Dollar is reversing much of yesterday’s gain as both headline and core PCE price indexes showed more than expected moderation. Meanwhile, Yen is also reversing earlier gains around BoJ policy decisions. On the other hand, European majors are making a notable comeback, with Sterling outperforming Euro and Swiss Franc. Commodity currencies however, are staying as
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Gold traded with a positive bias on Friday even as the dollar index displayed strength. Over the last five trading sessions, the DXY has strengthened by 0.63%. The August gold futures were trading with gains at Rs 59,510 per 10 grams on the MCX when markets opened, up Rs 107 or 0.18% from Thursday’s closing
The week is definitely ending with quite a buzz, as there has been non-stop action since the ECB policy decision yesterday. The Japanese yen is the big mover today as we see a 200+ pips whipsaw in the aftermath of the BOJ policy decision earlier. That took equities for a ride as well and on
Asian markets are trading in positive mood today, even though US stocks were unmoved by FOMC’s rate hike overnight. Fed Chair Jerome Powell was predictably non-committal regarding next policy decision. But investors appear content to go along with the prevailing trend. Meanwhile, this upbeat sentiment is giving a notable boost to commodity currencies, with Australian
Gold price jumped Rs 250 to Rs 60,600 per 10 grams in the national capital on Thursday amid strong global cues, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 60,350 per 10 grams. Silver also zoomed Rs 900 to Rs 77,900 per kilogramme. Gold advanced on Thursday, with
> U.S. Treasury auctions office 7 year note at a high yield of 4.087% WI level at the time of the auction was 4.074% High-yield 4.087% WI level 4.064% Tail 1.3 basis points versus 6-month average of 0.0 basis points Bid to cover 2.48X versus 6 month average of 2.54X Directs 15.9% versus 6 month
Euro turns weaker after ECB’s expected rate hike. Downside momentum is also picking up when ECB President Christine Lagarde indicated that even minor alterations in the statement’s phrasing were intentional. ECB has shifted its wording from interest rates “will be brought to” to will be “set” at a sufficiently restrictive level, providing a basis to
Gold prices held near their highest levels in a week in early Asian trading on Thursday after the U.S. Federal Reserve delivered a widely expected interest rate hike and investors digested fairly balanced comments from Chair Jerome Powell. FUNDAMENTALS * Spot gold was up 0.2% at $1,975.05 per ounce by 0114 GMT, its highest since
The dollar is softer in the aftermath of the FOMC meeting yesterday, as it appears we might have seen the last rate hike come in by the Fed. I shared some added thoughts on that here. As much as the dollar is lower, it’s not that bad as this just mostly eats into the rebound
In today’s Asian trading, Australian Dollar took a brief dip following release of consumer inflation data that indicated more rapid deceleration than predicted. This dampened expectations for an additional rate hike by RBA in early August. Nonetheless, Aussie managed to regain stability promptly, reversing some of the selloff. As Fed’s rate decision looms, market participants
Gold prices struggled for direction in early Asian trading on Wednesday as traders awaited the U.S. Federal Reserve’s widely expected rate hike and a potential end to its monetary tightening cycle. FUNDAMENTALS * Spot gold held its ground at $1,964.14 per ounce by 0110 GMT, while U.S. gold futures edged 0.1% higher to $1,965.90. *
Bill Blair takes over as defense minister Anita Anand goes from defense to Treasury board Sean Fraser named housing and infrastructure minister Arif Virani to be justice minister No changes in finance, foreign, innovation or natural resources ministries I would call this more of a minor reshuffle with only changes to defense and justice and
The financial markets appear to be a little on risk-off mode today, as FOMC rate decision is awaited. Additionally, ECB will announce policy decision tomorrow, followed by BoJ on Friday. Commodity currencies are the worst performers so far, as led by Aussie which was pressured following CPI data earlier today. Yen is currently the strongest,
Gold remained range-bound in Wednesday’s early trade ahead of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting later in the day. Dollar Index (DXY) was above the 101 mark against a basket of six top currencies. The August gold futures were trading with minor gains at Rs 59,203 per 10 grams on the
Eamonn Sheridan Wednesday, 26/07/2023 | 03:10 GMT-0 26/07/2023 | 03:10 GMT-0 Australian Treasurer Chalmers speaking after the CPI data published earlier today: AUD – decline in inflation should be enough to keep the RBA on hold at their next meeting Chalmers: says there is a long way to go to beat inflation inflation is moving
Australian Dollar advances broadly today, buoyed by optimism surrounding news of stimulus from the Chinese government. This positive outlook has also lifted sentiment for Chinese Yuan and Copper. New Zealand Dollar has similarly benefited from this favorable sentiment, which is providing support to Sterling as well. Meanwhile, Dollar is slightly softening, alongside Yen and Swiss
Gold prices struggled for direction in early Asian trading on Tuesday as traders braced for a widely anticipated rate hike along with monetary policy clues from the U.S. Federal Reserve over the next two days. FUNDAMENTALS * Spot gold rose 0.2% to $1,958.20 per ounce by 0119 GMT, while U.S. gold futures fell 0.1% to
High yield 4.17% WI level at the time of the auction 4.166% Tail 0.4 basis points vs a six-month average of -0.7 basis points Bid to cover 2.60X versus six-month average of 2.54X Directs 22.13% versus six-month average of 17.9%. Indirects 64.38% versus six-month average of 70.7%. Dealers 13.49% versus six-month average of 11.4%. Auction