NEW DELHI: Gold prices bucked global trends and were trading higher in the Indian market. However, the yellow metal was set for another weekly loss, third in a row. In the global markets, firm US dollar and Treasury yields rallied on a hawkish US Federal Reserve stance, with investors awaiting jobs data due later in
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Dollar is back in control as markets turned back into risk-off mode, just a day after the rallies triggered by Fed Chair Jerome Powell’s comments. Investors are apparently not too convinced by the ruling out of 75bps hike after a second thought. Focuses will turn to non-farm payroll report today, which should prompt even more
If Powell telling you that 75 bps on the table isn’t enough to dissuade you from selling bonds, then a 0.1 dip in monthly average hourly earnings versus consensus is unlikely to change anyone’s mind. US 2-year yields fell to 2.70% from 2.74% on the non-farm payrolls headlines but they’re already back to pre-NFP levels.
Just as they have every month since this past summer, officials from OPEC and its allies met via teleconference Thursday and decided to continue their program of modest additions to the market. The producers group, which has 23 members including Saudi Arabia and Russia, issued a statement saying it would add 432,000 barrels a day
Dollar turns slightly softer in early US session even though non-farm payroll report came in slightly better than expected. Yen is also weak on rising benchmark global yields. On the other hand, Euro jumps broadly as supported by hawkish comments from ECB officials. As for the week, Aussie and Euro are now the strongest ones
Coming up at 1230 GMT on Friday 06 May 2022, US Nonfarm payrolls report: This snapshot from the ForexLive economic data calendar, access it here. The times in the left-most column are GMT. The numbers in the right-most column are the ‘prior’ (previous month) result. The number in the column next to that, where is
NEW DELHI: Gold prices climbed over a per cent on Thursday after Federal Reserve Chair Jerome Powell turned less hawkish over rate hikes. However, silver outperformed the yellow metal with a wide margin. Pritam Patnaik, Head – Commodities, Axis Securities said that gold prices rallied after the Fed event, primarily due to the fact that
Dollar dropped notably overnight after Fed Chair Jerome Powell surprised the markets by ruling out a 75bps rate hike. The comment also boosted US stocks sharply higher. Risk-on sentiment helped commodity currencies rebound. But European majors are lagging behind. Yen is so far mixed, with slight retreat in US 10-year yield. BoE rate decision would
S&P 500 futures are down 40 points or 0.9% ahead of the open. The comes after a 125 point gain yesterday, or 3.0% on the heels of Powell taking a 75 basis point hike off the table for the June and July meetings. Nasday futures are underperforming, down 0.9%. Shopify shares are down 14.5% in
New Delhi: Gold in the national capital on Thursday rallied by Rs 559 to Rs 51,081 per 10 grams reflecting gains in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 50,522 per 10 grams. Silver also jumped Rs 1,179 to Rs 63,427 per kg from
Sterling drops sharply today even after BoE raised interest rate as expected. The trigger was the warning that of recession as high inflation hurts real incomes of household and profits of businesses. Aussie and Kiwi are also trading lower as yesterday’s risk-on rally fades. Dollar, on the other hand, is regaining some of the post
The markets – at least for today – breathed a sigh of relief as Fed Chair Powell took 75 basis points off the table, but did say that 50 bp hikes are in play for the next two meetings and that inflation is still much too high. To give a point of reference, before the
NEW DELHI: Gold prices dropped on Wednesday as higher US Treasury yields weighed on sentiments for the yellow metal and investors awaited the Federal Reserve monetary policy outcome. While gold is seen as an inflation hedge, higher short-term US interest rates and bond yields tend to increase the opportunity cost of holding non-yield bullion. Gold
Overall, the markets are pretty quiet as focuses turns to Fed’s rate hike and guidance today. Dollar is consolidating in tight range, preparing for the next move. For now, Aussie and Loonie are the stronger ones for the week, but they only have a slim advantage over the greenback. Sterling is the worst, followed by
We saw a similar dip in the US dollar yesterday around this time. That adds to our suspicion that this drop is flow-related either around spreads, position squaring or something else. The Treasury’s refunding announcement included smaller auction coupons but BMO contends that’s not a surprise: “The refunding announcement confirmed the widely expected coupon cuts
New Delhi: Gold prices declined by Rs 134 to Rs 50,601 per 10 grams in the national capital on Wednesday in line with global trends, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 50,735 per 10 grams. Silver also declined by Rs 169 to Rs 62,787 per kg
Major forex pairs are generally stuck inside yesterday’s range as markets await FOMC rate decision. Swiss Franc is the exception, though, as the selloff against Euro spreads to other Franc pairs. Dollar and Canadian are the next weaker ones. On the other hand, Aussie and Kiwi are the firmer one while Euro and Sterling are
The British Retail Consortium data release for April 2022 shows prices in store chains rose by an annual 2.7% y/y, the highest rate since September 2011. from 2.1% in March From BRC chief executive Helen Dickinson: The impact of rising energy prices and the conflict in Ukraine continued to feed through into April’s retail prices,”