MELBOURNE: Oil prices barely moved on Friday even as more supply came back online in the US Gulf of Mexico following two hurricanes, with benchmark contracts on track to post weekly gains of around 4% as the output recovery is seen lagging demand. US West Texas Intermediate (WTI) crude futures slipped 2 cents to $72.59
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Swiss Franc and Yen are both under some selling pressure today, following rallying major global treasury yields. Sterling is weighed down by weak retail sales while Euro is not too far away. Dollar is mixed and Canadian and Aussie are the relatively stronger ones. The economic calendar is light in US session, and risk markets
The bounce after the European close fades There was a nice bounce after Europe logged off but it’s faded in the last 40 minutes. The S&P 500 is now retesting the lows of the day. It’s a pivotal moment here for risk assets into the weekend. That said, even if we get a terrible close
New Delhi: Gold in the national capital on Friday tumbled Rs 1,130 to Rs 45,207 per 10 grams reflecting overnight decline in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 46,337 per 10 grams. Silver also plunged Rs 708 to Rs 60,183 per kg,
Overall markets are relatively quiet today so far. Yen continues to reverse this week’s gain as risk sentiment appear to have stabilized. Dollar also softens while Sterling dips mildly after poor retail sales data. On the other hand, commodity currencies are recovering, as lead by Canadian, which is then supported as WTI oil price stays
GBP gains ahead? The Bank of England has been pretty pessimistic for quite some time in its rate statements. However, reading the details has meant that signs of optimism keep sitting under the surface. The last central bank meeting was no different with both growth and inflation revised higher again. he BoE see GDP staying
NEW DELHI: Gold prices held steady on Friday, after a sharp fall in the previous session. A firmer dollar dented the metal’s appeal as investors await a key US Federal Reserve meeting for clues on the central bank’s taper plan. Gold futures on MCX were marginally down 0.06 per cent, or Rs 26, at Rs
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
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