It was a dismal week for commodities as most of them recorded multi-month lows amid growth worries and firmness in the US dollar. Gold was not left out as it fell 3.8 per cent marking its fourth weekly decline and tested the lowest level since September 2021. Gold, a safe haven, an inflation hedge, and
June’s US Nonfarm Payrolls report exceeded expectations, further cementing the case for a Fed’s 75 bps rate hike. The consensus amongst ECB policymakers is for a 25 bps rate hike in July; September is still open. EUR/USD Price Analysis: Sellers in control might take a breather before launching an assault towards parity. EUR/USD remains subdued
Stablecoins were supposed to be the boring uncle of the crypto world — safe, sensible and dull. They’re probably not what Satoshi Nakamoto had in mind, but they’re supposed to be a reassuring haven of calm and utility away from the turbulence of pure-play cryptocurrencies. With values pegged to fiat currencies, stablecoins were intended to
The USD is trading lower as London traders look to exit for the day. The greenback is making new lows vs the: EUR CAD AUD, and NZD The GBPUSD is moving toward the Asian session high and the USDJPY is moving back toward closing levels from yesterday after trading to the highest level since June
Sri Lankan President Rajapakse and Prime Minister Wickremesinghe were forced to flee today after enormous anti-government protests. Huge crowds stormed official government buildings and took over the President’s home. Videos showed protestors swimming in his pool. The Prime Minister’s home was set on fire. The speaker of the legislature is trying to pull together an
Oil prices slipped in early Asian trade on Friday, following a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen oil demand. Brent crude futures fell 39 cents, or 0.4%, to $104.26 a barrel by 0013 GMT, dropping away from a near 4%
Euro ended as the worst performer last week on increasing worries of a deeper and longer recession. Selloff in the common currency also dragged down Swiss Franc, which ended as the second worst. Sterling was originally pressured by stabilized after UK Prime Minister Boris Johnson announced to step down after another scandal. But Yen was
The USD/JPY has been trading in a choppy 100 pip range for the last five days. The major seesawed spurred by the assassination of Japan’s ex-PM Abe and upbeat US economic data. USD/JPY Price Analysis: Range-bound, but the RSI’s aiming lower and USD/JPY uptrend overextended, might pave the way for further downside. USD/JPY is subdued as
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The price of WTI crude oil is settling at $104.58, up $2.06 or 2.01%. The low for the day reached $101.54. The high reached $105.21. A week ago, the price closed the week at $108.48. The low this week reached $95.13 on Wednesday. The high reached $111.42 on Tuesday. Looking at the hourly chart, the
The US jobs report added 372K new jobs in June. That was higher than the 268K estimate. Admittedly, there was a revision of -74K over the last two months (with May revised to 384K from 390K). Nevertheless, if the current month was adjusted for that number, a net addition of 298K (372K – 74K revision)
India Gold August futures were trading higher on Friday tracking the positive trend seen in the international spot prices as the dollar came slightly off two-decade highs. Despite the pullback, bullion is set to post its biggest weekly drop in more than a month as the elevated greenback hit demand, said a Reuters report. Gold
Recession fear is currently the main theme in the markets, with Euro and Sterling hardest hit in the currency markets. Canadian Dollar is somewhat a distant third weakest, as dragged down by oil prices. Nevertheless, Aussie and Kiwi are relatively resilient. Yen and Dollar are at par in strength for now. But they could soon
Wall Street turns positive on Friday, helping MXN. US jobs report shows better-than-expected numbers. USD/MXN corrects lower, the trend is still bullish. The USD/MXN is modestly lower on Friday still up for the week. It bottomed at 20.36, a three-day low before bouncing to the 20.45 zone. The outlook remains bullish for the pair. Fed
In an unexpected turn of events, Tesla CEO Elon Musk announced his intention to end the $44 billion Twitter deal via a letter sent to the board of the social media giant. In short, the world’s richest man is not happy with the lack of information Twitter provided about spam and fake accounts. According to
During the week, the Swiss franc is still under heavy pressure, losing more than 2%. Broad US dollar strength across the board underpins the USD/CHF. USD/CHF Price Analysis: The pave towards parity is clear, but 0.9800 and 0.9975 are still on the way for USD/CHF buyers; otherwise, a re-test of 0.9700 is on the cards.