Dollar and Yen are back under notable selling pressure today. US investors are apparently ignoring continuing surge in global coronavirus infections, which broke 40m mark. Instead, there is renewed hope of fresh fiscal stimulus, as House Speaker Nancy Pelosi said a pre-election deal remains possible. Meanwhile, UK and EU are resuming Brexit talks. On the
News
Apart from what has already been posted there is no fresh news flow. NZD caught a bid earlier on here after the election in New Zealand returned the incumbent prime minister with great numbers in the NZ parliament. Ardern is on track to take 64 seats in the 120 seat parliament which means she can
By Grant Smith and Javier Blas When OPEC and its allies met last month, Saudi Arabia’s energy minister dared oil speculators to test his determination to stabilize global markets. Now that a resurgent pandemic is threatening demand once again, the moment of reckoning is getting closer. The coalition of crude producers gathers on Monday to
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended October 9. Crude oil inventory fell -3.82 mmb (consensus: -2.84 mmb) to 489.11 mmb. Stockpile gained in 3 out of 5 PADDs. However, PADD 3
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 imports, which have a bearing on the current account deficit (CAD), plunged 57 per cent to USD 6.8 billion (around Rs 50,658 crore) during the first half of this fiscal amid a slump in demand due to the COVID-19 pandemic, showed data by the commerce ministry. In the corresponding period a year
WTI crude oil price fluctuated about US$40/bbl last week. Latest forecasts from major oil agencies suggest that impacts of the pandemic on demand will be long-lasting. This could be a barrier for price to go higher. Bets on gold increased in both directions. However, short positions more than doubled those of long as US yields
Moody’s cuts the United Kingdom This isn’t entirely unexpected but you hate to see it. Fitch recently affirmed the UK at AA-, which is the equivalent of Aa3. S&P remains one notch higher at AA but it’s under review. Moody’s cited three reasons for the sovereign downgrade: First, the UKʼs economic strength has diminished since
MOSCOW: OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ producers, called the Joint
It’s a rather chaotic week with many themes developing. The first October surprise of US President Donald Trump’s coronavirus infects seemed to have fade as he’s back in election campaign. Just as challenger Joe Biden appeared to be widening lead, according to mainstream polls, another October surprise surfaced with Hunter Biden’s Macbook gate. The stories
Forex news for North American trade on October 16, 2020: Markets: Gold down $9 to $1899 US 10-year yields up 1.3 bps to 0.745% S&P 500 flat at 3483 WTI crude oil down 18-cents to $40.78 CAD leads, AUD lags There were some big headlines on Brexit and US retail sales today but the market
Mumbai: In the first indication that entails diversifying into new trading segments like equity cash and equity, currency and debt derivatives , MCX, the country’s largest commodity derivatives exchange, has invited proposals from technology vendors for exchange technology solutions as a multi-year agreement with current provider 63 moons concludes in September 2022. : The request
As suggested in the CFTC Commitments of Traders report in the week ended October 13, USD Index futures drifted to NET LENGTH of 437 contracts. Speculative long positions increased +1 601 contracts and short positions dropped -1 870 contracts. It is likely that NET LENGTH will increase further in the coming week amidst greenback’s bounce.
Citi flags asymmetric risk/reward in CHF this month Citi flags a scope for Switzerland to be named a currency manipulator by the US by US Treasury in October. ” CitiFX Strategy’s latest: Switzerland can be named a currency manipulator in October. Switzerland has met the objective criteria to be labeled a currency manipulator by US Treasury.
BENGALURU/MUMBAI: Physical gold dealers in India continued to stock up this week ahead of an expected festival sales bump, while the Golden Week in top consumer China did little to revive bullion demand. Gold is considered an intrinsic part of Indian festivals such as Dussehra in late October, and Diwali and Dhanteras in November. Demand
Sterling is a focus today in otherwise relatively quiet markets. Brexit jitters triggered much volatility in the Pound. But it’s staying in range as, after all, negations between UK and EU will still continue next week, probably with some intensifications. As for the week, Australian Dollar remains the weakest one, followed by Sterling, Yen is
Comments by UK foreign secretary, Dominic Raab We are disappointed and surprised by EU position on Brexit We are close to a deal A deal also ‘depends on the other side’ With goodwill on both sides, we can get there This is largely more posturing as well, but it sure sounds like they will be
NEW DELHI: Gold and silver prices were trading mixed around the flatline in Friday’s session amid steady US dollar and indecisiveness of US lawmakers about economic stimulus. US President Donald Trump said on Thursday he was willing to raise his offer of $1.8 trillion for a COVID-19 relief deal with Democrats in Congress, but the