Gold prices traded flat in early Asian trade hours on Thursday, within close range of record-high levels on a broadly weaker dollar, as traders awaited more economic data that could steer hopes for a mid-year rate cut by the U.S. Federal Reserve. FUNDAMENTALS * Spot gold was flat at $2,173.89 per ounce, as of 0147
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In today’s subdued Asian session, the currency markets saw minimal movement, with most major pairs and crosses gyrating within yesterday’s range. Japanese Yen managed to carve out modest gain, buoyed by optimistic remarks and tangible actions related to wage growth within the country. Chief Cabinet Secretary Yoshimasa Hayashi’s commentary on seeing “strong momentum” for wage
The House of Representatives has voted ByteDance to diverse or “ban”TicTok. The bill now gets pushed to the Senate. The aim of the bill is to compel ByteDance, TikTok’s Chinese parent company, to divest the social media platform or face a U.S. ban. Rep. Mike Gallagher, the chair of the House Select Committee on China
Gold prices plunged Rs 400 to Rs 65,950 per 10 grams in the national capital on Wednesday amid weak trends in the overseas markets, according to HDFC Securities. The precious metal had closed at Rs 66,350 per 10 grams in the previous trade. Silver also plummeted Rs 600 to Rs 75,300 per kg. In the
Yen declined notably during the European session and stays weak as markets enter into US session. The selloff comes in the wake of rebound in European and US benchmark yields. Despite positive news from Japan, where large corporations have committed to significant wage increases for the first time in decades, the Yen struggled to find
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
Gold prices steadied on Wednesday, after posting its biggest decline in a month in the previous session after a sticky U.S. inflation report boosted bond yields and slightly tempered hopes for a June interest rate cut from the Federal Reserve. FUNDAMENTALS * Spot gold edged 0.1% up to $2,158.26 per ounce, as of 0151 GMT.
Yen weakened broadly in Asian session today, reversing some of its robust since the previous week. This shift in momentum comes amid tempered expectations for an imminent BoJ rate hike at next week’s meeting. Japanese Finance Minister Shunichi Suzuki’s comments that the country is not yet ready to declare victory over deflation, despite positive signs
Oil prices have rebounded from earlier losses and are trading up $0.54 to $78.46. Crude had traded as low as $77.34 in the aftermath of the CPI report but everything is bid in the past hour. Helping oil along was the latest OPEC report. There was speculation they would dim their view of demand growth
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 2.25
Dollar saw only a temporary uplift from stronger-than-expected CPI figures from the US. The greenback reverted to pre-release levels, while stock futures rebounded. Traders appeared to be refraining from taking decisive bets. This reaction suggests that the inflation data, despite being higher than anticipated, may not be sufficiently influential to deter Fed from cutting interest
Later today, Tuesday 12 March 2024, we get the US consumer inflation data. Due at 1230 GMT, which is 0830 US Eastern time (and, don’t forget, the US switched to daylight saving over the weekend so if you are trading the data be aware times may, likely have, changed in your local timezone: *** OK,
Oil prices rose in early Asian trading, but price moves were limited as the market waited for monthly reports from oil agencies. Brent futures for May delivery rose 23 cents to $82.44 a barrel by 0221 GMT. The U.S. crude April contract rose 17 cents to end at $78.10 a barrel. “Crude oil traded in
Yen rises broadly in Asian session today, lifted by economic data indicating Japan’s narrow escape from recession last year. This economic turnaround, while not directly influencing BoJ decision on interest rates decision next week, certainly does not obstruct the pathway for a hike. Yen’s momentum, though currently modest, could amplify with anticipated positive developments from
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
Off its lifetime high of $2,202 per troy ounce on the Comex, Gold traded in the red in the early trade on Monday amid mild profit booking. The yellow metal’s recent surge is on the hopes of a June interest rate cut which has triggered a fall in the world’s safest hedge – the US
Yen continues to stand out as the strongest currency in today’s relatively subdued markets, supported by anticipations of an imminent rate hike by BoJ next week. Swiss Franc and US Dollar are trailing behind in strength, indicating a preference for safer assets. Conversely, Australian Dollar, New Zealand Dollar, and Sterling find themselves at the lower
China’s review of tariffs it placed on Australian wine is progressing well, Chinese Ambassador Xiao Qian told a conference in Sydney. the background to this is that China slapped Australian products with tariffs in retailation for US moves against China back during the Trump administration. Australia is a key US ally and a very small