Markets: Markets closed for Good Friday FX essentially unchanged A holiday throughout global markets usually makes for a quiet news day but that wasn’t the case today with US PCE, Powell and some other odds-and-ends. The PCE report had something for everyone but there was some US dollar selling in the aftermath. I suspect some
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(This story originally appeared in on Mar 30, 2024) HYDERABAD: A week after it vaulted over the $2,200/oz mark in international markets for the first time, gold touched yet another life-high of $2,236 in the wee hours of Friday. In March, it has gained 9.3%, logging its best month since July 2020 (see graphic). Though
Goldman Sachs outlines its projections for the monetary policy paths of both the Federal Reserve and the European Central Bank (ECB) over the coming years. The firm expects the Fed to initiate a series of rate cuts starting in June 2024, eventually reaching a terminal rate range of 3.25-3.5%. In contrast, the ECB is forecasted
Gold prices eased on Thursday as the U.S. dollar and bond yields ticked higher after comments from a Federal Reserve official on interest rate cuts, while investors looked forward to more economic data for policy clues. FUNDAMENTALS * Spot gold was down 0.2% at $2,189.29 per ounce, as of 0139 GMT. * U.S. gold futures
Dollar dips mildly in the wake of the latest PCE inflation data, which largely met market expectations without delivering any significant surprises. Notably, headline inflation saw a slight uptick, primarily driven by rising energy costs. Core inflation saw a slight deceleration from last month’s upwardly revised figures. However, a key point of concern remains the
It is shaping up to be a quiet one as we look towards the session ahead today. That is to be expected though as the Easter bunny is here to visit. Major currencies are subdued with little to work with in general for the time being. US markets will be open though, and that will
Gold price climbed Rs 350 to Rs 67,350 per 10 grams in the national capital on Thursday amid strong trends in the international markets, according to HDFC Securities. Extending its gains for the second straight session, the price of the precious metal had settled at Rs 67,000 per 10 grams in the previous trade. Silver
Nikkei tumbled sharply in Asian session today, largely in response to Yen’s rebound late yesterday, which followed strong verbal interventions by Japanese officials aimed at curbing the currency’s recent weakness. Additionally, profit-taking activities could be another factor as markets gear up for an extended holiday weekend. Yen’s rebound,while notable, has not yet demonstrated strong momentum,
Synopsis: Bank of America reaffirmed its bullish stance on EUR/USD, projecting the pair to reach 1.15 by the end of 2024, in contrast to the more conservative consensus forecast of 1.10 for this year and 1.14 by 2025. BofA’s optimism stems from expectations of a weaker dollar driven by moderating inflation and anticipated Federal Reserve
Oil prices rose on Thursday, following two consecutive sessions of decline, as investors anticipated tighter supplies given the OPEC+ producer alliance is widely expected to stay the course on its current production cuts. Brent crude futures for May were up $1.23, or 1.4%, at $87.32 a barrel, while the more actively traded June contract rose
Dollar initially gained momentum in European session and breaks through near term resistance against Euro. However, the greenback then saw a swift reversal as the market transitioned into US session. Despite a stronger final reading for US Q4 GDP, the impact on the greenback was muted, attributed largely to the data’s perceived obsolescence given the
It’s not the most exciting of weeks for bonds, as the action has trended rather sideways. 10-year yields in the US have been sticking around 4.20% to 4.25% for the last few days. And for the most part, that owes to some technical pull as seen in the chart below: US Treasury 10-year yields (%)
Gold prices rose in the opening trade on Thursday tracking positive trade in the international prices. The gains in yellow metal were on the back of some let-off in the dollar index (DXY). The MCX April gold futures were trading at Rs 66,491 per 10 grams, rising Rs 124 or 0.19% while May silver futures
Japanese Yen breached its recent low against the broadly strong Dollar in Asian session today, but the selloff halted just before reaching 152 mark. The momentum of Yen’s decline appears to be cushioned by Japan’s heightened verbal intervention. Finance Minister Shunichi Suzuki issued a stern warning about Yen’s depreciation, warning of “decisive steps” to support
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Oil prices were broadly level on Wednesday, after official numbers were released for U.S. crude stockpile and signs the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week Brent crude futures for May were down 23 cents, or 0.3%, to $86.02 a barrel by 1447 GMT while the
Japanese Yen staged in a notable rebound in European session, triggered by heightened market vigilance towards market interventions. This reaction comes in the wake of a significant meeting between Japan’s Ministry of Finance, Financial Services Agency, and Bank of Japan, marking the first such tripartite gathering since last May. The meeting was called into action
The dollar is trading steadier so far on the day, after a bit more pushing and pulling in trading yesterday. USD/JPY is the one to watch though as Japanese officials are out in force to verbally intervene against a further drop in the yen. The pair briefly touched 151.97, which is the highest since 1990,