Oil prices ticked higher on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Saudi Arabia on Monday said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August while Russia and Algeria volunteered to lower their August
Australian Dollar dips slightly after RBA decided stand pat. But it hasn’t seen substantial follow through selling pressure yet. While the decision might have surprised half of the market participants, it doesn’t change the tightening path of the central bank. It’s more of a decision on delivering the hike today or in August. What next
Sunak has reiterated his “total support” for the Bank of England and under fire Governor Andrew Bailey. STEFAN ROUSSEAU/POOL/AFP via Getty Images LONDON — In January, with one eye on a critical general election in 2024, U.K. Prime Minister Rishi Sunak vowed to halve inflation by the end of the year. At the time, headline
Share: USD/MXN falls to fresh YTD lows of 17.0156, with MXN benefiting from thin trading volumes due to US Independence Day celebrations. Despite robust US data – including firm Durable Good Orders, Consumer Confidence, and Q1 GDP reports – a weaker-than-expected inflation report and ISM Manufacturing PMI dampen greenback appeal. Mexican economic indicators show promise,
Crypto exchange Gemini founder and CEO Cameron Winklevoss is again threatening to sue Digital Currency Group and its CEO Barry Silbert over delays in the resolution of Genesis for its Earn customers while slamming the CEOfor allegedly trying to play the victim card. In the July 3 “Open Letter to Barry Silbert,” Winklevoss alleged the
It is a holiday in Canada and a semi-holiday in the US (although all markets are open) as the 4th of July holiday is looming tomorrow. So activity nevertheless is likely to slow. Nevertheless, the USDJPY is testing some key support defined by the rising 100-hour moving average. That level currently comes in at 144.383.
The dollar continues to keep somewhat steady so far this week as there isn’t much appetite all around in markets. It is a sort of extended holiday in the US since the weekend, with today being Independence Day (there was early market closure yesterday). The lack of direction looks set to carry over to Europe
Gold prices edged slightly lower in early Asian trade on Tuesday, as traders awaited the U.S. Federal Reserve’s minutes of the June meeting for more clues on its interest rate hike path ahead. FUNDAMENTALS * Spot gold edged 0.1% lower to $1,919.95 per ounce by 0107 GMT, while U.S. gold futures were down similarly to
Asian markets began the trading week on a high note, largely driven by a rise in Japan’s Nikkei index, which was buoyed by encouraging results from BoJ Tankan Survey. Meanwhile, market participants seemed to overlook weak data from China’s manufacturing sector. Australian and New Zealand dollars led the other currencies, experiencing broad gains, closely trailed
Share: Asia-Pacific markets remain mildly positive amid softer US data, hopes of Sino-American ties. Yield curve inversion renews recession fears and weigh on market’s optimism amid US holiday. Australia’s ASX rises half a percent on RBA’s surprise status quo. Japan intervention, inflation fears from South Korea also prod Asian equity buyers. Market sentiment in the
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Traders in the AUDUSD are using moving averages on the top and bottom sides to define the boundaries today. Looking at the chart below, the AUDUSD moved higher after the weaker US ISM manufacturing data, but ran into a cluster of moving averages including: 200-hour moving average of 0.66814 200-day moving average of 0.66912 100-day
Prior month 0.4% revised from 1.2% previously reported Total Construction: Construction spending was estimated at a seasonally adjusted annual rate of $1,925.6 billion, a 0.9 percent increase from the revised April estimate of $1,909.0 billion. The May figure is 2.4 percent higher than the May 2022 estimate of $1,880.9 billion. In the first five months
Gold prices slipped on Monday on a stronger dollar index (DXY) following the possibility of a further interest rate hike by the US Federal Reserve gaining ground. The Federal Open Market Committee (FOMC) will meet later this month. The DXY was hovering close to 103 against a basket of six major currencies. The August Gold
Dollar falls broadly after ISM Manufacturing index indciates further deterioration in the sector. But loss is so far limited. Overall markets remain quiet. Swiss Franc and Yen persist are the softer performers. The Franc felt slight impact of Swiss CPI readings, which were lower than anticipated. However, market reaction remains mild, considering SNB’s prior forecast
Share: The USD/CHF rises to a daily high of 0.9000, above the 20-day SMA, then retreats towards the 0.8960 area. Soft Swiss inflation figures from June weakened the Swiss Franc during the European session. US Manufacturing PMI dropped to 46 in June, weighing on the US Dollar. At the start of the week, the USD/CHF saw some volatility