The FOMC minutes for the July meeting revealed that the members remained concerned about the outlook of economic recovery. They had discussed a number of tools for further easing, including forward guidance, asset purchases, and yield curve targets. Meanwhile, the members again stressed that fiscal support is particularly important in supporting businesses and families amidst
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New Delhi: Domestic cotton prices have increased about 5% in the past one week and may remain firm as buying by spinning mills and overseas firms has picked up, traders said. “The domestic demand of cotton has seen an increase with most of the spinning mills now running at 80% capacity. We anticipate the domestic
As suggested in the CFTC Commitments of Traders report in the week ended August 18, NET SHORT for USD Index futures slipped -667 to 7 515 contracts. Speculative long positions added +337 contracts and short positions were down -330 contracts. It is possible for further decline in NET SHORT amidst rebound in the greenback. The
Coronavirus weekend news – Chinese media, Global Times, reports via Twitter that an official at the country’s National Health Commission official says China has officially launched emergency use of a vaccine the vaccine has been in clinical trial since July 22 GT also report on a more than 20,000 person phase III clinical trial in
Gold and silver prices recovered on Friday morning as international gold prices recovered from an over 3% slide in the previous session. The market reacted to rising US jobless numbers and Federal Reserve‘s concern economic recovery. Analysts said that market participants today will keep an eye on the preliminary manufacturing and service PMI (purchasing managers
According to the CFTC Commitments of Traders report for the week ended August 18, NET LENGTH for crude oil futures declined -10 240 contracts to 510 695 for the week. Speculative long position fell -17 242 contracts, while dropped -7 002. For refined oil products, NET LENGTH for gasoline increased +5 111 contracts to 69
Texas COVID statistics The Texas Covid cases rose by 5023 vs. 4923 yesterday. Looking at the chart below, the daily case count has been moving slowly back to the downside after peaking above 12,000 in July. The death count for the day rose by 258. For bank trade ideas, check out eFX Plus him Texas
NEW YORK: Oil prices lost about 1% on Friday as the economic recovery worldwide runs into stumbling blocks due to renewed coronavirus lockdowns and on worries about rising crude supply. The euro zone’s economic recovery from its deepest downturn on record stalled this month as pent-up demand unleashed by the easing of lockdowns in July
Euro ended as the worst performing one last week as investors could have started to reassess the economic outlook. As ECB meeting accounts pointed out, recent positive market developments were “not fully backed by economic data”. Indeed, they might be based on “overly optimistic expectations” about the Next Generation EU recovery package, and progress on
Forex news for North American trading on August 21, 2020 Data on the US came out better-than-expected today, with the housing rebound continuing. The existing home sales data for July (accounts for 90% of US housing transactions) rose to 5.86 million vs. 4.70 billion in the previous month and above the estimate of 5.41 million.
NEW YORK: Oil prices dropped nearly 3% on Friday as the economic recovery worldwide has run into stumbling blocks due to renewed coronavirus lockdowns, even as major global crude producers limit crude supply. The euro zone’s economic recovery from its deepest downturn on record has stalled this month as the pent-up demand unleashed by the
Renminbi (a.k.a. RMB, CNY) has strengthened against US dollar over the past 3 weeks. While the broad-based USD weakness is the key reason, PBOC’s neutral policy action over the past months has also led to renminbi’s appreciation. We expect the phenomenon would persist, supporting renminbi, in coming months. PBOC announced to left the policy rate,
Total rig counts up to 254 from 244 last week In a surprise, the Baker Hughes rig counts moved higher this week. Total rigs moved to 254 from 244 last week. This is the 1st increase in 24 weeks. Oil rigs rose by 11 to 183 from 172 last week. This is the largest weekly
MUMBAI/BENGALURU: Physical gold dealers in India this week offered the highest discounts in more than one and a half months, as buyers stayed away even as more bullion flowed in from the United Arab Emirates. On Friday, gold futures in India, traditionally the world’s second biggest gold consumer after China, were trading around 51,800 rupees
European majors tumble broadly today as UK and EU reminded us that Brexit negotiation remained in deadlock. Additionally, some PMI data from Eurozone suggested that momentum of recovery was quickly fading, in particular in the services sector. Yen is rising broadly today as stock markets turn into risk-off mode. Dollar is following closely as the
EURUSD option in play It is a smaller option level of 700+ million, but price is right on the level now. The bias for the option is +90% to the call (buy) side. So, keep an eye around price reacting off this level as we come into the first round of PMI’s at 0815 UK
NEW DELHI: Gold and silver prices advanced on Friday, in-line with global markets as poor macro data weighed on sentiments. No sign of ease in tensions between the United States and China also helped the cause of safe haven assets. Data on Thursday showed the number of Americans filing a new claim for unemployment benefits