Gold prices inched lower on Thursday, as a firmer dollar and expectations of big interest rate hikes from the U.S. Federal Reserve diminished the metal’s appeal. FUNDAMENTALS Spot gold fell 0.1% to $1,693.81 per ounce, as of 0110 GMT. U.S. gold futures were down 0.3% at $1,704.4. The dollar index edged 0.1% higher towards recent
Dollar is staying largely in range after mixed retail sales data from the US. Today’s focus turns to selloff in Sterling, in particular against Swiss Franc and Euro. Yen weakens mildly after yesterday’s rebound quickly lost momentum. Commodity currencies are trading on the soft side. In other markets, major European indexes are mixed while US
Retail sales numbers were better than expected in August as price increases across a multitude of sectors offset a considerable drop in gas station receipts, the Census Bureau reported Thursday. Advance retail sales for the month increased 0.3% from July, better than the Dow Jones estimate for no change. The total is not adjusted for
AUD/USD bears seeking a break of 0.67 the figure. Meanwhile, the US dollar is stuck in a range, breakout traders are on alert. AUD/USD shows no sign of correcting at this stage on a longer-term time frame basis, as illustrated below and threatens a break of key support in the following analysis: AUD/USD daily chart
The USDCHF has been trading up and down in a consolidating range today. The sideways price action has been able to sideways its way back above the 100 hour MA (blue line) which was catching up to the price action after the sharp fall lower last week. The higher than expected CPI yesterday, pushed the
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NEW DELHI: Gold prices slipped sharply on Thursday as the strong US dollar weighed on the sentiment. Expectations of another big rate hike from the US Federal Reserve further dented the yellow metal. The dollar index edged towards recent peaks as hotter-than-expected inflation data boosted bets for even more aggressive monetary policy tightening by the
The markets are overall steady in Asia today. Yen attempted a rebound yesterday but there was no follow through buying so far. Dollar’s rally also lacks sustained push. While commodity currencies are staying as the worst performer for the week, there is sign of some live against Euro. But that’s probably more due to Swiss
A trader works on the floor of the New York Stock Exchange (NYSE) as a screen shows Federal Reserve Board Chairman Jerome Powell during a news conference following a Fed rate announcement, in New York City, U.S., July 27, 2022. Brendan Mcdermid | Reuters The U.S. Federal Reserve could be forced to pivot away from
The market is pricing in a near 75 bps hike for next week’s Bank of England meeting. However, economists at ING do not expect the EUR/GBP pair to stage a significant move. A break in data releases today “In a very busy week for the UK economic calendar, we don’t get any major releases today.”
The Ethereum Merge has officially taken place, marking the full transition of the network to proof-of-stake (PoS). On Sept. 15 at 06:44 UTC, the long-awaited Merge saw the merging of the Ethereum Mainnet execution layer and the Beacon Chain’s consensus layer at the Terminal Total Difficulty of 58750000000000000000000, meaning the network will no longer rely
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The GBPUSD moved to a new high as London/European traders headed for the exits, BUT the pair did find willing sellers against the 100 hour MA at 1.15944 (currently). The pair also stayed below a swing area between 1.1598 to 1.16205. I outlined that level in the morning forex video (click on the video below).
Andersson is the leader of the Swedish Social Democratic Party and has been PM since 2021. Her party held 100 of 349 seats before the election and will have the most seats again but it likely won’t be enough to form a coalition. Instead, the anti-crime, anti-immigration Sweden Democrats led by Jimmie Akesson will have
Gold price in the national capital declined Rs 265 to Rs 50,616 per 10 grams on Wednesday despite rupee depreciation, according to HDFC Securities. The price of the yellow metal had touched Rs 50,881 per 10 grams on Tuesday. However, the COMEX spot price of gold was marginally higher at USD 1,705 per ounce compared
Yen is shrugging off rally in US and European benchmark yields today, and rebound on threat of intervention in Japan. European majors are also finding some foots while Dollar turned mixed. Still commodity currencies are under broad based selling pressure. While US futures might point to a flat open, selling could come back later in