental points, the implementation of which will not only ensure peace for Ukraine, but also create mechanisms to
COMEX Gold prices started the week on a negative note as mixed data from the US coupled with weak economic data from the European peers bolstered the greenback. US Services activity slowed more than forecast in July, however, manufacturing activity rebounded to a three-month high. At the same time, European and UK Services activity eased
General view of the Shell logo. Picture Alliance | Picture Alliance | Getty Images LONDON — British oil giant Shell on Thursday reported a sharp year-on-year drop in second-quarter profit, citing lower fossil fuel prices and refining margins. Shell posted adjusted earnings of $5.1 billion for the three-month period through to the end of June,
The strongest to weakest of the major currencies The GBP is the strongest and the AUD is the weakest as the North American traders enter for the day Today will be highlighted in the North American session by the PCE data in the US. Core PCE year on year is expected to decline to 4.2%