British Pound is making broad recoveries following stronger than anticipated retail sales, although signs of a durable rebound remain elusive. Concurrently, Japanese Yen displayed general weakness. Despite solid inflation data from Japan, the figures were not robust enough to force a policy shift from BoJ. Australian and New Zealand Dollars trailed as the next weakest,
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Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. “The supply deficit that had been looming in the second half of the
The softer UK inflation print was the major driver in European equity markets this week, still the 3% weekly gain for the FTSE 100 only returned it to mid-June levels. Closing changes for the day: Stoxx 600 +0.3% German DAX -0.2% FTSE 100 +0.2% French CAC +0.6% Italy MIB +0.2% Spain IBEX +0.4% For the
Japanese Yen experienced a sharp fall today after reports emerged suggesting that BoJ is “leaning towards” maintaining its current yield curve control policy unchanged in the upcoming meeting next week. The development has come in the wake of Japanese inflation data for June, which showed a relatively unchanged yet high level. Notably, 10-year JGB yield
Gold prices climbed on Friday as a weaker dollar made bullion cheaper for holders of other currencies, while the metal was poised for a third consecutive weekly gain on hopes that the U.S. Federal Reserve will pause rate hikes after July.FUNDAMENTALS * Spot gold rose 0.1% to $1,971.79 per ounce by 0119 GMT. Bullion gained
Data from Japan today showed all three of the major CPI rates remained much higher than the Bank of Japan 2% target. The 15th straight month that the inflation rate is above the Bank of Japan’s 2% target. I sound like a broken record on this, but the Bank of Japan insists that current high
Australian Dollar is making a notable rebound today, largely supported by strong employment data, rebound in Copper price, and a resurgence in Chinese Yuan. In tandem, New Zealand Dollar is closely trailing the second strongest performer. British Pound languishes as the worst performer, still feeling the drag from yesterday’s lower-than-expected UK CPI Data. Dollar and
Gold traded in the green in Thursday’s early trade amid some softness in the dollar index (DXY), though it was still hovering over the 100 mark and trading with negative bias. The DXY was trading at 100.05 against a basket of 6 major currencies. The August gold futures were trading at Rs 59,947 per 10
Eurozone consumer confidence inches higher Prior -16.1 Consumer confidence in the Euro area flash for July 2023 -15.1 vs -16.0 estimate The EU confidence moved up to -16.1 (up 1.1) Looking at the chart above, the confidence level is inching higher from 2022 lows. The longer-term average comes in around -11.5. For those looking for
Today’s trading has been notably subdued after Asian session, characterized by limited news flow from Europe, and just US jobless claims and Philadelphia Fed survey in early US session. Sterling weakness continues to be a dominant theme for the week, experiencing a fresh round of selling as US session opens. Concurrently, slight softening is evident
Gold prices inched up on Thursday, hovering near an eight-week peak on bets that the U.S. Federal Reserve might soon hit pause on its interest rate-hiking cycle. * Spot gold rose 0.1% to $1,978.59 per ounce by 0053 GMT. U.S. gold futures were little changed at $1,981.30. * The dollar index wobbled near a more
> AUD/USD higher – stronger yuan fix, good jobs report Eamonn Sheridan Thursday, 20/07/2023 | 01:34 GMT-0 20/07/2023 | 01:34 GMT-0 AUD/USD has jumped higher with supportive news from China (boosting the yuan) And also from Australia: ADVERTISEMENT – CONTINUE READING BELOW Tags ADVERTISEMENT – CONTINUE READING BELOW Most Popular ADVERTISEMENT – CONTINUE READING BELOW
Sterling falls sharply following the release of June’s UK CPI figures which revealed faster than expected slowdown in both headline and core inflation. Despite the persistent high inflation levels, these figures suggest BoE may not need to raise interest rates as aggressively as previously anticipated by some economists, potentially easing some monetary policy pressures. In
The Brent crude oil benchmark hovered above $80 a barrel on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations that the U.S. Federal Reserve will stop raising interest rates soon. Brent futures were up 63 cents at $80.26 a barrel by 1325 GMT while U.S. West Texas Intermediate (WTI) crude was up
oil was just below the 200dma ahead of the release WTI crude oil is trading just shy of $77 ahead of this week’s EIA inventory report at the bottom of the hour. The consensus on the data: Crude -2440K Gasoline -1577K Distillates +460K The API data released late yesterday: Crude -797K Gasoline -2800K Distillates -100K
Sterling continues its descent, which was spurred on by the fallout from UK CPI data, in early US session. The odds of a 50 bps rate hike from BoE in August are being reassessed, now standing at a mere 50% probability. Furthermore, expectations of a peak rate have also dipped, falling below the 6% threshold.
Gold prices pulled back on Wednesday from a 1-1/2-month high scaled in the previous session even as investors bet that recent U.S. economic readings make the case for a pause in the Federal Reserve‘s interest rate-hike stance. * Spot gold was down 0.1% at $1,978.09 per ounce by 0043 GMT, after hitting its highest since
The headline: Westpac Leading Index for June +0.11% m/m (prior -0.26%). More attention is paid to the Leading Index growth rate, as below: Westpac’s summary from their report: The six-month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of Australian economic activity relative to trend three to nine months