Oil prices were little changed on Tuesday as investors weighed supply concerns from a hurricane hurtling towards the U.S. Gulf Coast against the enduring possibility of demand being dented by another increase to U.S. interest rates. Brent crude edged up by 3 cents to $84.45 a barrel by 1332 GMT while U.S. West Texas Intermediate
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Chinese refining giant Sinopec Corp says its planning to maintain steady refinery output during the second half of 2023. The firm is expecting domestic fuel demand to further recover. plans 127 million metric tons of crude throughput, about 5.04 million barrels per day, between July and December, versus 126.54 million tons during the first six
In a relatively uneventful trading day, the notable standout is the rally in the USD/JPY currency pair, which has now reached its highest level this year. The bullish momentum for Dollar against Yen raises questions about whether traders are positioning themselves ahead of crucial employment and inflation data set to be released from the US
Gold prices climbed Rs 250 to Rs 59,800 per 10 grams in the national capital on Tuesday amid a rally in precious metal prices internationally, according to HDFC Securities. The yellow metal had closed at Rs 59,550 per 10 grams in the previous trade. Silver also jumped Rs 600 to Rs 77,100 per kg. Gold
USDJPY up 66 pips USD/JPY is breaking out and the dollar is breaking out more broadly. Treasury yields fell in Asia and early in Europe but they have turned higher now with 10s at 4.22% from a low of 4.17%. That has set off significant moves throughout the forex market, with the dollar gaining 20-40
Euro is trading lower across the board today, additionally dragged down by weaker-than-expected consumer sentiment data out of Germany. This latest indicator has added fuel to concerns that Eurozone’s largest economy may become a drag on the broader region, heightening risk of a looming recession. Meanwhile, Dollar and Swiss Franc also demonstrated weakness, but this
Oil rose on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an
British Retail Consortium (BRC) data for UK shop price inflation has dropped to a 10-month low in August. Annual shop price inflation 6.9% from 7.6% y/y in July +0.5% m/m “These figures would have been lower still had the government not increased alcohol duties earlier this month,” BRC Chief Executive Helen Dickinson said. The BRC’s
Trading in the forex market today saw a tempered tone, with most major currencies trading in a tight range due to a sparse economic calendar. An early uplift in market sentiment was observed, largely attributed to China’s strategic moves aimed at boosting investor confidence. This positive wave continued into the early US trading hours, though
Gold prices declined Rs 50 to Rs 59,550 per 10 grams in the national capital on Monday amid a fall in precious metal prices globally, according to HDFC Securities. In the previous trade, the yellow metal had ended at Rs 59,600 per 10 grams. However, silver remained flat at Rs 76,500 per kg. In the
Headlines: Markets: AUD leads, JPY lags on the day European equities higher; S&P 500 futures up 0.2% US 10-year yields flat at 4.239% Gold flat at $1,914.73 WTI crude down 0.2% to $79.70 Bitcoin down 0.3% to $25,951 It was a quiet session with London out on holiday today, so there wasn’t much to work
Asian equities witnessed an upswing today, buoyed by China’s announcement of several initiatives aimed at enticing investors back into the market. Among these measures, the decision to trim the stamp duty on stock transactions and a more gradual roll-out of initial public offerings captured investors’ attention. Adding to the positive sentiment was the unexpected move
In the week ending August 25, spot gold closed with a gain of nearly 1.40% at $1914.60 meanwhile the total known global gold ETF holdings fell by around 0.15 million troy ounces in the week as outflows accelerated. But the highlight of the week was much-awaited Federal Reserve Chair Powell’s speech at the Jackson Hole
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Gold’s journey remains uncertain, with market attention turning toward the forthcoming US jobs data. This week, COMEX Gold prices saw an uptick, marking their first weekly gain in four weeks, even amid a significant surge in the US dollar. Previously, spot gold prices had dipped below the critical $1,900 per troy ounce threshold due to
UPCOMING EVENTS: Monday: UK Bank Holiday, Australian Retail Sales. Tuesday: Japan Unemployment Rate, US Consumer Confidence, US Job Openings. Wednesday: Australia CPI, US ADP. Thursday: Japan Retail Sales, Chinese PMIs, ECB Minutes, Eurozone CPI, Eurozone Unemployment Rate, US Jobless Claims, US Core PCE. Friday: Swiss CPI, US NFP, US ISM Manufacturing PMI. Tuesday The US
Morgan Stanley expects Brent crude prices to be well supported around $80 per barrel as the oil market is likely to remain in a deficit in the second of half of 2023 before returning to a small surplus next year. “Strong refined products markets and deep OPEC cuts have been supporting crude oil prices,” analysts
Mon: Australian Retail Sales (Jul) Tue: NBH Announcement, German GfK Consumer Sentiment (Sep), US CaseShiller (Jun) and JOLTS (Jul) Wed: Australian CPI (Jul), Spanish Flash CPI (Aug), EZ Sentiment Survey (Aug), US GDP 2nd Estimate (Q2), US ADP National Employment (Aug) Thu: ECB Minutes, Japanese Retail Sales (Jul), Chinese Official PMI (Aug), German Retail Sales