The previous narrative in markets over the past few months was to buy the dollar, sell everything else. Right now, we’re in the midst of a correction or retracement of said narrative and it is pretty much sell the dollar, buy everything else. Stocks and bonds are higher again today and that is pinning the
Gold hovered near a three-month high on Tuesday, as a top U.S. central bank official’s comment raised hopes that the Federal Reserve would adopt a less aggressive approach on rate hikes, while a stronger dollar kept gains in check. FUNDAMENTALS * Spot gold was steady at $1,770.70 per ounce, as of 0122 GMT, after hitting
Overall, the forex markets are bounded in tight range as consolidative trading continues. There is no clear sign of a sustainable rebound in Dollar, and thus, the most is more likely down than up. Yen is clearly soft but selling hasn’t really take off yet. Commodity currencies are currently having a slight upper hand against
A Sheetz customer gets gasoline at a gas station in Plains, Pennsylvania, U.S. October 19, 2022. Aimee Dilger | Reuters Americans grew more worried about inflation in the October, with fears emanating from an expected burst in gasoline prices, a Federal Reserve survey showed Monday. Inflation expectations for the year ahead rose to 5.9%, up
WTI pares the biggest daily loss in seven weeks, prints mild gains of late. Convergence of 50% Fibonacci retracement level, monthly support line restricts immediate downside. Bearish MACD signals and sustained trading below 200-SMA favor sellers. Buyers need validation from $88.10 to retake control. WTI crude oil remains pressured around $84.70 while consolidating the previous
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Turkey’s Financial Crimes Investigation Agency is the latest authority to announce investigations into crypto exchange FTX after its collapse and bankruptcy filing on Nov.11. Along with FTX, the agency will look into people and institutions related to the platform — including banks, electronic money institutions and crypto-asset providers — according to an official statement from
The AUDUSD ran higher last week congruent with the run lower in the USD. The move to the upside saw the pair run up to test the 100 day MA (blue line in the chart above) and that gave traders some cause for pause. The price consolidated above and below the MA into the weekend.
Bank of America Global Research goes long US vs EU real yields long to protect against crowded positioning and sticky US inflation. The US CPI print led to a sharp rally in rate markets: one 25bp rate hike was taken out of the front-end, 10y real yields rallied some 25bp too, with a 35bp rally
LONDON: OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6%, the Organization of the
Dollar continues to trade mildly higher into US session as consolidations extend. Upside momentum in the greenback is very weak so far. But such consolidations could now extend for a further while. Aussie and Loonie are the next firmest. Yen is currently the worst performer, followed by Kiwi and Euro, and Sterling is mixed. Still,
Lael Brainard, vice chair of the US Federal Reserve, listens to a question during an interview in Washington, DC, US, on Monday, Nov. 14, 2022. Andrew Harrer | Bloomberg | Getty Images Federal Reserve Vice Chair Lael Brainard indicated Monday that the central bank could soon slow the pace of its interest rate increases. With
The USDCAD is seen moving to the upside over the next quarters, although at a slower pace after the recent decline of the US Dollar, according to analysts from Danske Bank. They forecast USDCAD at 1.36 in a month, and at 1.39 in a six-month horizon. Key Quotes: “Similar to other central banks that have
RISK Or lack thereof, led to the demise of the FTX currency exchange last week. That story led to sharply lower digital currencies, including a 92% decline in the FTX token FTT. From an economic perspective, the US CPI proved to be the binary release that many thought it would be. The subsequent wave sent
20% of reserves are in SHIB, reflecting what customers bought As a company, we have 1:1 reserves We do not lend to third parties, do not take counterparty risk There was a run on funds held in Crypto.com over the weekend after the exchange “mishandled” a $400 million Ethereum transaction. The timing of things couldn’t
NEW DELHI: Gold prices were trading flat on Monday, after a strong rise in the previous session, as the dollar and US bond yields edged higher following comments from a top US central banker who warned that the Fed was not softening its fight against inflation. Gold prices posted their biggest weekly gain since March