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
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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
The yields spread between core and riskier debt in the Eurozone narrows The rise in Treasury yields over the past few days on stimulus hopes is helping to light a fire on yields elsewhere but this also alludes to the market being less confident about the ECB cutting rates further as an option to deal
NEW DELHI: Gold and silver futures prices slid on Thursday tracking the trend in the international market as rising dollar and bond yields resulted in flight of money from non yielding precious metals. The dollar hit its highest in over two months on Wednesday, making precious metals expensive for holders of other currencies. Benchmark 10-year
Here comes the SEC The SEC is taking a larger look at the GameStop and meme stock mania last week and looking for fraud in social media posts that drove the price up, according to Bloomberg. Of course, the SEC is known for taking a hard line with people who use social media for fraud:
Silver rose more than 2% on Wednesday on bets for a pick-up in industrial demand, regaining some ground following a sharp retreat from a near eight-year peak scaled with the help of a social media-inspired buying frenzy. Spot silver was up 1% at $26.87 per ounce at 11:02 a.m. EST (1602 GMT). It fell more
Economic data released today are largely ignored so far. Euro’s weakness continues despite stronger than expected inflation reading. Swiss Franc and Sterling are also softening slightly. Dollar, on the other hand, struggles to extend gain after much stronger than expected ADP employment. New Zealand Dollar continues to trade as the strongest one, taking the Aussie
The positive tones spill over to Europe in early trades German DAX futures +0.5% UK FTSE futures +0.3% Spanish IBEX futures +0.7% This mirrors the positive mood in US futures, with S&P 500 futures seen up 0.4% and Nasdaq futures up 0.7% as the market exudes more calm on the week so far. In the
NEW DELHI: Gold futures prices rose while silver also rebounded tracking the trend in the international market. However, gains in gold were limited and analysts expect sideways movement for now. Silver prices rocketed as retail investors, egged on by messages on Reddit, piled into the market in an attempt to push up prices. The retail
Canadian and New Zealand Dollar are both in the driving seats in the markets this week. Return of risk appetite is providing the base for rally. Meanwhile, Kiwi is lifted by stronger than expected job data while Loonie follows oil prices higher. Aussie is lagging behind on RBA, however. Euro and Swiss Franc continue to
A look at the dollar Bank of America Global Research notes that the FX landscape is evolving with fundamentals are back in the driver seat. “Risk appetite has been the dominant factor in FX markets since last March, when official sector policy began aggressively supporting markets, serving to collapse FX risk premium as the US
Silver slumped 8% on Tuesday as small investors turned their focus away from the metal, hastening a retreat fueled in part by a margin hike by the Chicago Mercantile following a rally to a near eight-year peak the previous session. Spot silver fell 7.5% to $26.82 an ounce by 10:32 a.m. EST (1532 GMT). On