On the month, inflation in Germany’s industrial state is seen up 0.3% relative to July. This continues to reaffirm elevated price pressures and the annual reading fits with estimates of a higher print later when it comes to the national report. We’ll see what the other state readings have to offer first before getting a
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NEW DELHI: Gold prices in the domestic market traded lower, bucking the global trend, thanks to a weaker rupee. However, the weakness in the dollar curbed the losses. The dollar index was off a two-decade high hit on Monday, while the benchmark 10-year yields pulled back from a two-month high hit in the previous session.
The markets are generally quiet in Asian session today. Euro surged notably yesterday as traders raised their bets on ECB rate hike next week, with some expecting a 75bps increase. But there is no clear follow through buying for now. While Dollar is paring some recent gains, loss is also limited. For now, Sterling, Swiss
The EIA head Birol is no the wire saying that: Further Strategic Petroleum Reserve release not off the table. Stands by the IEA’s report that said no new investlments in oil and gas fields area needed if the world wants to achieve net zero report emissions by 2050 Russian oil production has not fallen as
Gold price in the national capital fell Rs 365 to Rs 51,385 per 10 grams on Monday reflecting a decline in international precious metal prices along with rupee depreciation, according to HDFC Securities. The yellow metal had closed at Rs 51,750 per 10 grams in the previous trade. Silver also plunged by Rs 1,027 to
Euro is staging a strong come back today, as supported by hawkish comments from ECB officials over the weekend. In short, a 50bps rate hike looks like that base case for ECB meeting next week, with some possibility of a 75bps hike. Dollar is reversing some gains in spite of risk-off sentiment. The clearer trend
China’s Global Times conveys the info: Chinese authorities have informed the US Department of Agriculture that Chinese customs will suspend meat imports transported by US firm Tyson Fresh Meat starting from Monday, after its pig trotters failed to pass inspection. — There could well be China-US relations drivers behind this. Dunno. ADVERTISEMENT – CONTINUE READING
Gold prices fell on Monday, as the dollar held on to gains following U.S. Federal Reserve Chair Jerome Powell‘s signal that the central bank will raise interest rates further to tame sky-high inflation. FUNDAMENTALS Spot gold fell 0.3% to $ U.S. gold futures were down 0.3% at $1,745.3. The dollar index held close to a
I’m not a fan of the Dollar Index as a technical indicator but I think it paints the right fundamental picture at the moment. The dollar retraced modestly after a big runup to relieve some overbought conditions and now it’s ready to challenge the July highs. Will it breakout? The Fed The catalyst for today’s
It was a challenging week for commodities and gold was not left unaffected. Gold wavered between gains and losses and ended the week with a modest gain of 0.6%. Gold fell for the second consecutive week after four weeks of consecutive gains which shows that bulls are losing confidence and the key $1,800/oz level remains
S&P 500 down 143 points or 3.4% to 4057 Nasdaq down 3.9% DJIA down 3.0% Russell 2000 -3.4% Powell won’t be getting too many backslaps from anyone at Jackson Hole tonight. The old saying is that market’s don’t bottom on Friday’s either and that data bears it out. Bespoke shows that a 3% decline on
NEW DELHI: Gold prices moved higher on Thursday as the US dollar lost some of its ground ahead of the Jackson Hole symposium. Investors looked forward to a speech by US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium for clues on interest rate hikes and the health of the economy. Gold futures
Weekend data out of China’s National Bureau of Statistics, a soft reading for Industrial Profits in July. Profits at industrial firms in China for the first seven months of the year (i.e. January – July) fell 1.1% y/y this compares with the +1.0% for January – June Earlier this month we had the July data
Oil prices rose in early trade on Friday on signs of improving fuel demand, though gains were capped as the market awaited clues from the U.S. Federal Reserve chairman on the outlook for rate hikes in a speech later in the day. Brent crude futures climbed 46 cents, or 0.5%, to $99.80 a barrel at
In terms of prompting market volatility, Fed Chair Jerome Powell didn’t disappoint. Stocks suffered steep selloff after his Jackson Speech. While Australian Dollar was still at top of the chart, most of its earlier gains evaded on Friday, and looks set to weaken further in the near term. Dollar was the second strongest. But it
Markets: S&P 500 down 3.4% Gold down $21 to $1737 US 10-year yield up 1 bps to 3.03% WTI crude oil up $0.34 to $92.86 USD leads, NZD lags There was a dovish lean in the market before Powell as the PCE inflation report came in soft. That was validated by Bostic as he said
NEW DELHI: Gold prices remained subdued on Friday as investors adopted a cautious stance ahead of US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. The key central bankers’ conference which will be watched for guidance on future interest rate hikes. The dollar index hovered near one-month highs, while benchmark US 10-year Treasury yields
The forex markets are generally steady in Asian session today, as traders are still holding their bets ahead of Fed Chair Jerome Powell’s Jackson Hole speech. US stocks staged a rebound overnight, but there was little reaction elsewhere. For the week, commodity are currently the strongest, led by Aussie. European majors are the worst performers,