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Gold prices flitted in a range-bound trade on Friday as traders weighed the repercussions of the Middle East conflict against expectations that U.S. interest rates would stay higher for longer after the economy’s upbeat performance last quarter. FUNDAMENTALS * Spot gold was steady at $1,984.69 per ounce by 0131 GMT. U.S. gold futures were down
As the week draws to a close, the Japanese Yen is exhibiting signs of a tentative comeback, with USD/JPY retreating back below the significant 150 mark. Dollar’s response to the latest US personal income and outlays data was relatively subdued. Although the monthly headline PCE price index ticked slightly above forecasts, other inflation indicators aligned
It owes to some slight relief after Intel and Amazon reported better earnings, with Nasdaq futures seen up 0.8% currently. But that still pales in comparison to the 1.8% drop yesterday, in which the index took out its 200-day moving average (blue line) as well: Nasdaq Composite index daily chart That’s not a good look
Gold traded range bound on Friday in the early trade albeit with a positive bias with minor softening in the dollar index (DXY). The Street now awaits the US Federal Reserve’s commentary on interest rates and economy when it meets next week. MCX December gold futures were trading flat at Rs 60,955 per 10 gram,
Dollar experienced a broad upsurge overnight, propelled by a robust rebound in benchmark treasury yields and a general mood of risk aversion. This strength continued into the Asian trading session, particularly notable in the greenback’s gains against Japanese Yen, which have now extended past the significant 150 mark. Despite verbal interventions from Japan, Yen has
The US treasury will auction off $38 billion of 7 your notes at the top of the hour. The summary of the major components and their 6 month averages are outlined below: Tail: bps (previous: 0.3bps, six-auction average: -0.2bps) Bid-to-Cover: x (previous: 2.47x, six-auction average: 2.73x) Dealers: % (previous: 14.6%, six-auction average: 12.0%) Directs: %
Oil prices fell by over 2% on Thursday after a rise in U.S. crude stockpiles signalled waning demand, and concerns about the economic outlook drove a broader sell-off in global equities. Brent crude futures declined by $2, or 2.2%, to $88.13 a barrel at 1238 GMT. U.S. West Texas Intermediate crude futures slid by $2.26,
Euro is trading as the worst performer for the today so far, but there is no extended selloff after ECB’s decision to hold interest rates unchanged. President Christine Lagarde’s press conference reiterated that current rates should be bring inflation down to target in a timely manner if maintained for sufficiently long time, which is data
Intervention does not contradict policy of shifting money away from savings towards investment BOJ holds ETFs, JGBs as part of monetary policy It is up to the BOJ to decide whether to sell its ETF holdings This is more on the semantics of their policy actions, not so much about what is happening right now.
Gold prices edged up on Thursday as the Middle-East conflict kept investors worried, with bullion standing firm despite a stronger U.S. dollar and bonds yields. FUNDAMENTALS * Spot gold rose 0.3% to $1,985.89 per ounce by 0137 GMT. U.S. gold futures were up 0.1% to $1,996.30. * Israel kept up its strikes on Hamas targets
Australian Dollar made significant gains in Asian session today following unexpectedly robust inflation figures for Q3 and September. This has caused a flurry of revised predictions from economists who now anticipate a rate hike by RBA in its next meeting in November. While there’s speculation about a subsequent hike in December, such a back-to-back move
The WSJ’s Summer Said reports that Hamas fighters trained in Iran before the Oct 7 attacks. The story says roughly 500 Palestinians got specialized training in Iran as recently as September. Note that this is the same journalist who reported the day after the attacks that Iran helped to plot the attack. This report cites
Gold price jumped Rs 50 to Rs 61,700 per 10 grams in the national capital on Wednesday, according to HDFC Securities. In the previous trade, the precious metal had finished at Rs 61,650 per 10 grams. “Gold traded firm on Wednesday, up by Rs 50 against its previous close. “Meanwhile, in the domestic market the
Canadian Dollar encountered heavy headwinds after BoC made the anticipated decision to keep interest rates steady. The bank’s hawkish tone persisted, highlighting concerns over the sluggish pace of disinflation. However, the central bank also acknowledged emerging signs indicating that past rate hikes might be curbing economic activity. Earlier in the day, Australian Dollar experienced a
In case you missed the headlines from earlier, you can check out Eamonn’s recap here: RBA rate hike incoming on November 7 – will they hike again in December? The OIS market is now pricing in roughly 63% odds of a 25 bps move next month, following the stronger-than-expected inflation numbers earlier today. That also
Gold fell on Wednesday as investors continued to book profit after a strong rally over the past two weeks aided by the Israel-Hamas conflict. This was despites some softening in the US bond yields and slippage in the dollar index (DXY). MCX December gold futures traded in the red on Wednesday at Rs 60,476 per
Asian markets commenced the week in a muted tone, with trading activity dampened due to public holidays in New Zealand and Hong Kong. The tepid trading ambiance is expected to persist through the day, given the sparse economic calendar. However, market participants are bracing for a resurgence in volatility, as a flurry of Purchasing Managers’