The International Energy Agency (IEA) on Tuesday raised its oil demand growth forecasts for this year and next despite an expected deceleration in economic growth in nearly all major economies. Although voluntary supply cuts from Saudi Arabia and Russia until the end of the year will keep supply tight, with demand growth still set to
Month: November 2023
Investor sentiment is riding high in the wake of the latest US CPI report, with a notable surge in the DOW futures, climbing over 300 points, and a marked drop in 10-year yield, plunging from above 4.6% to below 4.5%. The report presented a picture of easing inflation, with both headline and core inflation rates
Inflation was flat in October from the previous month, providing a hopeful sign that stubbornly high prices are easing their grip on the U.S. economy and giving a potential green light to the Federal Reserve to stop raising interest rates. The consumer price index, which measures a broad basket of commonly used goods and services,
A Ripple executive has re-emphasized the need to adopt a technology-neutral approach for more effective and adaptable guardrails as global regulators grapple with cryptocurrency rules. At the recent Ripple Swell 2023 event, Navin Gupta, managing director of South Asia, Middle East and North Africa (MENA) at Ripple, told Cointelegraph that the industry should be regulated
Share: Further upside momentum could lift USD/JPY to its next target of 152.50 in the next few weeks, according to UOB Group’s Markets Strategist Quek Ser Leang and Economist Lee Sue Ann. Key Quotes 24-hour view: We highlighted yesterday that USD “could edge higher to 151.15 before the risk of a more sustained pullback increases.” We
USD GBP The BoE kept interest rates unchanged as expected at the last meeting. The central bank is leaning towards keeping interest rates “higher for longer”, although it keeps a door open for further tightening if inflationary pressures were to be more persistent. BoE Governor Bailey repeated that they will keep rates high for long
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold prices were stuck in a narrow range on Tuesday as investors refrained from taking big positions ahead of U.S. inflation data that could offer more clarity on whether the Federal Reserve is likely to raise interest rates further. Spot gold was flat at $1,945.45 per ounce, as of 0303 GMT. U.S. gold futures edged
The financial markets are intently focused on the upcoming US CPI report, a key indicator that could influence Fed’s next steps. Expectations are leaning towards further slowdown in headline inflation to 3.3%, while core inflation rate is projected to remain steady at 4.1%. However, there’s a growing consensus among economists about the potential for upside
A BlackRock filing suggesting the asset manager was creating an XRP (XRP) exchange-traded product caused a 12% spike in XRP, which it quickly lost after the filing was confirmed as fake. The saga lasted an hour late on Nov. 14 as X (Twitter) users picked up on a Delaware filing showing BlackRock filed to register
Share: The Canadian Dollar is adrift on a thin market at the start of the trading week. Canada’s Remembrance Day holiday has most provinces out of the office for Monday. The economic calendar is sparse this week, little Canadian data on offer. The Canadian Dollar (CAD) is finding little momentum in thin holiday markets, with
The AUDUSD corrected higher today and in the process snapped a 5-day down streak for the pair (higher USD in the process). The correction higher, however, it did find willing sellers against its falling 100-hour moving average of 0.63914. Ultimately if the buyers are to take control, they need to get above – and stay
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Gold prices edged higher on Monday as investors look forward to U.S. inflation data after hawkish remarks from Federal Reserve Chair Jerome Powell pushed bullion to a more than three-week low last week. FUNDAMENTALS* Spot gold was up 0.1% at $1,939.19 per ounce, as of 0102 GMT, after slipping to its lowest since Oct. 18
There’s a noticeable lack of a unifying theme in the forex markets today, largely attributed to an empty economic calendar across European and North American regions. Both Australian Dollar and British Pound are seeing a rebound from their recent downturns, particularly noticeable in currency crosses. However, the continuation of this momentum hinges significantly on impending
The consumer took a spending break ahead of the holiday season, with October retail sales, excluding autos and gas, falling by 0.08%, and core retail, which also removes restaurants, declining by 0.03%, according to the new CNBC/NRF Retail Monitor. The new Retail Monitor, debuting Monday, is a joint product of CNBC and the National Retail
Share: Here is what you need to know on Monday, November 13: Financial markets started the new week in a calm manner, with investors refraining from taking large positions ahead of Tuesday’s key macroeconomic data releases. After closing the previous week in positive territory, the US Dollar (USD) Index holds steady slightly below 106.00 on
The USDCAD is extending higher on the day (see hourly chart below), and in the process is trading to new highs for the week as well. The high price in the USDCAD just reached 1.38292. Looking at the hourly chart below, the pair is also extending away from a swing level near 1.3813. Looking at
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