The price of spot gold has moved up 5 last 6 trading days (the one down day was just by $1or $2). The move to the upside took the price from the low on September 28 at $1614.92. The high price today has reached $1729.46. That’s a 6.7% gain over those 6 trading days. Looking
The always awesome Newsquawk US Market Open: European bourses/US futures under pressure amid a firmer USD & further debt downside Full Note Summary: European bourses are under pressure following the strong gains seen in Tuesday’s session with fresh newsflow fairly limited heading into key US data, Euro Stoxx 50 -1.1%. Stateside, ahead of those metrics
The OPEC+ alliance of oil-exporting countries on Wednesday will debate a potentially large cut in the amount of crude it ships to the global economy – a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for US drivers just ahead of national midterm elections. Energy ministers
New Zealand Dollar rises broadly in quiet markets today, after RBNZ delivered the 50bps rate hike as widely expected, clearing the doubt that it will follow RBA and opt for a smaller hike. Dollar remains the worst performer of the week, following strong risk rebound in stock markets, while yields weakened. Yen is the second
The number of job openings plunged by more than a million in August, providing a potential early sign that the massive U.S. labor gap is beginning to close. Available positions totaled 10.05 million for the month, a 10% drop from the 11.17 million reported in July, according to a Bureau of Labor Statistics release Tuesday.
Bitcoin (BTC) held $20,000 into Oct. 5 with trader targets still including a fresh high before rejection. $21,000 upside target to precede new lows Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $20,470 on Bitstamp overnight before returning lower. The pair succeeded in maintaining the 2017 old all-time high as support, something on-chain
Over the past month, the US dollar has surged sharply higher. Economists at Standard Chartered expect the US Dollar Index (DXY) to reach the 116.50-117.00 area but see the greenback peaking over a 6-12 month horizon. USD to peak over a 6-12 month horizon “On a three-month horizon, DXY is likely to rise towards 116.50-117.00.”
The RBA raised rates by 25 basis points which was less than the 50 basis point mostly expected by the market. The action initially sent the AUDUSD lower. It then rallied higher extending above the highs from last week but only by a few pips before rotating back to the downside. That move to the
This via the folks at eFX. For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here. Goldman Sachs maintains a bullish bias on the USD over the coming weeks. “We still see more
Gold prices in the national capital jumped Rs 980 to Rs 51,718 per 10 grams on Tuesday amid a rally in the prices of precious metal in the international market, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 50,738 per 10 grams. Silver prices zoomed by Rs 3,790
European majors are trading generally higher today, as led by Euro this time. In particular, Euro looks set to reclaim parity against Dollar with current rebound. On the other hand, commodity currencies are trading lower together with Yen. Aussie is under renewed selling pressure, as traders continue to assess RBA’s smaller than expected rate hike.
Jerome Powell, chairman of the US Federal Reserve, speaks during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022. Federal Reserve officials this week gave their clearest signal yet that they’re willing to tolerate a recession as the necessary trade-off for regaining control of inflation. Al Drago | Bloomberg | Getty
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AUD/USD is eyeing the establishment of an auction profile above 0.6500. The RBA trimmed its pace of hiking interest rates to keep the growth prospects intact. A lower-than-expected US ISM Services PMI reading could weaken the DXY further. The AUD/USD pair is oscillating majorly above the psychological resistance of 0.6500 in the early Tokyo session.
With US stocks racing higher and yields moving lower, the risk-on currencies (CAD, AUD and NZD) are moving to the upside (the USD LOWER) in trading today, and testing respective 200 hour MA levels. Dow is up 854 points or 2.98% at 29581.48 S&P is up 104 points ro 2.90% at 3689.73 Nasdaq is up
Top EU officials call for joint borrowing to deal with energy crisis Two top European Commission officials called on Tuesday for joint borrowing by the 27-nation European Union to finance a response to the energy price crisis that is threatening to plunge the bloc into recession. In an op-ed in the Irish Times, European Economic
Economic headwinds have yet to significantly erode the world’s demand for oil, top oil traders said at the Argus European Crude Conference in Geneva on Tuesday. The forecasts by senior executives of the world’s main commodity trading houses may buttress the case for more resilient oil prices after recession fears sent them plunging by around