Month: September 2023

Spot gold closed with a weekly gain of nearly 0.30% at $1,923.81. Two-year US bond yields rose by 5bps, whereas the ten-year yields were up 7bps on a weekly basis. The US Dollar Index closed the week with a gain of 0.20% at 105.33. The week ending September 15 was an eventful one. China’s PBoC,

General Motors is out saying that it expects to run out of parts at Kansas plant as soon as next week. This is because of the Missouri plant strike. The ship shortage from Covid, led to a shortage of autos for a few years and also to higher prices for used and new cars. The

Commodity currencies were the biggest winners last week as the global tightening cycle draw closer to a prolonged pause. There was some optimism that China’s economy is moving past the worst with improving economic data. The change in sentiment also lift oil prices, which was already lifted by tight supply outlook, and feed back into

Gold gained on Friday as the dollar eased against the yuan after promising China economic data boosted recovery hopes in the world’s top bullion consumer, although the possibility of further U.S. interest rate hikes kept investors on edge. Spot gold rose 0.4% to $1,917.59 per ounce by 0701 GMT. Bullion dropped to near $1,900 level,

The EUR is ending the day as the strongest of the major currencies. The USD is also mostly higher with gains vs all the major currencies with the exception of the EUR. The JPY and the NZD were the weakest of the majors. The strongest to the weakest of the majors. The gains in the

Australian Dollar advanced during Asian session, bolstered by stronger than anticipated data emanating from China and the injection of CNY 191B of fresh liquidity into the banking system by PBoC. The injection, which involved CNY 34B through 14-day reverse repos at a reduced rate of 1.95%, down from the prior 2.15%, followed the Chinese central

Oil was on track for a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combines with optimism that the Chinese economy is finally turning a corner. Crude prices were little changed at 1248 GMT. Brent crude futures gained 8 cents to $93.78 a barrel while West Texas Intermediate (WTI) was up

The price action in the Nasdaq is worrisome. TSLA started the week off with a 10% rally and hasn’t given any of it back yet the Nasdaq is now lower on the week and in danger of closing at the lows of the week. Maybe I’m reading too much into what’s largely been a lackluster

Japanese Yen registered notable slump today, recording a new low for the year against Dollar, a move driven largely by ascending benchmark yields in the US and European markets. Meanwhile, sentiment in risk markets appears to be on the upswing, partly propelled by encouraging economic data emerging from China, fostering an environment where commodity currencies

MCX Gold traded in the green in the opening trade on Friday despite weakness in the international prices. The domestic yellow metal prices were up, aided by the uptick in greenback which made dollar-priced commodities expensive. The MCX October gold futures were trading up by Rs 106 or 0.18% from the Thursday closing price at