Oil prices steadied on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) kept its growth forecast for oil demand unchanged for this year and next, while U.S. crude and gasoline inventories likely fell last week. Brent futures were down 11 cents, or 0.1%, at $84.55 a barrel at 1212 GMT, after falling 1.3%
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Yen continues its extended selloff today, except against New Zealand Dollar, in an otherwise subdued forex market. Reports indicate that BoJ may lower its economic growth forecasts for this year at its meeting later in July, while predicting that inflation will hover around 2% target in the coming years. These updated forecasts could keep the
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Fundamental Overview Gold erased all the gains from the US NFP report on Monday with some pointing to the news of China remaining on pause for the second consecutive month on gold purchases as the likely culprit. Overall, nothing has changed fundamentally, and the bullish bias should remain intact. As of now, it looks like
In case you missed the decision earlier: RBNZ leaves it cash rate on hold at 5.50%, as expected NZD/USD daily chart The pressure is staying on the New Zealand dollar today, as it is holding at the lows for the day currently. NZD/USD is down 0.8% to near 0.6070 and is testing key support levels
Gold August futures have been trading flat over the past week, gaining merely Rs 154 and opening at Rs 72,554 per 10 grams on Wednesday. Silver September futures contracts have risen by nearly Rs 1,200 during the same period, with silver futures opening at Rs 93,199/kg today. Gold prices settled on a slightly positive note
New Zealand Dollar plunged sharply after RBNZ’s more dovish than expected statement caught the market off guard. RBNZ’s indication of potential future rate cuts was unexpected, even though it’s not a hint on an imminent move. The central bank’s timing of this shift in tone is puzzling, as Q2 CPI data will only be available
The NZD/JPY sees a slight rise, inching towards 98.80. Bulls keep getting rejected by the 99.00 area. Immediate supports are poised at 98.00 and 97.70, as likely areas for possible downward corrections. In the Tuesday trading session, the NZD/JPY pair exhibited a minor uptick, hovering near the 99.00 mark. However, it seems to have hit
Ther GBPJPY continues to skim along the 100 hour MA The GBPJPY has been trending higer since mid-June. That move to the topside has been using the 100 and 200 hour MAs since mid-June as the roadmap or guiding light. When there were some dips below the 100 hour MA, either the 200 hour MA
USD/CAD daily chart There are two probabilities that matter in Canada right now: 1) A 64% chance the Bank of Canada cuts rates on July 24 The market has tilted towards a cut in the past two weeks. Despite that, the Canadian dollar has strengthened and I think that’s instructive. The market is increasingly saying
The MCX trading session will commence at 10 am on Tuesday instead of the regular time of 9 am due to technical issues, as announced by the company on their website. “The End-of-day processes for yesterday’s trade date have been delayed due to some technical issues and hence the special session will start at 09:45
As US session kicks off, Dollar is trading mildly higher, with traders eagerly anticipating Fed Chair Jerome Powell’s two-day semiannual testimony before Congress. The key questions looming over the markets are whether the Fed will initiate interest rate cuts in September and if there will be a total of one or two cuts this year.
Jerome Powell, chairman of the US Federal Reserve, during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, US, on Tuesday, July 9, 2024. Tierney L. Cross | Bloomberg | Getty Images Federal Reserve Chair Jerome Powell on Tuesday expressed concern that holding interest rates too high for too long could jeopardize
BP in 2020 set out its ambition to become a net zero company “by 2050 or sooner.” Matt Cardy | Getty Images News | Getty Images BP shares dropped on Tuesday after the firm flagged it expects to post an impairment of up to $2 billion in the second quarter and warned of lower refining
Jerome Powell’s testimony in the US Congress will be a top-tier market-moving event this week. New clues on the Federal Reserve interest rate path are awaited. US Dollar, stock markets, and other asset classes could see big swings with the Fed Chair’s words. Jerome Powell, Chairman of the US Federal Reserve (Fed), will deliver the
Fundamental Overview The USD weakened across the board since last Friday following the soft US NFP report. The data showed some more labour market cooling with an increase in the unemployment rate and a decrease in wage growth. We basically have an economy that is slowing but still growing. We will see if the market
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Gold August futures contracts at MCX opened at Rs 72,533 per 10 gram on Tuesday, showing a Rs 500 fall so far this week, while MCX silver September futures contracts traded flat, opening at Rs 93,133/kg, down by Rs 160 in the week. Gold and silver witnessed profit taking on Monday ahead of the Fed