US May retail sales (headline) CIBC reviews today’s US retail sales report and notes that the overall picture is of a consumer that’s slowly decelerating. They note that real control group sales are still 3.9% above the pre-pandemic trendline and that leaves “excesses to be drained”. I wonder if the boost in housing prices doesn’t
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Gold price plunged Rs 550 to Rs 59,700 per 10 gram in the national capital on Thursday amid weak global trends, according to HDFC Securities. The precious metal had ended at Rs 60,250 per 10 gram in the previous trade. Silver also tumbled Rs 900 to Rs 72,600 per kilogram. “Gold extended its fall in
Euro is making notable gains following ECB’s decision to increase interest rates by a widely anticipated 25bps. The real kicker, however, is the significant upward revision of core inflation forecasts for both the current and following years, pushing the common currency up across the board. Swiss Franc capitalized on Euro’s rally, securing its spot as
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Bullion prices fell sharply in the opening trade on Thursday on a stronger Dollar Index and the Federal Reserve’s assertions that the Central Bank could go for two more rate hikes by the end of this year. The Fed commentary strengthened the greenback and led to slippages in the price of gold and silver. MCX
Below is a snapshot of the markets ahead of the FOMC rate decision: EURUSD 1.0853 USDJPY 139.39 GBPUSSD 1.2683 USDCHF 0.8978 USDCAD 1.3301 AUDUSD 0.6814 NZDUSD 0.6221 DXY 102.75 US stocks: Dow industrial average down -154 points at 34058.49 S&P index up 6.40 points or 0.15% of 4375 NASDAQ index up 19.33 points or 0.14%
Oil prices rose on Wednesday after bullish oil demand growth forecasts from the International Energy Agency (IEA) and OPEC and as investors awaited the outcome of the U.S. Federal Reserve’s June meeting. Brent crude futures were up 95 cents, or 1.3%, at $75.24 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude was
Dollar is facing renewed selling in early US session as data reveals a further slowdown in upstream inflation via PPI. All eyes are now on the much-anticipated FOMC rate decision where a ‘hold’ is broadly expected. However, the possibility of an upside surprise in both inflation projections and the dot plot remains, suggesting that we
Prior -0.4% Wholesale price index -2.6% y/y Prior -0.5% This marks a continued fall in wholesale prices in Germany, with the annual estimate now the softest since July 2020. A lot of this still has to do with energy prices in general, so there is that to consider when trying to read into the latest
Gold prices gained in the early trade on Wednesday on the back of a weaker dollar index (DXY). Although traders maintained their cautious approach ahead of the Federal Open Market Committee (FOMC) outcome, scheduled later in the day. MCX August Gold futures were trading at Rs 59,301 per 10 grams in the opening trade, up
The financial markets remain firmly entrenched in a risk-on stance as signs increasingly point towards Fed “skipping” tightening at today’s rate decision. As a result, Yen, Swiss Franc, and Dollar are this week’s worst performers, exhibiting no clear indications of a resilient bounce. On the other end of the spectrum, Australian and New Zealand Dollar
EUR/CAD daily Goldman Sachs recently shared its perspective on the euro, suggesting that its upside potential is limited due to similarities in macroeconomic conditions in the eurozone and other regions. The firm believes that the divergence in market pricing between these areas should reduce over time. Interestingly, the recent data seems to slightly diverge –
Gold prices edged up Rs 30 to Rs 60,680 per 10 grams in the national capital on Tuesday amid positive global cues in overseas markets, according to HDFC Securities. In the previous trade, the yellow metal had finished at Rs 60,650 per 10 grams. Silver also climbed Rs 70 to Rs 74,120 per kg. “Gold
Dollar falls significantly in early US session, reacting to reports that both headline and core CPI decelerated in May. This development boosts confidence to Fed policymakers to skip tightening at tomorrow’s decision. Meanwhile, Canadian Dollar and Yen are following as the next weakest for now. Contrarily, Sterling is witnessing a surge, rebounding from its initial
GBP/USD 5 mins chart I outlined some of the details earlier here as to why the report was a rather hawkish one. Essentially, it just bolsters confidence that labour market conditions are holding up despite the economic troubles. There was a bit of a scare last month as payrolls declined in April for the first
Gold prices gained in the early trade on Tuesday on a weaker dollar index (DXY) while traders maintained their cautious approach ahead of the Federal Open Market Committee (FOMC) meeting which begins today. MCX August Gold futures were trading at Rs 59,756 per 10 grams, up Rs 161 or 0.19% while July Silver futures were
Financial markets are generally leaning towards a risk-on posture, with significant rise in Asia’s Nikkei, following a solid close in the US overnight. However, this momentum will face a series of tests from significant events on the horizon, including today’s US CPI data, tomorrow’s much-anticipated FOMC rate decision, and ECB’s rate decision due on Thursday.
USD/JPY looked like it only needed a nudge to break out of the two-day range capped near 139.70 but when higher-than-expected yields materialized at a 10-year Treasury auction, it still couldn’t get through. The 2 bps tail at the 10-year sale would usually lead to US dollar buying, especially on that cross but instead it