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Gold prices steadied on Monday as traders braced for fresh data on U.S. economic growth and the Federal Reserve‘s preferred inflation gauge due later this week, ahead of the central bank’s interest rate verdict next week. FUNDAMENTALS * Spot gold edged 0.1% higher to $2,030.87 per ounce by 0116 GMT. * U.S. gold futures rose
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2024. Brendan Mcdermid | Reuters Markets have become less convinced that the Federal Reserve is ready to press the button on interest rate cuts, an issue that cuts at the heart of where the economy and
Share: Crude Oil markets pushed into a new high for the week before settling back on Friday. WTI roils between $74.50 and $73.00 on Friday. Freezing temperatures and geopolitical tensions weigh on supply concerns. Crude Oil bids broadly rose over the week in jittery trading that saw frequent peaks and dips into highs and lows,
The NZDUSD moved lower in the early part of the week, helped by technicall breaks and slower growth in China. The move to the downside continued until the price moved into a key cluster of support defined by the 200 day moving average at 0.60897, a swing area going back to mid-November at 0.6078 –
UPCOMING EVENTS: Monday: PBoC LPR, New Zealand Services PMI. Tuesday: BoJ Policy Decision, New Zealand CPI. Wednesday: Australia/Japan/Eurozone/UK/US Flash PMIs, BoC Policy Decision. Thursday: ECB Policy Decision, US Durable Goods Orders, US Jobless Claims, US Q4 Advance GDP. Friday: Tokyo CPI, US PCE. Monday The PBoC is expected to keep the LPR rates unchanged at
Ahead of the Union Budget 2024, which is now less than a fortnight away, the domestic commodity industry has urged the government to allow the resumption of trade in banned agricultural commodities including wheat, paddy (non-basmati), chana, and others. The sentiments were echoed by the industry representatives on January 22 on the occasion of 20
Share: US indexes climbed on Friday, led by chip makers. Investors have pivoted to tech shares to shake off Fed rate tantrum. Markets go haywire as the US Dollar, US equities, and Treasury yields all rise. The Standard & Poor’s drove to a new all-time high of $4,839.58 on Friday as equities broadly rallied as
SPX weekly The S&P 500 just edged above the 2021 all-time high of 4818. A weekly close above that would be particularly bullish. The past two days of buying have been remarkably strong despite higher Treasury yields. On the day, the index is now up 0.8% to 4820, up 40 points. Technically, the weekly close
The weekly Bakers Hughes Rig count shows: Oil rigs -2 to 497 Natural gas +3 to 120 Total Rigs +1 to 620. Crude oil prices are trading down -$0.77 or -1.04% at $73.19 Looking back in time to January 2023, the oil rigs were at 623 (vs 497 today), the gas rigs at 150 (vs
Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Brent crude futures fell 17 cents, or 0.2%, to $78.93 a barrel by 0151 GMT, and U.S. West Texas Intermediate
Share: AUD/USD gains 0.34% on positive sentiment, defying a negative housing market report impact. Neutral bias with an upside tilt; breach of 200-DMA at 0.6579 may target 0.6600 and 0.6639. Downside risks include 200-DMA at 0.6579 and the January 17 low of 0.6523 before testing 0.6500. The Australian Dollar (AUD) registers solid gains from the
The AUDUSD moved lower in the first half of the week, with the high for the day reached in the early hours of Monday. The fall bottomed on Wednesday when the price reached a low corresponding to swing highs and lows from November and again in December. Today’s return to that level attracted risk-focused buyers,
US stocks close sharply higher with the S&P index closing at a new record level and above the 4800 level. The NASDAQ index led the way. For the week, the major indices all closed higher for the 2nd consecutive week after sharp declines in week 1 of the 2024 trading year. The final numbers are
NEW YORK -Oil prices were little changed on Friday but headed for a weekly gain, as Middle East tensions and disruptions to oil output offset concerns about the global economy. Brent futures were up a cent to $79.11 a barrel at 11:41 a.m. (1641 GMT). U.S. West Texas Intermediate crude fell 9 cents to $73.99.
Last week’s market development suggest growing skepticism among traders on their own aggressive bets on early rate cut by major central banks. After a batch of economic data from US and UK, as well as the chorus of central banker comments, Q2 is starting to look much less likely for the start of a global
Shoppers walk past shops on Regent Street on the final weekday before Christmas in London on December 22, 2023. Henry Nicholls | Afp | Getty Images U.K. retail sales dropped significantly more than expected in December, in a sign that the economy may have entered a shallow recession in the second half of 2023. The
Share: EUR/USD could be somewhere near 1.1500 by end-2024, economists at ING report. A dose of patience is required We retain a 1.1500 end-year forecast for EUR/USD but see range trading in the near term. While a re-assessment of the aggressively priced European Central Bank easing cycle could in theory be positive for the Euro,