Oil posted its sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022. West Texas Intermediate rose 2% for the week as robust demand tightened global markets. As supply remains constrained, a chorus of Wall Street banks and oil executives are forecasting a return to $100
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Markets: Gold down $8 to $1788 WTI crude oil up 50-cents to $85.79 US 10-year yields down 2 bps to 1.78% S&P 500 up 105 points, or 2.4%, to 4431 JPY leads, NZD lags I’m inclined to avoid attaching a fundamental narrative to any of today’s price moves. It was a volatile month and it’s
Dollar remains overwhelmingly the strongest one for the week, as boosted by intensified Fed hike expectations. Sterling is trying to catch and trading as the next stronger, with special help from buying against Euro. Australian and New Zealand Dollar are taking turns to be the worst performer. Euro and Swiss Franc are not too far
Mumbai: Global gold demand rose 10 per cent to 4,021.3 tonnes in 2021 on account of a massive 50 per cent surge in year-on-year demand — a 10-quarter high — during the December quarter, a report by the World Gold Council (WGC) said. The overall gold demand during 2020, which was impacted following Covid-19 related
I wrote yesterday that while the squeeze into contract settlement in natural gas was on low volume, it was the kind of thing that can change the psychology of the market. Compound that with cold weather, a US court canceling a drilling auction and Ukraine worries and there is a sudden bid in natural gas.
Dollar retreats mildly today after PCE inflation data posted no surprises. While there is some profit taking, the greenback remains the strongest one for the week by some distance. Selling focus has turned from Euro to commodity currencies today, as lead by Aussie. The overall close would still depend on development in risk sentiment, which
New Delhi: Gold price in the national capital declined by Rs 423 to Rs 47,777 per 10 grams on Friday amid weak international precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 48,200 per 10 grams. Silver also dipped by Rs 1,105 to Rs
Washington Post: A federal judge on Thursday invalidated the largest offshore oil and gas lease sale in the nation’s history, ruling that the Biden administration violated federal law by relying on a seriously flawed analysis of the climate change impact of drilling in the Gulf of Mexico. The decision impacts 1.7 million acres of oil
Investor sentiment was basically destroyed by more hawkish than expected Fed Chair Jerome Powell. US stocks reversed earlier gains and closed mixed. But futures are already pointing to a gap down open today. Major Asia indexes are trading in deep red. Markets are now expecting as many as five rate hikes this year starting March.
NEW DELHI: Gold prices tanked on Thursday, bucking the global cues, as the Federal Reserve’s commentary spooked the bullion market. The yellow metal was trading near recent lows. The Federal Reserve decided on March rate hikes that pushed up US Treasury yields and the dollar, while uncertainty over Ukraine capped bullion’s losses. Gold futures on
Q3 was 2.3% annualized Personal consumption +3.3% vs +2.0% in Q3 GDP deflator +7.0% vs +5.9% prior Core PCE +4.9% vs +4.6% prior GDP final sales +1.9% vs +0.1% in Q3 Nominal GDP up 14.3% annualized in Q4 Real GDP up 5.7% in 2021 and nominal GDP rose 10.0% Details: Inventories added 4.9 pp to
Dollar’s strong post-FOMC rally is given another boost in early US session by much better than expected Q4 GDP data. Latest jobless claims figures also suggest stabilization from the impact of Omicron. But for now, the strength is mainly centered against European majors and Yen. Canadian Dollar is indeed lifted slightly as oil prices extend
New Delhi: Gold in the national capital on Thursday plunged Rs 563 to Rs 48,215 per 10 grams amid weak international precious metal prices, according to HDFC Securities. In the previous trade, the precious settled at Rs 48,778 per 10 gram. Silver also tumbled Rs 1,186 to Rs 62,792 per kg from Rs 63,978 per
Import Price Index +5.8% q/q expected +1.4% , prior +5.4% Export Price Index +3.5% q/q expected -2.6%, prior +6.2% a solid beat for export prices, higher instead of the lower expected The Australian dollar was sold on the FOMC statement & Powell’s presser, and has inched back towards its overnight lows in Asia morning trade.
Canadian Dollar tumbles notably in early US session after much less hawkish then expected BoC rate decision. The central bank stands pat while lowering both inflation and growth forecasts. Elsewhere in the currency markets, Yen is trading broadly lower with Swiss Franc as stock markets are staging a strong rebound. Meanwhile, Aussie is also trying
NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Europe and the Middle East that raised concerns about further disruption in an already-tight market. Brent crude rose $1.67, or 1.9 per cent, to $89.87 by 10:40 a.m. EST (1540
Two sources cited by Reuters say OPEC+ will probably stick with a planned 400k bpd output hike at next Wednesday’s meeting, though there is some talk about boosting output further. The report said oil at $90 might prompt them to consider more output, with Russia worried that US shale could pick up. Still, that’s a
Markets are relatively steady in Asian today, as traders are awaiting main events of BoC and Fed policy decisions. Asian stocks are treading water after weaker close in US overnight. Dollar remains the strongest one for the week, followed by Yen and then Canadian. Swiss Franc is currently the weakest, followed by New Zealand Dollar