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As the Lagarde press conference continues, the major US stock indices are continuing their run to the upside. The premarket levels are implying: Dow Industrial Average up 45 points S&P index up 40 points NASDAQ index up 250 points. Yesterday the NASDAQ index surged by 231.77 points or 2.0%. In the US debt market, yields

Gold prices moved higher on Thursday to touch an all-time high after the Federal Reserve raised interest rates by an expected 25 basis points and Fed Chair Jerome Powell’s comments were read as dovish by the market. On Thursday, gold prices rose 1.33% or Rs 775 to trade at Rs 58,660 on . Analysts also

Dollar weakened broadly overnight, more on risk-on sentiment than FOMC rate decision. Yet, selloff was not particularly fierce except versus Euro and Swiss Franc. In particular, Sterling is clearly lagging behind. Judging from the upside breakout in EUR/GBP, traders are probably guarding against the possibility of a dovish twist in BoE today. As for the

Gold prices were little changed in early Asian trading on Wednesday, as investors refrained from taking big bets ahead of the U.S. Federal Reserve’s interest rate-hike decision due later in the day. FUNDAMENTALS * Spot gold was almost flat at $1,927.42 per ounce, as of 0032 GMT. U.S. gold futures were down 0.2% at $1,941.90.

Dollar falls broadly after ADP job data missed expectations, while traders await FOMC rate decision. There is no doubt that Fed will hike interest rate by 25bps today and signals that tightening is not finished. The key questions about the terminal rate, and how long interest rate will stay there, will not be answered, at

The OPEC monitoring committee met today. They have the ability to call for a full OPEC meeting but no one was expecting them to do that this month. They generally meet monthly but they’ve pushed the next get-together back until April so it’s steady-as-she goes for OPEC. The next big thing to watch is the

Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world’s largest oil user may face a recession because of further interest rate hikes. Brent crude futures gained 20 cents, or 0.2%, to $85.66 a barrel at 0128 GMT, while

Dollar is trading in mixed manner as focuses turns to FOMC rate hike today. The recovery attempt in the greenback this week was rather disappointing. In particular, it has conceded much ground against commodity currencies and Swiss Franc. Overall, risk sentiment will likely continue to dictate the moves in the forex markets. Judging from the

The official Chinese PMIs for January were published yesterday, much improved from December. These are from China’s National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP): Now we have the privately surveyed manufacturing PMI from China. These are different surveys, there is a greater representation of large and SEO firms

The dollar gave up gains made earlier on Tuesday after data showed U.S. labor costs increased less than expected in the fourth quarter, and before the Federal Reserve is expected to hike rates by 25 basis points on Wednesday. The Employment Cost Index, the broadest measure of labor costs, rose 1.0% last quarter after increasing

Dollar attempted to extend recovery today but once again lacked follow through momentum. The greenback is mildly supported by slight risk aversion, but lags behind Yen and Swiss Franc. For now, Australian Dollar remains the worst for the day on poor retail sales data, followed by Canadian and New Zealand Dollar. Euro and Sterling are

Statistics Canada estimated the November report was ‘essentially unchanged’ in last month’s report Prior was +0.1% Goods -0.1% vs -0.7% prior Services +0.2% vs +0.3% prior 14 of 20 industrial sectors increased Advanced December GDP “essentially unchanged” Advance Dec GDP implies +0.4% q/q growth and +3.8% y/y growth Full report Growth has nearly stalled in

Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, the World Gold Council (WGC) said on Tuesday. The data underline a shift in attitudes to gold since the 1990s and 2000s, when central banks, particularly those in

Yen and Dollar are both in recovery mode in Asian session, as investor continued to turn cautious ahead of the three central bank meetings of Fed, BoE and ECB later in the week. Asian markets shrugged of better than expected PMI data from China, which indicated a return to expansion in both manufacturing and non-manufacturing

Japan preliminary December Industrial Production -0.1% m/m expected -1.2%, prior +0.2% Manufacturers outlooks: for January 0.0% m/m for February +4.1% m/m – December retail sales are +3.8% y/y, up m/m for the 10th consecutive month. Real wages may be lagging but buying, not so much. The rising cost of living in Japan, and pretty much

Oil prices extended losses on Monday as looming increases to interest rates by major central banks and signs of strong Russian exports offset rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand. Investors expect the U.S. Federal Reserve to raise rates by 25 basis points on Wednesday, followed

Overall, the forex markets are pretty quiet today. Euro rises broadly despite poorer than expected German GDP. Yet, there is no breakout from familiar range. Swiss Franc is tracking Euro closely, followed by Dollar. Australian Dollar is so far the worst performer, without follow through downside momentum. Yen is following and then Canadian. Sterling and

Stocks are facing a rough time to start the new week and we are seeing S&P 500 futures fall lower by 43 points, down 1.1%, on the day currently. This is accompanied by a 1.4% drop in Nasdaq futures and a 0.8% drop in Dow futures as we continue to digest the market mood in