NEW DELHI: Gold and silver futures drifted further lower in the morning trade on Wednesday as doubts over government transition in Washington faded, increasing risk appetite. US president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings, a sign
News
While vaccine news should be bullish for the oil market, the rally in crude oil price proves short lived. Ahead of next week’s meeting to decide extension of output cuts, a long-term OPEC member, the UAE, reportedly has shown discontent about the output cut deal. There are rumors that the third largest OPEC producer has
Brexit headlines from Gove Asked about odds of a deal, says he’s never been very good at making forecasts Says negotiating team is working around the clock We have clear red lines and won’t cross them I think we all want a deal Sterling hasn’t moved on the headlines and I don’t see anything new
Gold slid to a four-month low on Tuesday, extending a sharp slide from the previous session as optimism over the development of COVID-19 vaccines drove investors to riskier assets. Spot gold dropped 1.3% to $1,812.81 an ounce by 1218 GMT, having touched its lowest since July 17 at $1,804.70, while U.S. gold futures lost 1.5%
Commodity currencies remain the strongest one for today with help from risk-on markets. Euro is also firm, shrugging off deterioration in business expectations as indicated by Ifo’s data. Though, selling is focusing on Swiss Franc and Sterling for now. Dollar dropped notably earlier today but there is no clear follow through selling so far. The
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
Gold prices eased on Monday as drugmaker AstraZeneca injected fresh optimism into the race for a COVID-19 vaccine, bolstering appetite for riskier assets and overshadowing support for bullion from a weaker dollar. Spot gold had fallen 0.4% to $1,863.21 per ounce by 1328 GMT and U.S. gold futures were 0.6% lower at $1,861.40. Britain‘s AstraZeneca
Sterling opens the week on firm footing as lifted by UK’s trade deal with Canada. There’s also report on increasing expectation of a deal with EU to be sealed this week. New Zealand Dollar is also firm after strong Q3 retail sales rebound. On the other hand, Dollar, Yen and Swiss are trading generally lower,
Forex news from the European trading session – 23 November 2020 Headlines: Markets: GBP leads, USD lags on the day European equities higher; E-minis up 0.5% US 10-year yields up 3.3 bps to 0.857% Gold down 0.2% to $1,868.10 WTI up 1.1% to $42.90 Bitcoin up 0.1% to $18,610 Yet another hopeful Monday. That seems
Zinc prices fell 1.46 per cent to Rs 222 per kg in futures trade on Monday as speculators reduced their exposure taking negative cues from spot market. On the Multi Commodity Exchange, zinc contracts for November delivery traded lower by Rs 3.30, or 1.46 per cent, at Rs 222 per kg in 1,097 lots. Analysts
Dollar’s selloff resumes today as stocks rallies on more positive news on coronavirus treatment. British drugmaker AstraZeneca said it’s vaccine could be around 90% effective, and as many as 200 millions doses could be ready by year end. The news also lifts Sterling to be the best performer so far today. New Zealand Dollar and Euro
Third quarter economic growth in Singapore rebounded: Q3 GDP +9.2% q/q (seasonally adjusted rate) vs. expected 9.5%, prior 7.9% Q3 GDP -5.8% y/y vs. expected -5.8%, prior -7.0% More: The Ministry of Trade and Industry has revised their 2020 GDP growth forecast to -6.5% to -6% (previous forecast -7% to -5%) forecasts 2021 GDP growth of
By Paul Abelsky Saudi Arabia is sacrificing non-oil economic growth with fiscal policies designed to ensure its currency peg’s stability during a period of low crude prices, according to Goldman Sachs Group Inc. “Maintaining the riyal peg at current levels remains a key policy priority for the Saudi authorities,” Farouk Soussa, a London-based analyst at
According to the CFTC Commitments of Traders report for the week ended November 17, NET LENGTH for crude oil futures jumped +17 273 contracts to 480 811 for the week. Speculative long position added +4 502 contracts, while shorts slumped -12 771 contracts. For refined oil products, NET LENGTH for gasoline increased +7 137 contracts
This is not a vaccine, but a treatment. It was administered to Trump when he was crook with the virus. Its still an experimental therapy. an antibody treatment (a monoclonal antibody, as is Eli Lilly’s drug approved by the FDA for similar application back on November 9) aimed at preventing those with the virus from
By Julian LeeAll is not well in the house of OPEC. As the cartel’s oil ministers prepare to meet in just over a week to decide on the next step in their record-breaking output deal, officials in the United Arab Emirates, normally a loyal Saudi ally, are privately questioning the benefits of participating, and may
As suggested in the CFTC Commitments of Traders report in the week ended November 17, NET SHORT of USD Index futures dropped -154 contracts to 974. Speculative long positions increased +937 contracts and short positions gained +783 contracts. Concerning European currencies, NET LENGTH in EUR futures fell -1 327 contracts to 133 960. NET SHORT
The existing Comprehensive and Economic Trade Agreement (CETA) deal will be ‘rolled over’ as a short-term transitional agreement (small changes are being made to language to accommodate CAD-UK only trade as the original CETA was made when the UK part of the EU). the deal must be approved by both governments (Canada’s Parliament must approve new legislation)