Oil prices continue to sizzle but Saturday’s Iran meetings are a big risk WTI crude oil rose 61-cents to $70.91 today and finished the week up 1.8% after a minor stumble on Monday. Oil is up $10 since May 21. At that time there were headlines indicating an Iran nuclear deal was close. The market
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NEW YORK: Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs. Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. For the week,
The intra-week rebound in global benchmark treasury yields was rather short-lived. Yields in Germany, US and Japan then turned south after ECB’s decision on PEPP purchases. That came even though CPI jumped to 13-year high. It remains to be seen of investors are giving a strong node to central bankers’ view that it’s transitory. Swiss
Weekly US futures positioning data for the week ending June 11, 2021: EUR long 107K vs 109K long last week. Longs trimmed by 2K GBP long 27K vs 24K long last week. Longs increased by 3K JPY short 37K vs 47K short last week. Shorts trimmed by 10K CHF long 1K vs flat last week. Shorts increased
Gold prices hovered near the key $1,900 per ounce level on Friday, helped by a weaker and US bond yields, as investors shrugged off data that showed a rise in US inflation and hoped the Federal Reserve would not change its dovish stance. Spot gold was up 0.1% at $1,899.28 per ounce, as of 0059
Swiss Franc is generally firm as weekend approaches. Even though there was no follow through buying in Euro after ECB overnight, the common currency is somewhat support mildly by the strength in the Franc. Meanwhile, Yen’s selloff faded quickly, together with the rebound attempt in treasury yields. Dollar, Canadian Dollar and New Zealand Dollar are
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NEW DELHI: Gold prices rose Rs 441 to Rs 48,530 per 10 gram in the national capital on Friday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 48,089 per 10 gram. Silver also jumped Rs 1,148 to Rs 71,432 per kg, from Rs 70,284 per kg in the
Notable buying is seen in Dollar as markets enter into US session. There is no apparent reason for the rally, except that some traders could be adjusting positions ahead of the high profile G7 summit. Resilience in the Swiss Franc is affirm this pre-emptive risk aversion. Meanwhile, Sterling is also firm after solid GDP data.
The 7-day incidence rate keeps lower at 18.6 Meanwhile, total active cases is seen easing slightly to ~52,900 and all of that continues to point towards the direction of the virus situation getting better by the day. This should allow for further restrictions to be eased and a more meaningful summer reopening if things stay
NEW DELHI: Gold in the national capital on Thursday declined Rs 259 to Rs 48,127 per 10 grams amid weak global trends, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 48,386 per 10 gram. Silver also dipped Rs 110 to Rs 70,274 per kg, from Rs 70,384 per
The ECB meeting contains little surprise. On economic developments, despite the notion that recent rise in inflation has been driven by temporary factors, the staff upgraded headline inflation projections sharply for this year and 2022. All monetary policy measures stay unchanged. Obviously, policymakers avoided to mention about “taper”, amidst concerns over tightening financial conditions. Acknowledging
Quick move lower in oil Keep an eye on oil as headlines cross saying the US has lifted sanctions on Iran individuals. Crude is quickly down to $69.14 from $70.10. This looks like a precursor to a nuclear deal. Iran has long insisted that sanctions — including those on individuals — come off before they
LONDON: OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China, although it cited uncertainties around the path of the pandemic. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said demand would rise by 5.95 million barrels per day
There are heavy weights event for Euro and Dollar today, but reactions are so far mild. ECB said it will continue the PEPP purchases at “significantly higher” pace in Q3. Yet, it also upgraded both growth in and inflation forecast for this year and next. Dollar shrug off very strong consumer inflation, as well as
Remarks by China’s FX regulator head on the market International markets face risk of correction from high levels Correction could lead to global risk-off sentiment, changes in cross-border flows I’m not really sure what one can extrapolate from the headline remark, given how inflows to the yuan this year are in part due to their
NEW DELHI: Gold prices surged up on Wednesday, on the back of falling US bond yields. Investors are holding back from making large bets ahead of US inflation data and the European Central Bank policy meeting this week. The precious metal traded firm in domestic markets. Labour Department data showed US job openings surged by
Global financial markets are generally treading water this week so far. Trading in the forex markets is also subdued. Canadian Dollar is currently leading other commodity currencies lower, awaiting BoC policy decision today. On the other hand, Swiss Franc is the strongest one, lifting Euro higher too. In other markets, Gold is still struggling to