As London/Europe traders hit the pubs and the trains, the USD is reaching to new highs vs all the major currencies with the exception of the CAD (the CAD has been supported by better employment data today). EURUSD: EURUSD moves away from its 100 hour moving average The EURUSD fell back below its 200 hour
Month: March 2022
One of the chief risks to 2022 continues to be wide-spread China lockdowns putting a renewed strain on global supply chains. Cases in Hong Kong are totally out of control and outbreaks are growing in the mainland. China today reported 1524 locally transmitted cases, up from 1100 a day earlier a a couple hundred last
National Stock Exchange of India (NSE) and India Bullion and Jewelers Association Ltd (IBJA) have come together to launch the domestic bullion spot exchange as per SEBI guidelines. India is the second largest consumer of gold, and it is first time that a domestic bullion spot exchange is being set up under the aegis of
The financial markets should have completed the first climax reaction to Russia to Ukraine. Both oil prices and gold spiked higher initially last week but pulled back since then. Stocks, in particular major European indexes, also staged a strong rebound after initial dive. Global benchmark treasury yields also rebounded. In the currency markets, Euro also
A trader on the NYSE, March 11, 2022. Source: NYSE Investors may take the Federal Reserve’s first post-pandemic interest rate hike in stride, while uncertainty over the Ukraine crisis continues to hang over markets. The Fed has clearly broadcast that it intends to raise its target fed funds rate by a quarter percentage point from
GBP/USD Weekly Forecast: No reprieve amid Ukraine crisis, focus shifts to Fed and BOE It was a brutal week for markets, as the tensions between the West and Russia intensified over the latter’s invasion of Ukraine. Risk-off trades dominated almost throughout the week, as investors dumped the higher-yielding currencies such as the pound while seeking
In October 2021, it was estimated that approximately 15% of the world’s supply of Bitcoin (BTC) was in circulation in Latin America. According to a recent report released by Crypto Literacy, however, 99% of Brazilian and Mexican respondents failed a basic assessment on crypto literacy. Crypto adoption is well underway across the region — on
WTI crude oil The price of WTI crude oil futures settle at $109.33. That’s up $3.31 or 3.12% for the day. The high price this week reached $130.50 in the early hours of trading on Monday. The low price reached $103.63 on Wednesday. Last Friday, the price settle at $115.68. So for the week, the
The market in the North American session took a breather from the geopolitical news from Ukraine early on, to focus on the Canadian jobs report for February. Most of the time, Canada and the US release their jobs report on the same first Friday of the calendar month. However because of calendar nuances, there are
Power producers said this would substantially raise power tariffs, particularly the spot prices, while coal companies said the coal being bought is meant for merchant plants, which sell power on the exchange and account for only a small portion of India‘s total electricity generation. According to people in the know, in spot auctions held by
Overall market sentiment is steady today. Major European indexes are trading slightly in black, together with US futures. WTI oil rebounds on news that US President Joe Biden is set to announce ban of Russian oil imports as soon as today. Gold is extending recent rise after brief consolidation, with aim to have a test
In a first pass at gauging the economic impact from the Ukraine invasion, forecasters say the U.S. will grow more slowly with higher inflation, Europe’s economy will flirt near recession and Russia will plunge into a deep, double-digit decline. The CNBC Rapid Update, the average of 14 forecasts for the U.S. economy, sees GDP rising
The shared currency is set to end the week with gains, up some 1.94%. A mixed-market mood dented appetite for the single currency, boosting the yen. EUR/JPY Technical Outlook: Remains downward biased, unless EUR bulls reclaim 130.00. The EUR/JPY plummets from weekly highs during the North American session amid a sudden risk-off market mood on
AUDUSD is testing a cluster of support down to 0.7300 The AUDUSD is also trading near a new session low and in the process is testing a cluster of support. The first four technical levels have been broken with the 100 and 200 hour moving averages both been broken, the 200 day moving average, and
The G7 is saying: It is prepared to take further measures to hold Russia’s Putin accountable for attack on Ukraine It will work to preserve stability of energy markets as well as food security It will ensure Russia and its elites, proxies and oligarchs cannot leverage digital assets to avoid impact of international sanctions It
March 11: Gold prices were set for a second weekly gain as talks between Russia and Ukraine made little apparent progress, although bullion saw a dip on Friday as elevated U.S. Treasury yields on the back of inflation data assuaged its safe-haven appeal. FUNDAMENTALS * Spot gold was down 0.2% at $1,992.94 per ounce, as
Canadian Dollar surges sharply after employment data blows past expectations. Sterling and Euro are firm slightly firmer but there is no clear upside momentum. On the other hand, selloff in Yen is still persisting. Dollar is mixed for now. In other markets, Gold is extending the pull back and it’s threatening 1960 minor support. WTI
A single family home is shown for sale in Encinitas, California. Mike Blake | Reuters After rising steadily for months, mortgage rates made a U-turn last week, and borrowers jumped to take advantage. The crisis in Ukraine rattled financial markets and caused a run on the relatively safer bond market. Yields fell and mortgage rates
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