Oil prices edged lower on Tuesday, giving up most of the prior session’s gains that followed an announcement by the world’s top exporter, Saudi Arabia, that it would further cut output. Brent crude futures were down 23 cents, or 0.3%, at $76.48 a barrel at 0020 GMT. The U.S. West Texas Intermediate crude eased 25
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In a remarkable rally during Asian session, Japanese stocks surged sharply, with Nikkei index smashing through the 32k mark, reaching a high not seen in 33 years. This surge followed the bullish trend seen in US markets last week, further buoyed by robust services data emanating from Japan and China. However, it’s important to note
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Gold prices fell Rs 80 to Rs 60,400 per 10 grams in the national capital on Monday amid weak global cues, according to HDFC Securities. In the previous trade, the yellow metal had finished at Rs 60,480 per 10 grams. Silver also went lower Rs 400 at Rs 73,000 per kilogramme. Spot gold prices in
Euro is experiencing some selling pressure today, brought on by discouraging investor confidence data, with other European currencies also showing signs of distress. Meanwhile, US Dollar is making strides, superseding commodity currencies as it rides the wave of last week’s late rally. Australian Dollar is trading within a narrow range against Canadian Dollar and New
Bloomberg (gated) shone a light onto a USD7.5mn option trade profit. In brief: As part of the US debt ceiling deal, one concession that made it into the bill was the approval of the Mountain Valley Pipeline, a pet project of West Virginia Sen. Joe Manchin that had been stuck in Congress.The project (in a
Gold prices edged lower on Monday as the dollar firmed on strong U.S. payrolls report, offsetting support from the prospects that the Federal Reserve would pause its rate hikes this month. FUNDAMENTALS * Spot gold was down 0.1% at $1,945.66 per ounce, as of 0041 GMT. U.S. gold futures fell 0.3% to $1,963.10. * The
Breaking. Reuters cites 3 sources saying that OPEC+ will debate an additional oil production cut among possible options at Sunday’s meeting. The report doesn’t say what the other options are, but are presumably to keep with the plan and expect balances to tighten in H2. That said, this headline may be designed to squeeze oil
Spot gold closed with a weekly gain of nearly 0.10% at $1948.46. The major driving theme of the financial markets, though it emerged late, in the week ending June 2 was a quick shift in notion about the possible monetary policy path of the Federal Reserve. Odds on bets for the Federal Reserve doing a
It will be an interesting weekend in Vienna as Reuters now reports that the additional cut would be 1 million barrels per day. None of this is a huge surprise and the timing of the leaks before the weekend appears designed to put a squeeze on shorts but that squeeze will reverse on Monday if
Gold price jumped Rs 350 to Rs 60,600 per 10 gram in the national capital on Friday amid a rally in precious metals prices overseas, according to HDFC Securities. The yellow metal had closed at Rs 60,250 per 10 gram in the previous trade. Silver also zoomed Rs 650 to Rs 73,550 per kg. “Spot
Global stock markets registered impressive gains last week, with the resolution of the US debt ceiling and robust American job data contributing to the bullish momentum. The ebbing expectation of a Federal Reserve rate hike in June also provided additional support. Canadian and Australian dollars emerged as the week’s top performers, reflecting the market’s increased
It was time for the laggard indices to take control today. Both the Dow industrial average and the Russell 2000 of small-cap stocks outperformed the NASDAQ which is been the big outperformer in 2023. The final numbers for the day are showing: Dow industrial average rose 797 points or 2.12% at 33762.59. That was the
The yellow metal started the holiday-shortened week on a positive note and is poised for the best weekly gain since April, amid sharp fall in the greenback and the US benchmark treasury yields. The dollar index fell below 103.5 levels, after touching a two-month high of 104.7 on Wednesday, while the yield on the US
Markets: Gold down $29 to $1948 WTI crude oil daily +$1.85 to $71.93 S&P 500 up 62 points to 4289 US 10-year yields up 8.3 bps to 3.69% US 2-year yields up 16 bps to 4.50% AUD leads, JPY lags Non-farm payrolls beat the consensus estimate for an unprecedented 14th time and it beat it
Gold slipped on Friday as hotter-than-expected U.S. jobs data lifted Treasury yields, though it was on track for a weekly gain as a higher unemployment reading kept alive hopes that the Federal Reserve would pause interest rate hikes. Spot gold was down 0.8% at $1,962.69 per ounce by 11:20 a.m. EDT (1520 GMT) after hitting
Dollar is extending the near term pull back in Asian session today, driven by a combination of factors including a risk-on market sentiment, falling Treasury yields, and growing market expectations of a Federal Reserve “skip” in June. However, the greenback, along with other currencies, will be closely watching today’s non-farm payroll data for further direction.
Gold took a tumble in the past 15 minutes as it extends its post-payrolls slump. It’s not entirely clear what’s behind the selling with Fed funds futures pricing for the June meeting stuck at 29% pre-and-post NFP. The dollar is also broadly flat and commodities are generally higher. This one might be technically-related as offers