Dollar jumps sharply in after data shows strong rise in retail sales, versus expectation of a decline. The data also raises optimism that it’s just the start of resurgence in consumer demand, as the world is exiting the pandemic with fast vaccinations. Canadian Dollar is following closely as the second strongest for the day. On
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Crude now flat on the day The oil bulls are having another good day. Crude was caught in the downdraft from the dollar strength earlier today and the retracement in natural gas prices. That took crude down to $71.53 but it’s since climbed all the way back to $72.70 for a slight gain on the
New Delhi: Gold in the national capital on Thursday plunged Rs 491 to Rs 45,735 per 10 gram amid a decline in international precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 46,226 per 10 grams. Silver also tumbled Rs 724 to Rs
Yen is trading generally firm today as risk sentiment in Asia is decoupling from that of the US. Nikkei is so far rather resiliently holding above 30k handle, despite slight retreat. But Hong Kong HSI is having another day of heavy selling, breaking to a new low for the year. The fact that Swiss Franc
Reasons for lingering weakness The AUD was gaining strongly due to it’s pro-cyclical bias. Vaccine fuelled optimism helped push AUD higher as did higher Iron ore prices alongside signs of China’s economy rebounding. However, recently that bullish bias has moved to a far more neutral footing.A combination of the delta variant locking down large areas
SINGAPORE: Oil prices slipped on Thursday, but kept most of the previous day’s gains after a larger-than-expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer. Brent crude oil fell 13 cents, or 0.2%, to $75.33 a barrel by 0128 GMT, after settling up 2.5% the previous day. US West
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -8.78 mmb to 1234.64 mmb in the week ended September 10. Crude oil inventory sank -6.42 mmb (consensus: -3.54 mmb) to 417.45 mmb. Stockpile fell in 4 out of 5 PADDs. PADD 3 (Gulf
SocGen strategy thoughts on AUD, GBP and CAD Societe Generale Research discusses its bias on AUD and GBP in the near-term. “Our Chinese economics team reckons the Chinese slowdown will prompt rate cuts, which is tangible, but when will it weaken the yuan – which appears glued into a narrow range? Even without that, however, we
Metals are a key barometer of any country’s economic growth and countries have taken many measures to facilitate the growth and efficiency of metal markets. While trading volume of commodity derivatives has grown at a rapid pace in India, liquidity has remained largely limited to the near-month contracts. The low volume of the long-term contracts
The latest set of economic data reveals that China’s slowdown worsened. The most disappointing reading comes from retail sales growth which moderated to +2.5% y/y in August, compared with consensus of +7.1% and July’s +8.5%. The slowest growth in 12 months can be attributed to delta variant outbreak and the aftermath of July’s huge flood.
NZDCHF in focus New Zealand was all set to become one of the first major central banks to embark on a hiking cycle as the economy began to run hot. Moving into the RBNZ meeting last month the expectations were that the RBNZ were going to hike rates. Unemployment was at a low (4.0%), inflation
NEW DELHI: Gold prices inched lower, little changed, on Wednesday after a tamer-than-expected rise in US inflation led to uncertainty on when the US central bank would begin tapering its asset purchases. Gold futures on MCX were marginally down 0.10 per cent, or Rs 47, at Rs 47,213 per 10 gram. Silver futures declined 0.29
Dollar drops broadly after data shows declining headline consumer inflation in the US, and even quicker fall in core CPI. It’s adding to the Fed’s case that prior surge in inflation was just transitory. DOW futures responde rather positively to the news. Strengthening risk appetite could put Yen under some pressure too. Meanwhile, Sterling is
Closing changes for the main European bourses: UK FTSE 100 -0.5% German DAX +0.1% French CAC -0.5% Spain IBEX -0.4% Italy MIB +0.3% The FTSE 100 looked like it could sustain the breakout in early in the summer but it has flattened out. It’s back down near the recent low and I can see a
Kolkata: The National Commodity and Derivatives Exchange (NCDEX) has posted 115% rise in the average daily turnover value (ADTV) of Rs 2,444 crore in August 2021 despite restrictions on chana futures, one of its key liquid contracts in the pulses segment, a media release issued by the exchange said. It also added that exchange has
Overall market sentiment is mildly positive with the strong rebound in DOW overnight, followed by slight gain in Nikkei. European majors are having a small edge over the others but Swiss Franc is still clearly lagging behind. Australia Dollar is leading commodity currencies lower for now, after some cautious comments from RBA Governor. Dollar is
Latest data released by METI – 14 September 2021 Industrial production +11.6% vs +11.6% y/y prelim Slight delay in the release by the source. The preliminary report can be found here. No change to the initial estimates as industrial output softened in July, though the survey on businesses indicates that production should pick up again
Gold prices edged lower on Tuesday as a stronger dollar crimped bullion’s appeal ahead of US inflation data that could offer cues on the possible timeline for the Federal Reserve‘s tapering. FUNDAMENTALSSpot gold fell 0.2% to $1,790.74 per ounce by 0138 GMT. US gold futures eased 0.1% to $1,792.10. The dollar index was steady after