The second day of pre-Diwali Dhanteras witnessed a tepid response from shoppers on Friday as gold and silver sales have likely to be fallen by up to 35 per cent year-on-year due to high prices and COVID-19 induced financial distress, although consumers moved to online buying to make most of the festival, jewellers said. The
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Yen appears to be trying to reverse the losses posted earlier this week, as helped by pull back in treasury yields. US 10-year yield is trading at around 0.88 a the time of writing, well below this week’s high at 0.975. German 10-year yield is also back pressing -0.55 handle. Still, Yen remains the second
Latest data released by the National Statistics Institute – 13 November 2020 CPI +0.5% vs +0.5% m/m prelim HICP -0.9% vs -1.0% y/y prelim HICP +0.3% vs +0.3% m/m prelim The preliminary report can be found here. Little change to the preliminary report as this just reaffirms softer inflation pressures in the Spanish economy, similar
By Nitin KabadiTraditionally, festivals and weddings have been the major drivers for gold purchases, especially in the jewellery form. Around 20% of annual gold sales happen during Diwali. According to the World Gold Council, India is estimated to have accumulated up to 25,000 tonnes of gold thus far. In financial year 2019, the value of
Commodity currencies turn softer today, following pull back in stocks. On the other hand, Yen, Swiss Franc and Dollar are gaining some grounds. Euro and Sterling are mixed on the sideline. Over the week, Kiwi remains the strongest one, followed by Dollar and then Sterling. Swiss Franc and Yen are the weakest. Fed Chair Jerome
30 year bond auction WI level at 1.674% High yield 1.680%. Vs. WI level of 1.674% Bid to cover 2.29x vs. six-month average of 2.31x Dealers 21.56% vs. six-month average of 22.7% Directs 16.5% vs. six-month average of 13.3% Indirects 61.9% vs. six-month average of 64.1% the auction was a bit of a mixed bag. The WI yield
The International Energy Agency (IEA) on Thursday cut its 2020 global oil demand forecast, citing a resurgence of the Covid-19 pandemic, with vaccines unlikely to have much of an impact until well into next year. The IEA said that as a result of fresh restrictions imposed by governments in an effort to curb the disease,
Sterling suffers notable selling today after slightly weaker than expected Q3 GDP data. Though, pull back against Euro could be a bigger driver for the profit-taking. Elsewhere, better than expected US job data and worse than expected Eurozone production data were generally ignored. For now, Aussie is following the Pound as the second weakest, then
The second-highest daily count on record for Germany This shows that the virus situation isn’t quite abating just yet, but the figure it at least not growing exponentially as it has been doing in October. There are now roughly ~240,000 active cases across the country. For bank trade ideas, check out eFX Plus The number
Gold prices inched lower on Thursday, after dropping over 1% in the previous session, pressured by a firmer dollar and optimism over a COVID-19 vaccine related developments bolstering risk appetite. Spot gold fell 0.1% to $1,863.70 per ounce by 0048 GMT. U.S. gold futures were flat at $1,862.20. The dollar index held steady near a
RBNZ announced that a Funding for Lending Program (FLP) will be implemented in “early December” with an initial size of about NZD 28B. Further details will be announced in coming weeks. The program aims at providing loans to commercial banks at low cost (e.g.: 0.25%). The central bank left other monetary policy measures unchanged: OCR
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Guar seed prices on Wednesday rose by Rs 21 to Rs 4,173 per 10 quintal in futures trade after speculators increased their positions driven by a firm trend at spot market. On the National Commodity and Derivatives Exchange, guar seed for November contracts increased by Rs 21, or 0.51 per cent, to Rs 4,173 per
New Zealand Dollar surges broadly today as markets see that RBNZ has less need to cut into negative next year. Kiwi’s strength is somewhat taking Aussie higher too. On the other hand, Sterling is paring some of yesterday’s strong gain while Dollar is following as second weakest for now. Market activity could be subdued for
Gov urging folks to stay at home but falling short of making it a formal order. There were more than 1,300 new cases identified yesterday, and unfortunately, 7 additional deaths. Our 14-day test positivity rate is 13.7 percent. It’s continuing to climb. For the most recent 7-day period, cases are growing at a rate of
LONDON: Oil prices rose on Tuesday as hopes that a COVID-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand of new lockdowns to curb the virus. Brent crude futures rose 34 cents, or 0.8%, to $42.74 by 1312 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 20
China’s inflation moderated in October. Headline CPI eased sharply to +0.5% y/y, from +1.7% a month ago. The decline was mainly driven by food price, of which growth decelerated to +2.2% from September’s +7.9%. Non-food price actually stayed flat at 0%, while core CPI also steadied at +0.5%. Concerning food price, the deceleration was due
What’s coming up It’s a light day for economic data but there is the September JOLTS report at 1500 GMT and a 10-year auction at 1800 GMT. What will keep things moving are a series of central banker comments: 1400 GMT ECB’s Knot 1500 GMT Fed’s Rosengren & Kaplan 1700 GMT Fed’s Kaplan again 1730