Silver futures hit a 32-week high on Wednesday amid weakness in the greenback. Bullion prices have been on an uptrend this year as fears of an economic downturn loom on major economies. The trigger for the current rally was the poor economic data emerging from the US which led to the dollar slipping to a
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Disappointing US private job data doesn’t trigger significant fresh selling in Dollar, but it’s still maintaining its position as the week’s weakest performer so far. Countervailing forces from declining US and European benchmark treasury yields are keeping the greenback’s losses against Euro and Sterling in check. However, Swiss Franc and Yen seem to be making
The first quarter is over but it will take awhile to tally up the economic data. However the tracker from the Atlanta Fed does a decent job and certainly shows which way the wind is blowing. It was above 3% not long ago but is now down to 1.5% from 1.7% earlier this week. “After
OPEC+ commands 80% of the world’s proven oil reserves and 40% of the world’s supply and this announcement comes at a time when markets were bottoming out and pricing in a shade of positive developments. Global institutions are now forecasting Brent crude prices at $100 per barrel by the end of 2024, if this is
New Zealand Dollar rises broadly after RBNZ surprised the market with a 50bps interest rate hike. In contrast, Australian Dollar is suffering from cross-selling, extending the post-RBA selloff. Canadian Dollar is taking a breather as oil prices plateau following an earlier surge this week, with WTI still struggling around 80 handle. This divergence in commodity
The Reserve Bank of New Zealand raised its cash rate target by 50bp today, to 5.25%. A +25bp was the consensus expected, and very widely at that. The RBNZ blew that out of the water. Governor Orr is hell-bent on driving inflation down in the country. There is more detail in the bullets above. NZD/USD
HOUSTON: Oil prices were little changed in choppy trading on Tuesday as investors debated OPEC+ plans to cut more production and weak economic data from the United States and China that could hurt oil demand. Brent crude futures were down 30 cents, or 0.3%, to $84.63 a barrel by 11:05 a.m. ET (1505 GMT). U.S.
Sterling surges to a 10-month high against Dollar today, as comments from a lone dove on the Bank of England’s Monetary Policy Committee seem to have little impact. Pound’s strength against Euro and Swiss Franc suggests a one-sided movement. Meanwhile, Australian Dollar remains the weakest performer following RBA’s decision to hold interest rates steady. With
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Oil prices steadied in early Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy. Brent crude futures fell 2 cents to $84.91 a barrel by 0029 GMT. U.S. West Texas Intermediate
Australian Dollar finds itself on a broad-based downward trajectory following RBA’s decision to maintain interest rates unchanged. Despite maintaining a tightening bias, RBA’s announcement fell short of some speculations for a more hawkish outcome. In contrast, fellow commodity currencies, New Zealand Dollar and Canadian Dollar, continue to display strength. Kiwi is bracing for the upcoming
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Surprise new cuts to the OPEC+ group’s output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday. The decision signals unity within OPEC+ despite Washington’s pressure on its Gulf allies to weaken their ties with
Australian Dollar surges as markets approach the US session, with investors eyeing RBA rate decision tomorrow. Although it seems reasonable to expect a pause in interest rate hikes, some financial institutions, such as ANZ and NAB, predict a 25bps increase. The Aussie’s rally could be driven by speculation of a hawkish surprise, but the situation
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Crude oil got a shot in the arm after the Organization of the Petroleum Exporting Countries (OPEC)) announced surprise output cuts. The US West Texas Intermediate (WTI) rose by $6.34 to $80.47 on Monday while Brent crude hit $84.86, gaining 6.15%. The black gold is expected to test $90-95 level by the end of 2023.
In today’s Asian trading session, Dollar witnessed a remarkable bounce as concerns over inflation reemerged, driven by a sudden upswing in oil prices. WTI crude oil fleetingly broke the 80 level after Saudi Arabia and other OPEC+ oil producers made an unforeseen announcement on Sunday, revealing additional oil output cuts of around 1.16 million barrels
The final for the Judo Bank / Markit manufacturing purchasing managers’ indexes (PMI) in March 2023. The preliminary and prior for this indicator are here: more to come The RBA meet tomorrow, their rate hikes are weighing on economic activity. In summary from the report: Warren Hogan, Chief Economic Advisor at Judo Bank said: “Supply