Commodity prices are in a turmoil and financial and currency markets are volatile since the start of the Russia-Ukraine conflict. Policy tightening measures of central banks, strong US currency, and fears of recession hindered global economic activities. Since the Russian invasion of Ukraine, aluminium has lost its steam shedding prices to a one-and-a-half-year low. Prices
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Sterling surprisingly ended as the best performer last week, as it staged an impressive U-turn after initial selloff. BoE’s intervention should have saved the Pound for now. The development also helped Euro rebound while Dollar trailed behind as third. Rally in Dollar looked a bit exhausted as it failed to ride on intensifying risk-off sentiment.
September is typically a seasonally weak for the US stock market , and it didn’t disappoint this month. The major stock indices are going out at the lows for the day, month, quarter. For the Nasdaq , the index is closing at the lowest level since July 2020. The Dow is closing at the lowest
Simultaneously, the price of gas from difficult and newer fields like the ones in and its partner bp plc operated deepsea D6 block in KG basin, was hiked to USD 12.6 per mmBtu from USD 9.92, the order said. These are the highest rates for administered/regulated fields (like ‘s Bassein field off the Mumbai coast)
Sterling’s rebound extended further overnight as sentiment towards it continued to stabilized. Indeed, the Pound is trading up against Aussie and Canadian for the month. Sterling looks set to have a strong close for the week too. Commodity currencies are generally pressured today, together with steep decline in Japan Nikkei. But there is little risk
The risk picture has deteriorated since Europe went home and oil is also lower today so there’s good reason to sell the loonie but month-end flows might be pushing it further than justified. The pair just crossed above 1.3800 from a low of 1.3677 just a few hours ago. Earlier this week, I posted about
Gold price in the national capital rose by Rs 406 to Rs 50,722 per 10 grams on Friday amid a rally in the international yellow metal prices, according to Securities. In the previous trade, the precious metal had closed at Rs 50,316 per 10 grams. Silver also jumped by Rs 905 to Rs 57,436 per
Dollar is lifted mildly after stronger than expected core PCE inflation reading. But overall markets are relatively quite in quarter-end trading. Sterling is still keeping its place as the strongest one for the week, but rebound appears to be losing some momentum. Euro is following as second, and then Swiss Franc. Yen is among the
The pound may have recovered well after its crash on Monday but the heightened volatility isn’t exactly a good sign for the currency itself, as it is arguably a sign that traders are shouting for more credible policy between the central bank and the government. The dollar is little changed so far today after backing
Oil prices were little changed in early trade on Friday but headed for their first weekly gain in five weeks, underpinned by a weaker US dollar and the possibility that OPEC+ may agree to cut crude output when it meets on Oct. 5. US West Texas Intermediate (WTI) crude futures for November delivery rose 6
Risk-off sentiment dominates Asian markets today, as the Chinese Yuan’s free fall accelerates. The steep depreciation could limit the room for the government to ease monetary policy further to help the economy that’s still troubled by pandemic measures. Yen and Dollar are currently the stronger ones in the currency markets, followed by Swiss Franc. Kiwi
There’s a new YouGov/Times poll that shows a major decline in support for the Conservatives and Liz Truss. It puts Labour a remarkable 33 points ahead. Lab: 54 (+9)Con: 21 (-7)Lib: 7 (-2)Green: 6 (-1)Ref: 4 (+1) The good news for Conservatives is that they don’t have to call an election until January 2025. At
Gold rose by Rs 460 to Rs 49,960 per 10 gram in the national capital on Thursday amid a rally in prices of the precious metal in international market, according to Securities. In the previous trade, the yellow metal settled at Rs 49,500 per 10 gram. Silver also rallied by Rs 1,035 to Rs 56,230
The forex markets are generally in consolidation mode today. Risk sentiment is slightly on the off side, but there is no serious selloff in stocks. Treasury yields in US, Germany and UK are trading mildly higher, giving Yen a little pressure. But commodity currencies are the weaker ones. On the other hand, Dollar is firmer
This comes as government subsidies expire at the end of August, which was pointed out last month already here. Even the monhtly figures are expected to show a marked increase with the CPI reading estimated to be up 1.3% on the month in September, while the HICP reading is estimated to be up 1.3% on
Gold prices retreated on Thursday as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers. FUNDAMENTALS * Spot gold was down 0.2% at $1,656.59 per ounce, as of 0142 GMT. In the previous session, bullion rose as much as 2%. *
Dollar retreated notably overnight, following the rebound in US stocks and steep pull back in treasury yields. But it’s so far staying as the second strongest for the week, next to Swiss Franc, while Euro is third. Sterling stabilized further with another recovery attempt in progress. Commodity currencies are on the weaker side, with New
Reuters is reporting that a German economic research Inst. is expected to announce that lackluster consumer sentiment will lead to a recession in Germany. Forecast calls for GDP to dip to -0.2% in Q3 and -0.4% in Q4 and -0.4% in Q1 2023 expects modest growth thereafter in 2023 consumption will only start to recover