NEW YORK: Oil prices rose about 1% on Thursday after preliminary news that OPEC+ reached a deal to gradually ease production cuts from May. Brent crude rose 42 cents, or 0.7%, to $63.16 a barrel by 11:45 a.m. EST (1645 GMT). US oil was up 59 cents, or 1%, at $59.75 a barrel. OPEC+, which
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Dollar retreats mildly in early US session after weaker than expected job data. Also, treasury yield is retreating mildly while stocks point to higher open, in particular NASDAQ. Pre-holiday trading in the currency markets is generally mixed. Aussie tumbled earlier today but has recovered a large part of the losses quickly. Sterling is trying hard
The comments generally highlight discipline Saudi oil min:OPEC should continue with flexible approach Novak: We have to monitor vaccine pace and lockdowns Novak: Important not to let the oil market overhead or be undersupplied Angloa minister highlighted need to caution The closed meeting (where the decision-making happens) is now underway. It sounds like an extension
Gold prices continued to slide and retreated ~3% in March. Prices have been battered by rising US Treasury yields and a strong dollar amid optimism in the market regarding the economic recovery. Comments by Fed Chairman Jerome Powell in the recent past have also lent further support to the dollar and yields. Various events and
Dollar is generally firm today while selling focus turned to Australian Dollar, and other commodity currencies. It’s unsure what’s the exact catalyst for the selloff in Aussie. But recent pull back in copper price is likely one of the reasons at least. Euro, Yen and Swiss Franc, recover, except versus the greenback. Main focus will
Jibun Bank/Markit Manufacturing PMI (final) for March 52.7 is the fastest expansion in manufacturers’ activity since October 2018. Output levels rose for the second straight month firms reporting that overseas and domestic demand continued to recover new overseas orders expanded at a slower pace than in February “Japanese manufacturers were confident that output would continue
Oil prices will stabilise above $60 a barrel level this year, as vaccine rollouts support a demand recovery and OPEC and its allies continue to rein in supply, a Reuters poll showed on Wednesday. The survey of 48 participants forecast Brent would average $63.12 per barrel in 2021, up from last month’s consensus of $59.07
Rising Treasury yields continue to weigh on gold. The Comex gold contract is on the way to record a second consecutive week of decline. Encouraging economic data and a less dovish Fed are the key factors pressuring the yellow metal. US economic data have been upbeat. Consumer confidence jumped +19.3 points to 109.7 in March,
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do
NEW DELHI: Gold prices declined by Rs 49 to Rs 43,925 per 10 gram in the national capital on Wednesday reflecting overnight selling in global precious metal prices, according to HDFC Securities. The precious metal had closed at Rs 43,974 per 10 gram in the previous trade. Silver also registered a fall of Rs 331
China’s official data suggest that the country’s economy recovered significantly in March. PMI readings for all of manufacturing, services and construction activities improved strongly. While seasonal factor (low base effect in February) played a role, the strong first quarter reading signals that economic recovery remains underway. Key risks are global vaccination progress and US-China trade
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do
NEW YORK: Oil prices slid on Tuesday as the Suez Canal reopened to traffic, while focus turned to an OPEC+ meeting this week, where analysts expect an extension to supply curbs to offset disappointing demand prospects. Brent crude fell 31 cents, or 0.5%, at $64.67 a barrel by 11:11 a.m. (1511 GMT.) West Texas Intermediate
Dollar rides on renewed rally in US treasury yields and trades broadly higher today. The greenback’s strength is quite overwhelming for now. On the other hand, Yen and Swiss Franc are trading as the weakest ones, followed by commodity currencies. The stock markets are having little reactions so far, with European indices mildly in black
Latest data released by Destatis – 30 March 2021 Prior +1.3% CPI +0.5% vs +0.5% m/m expected Prior +0.7% HICP +2.0% vs +2.0% y/y expected Prior +1.6% HICP +0.5% vs +0.5% m/m expected Prior +0.6% The report is bang on expectations and reaffirms the bump higher as seen with the state readings earlier in the
NEW DELHI: Gold dipped by Rs 138 to Rs 44,113 per 10 gram in the national capital on Tuesday amid decline in global precious metal prices, according to HDFC Securities. In the previous trade, it had closed at Rs 44,251 per 10 grams. Silver also declined Rs 320 to Rs 63,212 per kg, from Rs
Yen trades generally lower today following surging treasury yields and some firmness in stock markets. While it’s not yet a full risk-on market, sentiments are positive for now. Swiss Franc, Euro and Dollar also turn slightly softer. On the other hand, commodity currencies and Sterling are trading generally higher. Technically, the downside breakout in EUR/GBP
More Japanese data, this time its Retail sales for February A big beat at +3.1% m/m-1.5 % y/y also a beatJapan was in the midst of a state of emergency in Tokyo and surrounds – despite this retail has performed strongly. The emergency declaration has since ended so logic would dictate the March figure will