Oil extended gains on Monday, rising more than 3% after China‘s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to
Month: January 2023
Selloff in Dollar remains the main theme today, but Yen is also sharing some burden. US 10-year yield is falling below 3.6 handle again, giving the greenback some additional pressure. Swiss Franc breaks through recent resistance against Dollar already, with help from cross buying. But Euro might also follow very soon. For now, Aussie and
What you need to take care of on Tuesday, January 10: The US Dollar started the week on the back foot as optimism weighed on the safe-haven currency. On the one hand, market players assessed US macroeconomic data published last Friday, which suggests the Federal Reserve could slow the pace of tightening. Federal Reserve officials
EURUSD moves to a new high The EURUSD is moving to a new high for the day and in the process is extending above the end of December high at 1.07127. The next target is the high from December 15 at 1.0735. Moving above that high would take the price to the highest level going
Prices up 0.8% m/m seasonally adjusted Unadjusted -1.9% December prices +0.8% Largest annual decline in series history at -14.9% Full report This is the index for the second-half of December. Days supply is still about as tight as a year ago but there are some murmurs about supply coming online and that should also be
Gold price on Monday increased by Rs 367 to Rs 56,110 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 367 or 0.66 per cent at Rs 56,110 per 10 grams in a business
Australian Dollar rises broadly today as risk-on sentiment carried forward to Asian session. Additionally, the Aussie is lifted by reopening of China, together with Yuan and Hong Kong stocks. Kiwi and Sterling are currently the next strongest. Dollar plunges broadly as a result too, with expectations that Fed to going to slow down the tightening
The continuation of the selling pressure could drag USD/CNH to another test of the 6.7500 zone in the short term, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Key Quotes 24-hour view: “While we expected USD to weaken last Friday, we were of the view that ‘6.8560 is unlikely to
USDJPY moves back lower after weaker ISM data The USDJPY has resumed its downward momentum following the much weaker than expected ISM nonmanufacturing Index which tumbled to 49.6 from 56.5 last month. The expectations was for 55.0. Employment, and new orders both moved below the 50 level. Prices paid decreased to 67.6 from 70.0. Looking
The reopening trade, and the propping up of property, continues to provide a tailwind for China. China stocks higher on the session: Onshore yuan got a circa 6950 point revaluations at the reference rate setting today: Weekend news from China: (Gold catching a, further, bid from that last one) Saturday was the first day of
This week we are going to take a look at the trading concept of #arbitrage and what it means. It is a trading approach that is a little different than anything else that we have looked at in this series. What is arbitrage? It is the art and science of studying trading opportunities in great
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Mexico’s central bank digital currency (CBDC) development is still in an initial phase, and it is unlikely to be ready for launch by 2024. According to local media reports, Mexico’s central bank, known as Banxico, is currently working on legal, administrative, and technological requirements for the peso’s digital version. The first of three stages for
Gold price in the national capital declined Rs 201 to Rs 55,994 per 10 gram on Thursday amid a fall in the precious metal’s prices globally, according to Securities. The yellow metal had closed at Rs 56,195 per 10 gram in the previous trade. Silver also plummeted Rs 1,475 to Rs 69,286 per kilogram. “Comex
The GBP/USD soared close to 1.50% on disappointing US ISM Services data. Hawkish Fed speaking failed to weigh on the GBP/USD. Next week’s economic calendar would feature UK GDP, and US CPI reports. The Pound Sterling (GBP) extended its gains against the US Dollar (USD), surging more than 160 pips on Friday, following a disappointing
There are a lot of transitions that are going on from a fundamental and technical perspective.. In this weekend video, Greg Michalowski of Forexlive, talks about the transitions that are occurring in the economy, politics and in the markets in his weekend Forex technical report. Set yourself up to understand the dynamics in play and
Turkey’s state pipeline operator Botas issued a statement on Saturday. Says that a fault on the Iranian network side had decreased the volume of gas piped to Turkey as of January 1. Turkish authorities have requested Iran fix the issue as quickly as feasible. Iran is the second-largest gas supplier to Turkey after Russia. Weirdly,
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