For those following the oil market closely, it is hard to believe that there is such a compelling argument that oil prices should move lower significantly. Yet, markets are acting that way based on data which may not actually be credible. Adam provided a very comprehensive overview on that yesterday here. It is a must
The currency markets are quiet overall as focus now turns to US job data. The post BoE selloff in Sterling didn’t last long. Meanwhile, Dollar is still range bound against Euro and Yen. The greenback’s rally attempt against Swiss Franc also faltered rather quickly. Commodity currencies are steady. Most major pairs and crosses are stuck
A sign for hire is posted on the window of a Chipotle restaurant in New York, April 29, 2022. Shannon Stapleton | Reuters Initial claims for unemployment insurance totaled 260,000 last week, near the highest level since November amid a shift in the U.S. labor market. The total for the week ended July 30 was
In this article RACE-IT The Ferrari SP38 seen at Goodwood Festival of Speed 2022 on June 23rd in Chichester, England. Martyn Lucy | Getty Images Ferrari raised its guidance for 2022 after reporting record results for the second quarter amid unprecedented demand for its high-priced sports and grand touring cars. The Italian supercar maker has
UOB Group’s Head of Markets Strategy Heng Koon How, CAIA, Senior FX Strategist Peter Chia, Rates Strategist Victor Yong and Markets Strategist Quek Ser Leang assess the ongoing recession fears and its effect on the long term yield. Key Takeaways “The Recession vs Inflation debate has intensified and taken an interesting turn. For now, it
NEW DELHI: Gold prices moved higher on Thursday, despite a rise in the US dollar. A pullback in the US Treasury yields also added to the bullion’s appeal. After a couple of strong economic readings this week, the focus now shifts to US jobs data due on Friday that could offer more clarity on Fed’s
The USDJPY moved back above the 100 hour MA yesterday in the early European session (for the 2nd time on the day). A corrective move lower retested that MA line and pushed toward the 200 hour MA in the US afternoon session. After a dip today in the Asian session, the pair moved back higher
A piece in the South China Morning Post recapping a speech from Chinese Premier Li Keqiang to the World Economic Forum (WEF), which was posted online last month. signalled a higher tolerance for inflation this year Li indicated that China’s inflation rate could reach 3.5 per cent this year, a broader range than the target
Sterling falls broadly today after BoE hikes by 50bps but indicates that a prolonged recession will start in the UK in Q4. But the selloff in the Pound is not helping Euro and Swiss Franc much, as both are mixed. Dollar and Canadian are following Sterling as next weakest. Meanwhile, Yen is leading Aussie and
In this article YUM National Guard troops pose for photographers on the East Front of the U.S. Capitol the day after the House of Representatives voted to impeach President Donald Trump for the second time January 14, 2021 in Washington, DC. Chip Somodevilla | Getty Images In an earnings call Wednesday morning, Yum Brands CEO
In this article ABNB Brian Chesky, CEO and Co-founder of Airbnb Mike Segar | Reuters Airbnb beat Wall Street estimates for earnings and posted revenue that was in line with estimates for the second quarter. The company also announced a $2 billion share buyback program. Shares were down about 9% after hours, despite what appeared to
The GBP/JPY prepares to finish the week with losses of almost 0.50%. The cross-currency daily and hourly charts suggest that a mean reversion move towards 162.83 could be on the cards. The GBP/JPY plummeted on Thursday, failing to crack the 50-day EMA at 164.12, so the pair tumbled towards its daily low at 161.12 before
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Gold in the national capital on Thursday gained Rs 487 to Rs 52,566 per 10 grams amid a rise in international precious metal prices along with rupee depreciation, according to Securities. The yellow metal had closed at Rs 52,079 per 10 grams in the previous trade. Silver also rose by Rs 426 to Rs 58,806
Both the NASDAQ index and the S&P index are trading above their 100 day moving averages, and both are up testing/moving above their 50% midpoint’s of the move down from the March high to the June low. Looking at the S&P index the 50% midpoint comes in at 4137.09. The current price is trading at
Reuters is reporting on the matter, citing sources familiar with the thinking of the bloc. It is said that Saudi Arabia and UAE could pump significantly more but would only do so if a supply crisis worsened this winter. One of the sources said that: “With possibly no gas in Europe this winter, with a
Aussie and Kiwi firm up mildly in Asian session, following the rebound in risk markets. But overall, the currency markets are rather quiet, with major pairs and crosses stuck inside last week’s range. Traders are probably holding their bets for now, and await today’s BoE rate decision. Another big event of US non-farm payroll employment