Gold traded flat in the opening trade on Thursday amid gains in the dollar index (DXY), which has slipped below the 105 mark, hitting a 10-week low. The strength in greenback was on account of strong US retail sales data, off-setting hopes that the Federal Reserve had come to the end of its tightening cycle.
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Australian Dollar weakens broadly in Asian session, as Australian employment data and shifting global risk sentiment take center stage. The mixed nature of the latest Australian jobs report is causing a rethink among investors regarding RBA’s next steps. Despite robust increase in overall employment numbers, a nuanced look reveals cracks in the job market’s strength.
The major US indices are closing the day higher. However, the broader indices in particular are well off their intraday highs: Dow Industrial Average rose 163.51 points or 0.47% at 34991.22. At session highs, the index was up 223.39 points. S&P index rose 7.18 points or 0.16% at 4502.89. At session highs, the index was
Oil prices dipped on Wednesday due to expectations of an increase in U.S. crude stocks amid record high output in the world’s biggest producer and despite positive demand signs from top consumer China. Brent futures were down 69 cents to $81.78 a barrel at 1346 GMT, while U.S. West Texas Intermediate (WTI) crude was down
Sterling emerged as the standout underperformer today, reacting notably to the latest CPI data from the UK. This data indicated a more rapid deceleration in both headline and core inflation rates than many had predicted. Such a shift in inflation dynamics is feeding into growing belief among market participants that BoE has reached the pinnacle
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 extended gains on Wednesday buoyed by a weaker dollar index (DXY) which slipped below the 105 mark after US inflation data showed a slowing trend bolstering views that the US Federal Reserve is likely done with its rate-hike campaign. The December gold futures were trading at Rs 60,195 per 10 gram, down by Rs
Dollar remains subdued in the aftermath of its significant selloff triggered by CPI release overnight. Market sentiment has swiftly shifted, with the majority now almost ruling out the possibility of further rate hikes by Fed. This shift indicates a growing consensus that current federal funds rate of 5.25-5.50% marks the peak of this cycle. Moreover,
Activity data from China will be the focus. Base effects are expected to likely cause industrial production to drop, although the consensus is for unchanged (y/y figures). The official manufacturing PMI is in contraction. Base effects too should, on the other hand, help retail sales bounce from Covid-impacted October 2022. The data for the first
The International Energy Agency (IEA) on Tuesday raised its oil demand growth forecasts for this year and next despite an expected deceleration in economic growth in nearly all major economies. Although voluntary supply cuts from Saudi Arabia and Russia until the end of the year will keep supply tight, with demand growth still set to
Investor sentiment is riding high in the wake of the latest US CPI report, with a notable surge in the DOW futures, climbing over 300 points, and a marked drop in 10-year yield, plunging from above 4.6% to below 4.5%. The report presented a picture of easing inflation, with both headline and core inflation rates
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 were stuck in a narrow range on Tuesday as investors refrained from taking big positions ahead of U.S. inflation data that could offer more clarity on whether the Federal Reserve is likely to raise interest rates further. Spot gold was flat at $1,945.45 per ounce, as of 0303 GMT. U.S. gold futures edged
The financial markets are intently focused on the upcoming US CPI report, a key indicator that could influence Fed’s next steps. Expectations are leaning towards further slowdown in headline inflation to 3.3%, while core inflation rate is projected to remain steady at 4.1%. However, there’s a growing consensus among economists about the potential for upside
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 edged higher on Monday as investors look forward to U.S. inflation data after hawkish remarks from Federal Reserve Chair Jerome Powell pushed bullion to a more than three-week low last week. FUNDAMENTALS* Spot gold was up 0.1% at $1,939.19 per ounce, as of 0102 GMT, after slipping to its lowest since Oct. 18
There’s a noticeable lack of a unifying theme in the forex markets today, largely attributed to an empty economic calendar across European and North American regions. Both Australian Dollar and British Pound are seeing a rebound from their recent downturns, particularly noticeable in currency crosses. However, the continuation of this momentum hinges significantly on impending
Eurostoxx +0.2% Germany DAX +0.3% France CAC 40 +0.2% UK FTSE +0.4% Spain IBEX +0.3% Italy FTSE MIB +0.5% The gains here owe to a catch up to the gains in Wall Street on Friday. So, it’s not really pointing to a positive risk momentum to start the session. Looking at US futures, S&P 500