USD/JPY basically did a lap today, rising soon after the Japanese data was published but soon dropping back again to be little net changed for the session Japanese CPI for May was mixed. Headline inflation was lower than estimates while core’ (Japanese core inflation excludes fresh food) had its second month in a row above
June 24: Gold prices were steady on Friday, headed for their second straight weekly decline, with worries over major central banks potentially implementing big interest rate hikes to target runaway inflation weighing on appetite for bullion. FUNDAMENTALS * Spot gold was flat at $1,823.20 per ounce by 0113 GMT, after hitting a one-week low of
While the stock markets are steady, Aussie, Kiwi, and to a lesser extend Loonie, are trading generally lower. Decline in commodity and energy prices, on concerns over recession, appear to be weighing down on these currencies. Copper prices dropped to the lowest level since March 2021, while iron ore price has fallen 15% in 2
Gold price is expected to rebound as a retest of Wednesday’s low shows a loss of downside momentum. The hawkish commentary from Fed Powell has put the gold prices on tenterhooks for a prolonged period. The DXY is performing lackluster on the downbeat US PMI. Gold price (XAU/USD) is hoping for a rebound as the
Disclosure was an important theme at a United States House of Representatives hearing on digital asset regulation Thursday. Although chair of the House Agriculture Committee Subcommittee on Commodity Exchanges, Energy and Credit Sean Maloney specified that it would focus on gaps in the oversight and regulation of derivatives and underlying spot markets, the discussion ranged
Oil prices are down more than $4 today but the loonie is keeping pace with the US dollar. USD/CAD is flat at 1.2919. The high last week was 1.3079, which basically matches the May high and threatens a double top. The loonie has held up well this year in large part due to oil and
The US dollar is under broad pressure as the narrative shifts away from inflation and towards the rising likelihood of a recession. That’s after the S&P Global composite PMI for the US fell to 51.2 from 53.8. It had been expected to remain relatively stable. The comments in the report were troubling as the outlook
Oil prices sold off over the past days, dropping below USD 110 from above USD 125 mid-June. Recession fears have their grip on markets, but the mood swing is rather one of ebbing optimism than swelling pessimism. We struggle to see lasting scarcity. Russian oil still finds its buyers and the cargoes simply take the
Euro falls broadly today after worse than expectation PMI data. Aussie and Loonie are also weak as commodity prices pull back. On the other hand, Yen and Swiss Franc are rebounding, following the rather deep pull back in US and European benchmark yields. Stock markets are mixed with European indexes trading in red, but US
In this article DRI An Olive Garden restaurant in Silverdale. Darden Restaurants, Inc. which owns Olive Garden and other restaurant chains is scheduled to report its fourth-quarter 2022 earnings on June 23. Toby Scott | Lightrocket | Getty Images Darden Restaurants‘ quarterly earnings and revenue beat analysts’ expectations, shaking off inflationary pressures as diners returned to LongHorn
Gores Guggenheim voted on Wednesday to take Polestar public. Polestar will list under the ticker PSNY on the Nasdaq and start trading on June 24. GGPI stock rose 12% on Wednesday in anticipation of the deal going through. Gores Guggenheim (GGPI) stock merger with Polestar looks set to debut on the Nasdaq on Friday under the ticker
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The price of WTI crude oil futures are settling at $106.19. That’s down $3.33 or -3.04% The high price reached $109.76. The low reached $101.53. The settle is near the middle of that range. Looking at the daily chart, the price moved below the 100 day MA (and an upward sloping trend line) near $104.62.
USD/JPY dribbled slowly lower for the session and as I post the wrap has accelerated to the downside. Former Japanese Vice Finance Minister for International Affairs, Takehiko Nakao, who was responsible for instructing Bank of Japan intervention in the yen should he deem it necessary, was reported on news wires a few minutes ago as
Gold prices were a touch lower on Thursday, with some support from a weaker dollar and U.S. Treasury yields, after the Federal Reserve’s head said the central bank was fully committed to reining in inflation, and would try not to spark a recession in the process. FUNDAMENTALS * Spot gold was down 0.1% at $1,835.88
Overall risk sentiment is rather indecisive in the markets. While US stocks staged a strong rebound overnight, there is no follow through buying in Asia. Dollar and Yen are trading mildly higher today, together with Swiss Franc. New Zealand Dollar is leading commodity currencies lower. Sterling is mixed for now but more volatility is likely