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The BOE would maintain an upbeat tone at this week’s meeting. However, the uncertainty, in particular a third wave of the pandemic which has caused a delay in restriction easing, suggests that it would be too early to hint about tapering of monetary policy or pushing forward the first rate hike. Economic data released since

A look at the AUD/USD daily chart Perhaps the scariest chart coming into this week was AUD/USD. On Friday it broke through the lows of the year and the 200-day moving average in what looked like it could be a major breakdown. Yet a few days later and the breakdown is still up for debate.

NEW DELHI: Gold in the national capital on Tuesday gained Rs 45 to Rs 46,213 per 10 gram, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,168 per 10 gram. Silver declined marginally by Rs 86 to Rs 66,389 per kilogram from Rs 66,475 per kilogram in the

Trading in the forex markets is rather subdued today, as in other financial markets. Dollar continues to consolidate recent rise while European stocks and US futures are treading water. Focus turns to Fed Chair Jerome Powell’s testimony for fresh inspirations. . Sterling bulls hesitated in early part of European session, but quickly regained grounds. The

AU10y-NZ10y The Aussie 10 year and New Zealand 10 year spread has dived lower again. This is in keeping with the divergent outlook between the RBA and the RBNZ. A puzzle over the last two weeks has been NZD weakness despite a more hawkish tilt from the RBNZ. This has made the AUDNZD a pain

TOKYO: Crude dropped on Tuesday as investors cashed in on a recent rally, but market sentiment remained solid on hopes for a quick recovery in demand in the US and European markets and fading expectations for an early return of Iranian crude. Brent crude futures for August eased 10 cents, or 0.1%, to $74.80 a

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…GOP wants to fund infrastructure bill by raising gasoline taxes and taxing electric vehicles The White House is out saying that present Biden wants to grow the electrical vehicle industry. That is why he opposes a related tax proposed by the GOP to pay for infrastructure. The GOP also supports raising gasoline tax whereas Pres. Biden said that taxing the low-wage

LONDON: Oil prices were largely steady on Monday on rising demand in the northern hemisphere’s summer driving season, but traders braced for a return of Iranian crude supplies despite a pause in talks to end U.S. sanctions. Brent crude for August lost 24 cents, or 0.3%, to $73.27 a barrel by 1255 GMT. U.S. West

Dollar and Yen retreat as markets enter into US session. Stock markets are staging a mild rebound in Europe, while US futures also point to higher open. Treasury yields also recovered from earlier decline, with US 10-year yield back above 1.4 handle at the time of writing. New Zealand Dollar leads Australian and Sterling higher.

BTC had been resilient  The hawkish Fed shift strengthened the USD, but BTC had been fairly firm.  However, there is now some weakness and this could be a delayed reaction to all that USD strength. Also some more China mine closures being touted as reasons for weakness today.  If $30,000 breaks expects stops to be

Gold prices firmed on Monday, after posting a 6% drop last week, as a retreat in U.S. Treasury yields boosted the allure of the non-yielding metal. Fundamentals* Spot gold was up 0.5% at $1,772.34 per ounce, as of 1004 GMT. Last week, bullion prices posted their worst week since March 2020 on the U.S. Federal

Second quarter growth estimate declines Powell yesterday highlighted an ongoing improvement in US data but the New York Fed’s growth tracker isn’t showing that. In light of the latest numbers, it was lowered to 3.69% from 4.20% a week ago. The Q3 indicator was also cut to 4.4% from 5.3%. “Negative surprises from advanced retail

With a fresh hike in fuel prices by the Oil marketing companies (OMC) on Sunday, petrol price in the national capital surpassed Rs 97 per litre mark. Petrol is selling for Rs 97.22 per litre in Delhi on Sunday, up from Rs 96.93 on Saturday. Cost of diesel in the national capital was at Rs

Dollar is maintaining much of this week’s gains as focus now turns to FOMC statement and economic projections. There is prospect of further rally for the greenback should some policymakers pull ahead their rate hike expectations. But the overall reactions would more depend on interaction with other markets like stocks and yield. As for the

China loans up Reuters reports that China has bought at least eight cargoes of US soybeans today. They are mostly for October delivery. The report notes that they had previously booked 3.05 mt and this would add at least 0.48 mt more. Prices of soybeans on the front month fell 7% yesterday but have bounced

NEW YORK: Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices. Officials at the Organization of the Petroleum Exporting Countries got the U.S. production outlook from industry experts, OPEC sources

China’s major economic data missed expectations in May. Industrial production (IP) expanded +8.8% y/y in May, worse than consensus of +9.2% and April’s +9.8%. Retail sales growth decelerated to +12.4% y/y, from +17.7% in April. The market had anticipated a +14% growth. Fixed asset investment (FAI) gained +15.4% y/y in the first 5 months of