Gold traded in a narrow range on Wednesday as traders refrained from making big bets ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony, which could offer further insight into the central bank’s interest-rate hike plan. FUNDAMENTALS * Spot gold was almost unchanged at $1,936.99 per ounce by 0028 GMT. U.S. gold futures too were
Share: In this video you will find out the following: The significance of market breadth in determining the stock market’s health How to use the market breadth signals to make more informed decisions The trade management I am using in this ongoing volatile market to lock in profits yet still not missing out on the
The USD was mixed at the start of the trading day. Below are was the dollar changes vs the major currencies near the start of the US session. Looking at the snapshot of the strongest to the weakest now shows the USD is lower against all the major currencies with the exception of the JPY.
A Chinese media report on Chinese Vice Premier He Lifeng meeting with Singapore’s Temasek Chairman Lim Boon Heng earlier this week in Beijing. He is a member of the Political Bureau of the Communist Party of China Central Committee and close to President Xi Jinping. The article is in Xinhua (English), in brief: the economy
Sterling is given a boost in the wake of latest CPI data, which indicated a steady headline inflation rate and a further acceleration in core inflation. This data is likely to solidify BoE’s case for a rate hike in tomorrow’s meeting. However, how long this tightening phase will continue remains uncertain. Notably, the Pound’s buying
Gold prices declined by Rs 360 to Rs 59,750 per 10 grams in the national capital on Wednesday amid weak cues from overseas markets, according to HDFC Securities. The precious metal had ended at Rs 60,110 per 10 grams in the previous trade. Silver also tumbled Rs 1,200 to Rs 72,300 per kilogramme. “Gold extended
Share: Euro maintains the flattish performance just above the 1.0900 yardstick. Stocks markets in Europe on their way to close another session in the red. Powell said that further tightening is needed to bring inflation down. The risk-off sentiment continues to weigh on the risk complex. The greenback clings to daily gains when tracked by
The GBPUSD moved lower despite stronger CPI data in the UK today. That move to the downside took the price near the 200 hour moving average at 1.26844. The price has bounced off of that level, keeping the buyers in play in the pair (watch video above). On the top side, the rising 100-hour moving
The major US stock indices are trading lower for the 2nd consecutive day. The Dow Industrial Average is leading the declines with a decline of near 0.45%. Fed chair will begin his testimony at 10 AM ET. The text of his prepared remarks have already been released. You can find them HERE. A snapshot of
Despite Fed Chair Jerome Powell’s firm indications that further monetary tightening is needed, Dollar is struggling find momentum for its near-term rebound. The greenback is yet to break through its weekly high even against the weaker Yen and is primarily bounded within the confines of yesterday’s range, barring its performance against Australian dollar. Meanwhile, Canadian
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HSBC files metaverse and NFT patents British banking institution HSBC filed a series of metaverse and nonfungible token (NFT)-related trademark applications. A June 12 filing to the United States Patent and Trademark Office (USPTO) show the bank’s trademarks including metaverse banking, consulting, and financial services, along with virtual credit cards that point to a potential
Share: EUR/USD takes offers to reverse late Tuesday’s corrective bounce amid four-day downtrend. Bullish chart formation, hawkish ECB clues challenge Euro sellers ahead of Fed Chair Powell’s bi-annual Testimony. Clear break of 1.0935-40 could convince EUR/USD bulls to return to the table. EUR/USD stays on the bear’s radar for the fourth consecutive day as it
The NZDUSD stepped lower and is trading down for the 3rd consecutive day after a run above the 100-day moving average last week failed. (100-day moving averages at 0.62129). In trading today, the Asian session saw the price test its 100-hour moving average (currently at 0.62046). Sellers leaned against that level and it opened the
Westpac-Melbourne Institute Leading Index for May 2023, main points made by WPAC on their data: The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, declined to -1.09% in May from -0.78% in April. Tenth consecutive
Oil prices were mixed on Tuesday ahead of a decision on lending benchmarks by China, with the world’s second-largest economy widely expected to cut key rates to shore up a slowing recovery. Brent crude was 3 cents higher at $76.12 a barrel at 0041 GMT. U.S. West Texas Intermediate (WTI) crude was unchanged at $71.29