Oil futures fell more than $1 early on Monday as protests in top importer China over strict COVID-19 curbs fuelled demand worries, while investors remained cautious ahead of an agreement on a Western price cap on Russian oil and an OPEC+ meeting. Brent crude dropped $1.01, or 1.2%, to trade at $82.62 a barrel at
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EUR/USD is expected to resume its downside journey after surrendering the day’s low at 1.0340 as market mood sours. The long-term US Treasury yields have dropped further below 3.65% as anxiety ahead of Fed Powell’s speech soars. As the Fed is utterly dedicated to bringing price stability, a slowdown in the growth rate is highly
NZDUSD cracks lower in trading today The NZDUSD is correcting lower helped by the rising US dollar in trading today. The low price reached 0.62177. During yesterday’s trade, the high price extended to 0.6288. That got within sniffing distance of the falling 200 day moving average (see green overlay line on the chart above at
The major European stock indices are closing the day modestly higher (Italy’s stocks fell fractionally). German Dax +0.01% Frances CAC +0.08% UK’s FTSE 100 +0.27% Spain’s Ibex +0.34% Italy’s FTSE MIB bucked the trend with a -0.05% decline for the trading week: German Dax, +0.76% Frances CAC, +1.02% UK’s FTSE 100, +1.37% Spain’s Ibex, +3.55%
Silver prices recouped from a multi-year low on demand optimism. Global consumption of the precious white metal is expected to reach a record total this year, driven by post-pandemic industrial and physical investment demand. Silver was reeling under the bearish grip for the past several weeks. It was the worst-performing precious metal in 2022. A
The Pound Sterling drops below 1.2000, set to finish the week with gains of more than 1.50%. GBP/USD: Failure to hold above 1.2100 exacerbated a fall toward the November 24 low of 1.2049. GBP/USD Price Analysis: A break below 1.2000 will exacerbate a fall towards 1.1800. The GBP/USD hovers below 1.2100 amid a subdued trading
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AUDUSD rotates lower toward swing area support The AUDUSD to a high yesterday of 0.67729. The high price today edged just above that level of 0.6774. Both those levels fell short of the mid-November high peaked at 0.6797. Today, the dollar has been more bid, and that has led to a move back to the
With 30 minutes to go in US trading, the major indices are mixed with the Dow industrial average rising, the S&P near unchanged at the NASDAQ moving lower. The snapshot of the market currently shows: Dow industrial average up 180 points or 0.53% at 34373.80 S&P index is up 2.86 points or 0.07% at 4029.90
Many of the centralized cryptocurrency platforms that collapsed this year had something in common: a young, outspoken and cocky leader. Each gained outsized influence not by virtue of outsized intellect or talent but because of their piles of money and large Twitter followings. And each time, misplaced trust in their abilities resulted in disastrous consequences.
India is preparing a roadmap for setting up floating storage facilities for liquefied natural gas (LNG) at all its major ports, a senior government official aware of the matter said. “A plan is in the works … It would be finalised by the fiscal year-end,” the official told ET. The project is estimated to cost
The US Dollar stages a recovery on risk aversion spurred by the China Covid-19 crisis. USD/CAD bounced off weekly lows around 1.3300 and tested the 1.3400 mark. USD/CAD Price Analysis: The head-and-shoulders chart pattern remains intact. The US Dollar (USD) stages a recovery against the Canadian Dollar (CAD) amid a subdued trading session sparked by
The forex week ahead. A look a the risk and bias defining levels for the week starting November. The week ahead has as catalysts the US jobs report on Friday where the NFP is expected to add a less than trend 200K jobs. Before that the Fed Chair Powell will be speaking at the Brookings
What are the key events and releases for next week’s trading: Tuesday, November 29: Canada GDP 8:30 AM ET. Estimate 0.2% versus 0.1% last month US consumer confidence 10 AM ET. Estimate 100.0 versus 102.5 last month Wednesday, November 30: US ADP nonfarm employment change estimate, 8:15 AM ET. Estimate 195K versus 239K last month
Last week, copper and other base metals remained under pressure as the US dollar rose following the US bond yields, mainly because the hawkish remarks of the US Fed weakened market expectations of a suspension of rate hikes. Prices also started the new week on a weaker note as fresh COVID-19 curbs in the top
The expectations of a smaller Fed hike in December was affirmed by FOMC minutes last week. Dollar ended as the worst performer, following mild risk-on sentiment. Canadian Dollar was the second worst as dragged down by falling oil prices. Meanwhile, Euro was the third weakest suffering some selloff against Sterling. Talking about the Pound, it’s
The Bank of Canada (BoC) could be near the end of the interest rate hike cycle, point out analysts at RBC Capital Markets. They consider the BoC will hike by 25 basis points in December. Key Quotes: “Canada looks on track to deliver a GDP reading next week that’s just above our 1% (annualized) forecast