Risk-on, risk-off, and then risk-on. It’s a roller-coaster ride for investors last week,with a slew of heavy-weight events. In the end, commodity currencies ended as the best performers, with support from rebound in sentiment. Canadian Dollar held a slight advantage over Australian and New Zealand Dollar. But all have them have reasons to extend last
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Anuj Gupta, Vice President, IIFL Securities, says future contracts are very useful for hedging the prices by using future contracts. After the listing of this commodity on the exchange, traders are using this platform for hedging the prices. A few days back, we saw unseasonal rain destroy almost 4,000 sacks of Isabgol in Jaisalmer. So
Dollar trades broadly lower overnight and remains soft in Asian session. Despite risk-off sentiment in the US, the greenback failed to find support, as market participants bet on an earlier Fed rate cut due to ongoing bank concerns. Meanwhile, Euro is also facing pressure due to falling treasury yields, with yesterday’s ECB rate hike now
Gold prices declined Rs 160 to Rs 62,040 per 10 grams in the national capital on Friday amid a fall in international precious metal prices, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 62,200 per 10 grams. Silver, however, climbed Rs 650 to Rs 77,950 per kg. “Spot
Dollar jumps in early US session as lifted by a set of strong non-farm payroll data. But it remains to be seen if buying could sustain. Still, Canadian Dollar looks even stronger for its own robust employment data too. For now, Swiss Franc is the worst performer for the day, very much thanks to the
Gold prices were flat on Friday but set for their biggest weekly gain in nearly two-months, as hopes of a pause in the U.S. central bank’s interest rate hike cycle and banking worries bolstered the appeal of the safe-haven metal. FUNDAMENTALS * Spot gold was little changed at 2,048.81 per ounce by 0039 GMT, but
Dollar was sold off broadly overnight after Fed indicated openness to a pause in tightening after raising interest rate by 25bps. Yet, selloff is relatively limited after Chair Jerome Powell ruled out a rate cut this year. Indeed, major stock indexes ended slightly lower, as weighed by persistent concerns over regional banks in the US.
The privately surveyed PMIs from China for April 2023. Caixin / S&P Global Services PMI 56.4 vs. expected 57.3 and previously at 57.8 Composite 53.6 vs. previously at 54.5 The report highlights these Key findings: Slower but still sharp increases in activity and new work Input cost inflation quickens to one-year high Employment growth moderates,
On a recent evening in April, only three or four people browsed among the several gold jewellery booths in a plaza in Beijing’s high-end Wangfujing shopping district and all left without buying anything. “I’m just taking a look. I do not consider buying right now because prices are too high at the moment,” said one
Euro dips initially after ECB stepped down tightening pace with a 25bps rate hike today. But it then quickly recovers after ECB President Christine Lagarde firmly said in the press conference, “We are not pausing. That’s very clear… We know we have more ground to cover.” Overall though, Euro is on the weaker side today,
Shares of Western Alliance Bancorp are down 30% on a report from the FT that they’re exploring a sale, citing two people. (update -45%). The report has also weighed on wider sentiment and sent the S&P 500 to session lows, down 37 points, or 0.9%. AI image “What’s the fastest anyone has cut rates after
Oil prices fell over 1% on Thursday, deepening steep losses in recent days, after the U.S. Federal Reserve increased interest rates and investors worried about a weakening global economy that could dent energy demand. Brent futures fell 76 cents, or 1.1%, to $71.57 a barrel by 0002 GMT. The global benchmark on Wednesday posted its
Dollar weakens broadly in today’s Asian session as markets await what could be the last Fed rate hike in the current cycle. Risk sentiment is on the downside, with stock selloff carrying over from the US to Asia. Despite this, the greenback sees no apparent support. Conversely, Yen benefits from cautious sentiment a decline in
Caixin / S&P Global China Manufacturing PMI for March 2023 drops into contraction at 49.5 expected 50.3, prior 50.0 Into contraction for the first time in 3 months. The report summarises the Key findings: Output expands only fractionally as demand conditions soften Input costs and selling prices fall at quickest rates in over seven years
LONDON -Oil prices extended losses on Wednesday after plunging 5% in the previous session, as investors fretted about the health of the US economy ahead of an expected Federal Reserve interest rate hike later in the day. Brent futures fell $1.99, or 2.6%, to $73.33 a barrel by 1225 GMT, while West Texas Intermediate crude
Dollar remains weak in early US session, despite strong ADP job data, seeing only modest gains the Australian and Canadian Dollars. However, the selloff remains contained, even against strong Yen and Swiss Franc. Traders are evidently holding their bets as they await FOMC rate decision. A 25bps hike to 5.00-5.25% is widely anticipated, and it
ISM services data for April 2023 Adam Button Wednesday, 03/05/2023 | 14:00 GMT-0 03/05/2023 | 14:00 GMT-0 Prior was 51.2 employment index 50.8 versus 51.3 prior new orders index 56.1 versus 52.2 expected prices paid index 59.6 versus 59.5 prior new export orders 60.9 versus 43.7 last month imports 51.3 versus 43.6 last month backlog
Gold prices held steady above the key $2,000 level on Wednesday, while investors turned their attention to the U.S. Federal Reserve’s interest rate-hike verdict due later in the day. Spot gold held its ground at $2,016.29 per ounce by 0140 GMT after rising more than 1% in the previous session, as yields dropped on renewed