Wholesale inventory to sales trending higher Wholesale sales: Prior month inventories -0.1% May 2023 wholesale sales, excluding manufacturers’ sales branches and offices, were $650.2 billion. Wholesale sales decreased 0.2% from the revised April 2023 level. Sales were down 4.0% from the revised May 2022 level. The sales change from March 2023 to April 2023 was
Gold prices edged higher in early Asian hours on Monday after U.S. jobs data last week cast doubts over the labour market’s strength, prompting investors to be more sceptical of the Federal Reserve’s rate hike trajectory. FUNDAMENTALS * Spot gold was up 0.1% at $1,925.49 per ounce by 0104 GMT. U.S. gold futures were down
Australian and New Zealand Dollar are under some selling pressure today, with the Sterling following suit. These currency fluctuations do not appear to be tied to any specific market developments, but their concurrent weakness may suggest a cautious undertone prevalent among risk-averse traders. Notably, market participants might be realigning their positions in anticipation of this
U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a meeting of the Federal Open Market Committee (FOMC) at the headquarters of the Federal Reserve on June 14, 2023 in Washington, DC. Drew Angerer | Getty Images News | Getty Images Central banks are at “the end of the beginning” in
Share: The WTI price trades with losses near the $73.00 area, cutting a four-day winning streak. Weak NFPs from the US and dovish bets on the Fed made Oil prices rally on Friday. Eyes on inflation data from the US on Wednesday. At the start of the week, the West Texas Intermediate (WTI) barrel trades
Bitcoin (BTC) is selling for a nearly $3,000 discount on Binance.US, providing a significantly better rate than global spot prices — but there’s just one catch. On July 9, a swathe of crypto users began noticing a widening price discrepancy between cryptocurrencies listed on the United States crypto exchange and their global spot prices, with
EURUSD moves to new week high The EURUSD has extended to a new session high and high for the week at 1.09329. The current price is trading at 1.0949. The high price in the EURUSD reached after the US jobs report extended to 1.0931 before rotating back to the downside. That move to the downside
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Bullion traded weak in the opening trade on Monday as Dollar Index (DXY) strengthened. It had fallen on Friday below the 103 mark as weaker-than-expected non-farm payroll data in the US enthused bullion as the yellow metal ended with sharp gains on Friday. The outlook for bullion is expected to remain sideways over this week
Dollar recovers mildly during today’s Asian trading session but remains generally weak. Concurrently, Japanese Yen has begun to pare back some of its late rally from last week, but there is no sign of sustained selling. Risk markets are showing a mixed performance, reacting minimally to China’s data that indicate escalating deflation risks. Notably, the
Share: CME Group’s flash data for gold futures markets noted traders added around 3.3K contracts to their open interest positions on Friday, adding to the ongoing uptrend. Volume, instead, shrank for the second session in a row, this time by around 19.4K contracts. Gold: Initial hurdle comes near $1930 Friday’s marked advance in gold prices
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The USDJPY is extending the declines with the pair now trading to the lowest level since June 22. The move today has now seen a high-to-low trading range of 210 pips. That is well above the 109 average over the last 22 trading days. So there may be some oversold component, but technicals will play
The market has quickly moved beyond strong US economic data and is shifting focus to softening CPI. The bond market is leading the shift with US 2-year yields down 9.8 bps to 4.91%. It’s a quick turnaround for the front end of the curve after hitting the highest since 2007 yesterday. There was something of
Spot gold fell to a four-month low, correcting more than seven percent from May, when it reached close to its all-time high. A steady US dollar and expectations of more rate hikes from the US Federal Reserve weighed on the prices of the yellow metal. A similar selloff was witnessed in domestic gold also. In
Share: US stocks slammed into the close and erode the NFP knee-jerk rally. Investors rethink the US data this week and the hawkish sentiment is a dark cloud over Wall Street. The S&P 500 (US500) index fell on Friday with weakness intensifying into the close. The US Nonfarm Payrolls data from the Labor Department, which offered a mixed view