Oil up nearly 20% year-to-date Is there a more-overlooked asset than oil this year? It’s been written-off for dead with investment fleeing the sector but oil inventories will be rapidly drawn down in the months ahead. OPEC+ will face increasingly tough decisions about what to do and the March decision could be the difference between
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Falling for the fifth consecutive day, gold prices on Friday declined Rs 163 to Rs 46,738 per 10 gram in the national capital amid rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,901 per 10 gram. Silver, however, gained Rs 530 to Rs 67,483 per kg,
Dollar was in a pole position to end as the strongest major currency. But disappointing non-farm payroll report gave dollar bulls a reality check as the greenback ended mixed, after late selloff. Australian and New Zealand Dollar have indeed closed as the best performers, followed by Sterling. Euro, Swiss Franc and Yen were the weakest.
AUD/CHF was the top trade The Australian dollar led the way last week entirely due to a strong rally on Friday as it climbed 1% against the US dollar. The commodity currencies struggled to gain traction for most of the week even with equities and commodities climbing. That finally flipped on Friday as they all
Rapidly rising oil prices are signalling the need for more production in the second half of the year to halt the fall in global inventories and satisfy recovering consumption as epidemic-related travel restrictions ease. Global petroleum stocks have fallen by almost 600 million barrels since May 2020, after rising by over 1.2 billion barrels in
Sterling jumps sharply after BoE indicated that it didn’t want to send a signal to the market on adopting negative rates. Dollar is also firm on overall mixed market sentiments. Thanks to the selloff against both the Pound and the greenback, Euro is currently the worst performing one for the day, trailed closely by the
Forex news for North American trading on February 5, 2021 It was unemployment day in the US and Canada, and both reports came in weaker than expectations: US nonfarm payroll rose by 49K, which was less than the 105K expected. However the prior to month revised down -159K. The unemployment rate did fall fairly sharply to 6.3% from 6.7%, but the decline was
Copper prices rose on Friday, boosted by a weak dollar and hopes for better metals demand due to improved vaccine rollout and as the U.S. stimulus looked set to be approved. Three-month copper on the London Metal Exchange (LME) rose 1.9% to $7,970 a tonne by 1740 GMT. The metal, used in the power and
Dollar drops broadly in early US session after much smaller than expected non-farm payroll job growth, even though unemployment dipped notably. Canadian Dollar is some what pressured today after larger than expected job losses. But Yen is the one following the greenback as second weakest. Australian Dollar and Euro are trying to regain some grounds
IMG Georgieva: US has fiscal space to take further action to support economy Coming Up! Title text for next article LON SDNY+11 NY -5 TYO +9 GMT IMF Georgieva speaking US has fiscal space to take further action to support economy, supports Bidens determination to focus relief on vaccinations, support unemployed we have to be
Oil hit its highest level in a year on Friday, closing in on $60 a barrel on economic revival hopes and supply curbs by producer group OPEC and its allies. New orders for U.S.-made goods rose more than expected in December, pointing to continued strength in manufacturing. The U.S. Congress is also moving ahead on
Return of risk-on markets, after some solid economic data, pushed S&P 500 and NASDAQ to new record highs overnight. Yen and Swiss Franc trade broadly lower naturally but Euro was not far behind. Commodity currencies, while firm, are so far overwhelmed by Sterling and Dollar. In particular, the greenback will look into today’s non-farm payroll
The greenback loses some ground to start European morning trade A couple of key levels to eye for the dollar in EUR/USD and USD/JPY this morning, as we are seeing the former move up from 1.1970 to 1.1982 while the latter is backing off slightly from 105.60 to 105.45 currently. Those are the two key
NEW DELHI: Gold and silver futures prices gained on Friday tracking the trend in the international market and investors buying at lower levels ahead of RBI policy meet outcome scheduled later in the day. Meanwhile, Democrats in the US Senate were poised on Thursday to take a first step toward the ultimate passage of President
As expected, BOE left the Bank rate unchanged at 0.1%. Meanwhile, the QE program also remains at 875B pound worth of government bonds, and 20B pound of corporate debt. The economic projections reveal that policymakers are more optimistic about inflation projecting it to reach the +2% target this year. This signals that further rate cut
Moderate Democrats want to deal with 2 separate packages Moderate Democrats are asking House leader Pelosi to break up the relief bill. The 1st would be a pandemic vaccine package. The 2nd would focus on economic stimulus. Pres. Biden met with Republican leaders last week and they proposed a $600 billion deal. Biden has said
Oil prices extended gains on Thursday after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new U.S. pandemic relief bill adding further price support. Brent crude futures gained 25 cents, or 0.43%, to $58.71 a barrel by 1025 GMT, having earlier hit their
Sterling softens notably today as focus turns to BoE rate decision, and more importantly the stance regarding negative interest rates. Euro and Swiss Franc remain generally weak too. New Zealand and Canadian Dollars are paring some gains as risk markets turned mixed again. But Aussie is somewhat bucking the trend with a rebound. Dollar buying