Gold slumped 2%, breaking below the key $1,800 support level to a near five-month trough on Friday, as growing optimism about a quick vaccine-fuelled economic recovery and a smooth White House transition powered share market to fresh records. Spot gold slid 1.4% to $1,785.11 per ounce by 11:43 a.m EDT (1643 GMT), earlier falling to
News
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -1.07 mmb to 1353.84 mmb in the week ended November 20. Crude oil inventory dropped -0.75 mmb (consensus: +0.13 mmb) to 488.72 mmb. Stockpile decreased in 4 out of 5 PADDs. However, PADD1 (Gulf
The highlighted events and economic releases for next week’s trading: The RBA rate decision, Fed’s Powell testimony and the US employment report highlight the events and economic releases in the new trading week. Monday: China Manufacturing PMI. 8 PM ET Sunday/0100 GMT. Estimate 51.7 vs 51.4 last OPEC meeting all day Chicago PMI. 9:45 AM
Oil prices were mixed on Friday but remained on course for a fourth straight week of gains ahead of an OPEC+ meeting early next week. Brent crude for January rose 19 cents, or 0.4%, to $47.99 a barrel by 1443 GMT and the more active February contract gained 25 cents to $48.04. West Texas Intermediate,
Sterling turns generally lower in quiet holiday-mood trading today. Sellers are back in control as there appears to be no path out of the Brexit trade talk deadlocks yet. And, time is running out clearly. Overall, Yen and Dollar remain the worst performing ones of the week, on general optimism over coronavirus vaccines. New Zealand
Latest data released by INSEE – 27 November 2020 Prior -5.1%; revised to -4.4% Consumer spending +2.7% vs +1.8% y/y expected Prior -1.3%; revised to -0.8% French consumer spending bounced back in October after the drop towards the end of Q3, but this is all before tighter restrictions were introduced. So, there isn’t much to
NEW DELHI: Metal and energy counters traded mixed on MCX on Friday. At the same time, most agri commodities were trading with gains amid rising Covid cases and increasing doubts over vaccine. Gold was up 0.06 per cent while silver dipped 0.55 per cent. All base metal counters were trading with gains led by zinc
Trading continues to be subdued in Asia as markets are in holiday mood. Yen is trading mildly higher overall, but remains the worst performing one for the week. Dollar’s selloff slowed somewhat, but remains the second worst for the week. Commodity currencies are set to close the week as strongest, led by New Zealand Dollar.
UK and EU ready to resume talks Negotiators are poised to resume face-to-face talks, Bloomberg reports. They cite one source who says the EU negotiating team is preparing to travel to London “barring any last-minute changes to the plan.” Another source highlighted that this was yet to be confirmed. A third official said that Barnier
Gold gained on a softer dollar on Thursday and as a mounting number of COVID-19 cases and their economic toll raised investor expectations of further fiscal and monetary support. Spot gold was up 0.5% at $1,813.50 per ounce by 1305 GMT. U.S. gold futures were up 0.4% to $1,812.10. The dollar index held close to
Markets are generally rather quiet in Asian session today, with Thanksgiving holiday in the US in sight. Risk markets are taking a breather after the earlier rally, so do the selloffs in Dollar, Yen and Swiss Franc. Nevertheless the trio remain the weakest ones for the week. On the other hand, New Zealand and Australian
Daily thread to exchange ideas and to share your thoughts The dollar is going to be the key focus amid thinner liquidity conditions, as we see EUR/USD manage a close above 1.1900 for the first time since 1 September, with buyers slowly nudging price higher to start the session. There is some daily resistance closer towards 1.1966
NEW DELHI: Gold and silver futures gained in the morning trade on Thursday as increasing jobless claims in the US showed the world is far from being out of the crisis. The number of Americans filing first-time claims for jobless benefits increased to a seasonally adjusted 778,000 last week amid surging coronavirus cases and business
The minutes for the FOMC meeting in November shows that policymakers were cautiously optimistic about the economic recovery and the impacts of the monetary policy tools on the economic outlook. As negative interest rate has been ruled out, the Fed’s future policy tool is dependent on asset purchases (QE). We are not surprised to see
CDC data today US coronavirus deaths rose by 1989 yesterday; that’s only about 10% below the April peak. There were 165,282 new cases and that’s a bit of good news because a week earlier cases were at 177,000. All else equal, US cases are likely plateauing but given that today is the biggest travel day
Gold regained momentum on Wednesday following a sharp slide toward the $1,800 pivot in the previous sessions, as an unexpected rise in U.S. jobless claims tempered some of the COVID-19 vaccine-led optimism on Wall Street. Spot gold rose 0.3% to $1,812.66 an ounce at 10:15 a.m. EST (1515 GMT), having hit its lowest since July
Dollar’s sell-off slowed mildly as stocks turned into consolidation ahead of Thanksgiving holiday in the US. But for now, the greenback remains the second worst performing for the week, just next to Yen, followed by Swiss Franc. Commodity currencies are strongest together with Sterling. Mixed economic data from US provided little inspirations to investors. It’s
Daily thread to exchange ideas and to share your thoughts It is a bit of a quiet start and may stay that way until we get to North American trading later today. It will be the last ‘real’ trading day of the week, with thinner liquidity conditions set to overshadow the final two days amid the Thanksgiving