In a move that left many market observers bemused, Yen declined in Asian trading session after BoJ opted for continuity, leaving its monetary policy untouched. Notably, the bank refrained from dropping any hints about potential alterations in its policy stance in the foreseeable future. With US 10-year yield surging to a remarkable 16-year high, Yen
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Oil prices rebounded from $1 down to $1 up in trading on Thursday, after a Russian ban on fuel exports snapped focus away from Western economic headwinds and back to throttled crude supply to the end of 2023. Brent futures for November delivery were up $1.02, or 1.09%, to $94.55 a barrel by 1348 GMT.
The US House representatives lost the most recent rules vote on defense appropriations bill. House Speaker Kevin McCarthy is struggling to unite his Republican colleagues around a temporary funding bill to prevent a federal government shutdown at the end of the month. Despite ongoing negotiations, McCarthy is running out of options as the deadline approaches.
The currency markets faced significant shifts today, notably with Sterling and Swiss Franc, which are enduring considerable selloffs. Both BoE and SNB opted to maintain their current interest rates, prompting speculation that these institutions might have peaked in their tightening cycles. However, Australian Dollar bore the brunt of today’s market sentiment, emerging as the day’s
Gold traded in the red on Thursday amid a stronger dollar index (DXY) which shot up to 105.63 against six major currencies, up 0.43% after US Federal Reserve Chair Jerome Powell hinted of another rate hike this year while maintaining that the high interest rate regime is there to stay longer. The MCX October gold
EUR/USD daily chart The fact that the Fed managed to convince markets that they can stick with the narrative of higher rates for longer is a win in itself for the dollar. I mean, if you look elsewhere, the case is definitely less compelling for the likes of the ECB and BOE should the latter
Fed’s decisively hawkish stance overnight propelled both Dollar and yields upwards, albeit dampening the stock market. Majority of FOMC members maintained projections of another interest rate hike within the year, with a tempered pace of rate cuts anticipated for the forthcoming year. Fed’s message resounded in the markets as we witnessed a significant leap in
Gold was little changed on Wednesday as investors braced for updated interest rate projections and remarks from Chair Jerome Powell following the Federal Reserve‘s monetary policy meeting. Spot gold was steady at $1,931.20 per ounce at 1127 GMT, holding below its highest level since Sept. 5 reached on Tuesday. U.S. gold futures eased 0.1% to
The major European stock indices are closing higher on the day. The indices are encouraged by the lower than expected UK CPI inflation data today. That has traders paring back expectations for the BOE rate hike tomorrow. The expectations are now 50-50 for a rate hike. The final numbers are showing: German DaX +110.66 points
Dollar is slightly softer today as the financial world holds its breath for FOMC rate decision. With the market strongly anticipating a hold, eyes will turn to the dot plot for insights. The pivotal question remains: Will there be hints of another rate hike slated for this year? Furthermore, how the dot plot for 2024
Gold traded range bound on Wednesday, though the bias remained negative as Street awaits the FOMC policy outcomes, later today. Yellow metal’s slide was despite some weakness in the dollar index (DXY) which was hovering around the 105.14 mark against a basket of six top currencies, down 0.05%. The MCX October gold futures were trading
Well, the softer UK inflation data here raises the odds of the BOE joining the ranks of the Fed and ECB into pausing but not after one last rate hike this week in all likelihood. The odds of a 25 bps move coming into today was at ~80% and while traders may pull back slightly
Asian markets manifested mild risk-off sentiments today, with Nikkei weighing down the broader region. As Japanese investors made their way back from an extended holiday weekend, notable sell-off in chip stocks took place. This reaction was prompted by reports that Taiwan’s premier chipmaker, TSMC, had requested its major vendors to postpone deliveries. Adding to the
Gold prices hit two-week highs on Tuesday, with the U.S. dollar losing its grip on six-month highs scaled last week, with attention focused on the Federal Reserve’s two-day policy meeting that begins later in the day. FUNDAMENTALS Spot gold was steady at $1,932.79 per ounce by 0058 GMT, having hit its highest since Sept. 5
WI level at the time of the auction: 4.592% High Yield: 4.595% Previous: 4.499% Six-auction average: 4.055% Tail: -0.3bps Previous: 0.9bps Six-auction average: -0.2bps Bid-to-Cover: 2.74X Previous: 2.56x Six-auction average: 2.64x Dealers: 9.27% Previous: 11.4% Six-auction average: 10.7% Directs: 25.36% Previous: 20.2% Six-auction average: 19.7% Indirects: 65.36% Previous: 68.4% Six-auction average: 69.7% Auction Grade: A-
Canadian Dollar’s rally gathers additional momentum during early US session, buoyed by data that depicted faster re-acceleration in Canadian inflation than anticipated. It is noteworthy that the surge in headline inflation figure was chiefly influenced by escalating gasoline prices, yet inflation excluding gasoline did not decelerate as BoC would love to see. This scenario is
Copper prices edged lower in Asian trading on Tuesday, as the overall mood was subdued ahead of interest rate decisions by central banks this week, with the U.S. Federal Reserve set to begin its two-day policy meeting later in the day. Concerns that faltering post-pandemic economic rebound in China, the world’s top metals consumer, could
German DAX futures -0.1% UK FTSE futures flat After the losses yesterday, it is shaping up to be more of a fairly tepid open in Europe later. This comes as US futures are also little changed after the flattish performance in Wall Street overnight. It’s tough to gather much conviction to start the week, as