Oil prices fell slightly in early Asian trade on Friday as optimism that a U.S. debt default will be avoided weighed against sticky inflation data that could portend more interest rate hikes from global central banks. Brent futures were down 2 cents at $75.84 a barrel as at 0015 GMT. U.S. West Texas Intermediate (WTI)
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The negotiations to raise the U.S. debt ceiling were put on hold. Dems pointed the finger at the GOP. The GOP pointed the finger at the Dems. Pres. Biden comes back from the G7 over the weekend, and I am sure both sides, know what is at stake. Nevertheless, the development alarmed market participants as
As we wind down the week, dollar seems to have resumed its inverse relationship with risk sentiment. Major European stock indices are trending upwards, with Germany’s DAX reaching hitting a new record high. Meanwhile, Euro and other European currencies are registering notable gains against Yen and the greenback. However, these European majors are trailing behind
Gold prices on Friday were on course for their biggest weekly drop in 3-1/2 months as recent strong U.S. economic data and hopes for a resolution in the debt debate took some shine off bullion. FUNDAMENTALS * Spot gold held steady at $1,959.15 per ounce by 0026 GMT, while U.S. gold futures edged 0.1% higher
The latest retreat has roughly two parts to it as gold bulls were once again unable to chase a break above $2,070-75 from the 2020 and 2022 highs, as well as the dollar and bond yields moving higher in tandem. That pushed gold back towards the support region around $1,975-81 and that eventually gave way
Japanese yen made a modest recovery today, bolstered by yet another month of robust consumer inflation data. However, this uptick in the currency was held back by strong risk-on sentiment prevalent in Japan, with Nikkei surging to a 33-year high. BoJ’s continued commitment to its ultra-loose monetary policy also put a damper on Yen’s rise,
Gold prices softened by Rs 480 to Rs 60,070 per 10 grams in the national capital on Thursday amid a decline in international precious metal prices, according to HDFC Securities. The yellow metal had finished at Rs 60,550 per 10 grams in the previous trade. Silver also plunged by Rs 530 to Rs 72,750 per
The G7 leaders summit in Hiroshima, Japan, will discuss plans to impose restrictive measures against the Russian diamond industry and against countries and institutions that help Russia circumvent international sanctions. “You can expect this to be mentioned in the G7 communique,” an EU official told reporters in a briefing. The official said there would not
Dollar continues to power up today, as traders are rethinking Fed’s policy path ahead. The odds of a hold at June 14 FOMC meeting has dropped to around 60%, as the economy continued to show resilience. The strong stock market rally this week is also helping. Canadian Dollar is currently following as second best, and
Gold futures slipped below the Rs 60,000 mark on Thursday on stronger dollar index which breached the 103 mark against a basket of six major currencies. The hawkish stance from the US Federal Reserve also dented the appeal of bullion. The yellow metal on MCX slipped, taking cues from the correction in international prices. At
EUR/USD daily chart This was perhaps coming after the troubling end to last week for EUR/USD, as outlined on Monday here. With the dollar maintaining decent form through this week, the pair is now slipping closer towards its 100-day moving average (red line) – seen at 1.0806. That alongside bids layered at the 1.0800 mark
Market sentiment received a significant boost following upbeat news about US debt ceiling negotiations, and yet, Dollar remains resilient, showcasing an impressive strength. US President Joe Biden, following a meeting with Republican House Speaker Kevin McCarthy, presented an air of optimism as discussions continue. “Now we have a structure to find a way to come
Gold prices retreated on Wednesday as the dollar advanced after comments from U.S. Federal Reserve officials cast doubts over interest rate cuts this year. Spot gold dropped 0.7% to $1,975.70 per ounce by 10:03 a.m. ET (1403 GMT), its lowest since April 27. U.S. gold futures fell 0.5% to $1,983.90. The dollar’s jump, in part
A note from PIMCO public policy analysts says this on the debt deilinb stad off: “We think a deal – or a framework of a deal – is right around the corner – and likely in days, not weeks. However, like all negotiations, there is a chance that we could see them die before they
Market sentiment continue to flip-flop on flowing headlines regarding US debt ceiling negotiations. But then, it should be remembered that it’s not done until it’s done. So uncertainties and volatility still lie ahead. Yen is the consistent one extending its near term decline. Commodity currencies are rebounding with Sterling. But the more important development is
MCX Gold futures edged higher on Tuesday as the fears around US default rose amid debt ceiling crisis. The June Gold futures were trading at Rs 60,387 per 10 grams, up by Rs 143 or 0.24% in the early trade. Meanwhile July Silver futures were also in the green at Rs 72,668 per kg, up
Prior +6.9% Core CPI +5.6% vs +5.6% y/y prelim Prior +5.7% No changes to the initial estimates as headline annual inflation did tick a little higher while core annual inflation was marginally lower in April compared to March. This still just helps to reaffirm the ongoing ECB narrative though, so carry on as you will.
Clear direction is yet to be established in the forex markets this week, with the exception of Yen’s continued depreciation, albeit at a slow pace. Canadian Dollar’s rally, spurred by CPI data, was abruptly halted due to worsening risk sentiment, marked by DOW’s over -330pts drop. US Treasury Secretary Janet Yellen amplified her warning about