Asian markets are trading in mixed most, decoupling from strong rally from the US on Friday. The forex markets are also steady. Yen is trading broadly higher and could be riding on the rebound against Dollar to strengthen elsewhere. Dollar is the currently the second strongest for today but it’s merely licking last week’s wounds.
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By Fathin Ungku, Ernest Scheyder SINGAPORE/HOUSTON: When miners at Indonesia’s giant Grasberg gold and copper mine started testing positive for coronavirus early in the pandemic, the mountain-top mining complex was quickly locked down with a skeletal staff left in place to maintain production.But as months of travel curbs dragged on, angry workers blockaded the mine
According to the CFTC Commitments of Traders report for the week ended October 6, NET LENGTH for crude oil futures gained +9 625 contracts to 471 536 for the week. Speculative long position jumped +9 165 contracts, while shorts dropped -460 contracts. For refined oil products, NET LENGTH for gasoline decreased -204 contracts to 56
A record daily raise in the number of newly confirmed COVID-19 cases for France. Elsewhere in Europe: The UK reported more than 15,100 new cases on Saturday. Spain has declared an emergency in Madrid for 15 days Germany has introduced new restrictions, including a curfew on bars and restaurants (11pm) A few updates … sheesh
By Julian Lee Covid-19 may do for Big Oil what the Chicxulub asteroid did for the dinosaurs when it struck Earth 66 million years ago. Much like the “terrible lizards,” Big Oil was already in decline before the novel coronavirus hit. The world in which they thrived is changing around them and they face multiple
As suggested in the CFTC Commitments of Traders report in the week ended October 6, NET SHORT for USD Index futures dropped further, by -2 521 to 3 034 contracts. Speculative long positions increased +3 669 contracts and short positions added +1 148 contracts. Concerning European currencies, NET LENGTH in EUR futures slumped -13 808
Trade idea from Mitsubishi UFJ MUFG recommends selling EUR/AUD with a target of 1.5900 and a stop at 1.6700. The pair closed the week at 1.6333. “We are recommending a short EUR/USD trade idea to reflect in part the recent divergence in the spread of COVID-19 which will have implications for relative economic performance going
LONDON: Oil prices fell on Friday, erasing an earlier rise but still leaving both benchmarks on track for their biggest weekly gains since early June on the back of supply cuts caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway. Brent was down 31 cents at $43.03
Yen and Dollar ended the week as overwhelmingly the worst performing ones. Despite all the jitters regarding US President Donald Trump’s coronavirus infections, stimulus talks stalemate, major stock indices ended the week strongly higher. Yen is additionally pressured by strong rally in treasury yields too. On the other hand, Canadian Dollar was doubled boosted by
Forex news for North American trading on October 9, 2020. Oh Canada! The US employment data was released last Friday, so Canada had all the attention to itself today when they released their jobs report for the month of September. The numbers did not disappoint. The net change in employment rose by 378.2K vs. expectations of 150K. Most of the job gains were in full-time employment with
BENGALURU/MUMBAI: Physical gold was sold at a premium in India this week for the first time since mid-August as jewellers stocked up, hoping key festivals would bring customers back to stores. Indians will celebrate Dussehra in late October and Diwali and Dhanteras in November, when buying gold is considered auspicious. “Industry is banking on festivals
Commodity currencies are the main drivers in the markets today, as Australian Dollar leads others higher. European majors, on the other hand turn weaker as led by Euro. Dollar and Yen are mixed for the moments, awaiting the next move in risk markets. Global stock markets seem to have stay in a risk-on mode, with
2- weeks after Super Spreader event Pres. Trump is hosting an in-person “law and order” event Saturday at the White House. The meeting would be 2-weeks to the day from the so called “super spreader” event to introduce Amy Coney Barrett as the SC nominee. I would assume there would be a better social distance
Gold rose by more than 1% on Friday and was on course for a second straight weekly gain as the dollar weakened and renewed negotiations for U.S. stimulus prompted investors to buy bullion as a hedge against inflation. Spot gold was up 1.2% to $1,915.36 per ounce by 1135 GMT, up 0.9% this week. U.S.
Canadian Dollar strengthens against most major currencies in early US session as boosted by stronger than expected job data. That comes in the back ground of this week’s strong rally in oil price too. On the other hand, Dollar is under broad based pressure as global stock markets are back on risk on mode. As
Little change observed in early trades German DAX futures flat UK FTSE futures +0.1% Spanish IBEX futures +0.1% After yesterday’s gains, the mood in Europe is more muted to start the new day. US futures may still be riding some of the stimulus high but sentiment in Europe is still looking more mixed with the
Latest data released by INSEE – 9 October 2020 Prior +3.8% Industrial production -6.2% vs -5.7% y/y expected Prior -8.3% Manufacturing production +1.0% vs +2.4% m/m expected Prior +4.5% Manufacturing production -7.0% vs -5.5% y/y expected Prior -8.5% French factory activity is seen improving still in August, though less than estimated, but there isn’t anything