Indian Rupee trades flat on Monday amid the stronger US Dollar. The lower bets on the Fed rate cuts and Indian foreign outflows might underpin the pair. The Indian and US Consumer Price Index (CPI) for May will be due on Wednesday. Indian Rupee (INR) trades on a flat note on Monday despite the rebound
Month: June 2024
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
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
The U.S. economy added far more jobs than expected in May, countering fears of a slowdown in the labor market and likely reducing the Federal Reserve’s impetus to lower interest rates. Nonfarm payrolls expanded by 272,000 for the month, up from 165,000 in April and well ahead of the Dow Jones consensus estimate for 190,000,
Kiwi’s grip loosens against the Yen on Friday, moving towards the 20-day SMA. The cross cruises through a consolidation phase while the stance of the bear is strengthening. Defense around the 20-day SMA starts showing signs of weakness, hinting at potential declines. On Friday, the NZD/JPY pair faced selling pressure, with the cross declining towards
The Canada jobs report came in more or less as expected. However, the US jobs report was stronger. That has the US dollar higher, including the USDCAD. However, traders are running into swing area resistance defined by recent highs from the last three trading weeks. Those highs come between 1.3733 and 1.3742. It will take
UPCOMING EVENTS: Tuesday: UK Labour Market report, US NFIB Small Business Optimism Index. Wednesday: Japan PPI, China CPI, UK GDP, US CPI, FOMC Policy Decision. Thursday: Australia Labour Market report, Swiss PPI, Eurozone Industrial Production, US PPI, US Jobless Claims. Friday: New Zealand Manufacturing PMI, BoJ Policy Decision, US University of Michigan Consumer Sentiment. Tuesday
Gold prices rose on Thursday, building on the previous session’s gains as investors awaited U.S. non-farm payrolls data that could determine whether interest rates will be cut earlier than expected this year. FUNDAMENTALS * Spot gold was up 0.4% at $2,365.40 per ounce, as of 0121 GMT, after a more than 1% gain on Wednesday.
Russia’s President Vladimir Putin gestures as he delivers a speech during the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 7, 2024. Anton Vaganov | Afp | Getty Images Russian President Vladimir Putin said Friday that nearly 40% of the country’s trade turnover is now in rubles as the share conducted in
Gold falls to multi-week low after US labor market data exceeds expectations. China’s People’s Bank halts 18-month Gold buying spree, exerts downward pressure on XAU/USD. US Treasury yields surge with the 10-year yield up to 4.43%, bolstering the Greenback and pushing Gold’s price lower. Traders eye US inflation data and Fed policy meeting next week.
Major US stock indices have now erased all the declines. The gains are led by the Dow Industrial Average retreated up 0.56%. The NASDAQ index is now up 0.14%: Dow Industrial Average average up 213 points or 0.56% at 39096 S&P index up 16.10 points or 0.30% at 5369.50 NASDAQ index of 23.76 points or
The PBOC is China’s central bank and the biggest buyer of gold in the world. Data hit on Friday that the Bank bought zero gold in May: In May 2024 gold prices hit a record high, and it looks like the PBOC stepped back from reserve buying in response. The Bank had been buying in
Oil prices edged down on Friday and posted a third straight weekly loss as investors weighed OPEC+ reassurances against the latest U.S. jobs data that lowered expectations that the Federal Reserve will cut interest rates soon. Brent crude futures settled 25 cents lower at $79.62 a barrel, while U.S. West Texas Intermediate crude (WTI) fell
Job growth in May was surprisingly strong, pushing back on lingering fears of a broader economic slowdown and likely slowing the Federal Reserve’s rate-cutting timeline. The U.S. economy added 272,000 jobs for the month, coming out significantly higher than the Dow Jones consensus estimate of 190,000. That’s also higher than the average monthly gain of
Gold price declines after the release of US Nonfarm Payrolls data for May, shows a higher-than-expected change in employment. Gold was already trending lower after data unveiling PBoC reserves showed no change in May compared to April. Short-term technical picture remains volatile as Gold whipsaws higher and then lower. Gold (XAU/USD) falls over half percentage point
EURUSD reaches 100 day MA The US non-farm payroll came in stronger than expected. That sent the USD higher and the EURUSD to new lows for the week. The move lower has now reached to – and now through – the 38.2% of the move up from the May 1 low. That level comes in
The major US stock indices are closing lower on the day, but higher for the week. This week, both the S&P and NASDAQ indices traded to the new all-time high levels. The S&P index reached a site today of 5375.08. That is its new all-time record high. The gains could not be maintained and the
Gold accelerated declines on Friday after a stronger-than-expected U.S. jobs report doused expectations for U.S. interest rate cuts this year, adding to bearish sentiment driven by data showing top consumer China held off on bullion purchases in May. Spot gold dipped about 3% to $2,304.54 per ounce as of 1757 GMT. U.S. gold futures settled
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