Oil prices were up in early Asian trade on Thursday as US crude stocks rose less than expected, while a weaker dollar made oil cheaper for non-American buyers. Brent crude futures had risen 12 cents to $86.24 per barrel by 0119 GMT, while US West Texas Intermediate (WTI) crude futures gained 30 cents to $80.45.
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US futures trade higher after a batch of solid economic data. Positive risk sentiment are lifting commodity currencies in general, in particular Aussie. Dollar and Yen are turning softer while European majors are mixed, with Euro lagging behind. In the weekly picture, while Aussie is still the strongest, Dollar and Yen are the weakest. Euro
Morgan Stanley notes that their month-end rebalancing model expects the dollar to underperform this month, with their signal suggesting weakness in the greenback against all G10 currencies except the Norwegian Krone. That will add some weight to an already struggling dollar since the turn of the year. Just something to take note of we approach
Gold prices hit a nine-month high on Thursday before trading steady, as investors hunkered down for US economic data that could influence the Federal Reserve’s policy tightening path. Spot gold was flat at $1,944.96 per ounce, as of 0244 GMT, after hitting its highest since April 2022. US gold futures were up 0.2% at $1,945.60.
Australian Dollar rises broadly today after strong CPI data supports continuation of tightening by RBA. On the other hand, New Zealand CPI didn’t accelerate as RBNZ projected, and markets are lowering their expectation on the terminal rate. Kiwi, thus falls broadly. Canadian Dollar is firm as focus turns to BoC rate decision, where a final
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Gold price fell Rs 198 to Rs 56,972 per 10 gram in the national capital on Wednesday amid weak global trends, according to HDFC Securities. The precious metal had settled at Rs 57,170 per 10 gram in the previous trade. Silver also declined Rs 270 to Rs 68,625 per kilogram. “Spot gold price in the
Australian Dollar remains the strongest one for today, maintaining most of post-CPI gains. But Yen is catching up with broad based recovery. Euro softens despite improvement in German business climate, and Sterling is trading lower too, while Kiwi stays as the worst. Dollar and Canadian are mixed awaiting BoC rate decision. Technically, EUR/CHF is worth
There probably won’t be a recession But Q1 GDP will probably shrink slightly, mainly due to consumption It’s only January and they are already sounding overly optimistic in my view. The less harsh winter certainly helped but we will see if inflation pressures will keep easing as they expect it to or if there will
Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth. Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in
Dollar softens mildly again in rather subdued trading in Asia. Many markets are still on Lunar New Year holiday. For now, Australia Dollar is the relatively stronger one for the week, followed by New Zealander. Euro is maintaining some of this week’s gains, but there is no follow through buying. Yen is the weakest one
This is from the privately surveyed oil stock data ahead of official government data tomorrow morning out of the US. Via Twitter: Expectations I had seen centred on: Headline crude +1 mn barrelsDistillates -1.1 mn bblsGasoline +1.8 mn As an aside, the data from China is showing that the country’s exports of refined petroleum products,
Gold prices pulled back from a nine-month high on Tuesday due to a slight uptick in the dollar and U.S. bond yields, although hopes of slower interest rate hikes from the Federal Reserve underpinned the market. Spot gold fell 0.2% to $1,927.35 per ounce by 10:20 a.m. ET (1520 GMT), after hitting its highest since
Sterling falls broadly today and poor PMI data indicates that recession is continuing in the UK. Comparatively, Eurozone PMIs argue that it might have escaped recession. For now, the Pound is the worst performer for the day, followed by Swiss Franc, and then Aussie. Yen is the strongest, trying to recover again, followed by Canadian
Prior 49.8 Manufacturing PMI 48.8 vs 48.5 expected Prior 47.8 Composite PMI 50.2 vs 49.8 expected Prior 49.3 The euro area economy creeps back into growth territory to start the new year but it is marginal at best, as economic activity runs into stagnation after a couple of months of decline. It is taking pretty
Gold prices were little changed on Tuesday, with investors awaiting U.S. economic data due this week that could impact the Federal Reserve’s policy path. FUNDAMENTALS * Spot gold was steady at $1,932.16 per ounce, as of 0020 GMT. * U.S. gold futures were up 0.2% at $1,932.50. * Investors’ focus is on the U.S. fourth
There are plenty of market holidays across Asia all this week, the full list is here: On the data agenda we’ll get PMIs: for services in New Zealand for December preliminary indications from Australia for January preliminary indications from Japan for January Of most focus will be the business confidence and conditions data from Australia.
Gold price fell Rs 40 to Rs 56,840 per 10 grams in the national capital on Monday amid a fall in rates of precious metal globally, according to Securities. In the previous trade, the yellow metal had touched Rs 56,880 per 10 grams. Silver also declined Rs 85 to Rs 68,980 per kilogram. “Spot gold