Gold was little changed on Wednesday as investors stayed on the sidelines ahead of the release of the minutes from the Federal Reserve’s July policy meeting, although higher bond yields kept bullion prices near six-week lows. Spot gold was up 0.1% at $1,904.30 per ounce by 9:48 a.m. EDT (1348 GMT), while U.S. gold futures
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The Australian labour market survey for July 2023 is due at 11.30 am Sydney time, which is 0130 GMT and 9.30 pm US Eastern time Expected and priors can be found here: Commonwealth Bank of Australia is expecting the unemployment rate slightly higher than consensus at 3.6%. Snippet preive from CBA: we are expecting continued
In early US trading sessions, Dollar is showing signs of regaining momentum as market participants eagerly anticipate the release of FOMC minutes from July 25-26 meeting, where a 25bps hike was delivered. Recent comments from Fed officials suggest an increasing divergence in views regarding the need for additional monetary tightening. Presently, fed funds futures reflect
Gold traded in the red in early trade on Wednesday amid a retreat by the dollar index (DXY) which has crossed the 103 mark against a basket of six top currencies. Elevated bond yields and China’s economic concerns weighed on the yellow metal which is now trading in an oversold zone. The DXY was trading
This matches the initial estimates and is a bit of a surprise given how downbeat the recent data is. Eurostat does note that there could be an outlier though, with Irish GDP jumping by 3.3% – driven by the taxation reasons, which is seeing an oversized impact among big foreign companies located in the country.
In the wake of UK CPI data, Sterling slightly higher, but lacks clear buying momentum. As BoE had anticipated, headline inflation demonstrated pronounced deceleration. Concurrently, the evident surge in services inflation dovetails seamlessly with the week’s unprecedented data on wage growth. Given these dynamics, BoE is primed for another rate hike in the coming month,
Gold prices eased on Tuesday, holding near the key psychological $1,900 level, as U.S. bond yields and the dollar remained elevated ahead of the retail sales data that could shed light on the impact of higher rates on consumer spending. FUNDAMENTALS * Spot gold slipped 0.2% to $1,905.10 per ounce by 0119 GMT, trading near
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European major currencies are making a notable stride today, with Sterling at the forefront. The Pound ascent is attributed to the historic high recorded in UK regular wage growth. This surge adds further weight to BoE dilemma, pushing it to seriously consider additional monetary tightening in the upcoming month. While Dollar is making efforts to
Oil prices fell in early trade on Tuesday ahead of a slew of economic data from China which should provide clues on the outlook for any recovery in demand in the world’s top oil importer. U.S. West Texas Intermediate crude was down 11 cents, or 0.13%, at $82.40 a barrel. Brent crude futures lost 8
Well, that certainly didn’t take long. Even with China offering up support for its economy, equities are not able to take heart in any of this. The fall in stocks is also coming as we see bonds also continue to puke the bed. 10-year Treasury yields are up 4.5 bps to 4.226% on the day.
Dollar’s spirited rally attempt faced a swift halt as major US stock indices recorded gains, positively influencing broader market sentiment. Following that, Asian markets are poised, with China’s unexpected rate cut effectively counterbalancing the dampening effects of discouraging economic data. As a result, commodity currencies, including Australian Dollar, saw a resurgence. Notably, the Aussie weathered
Gold prices fell to their lowest level in more than five weeks on Monday, as the dollar and bond yields strengthened ahead of the U.S. Federal Reserve’s July meeting minutes this week that could guide expectations for future interest rates. FUNDAMENTALS * Spot gold was down 0.2% at $1,910.29 per ounce, as of 0119 GMT,
The Australian data at 0130 GMT (Q2 wages) will be eyed by the Reserve Bank of Australia as an inflation clue, an acceleration in wages has a tendency to pull prices higher (other factors being equal). At the same time are the minutes of the Reserve Bank of Australia’s Augiust meeting, where the cash rate
Dollar surges broadly today, breaking through near term support against Euro, 145 handle against Yen, as well as near high of the year against Chinese Yuan. Worries over China’s property, as well as finance sector are weighing heavily down on sentiment. But Swiss Franc and Yen are not benefiting much from risk aversion as in
Gold traded in choppy waters ahead of the release of the US Federal Reserve’s July FOMC meeting minutes. Both Gold and Silver futures fell in the early trade on Monday. The yellow metal was trading at its five-week lows as Dollar Index (DXY) and US bond yields shot up. The DXY was trading with a
We were poised for a bit more of a risk-off mood to start European morning trade but a sudden recovery in stocks is changing that picture now on the session. As seen here, there was a sharp rebound in equities with US futures turning around as tech shares jump up. The gains now are more
Australian and New Zealand Dollars faced broad-based pressures in today’s Asian session, as markets are gripped by risk-off mood. Hong Kong HSI is witnessing the most significant downturn, in the wake of the beleaguered Chinese property developer, Country Garden, halting trading on at least ten of its mainland bonds. This move has ignited broader decline