Oil steadied on Friday as slowing demand forecast by the International Energy Agency (IEA) offset support from geopolitical tensions and optimism that the U.S. Federal Reserve might cut interest rates sooner rather than later this year. On Thursday, the IEA said global oil demand growth was losing momentum and trimmed its 2024 growth forecast, in
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Dollar stages a notable recovery in the early US session, buoyed by stronger than expected January PPI figures. The highlight was PPI excluding foods, energy, and trade services, which saw its largest monthly increase in a year, hinting at persistent underlying inflationary pressures upstream. Despite the current rebound rebound, Dollar has yet to surpass the
Yen weakens mildly in Asian session today, contrasting with Nikkei’s continued up trend towards historical high made in 1990. This development comes amidst diminishing impacts of Japanese officials’ verbal interventions aimed at stemming Yen’s decline. Without tangible policy measures to back these statements, the currency’s depreciation has persisted. Meanwhile, Finance Minister Shunichi Suzuki’s tone has
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 traded with a slight uptick on Friday helped by a slip in the dollar index (DXY) and US bond yields after decline continued on softer economic data. The lower-than-estimated retail sales have once again left Street confused as to which way the economy is headed. A rate cut expectation will likely be the key
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 languished near a two-month trough on Thursday as traders lowered expectations of sooner and deeper rate cuts by the Federal Reserve this year, while markets await a slew of U.S. economic data for further clarity. Spot gold was up 0.3% at $1,997.10 per ounce, as of 1158 GMT, but hovered near its lowest
Dollar’s pullback intensifies in early US session, prompted by unexpectedly poor retail sales data for January. This underwhelming performance is reigniting debates about the enduring strength of consumer spending, a critical factor in fueling inflation. Although a single data point does not dictate the broader economic narrative, it nonetheless re-introduces speculation about Fed’s potential rate
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 futures traded flat and struggled near a two-month low on Thursday as investors assessed comments from two U.S. Federal Reserve officials on unexpectedly high January inflation that has tempered hopes for swift and deeper interest rate cuts this year. The April gold futures were trading at Rs 61,366 per 10 grams on the MCX
Japanese Yen recovers broadly in Asian session today, while Nikkei also soared to a new 34-year high, surpassing the 38k mark. The move came as a rather complex reactions to economic data showing that Japan unexpectedly slipping into recession. The surprised downturn also led to the country’s demotion to the world’s fourth-largest economy in 2023,
Right now the market only cares about the most-recent economic data release and that means tomorrow’s full slate of data could re-write the script a few times. The highlight will be the January US retail sales report. There’s always a hangover from holiday spending but the numbers are seasonally adjusted for that. Eyes will be
Gold languished near a two-month low on Wednesday, trading below the key $2,000 per-ounce level, after a stronger-than-expected U.S. inflation report dampened expectations for more than three quarter-point rate cuts from the Federal Reserve. FUNDAMENTALS * Spot gold was down 0.1% at $1,991.09 per ounce (Oz), as of 0146 GMT, after hitting its lowest since
Sterling is taking a modest step back today, responding to UK’s latest inflation report that came in below market expectations. Despite this, the actual figures for both headline and core CPI merely held their ground compared to the previous month’s readings, signaling continued pause in disinflationary progress. Additionally, the report highlighted a slight uptick in
EUR/USD daily chart There was a bit of a question mark even with the break of the December low of 1.0723 yesterday. Price action still traded more sideways around 1.0700-20 mostly but are we finally seeing a crack to the downside? The pair is down just slightly to fresh lows of 1.0695 as European traders
Gold prices extended their decline to Wednesday on the uptick in the dollar index (DXY) following a higher-than-expected US inflation numbers which have further dashed hopes of an imminent rate cut by the Federal Reserve. Bullion traded in the red in the opening trade today with MCX April gold futures at Rs 61,422 per 10
Dollar maintains its position as the week’s top performer so far, following notable upside breakouts, while Asian markets remain relatively quiet. Without major economic releases from US today, the greenback could have a breather first. However, attention is set to return later in the week with the release of retail sales and the University of
The euro’s sharp fall to 1.0705 today is all about the US dollar side of the equation but the domestic reasons for selling Europe continue to mount. A big one is the erosion of the German industrial economy. The combination of high energy prices and the rise of Chinese autos is a massive challenge and