NEW YORK: Oil prices rose about 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in coming months, while rising global fuel demand would continue to tighten supply. Brent crude was up $1.23, or 1.7%, to $75.85 a barrel by 12:38 p.m. EDT (1638 GMT). U.S. West Texas Intermediate
News
Dollar surges sharply against Yen today and maintains gain after better than expected job data. Though, the greenback is retreating mildly against other major currencies, as traders are probably lightening up their positions first ahead of tomorrow’s non-farm payrolls. Comments from ECB and BoE officials gave Euro and Sterling some support. But they’re not enough
Latest data released by Eurostat – 1 July 2021 Prior 8.0%; revised to 8.1% A slight drop in the jobless rate for May, which reaffirms a more steady trend in employment conditions in the euro area over the last few months. That said, there are still some caveats to the figure above, which Eurostat also
NEW DELHI: Gold prices edged lower on Thursday in global markets as the dollar hovered near a three-month peak, with investors looking ahead to a key US jobs report due later this week. However, the yellow metal gained in domestic markets as the government slashed the base import price of the precious metal. US private
Dollar’s rally continues to make progress, one step at a time. Solid job report overnight helped lift the greenback through near term resistance against Euro and Yen. Nevertheless, reaction in stocks were subdued. Focus will now turn to ISM manufacturing today for more inspirations. Meanwhile, commodity currencies and Swiss Franc are currently the weakest for
Due at 0130 GMT is the Australian trade balance data for May 2021 The preliminary data for this was released in June, it showed the trade surplus hit a record high at A$13.3 billion. Iron ore exports climbed substantially. The data release today should confirm the record trade surplus. Still-rising commodity prices will give export
NEW DELHI: After revamping the margin structure in equities to eliminate unnecessary risks from the system, Sebi is making changes to the margin rules in the commodity segment aiming to increase liquidity. The markets regulator is making changes to the margin rules, which will benefit those who hedge their positions in individual commodity derivatives and
Dollar and Loonie rise in early US session after better than expected economic data. Sterling follows closely after hawkish comments from BoE chief economist. As for today, Swiss Franc is currently the worst performing, followed by New Zealand and than Australian Dollars. The greenback is surviving the first data test and focus will stay on
A tilt towards the defensive side Germany DAX -0.9% UK FTSE -0.7% Spain IBEX -1.3% There’s not much of a catalyst but just be wary that flows can be tricky to decipher as we approach the end of the month and quarter. European indices put up a modest showing yesterday so this does eat into
HANOI: Copper prices rose on Wednesday, but were set for their smallest quarterly gain since March 2020 on pressure from a firm dollar and top consumer China‘s efforts to tame a red-hot metals rally. Three-month copper on the London Metal Exchange rose 0.4% to $9,375 a tonne by 0342 GMT and was up 6.7% for
Dollar and Yen are consolidating this week’s gains in Asian session today. There is no clear sign of topping in both Dollar and Yen. Yet, there is also no follow through buying to push Dollar through main near term resistance against other major currencies. Fed looks on track to start tapering later in the year,
Forex news for North American trading on June 29, 2021. The housing data from the Case Schiller for April continue to show stronger again zero year. The case Schiller index of 20 cities showed a 14.9% year on year gain. The FHFA price index rose 15.7% year on year. Both are higher than the previous
The government on Tuesday reduced import duty on crude palm oil to 10 per cent, and other palm oils to 37.5 per cent till September 30, a move that will help lower edible oil prices in the domestic market. The Central Board of Indirect Taxes and Customs (CBIC) in a notification reduced the basic customs
Dollar rises sharply today and takes the Japanese Yen higher too. There is no clear stimulus for the moves as other markets are mixed. The technical development suggests that this week’s retreat has completed already. New Zealand and Australian Dollar are currently the worst performing. But Euro and Sterling are not too far behind. Technically,
Reuters reports, citing sources with knowledge of the matter The incumbent official is Kenji Okamura, who will be stepping down next month after having served on the post for a year. He is reportedly set to be replaced by Japan MOF policy veteran, Masato Kanda, according to the report. Just take note that Kanda has
By Javier Blas Doug King set up his hedge fund in the early days of the commodity super-cycle in 2004. It was perfectly timed: voracious Chinese demand lifted the price of everything from oil to copper to record highs. Investors flooded the commodities sector. At the peak, King’s Merchant Commodity Fund was managing about $2
Japanese yen is the worst performing major currency against US dollar in 1H21. A more hawkish Fed and actual inflation (divergent monetary policy), widening yield differential and inflation expectations are the key drivers to yen’s depreciation. In the second half of the year, persistence of these drivers could further strengthen USDJPY, though to a lesser
Forex news for North American trading on June 28, 2021. US rates went lower today with the 10 year yield moving down about 4.6 basis points (the 30 year was down -5.1 bps). That took the yield a few basis points below the 1.5% level. The most recent high reached 1.77%. The most recent swing