Sterling is staying as one of the weakest for the week, after being sold off on weak economic data. The pressure is particularly apparent against Euro and Swiss Franc, which are the strongest ones for the week. While the financial markets are clearly in risk-off mode, Dollar is struggling to find renewed buying for now.
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Early trading showed some resilience in equities but that’s quickly evaporated. The selling picked up after the soft US services PMI and that’s interesting because it means that the bad-news-is-good-news narrative is failing. That’s because the Fed appears to be determined to hike despite mounting signs of a slowdown. Said another way, the market is
New Delhi: Gold prices traded flat with a negative bias on Friday after the US Federal Reserve projected higher interest rates for a longer period. The Fed on Wednesday raised interest rates by 50 basis points. Fed Chair Jerome Powell said that the central bank would deliver more hikes next year even as the economy
Euro is now the strongest one for the week, following the post-ECB rally overnight. Swiss Franc is trailing the common currency as the next strongest, and then Canadian. Dollar tried to rebound overnight on risk-off sentiment. Some progress is made by the greenback but more is needed to prove a reversal. Australian and New Zealand
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
Raw sugar futures on ICE hit their highest in nearly six years on Thursday as flows from no. 2 exporter India, much needed at this time of the year, dwindle. SUGAR * March raw sugar was up 1.2% at 20.53 cents per lb, having earlier hit its highest since Feb 2017 at 20.73. * Dealers
Dollar rebounds broadly following risk-off sentiment as delayed reaction to Fed’s hawkish projections overnight. SNB, BoE and ECB met expectations with 50bps rate hike. Euro is strong as ECB maintains hawkish bias, with upward revision in inflation projections. Swiss Franc is the third strongest after SNB indicates the possibility of more tightening. Meanwhile, Sterling is
The S&P 500 is down 2.1% today and hit a low of 3903, which is just below the mid-November low. It’s since bounced back above that but the double top at 4100 and what’s possibly a breakdown isn’t a good look. On the fundamental side, a lot of the optimism was about central banks being
New Delhi: Gold prices dropped during the early hours on Thursday after the US Federal Reserve signalled more interest rate hikes next year. The Fed will deliver more interest rate hikes next year, even as the US economy slips towards a possible recession, Fed Chair Jerome Powell said, arguing that a higher cost would be
Market reactions to the more hawkish than expected Fed projections were relatively muted. Stocks ended just slightly down while there was no buying momentum for Dollar. The greenback is staying as the worst performer for the week, followed by commodity currencies. Euro is leading Sterling and Swiss Franc as the strongest ones while Yen is
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 rose on Wednesday after OPEC and the International Energy Agency (IEA) both forecast a rebound in demand over the course of next year and as U.S. rate hikes are expected to ease alongside slowing inflation. Brent crude futures rose $1.31, or 1.6%, to $81.99 per barrel by 1421 GMT, while U.S. West Texas
Dollar stays generally weak today but selling pressure is so far limited. Markets are looking forward to FOMC’s rate hike as well as new economic projections. Yen is currently the strongest one for the day, followed by Aussie and Swiss Franc. New Zealand Dollar is the weakest, followed by Canadian and Sterling. Much volatility is
The major US stock indices are trading mixed/little changed at the open. A snapshot of the market is showing: Dow Industrial Average up 65.91 points or 0.19% at 34174.56 S&P index up 4.91 points or 0.12% at 4024.55 NASDAQ index up 3.29 points or 0.03% at 11260.10 Russell 2000 up 0.11 points or 0.01% at
Commodity Participant Association of India (CPAI) has urged capital markets regulator Sebi to facilitate uninterrupted hedging and trading in cotton futures contracts to market participants. This comes after Sebi in August suspended trading in all cotton futures contracts on commodity exchange for one month to align the contract specifications with that of the market. Later,
Dollar is recovering slightly today as focus turns to FOMC rate decision and, more importantly, new economic projections. While the greenback was sold off overnight following consumer inflation data, traders are still holding the larger bets for now. As for the week, Euro and Sterling are the strongest ones so far, followed by Yen. Commodity
The Financial Times is gated, but here is the link if you can access it: China’s zero-Covid retreat sparks wealth management product sell-off There are reports of withdrawals being frozen amidst a rush for redemptions. — In other China news: China’s National Bureau of Statistics will cancel its November press conference scheduled for 10 am
OPEC on Tuesday stuck to its forecasts for global oil demand growth in 2022 and 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China‘s zero-COVID policy. Oil demand in 2023 will rise by 2.25 million barrels per day (bpd), or about