Spot gold closed with a gain of 0.46% at $2,013 on Friday, however, despite this the metal closed nearly 0.50% lower on the week, which is its second straight weekly loss. The ten-year US yields at 4.28% were up around 2.50% on the week, whereas the US Dollar Index was up around 0.15% on the
Month: February 2024
This past week showcased a rollercoaster of economic revelations and market responses. Despite a mix of apprehensions, especially surrounding inflation and monetary policies, the prevailing mood remained decidedly risk-on. That culminated in DOW and S&P 500 reaching unprecedented highs, even though both concluded the week on a relatively subdued note. Inflation data stood at the
A screen displays the company logo for Toast Inc. during the company’s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2021. Brendan Mcdermid | Reuters Toast, maker of restaurant management software, said on Thursday it will let go of 550 employees, about 10% of its workforce. The company
Share: Wall Street’s main indexes trade mixed after opening marginally lower on Friday. Producer inflation data from the US came in stronger than forecast. Communication Services Sector is the worst-performing major S&P 500 sector midday. The S&P 500 (SPX) index fell 0.48% to close the session at 5,005.57. The Dow Jones (DJIA) dropped 0.37% to
SMCI daily The shares of Super Micro Computer have been a GME-style phenomenon in the last month, tripling as shares rose nearly every day. They touched $1080 in the pre-market but it’s been a rush to exits. There is major options trading in this pair, including massive volumes of trade in the past day. The
Markets: Gold up $9 to $2013 US 10-year yields up 4.3 bps to 4.28% WTI crude oil up $1.20 to $79.23 S&P 500 down 0.5% NZD leads, JPY lags The hot PPI reading initially looked like it would kick off something like CPI did earlier in the week, albeit at a smaller scale. The dollar
MCX Gold and Silver trading, understanding price patterns is crucial for informed decision-making. Three prominent patterns — heads & shoulders, double tops and double bottoms — offer valuable insights into potential price movements, aiding traders in navigating the dynamic precious metals market. Head & ShouldersThe head & shoulders pattern typically signals a trend reversal from
In this photo illustration, the Coinbase logo is seen displayed on a mobile phone screen. Idrees Abbas | SOPA Images | Lightrocket | Getty Images Shares of cryptocurrency exchange Coinbase soared 12% Friday at 10:05 London time in U.S. premarket trading after the company reported its first profit in two years. Coinbase, the largest U.S.
A general view of a kiosk near Charing Cross station in London, England, on January 20, 2024. (Photo by Alberto Pezzali/NurPhoto via Getty Images) Nurphoto | Nurphoto | Getty Images LONDON — Stronger-than-expected January retail sales provided a glimmer of light for the struggling British economy on Friday — and suggest that the country’s recession
Share: Canadian Dollar on weaker footing approaching the closing bell. Canada foreign investment barely moved the needle. US PPI numbers came in above expectations, hampering rate cut bets. The Canadian Dollar (CAD) broadly stuck to the middle ground on Friday, finding little room in either direction against the majority of its major currency peers heading
The AUDUSD has had a down and up trading week. The move lower earlier in the week was off of the stronger than expected CPI. After finding support against a swing area target, the price bounced and was pushed higher after the retail sales on Thursday. Friday has been an up-and-down day with the 61.8%
The major US stock indices are closing lower on the day and for the trading week. The declines for the weeks snap a 5-week winning streak. The declines on the day come after two days of higher closes. The NASDAQ and the Russell 2000 were the biggest losers as rates moved higher, and some of
Oil steadied on Friday as slowing demand forecast by the International Energy Agency (IEA) offset support from geopolitical tensions and optimism that the U.S. Federal Reserve might cut interest rates sooner rather than later this year. On Thursday, the IEA said global oil demand growth was losing momentum and trimmed its 2024 growth forecast, in
Dollar stages a notable recovery in the early US session, buoyed by stronger than expected January PPI figures. The highlight was PPI excluding foods, energy, and trade services, which saw its largest monthly increase in a year, hinting at persistent underlying inflationary pressures upstream. Despite the current rebound rebound, Dollar has yet to surpass the
Swiss Re CEO Christian Mumenthaler gestures during a session of the World Economic Forum (WEF) annual meeting in Davos on January 18, 2024. Fabrice Coffrini | Afp | Getty Images Insurance giant Swiss Re on Friday reported a sharp upswing in full-year profit, benefitting from what it described as an attractive market environment after a
Wholesale prices rose more than expected in January, further complicating the inflation picture, according to a U.S. Department of Labor report Friday. The producer price index, a measure of prices received by producers of domestic goods and services, rose 0.3% for the month, the biggest move since August. Economists surveyed by Dow Jones had been
Share: The strength in the Dollar pushed USD/JPY back above 150.00. Economists at UBS analyze Yen’s (JPY) outlook. The current entry point to buy the Yen is attractive We think the BoJ’s policy normalization remains on track this year on strong wage hike negotiations and corporate profitability. We maintain the view that the Japanese Yen
Yen weakens mildly in Asian session today, contrasting with Nikkei’s continued up trend towards historical high made in 1990. This development comes amidst diminishing impacts of Japanese officials’ verbal interventions aimed at stemming Yen’s decline. Without tangible policy measures to back these statements, the currency’s depreciation has persisted. Meanwhile, Finance Minister Shunichi Suzuki’s tone has
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