Today’s German inflation report is another wake-up call for the ECB and its single mandate. CPI rose 7.9% y/y and HICP was up 8.7%, both well above expectations. In addition, the monthly numbers were also very hot, indicating an acceleration in pricing, even from these levels. They’re also far too high above the ECB’s target.
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Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine. Brent crude futures gained 46 cents, or 0.4%, to $119.89 a barrel at
Commodity currencies are trading broadly higher today, with help from risk-on sentiment, with Aussie and Loonie competing for the first place. Selloff are mainly centered Yen and Swiss Franc, and to a lesser extent Dollar. Euro and Sterling are mixed for the moment. The moves could intensify further on relatively lower liquidity with US on
Prior +5.7% Import price index +31.7% vs +32.0% y/y expected Prior +31.2% Import prices in Germany continue to soar as inflation pressures remain widespread. The annual reading is the highest since September 1974 – during the first oil crisis. Energy developments continue to contribute to the high price rise: ADVERTISEMENT – CONTINUE READING BELOW
Gold prices were trading mildly higher on Monday as the weakening US dollar buoyed greenback-priced bullion, although gains were capped by some investors turning to riskier assets in Asia. Federal government offices, stock and bond markets, and the Federal Reserve will be closed on Monday for the Memorial Day holiday in the United States. Gold
Markets are generally in risk-on mode in Asian session today, with rallies in major indexes, oil prices and cryptos. Dollar is extending recent correction and would likely continue further. Yen and Swiss Franc are the next weakest. On the other hand, Australian Dollar is leading New Zealand and Canadian Dollar higher. Euro and Sterling are
The financial markets were anxious about the US core PCE inflation data. Not only are traders laser focused on inflation but they know the PCE is the “favored” inflation indicator for the Fed. The core PCE declined from 5.2% to 4.9% in April while the headline came in at 6.3% vs 6.6%. Admittedly, that is
Gold in the national capital on Thursday fell by Rs 241 to Rs 50,671 per 10 grams, reflecting a decline in international precious metal prices, according to Securities. In the previous trade, the precious metal settled at Rs 50,912 per 10 grams. Silver, however, grows Rs 87 to Rs 61,384 per kg from Rs 61,297
Info comes via Reuters: Russia’s National Settlement Depository (NSD) on Friday successfully paid coupons in foreign currency on two Eurobonds, an NSD representative told Reuters, a move that could mean Russia may have again averted a default. There is more USD debt payments due in June. Russia continues to scramble to cover. ADVERTISEMENT – CONTINUE
Gold traded in a narrow range this week as market players assessed if the recent rise in price is likely to continue or not. Gold tested a 2-week high of near $1870/oz level but ended the week with a marginal 0.5% gain near $1850/oz. Gold benefitted from weakness in the US dollar, lower bond yields,
Justin had the main point of the defaulted debt juggling posted on Friday: Reuters have posted more detail, makes for interesting reading on how Evergrande tries to sort out $22.7bn of offshore debt deemed to be in default after missing payment obligations late last year. As part of the proposal, Evergrande is looking to repay
Oil prices eased slightly in early Asian trade on Friday, after surging to a two-month high in the previous session as investors focused on signs of tight global supply. Meanwhile, a top Hungarian aide said the country needs 3-1/2 to 4 years to shift away from Russian crude and make huge investments to adjust its
Dollar’s correction continued last week and ended as the worst performer. Late rebound in stocks and extended correction in treasury yields are both weighing on the greenback. Yen followed as the second weakest, mainly on risk-on sentiment. On the other hand, Kiwi was the best performer, additionally lifted by hawkish RBNZ rate hike, which indicated
Via Singapore’s Straits Times: China’s financial hub, Shanghai, reported another Covid-19 infection outside quarantine Shanghai logged a total of 170 infections for Friday (May 27), one of which was found in the community Shanghai has been taking tentative steps towards some reopening, based on no cases being found outside quarantine. Cases found outside quarantine pose
Gold was little changed on Friday, but the metal was on track for a second weekly gain following a retreat in the U.S. dollar from 20-year highs. FUNDAMENTALS * Spot gold held its ground at $1,848.59 per ounce, as of 0102 GMT. U.S. gold futures were little changed at $1,846.70. For the week so far,
Dollar is back under pressure in today, as the rebound in US stocks carry forward to Asia. Swiss Franc is also paring some gains too while Yen softens slightly. Australian and New Zealand Dollars are firm together while Sterling while Euro is mixed. Return of risk-on sentiment, as well as extended pull back in treasury
The weekly Baker Hughes rig count shows: Oil rigs -2 to 574 Gas rigs +1 to 151 Total rigs, -1 to 727 The price of crude oil is currently up $0.32 at at $114.41 The high for the day reached $115.19. The low for the day extended to $112.85. The high got close to the
Gold loan non-banking finance Indel Money on Friday announced tranche 2 of public issue of up to Rs 100 crore of secured, redeemable non-convertible debentures (NCDs) of the face value of Rs 1,000 each. The issue opened on May 27, 2022, and closes on June 22, 2022 (with an option of early closure in case