Oil prices fell on Monday ahead of a U.S. Federal Reserve policy meeting as investors tried to gauge the central bank’s appetite for further interest rate hikes and amid concerns about the prospects for Chinese demand and rising Russian supply. Brent crude futures were down $2.12, or 2.8%, to $72.67 a barrel by 1350 GMT.
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The forex markets are relatively mixed with a near empty economic calendar today. Australian Dollar is extending last week’s rally, while Euro and Yen are following as next strongest. On the other hand, Swiss Franc and Sterling are trading as the worst performers. Dollar is currently mixed in the middle, displaying no definitive directional trajectory.
It’s shaping up to be a quiet day and there might not be much in it until we get to the US CPI data tomorrow at the very least. There are some interesting technical setups in play though, so let’s take a look in preparation of the main events this week. USD/CAD holding on to
Gold prices slipped in early trade on Monday on a firmer dollar index (DXY) and a cautious approach from the traders ahead of the Federal Open Market Committee (FOMC) meeting which begins on Tuesday. MCX Gold futures were trading at Rs 59,660 per 10 grams in the opening trade, down by Rs 161 or 0.27%
Trump arrested (AI image) It will be interesting to see how this indictment goes. Trump has a good chance of being the next US President but this also had a good chance of landing him in jail. Notably, none of the 37 counts has mandatory minimums, though maximums reach 20 years. It seems to me
COMEX Gold prices started the week on a positive note, as weak US PMIs raised the odds of a Fed pause in the June FOMC meeting. The US ISM Services PMI showed that the service sector nearly stalled in May as business activity and orders eased, while ISM prices paid slid to near a three-year
The price of the WTI crude oil futures is settling at $70.17. That’s down -$1.12 or -1.54%. The low price today reached $70.10. The high price was at $71.77. For the week, the price fell $1.57. The price last week settled that $71.74. Crude oil prices recorded a second consecutive week of declines, impacted by
Gold‘s safe-haven appeal is likely to get a fillip when bullion markets reopen on Monday as weak economic data released last week have put major economies, including the US, China, and Eurozone, on a slippery wicket. While traders remain cautious ahead of the Federal Reserve’s FOMC (Federal Open Market Committee) meeting, which begins on Tuesday,
The major US stock indices are closing marginally higher on the day and marginally higher for the week. The NASDAQ’s gain this week was good enough for the 7th consecutive up week. The final numbers are showing: Dow Industrial Average 43.17 points or 0.13% at 33876.84 S&P index up 4.95 points or 0.12% at 4298.87
Spot gold closed the week ended June 9 with a gain of around 0.70% at $1960.88. Two-year US yields were up almost 2% for the week as the US Dollar index fell 0.45% to close at 103.55. Ten-year yields settled at 3.743%, up 1.11%. It was relatively a lighter data week on the US data
Last week marked the beginning of an avalanche of central bank surprises, with both RBA and BoC springing unexpected rate hikes on markets. However, the market reactions diverged substantially. Despite a weaker-than-anticipated Australian GDP report and terrible Chinese trade data, Aussie’s underlying strength was striking. In contrast, the Loonie’s ascent was curtailed by worse-than-expected employment
This week, the US dollar, tracked within a 103.290-104.400 range in the DXY index. That index (heavily weighted to the EUR) for the week fell -0.49%. The decline was initially triggered this week by below-expectation US services ISM data. In that report, released on Monday, the index for May 2023 came in below expectations with
While the Dollar Index (DXY) slipped to a four-day low, breaching the 104 mark against a basket of six top currencies, gold still traded lacklustre on Friday. Traders preferred to hold their bets on the yellow metal ahead of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting, scheduled for next week. The August
While Dollar is trading as the worst performer of the week at the time of writing, Yen’s decline looks finally taking off today. BoJ Governor Kazuo Ueda repeated once again the need to maintain current ultra-loose monetary monetary. At the same time, some other major central banks are continuing or even restarting tightening. So far,
… And just like that, the gains in the major indices are erased. The Dow Industrial Average trading down 25 points or -0.07% of 33809.42. The Dow was up 141.7 points at session highs S&P index moved to a low of 4292.05. That took the index down -1.87 points. It currently trades at 4295.60 up
Gold jumps Rs 440 to Rs 60,820 per 10 grams in the national capital on Friday amid strong global trends, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 60,380 per 10 grams. Silver also zoomed Rs 1,050 to Rs 74,350 per kilogramme. “Gold prices edged higher in the
Yen remains the worst performer for the day, but selloff appears to have slowed somewhat. Meanwhile, Euro and Swiss Franc are also softening, thanks to selling against Sterling. Canadian Dollar is mixed for now, with muted reaction to worse than expected job data from Canada. While the data doesn’t add to the case for another
It seemed like markets were content to wait on the US CPI data and Fed decision next week, so it definitely caught me by surprise that there was quite a modest reaction to the weekly initial jobless claims data here: The reading was the highest since October 2021 and prompted markets to pare bets of