NEW YORK: Oil prices fell nearly 3% on Friday, headed for their biggest weekly decline since June as concern around a slow economic recovery from the COVID-19 pandemic added to worries about weak oil demand. Brent crude, the international benchmark, dropped $1.08, or 2.5%, to $42.99 a barrel, by 10:53 a.m. EDT (1453 GMT). US
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Dollar rises against European majors an Yen as headline non-farm payrolls number came in not far from expectation. Encouragingly, unemployment rate dropped notably while participation rate also rose. Wage growth also some what picked up. DOW future also point to a mildly higher open. The greenback is set to end as the strongest one for
Trading 101 Understanding the USD centric nature of the FX markets is a key concept to get down early in your trading experience. The latest moves in the major pairs (over the last few weeks) have mainly been dollar driven. Namely a weaker dollar on the huge stimulus measures out of the US and the
NEW DELHI: Gold and silver prices rose in Friday’s early trade, tracking the global trends in precious metals. Meanwhile, India continued to report the highest number of daily cases in the world which also lifted bullion’s appeal. The head of the Chicago Federal Reserve on Thursday called on Congress to deliver more fiscal aid and
Asian markets are generally in red following the steep corrective selloff in the US overnight. The forex markets are relatively steady though, with Dollar and Yen trading with a firm tone. Australian and New Zealand Dollars are the weakest ones, followed by Sterling. Over the week, Dollar is set to end as the strongest one,
Congress needs to pass a bill One theory was that the October 1 government shutdown deadline would push both sides to the table for a grand bargain on stimulus but it looks like they’re going to set that aside and use a stopgap bill to keep the government open. The White House was looking for
Gold prices fell to a near one-week low on Thursday, as a stronger US dollar and an uptick in risk appetite following better-than-expected economic data dented demand for the safe-haven metal. Spot gold was down 0.5% to $1,933.06 per ounce by 0723 GMT, after falling to its lowest since Aug. 28 at $1,926.99 earlier in
Dollar’s rebound continues in early US session as positive response to better than expected jobless claims data. For the moment, Swiss Franc is the second strongest, followed by Euro, and both surges against the weak Sterling. Commodity currencies follow as the next weakest, as gold and oil soften. Yen turned mixed as rally in European
Latest data released by the Federal Statistics Office – 3 September 2020 Prior -0.9% Core CPI -0.4% vs -0.4% y/y expected Prior -0.4% Swiss inflation continues to stay more subdued – no change to July – and this just reaffirms the narrative that the SNB will keep intervening in the market in order to limit
NEW DELHI: Gold and silver prices gained in Thursday’s session after the United States said its jobless claims did not go down as was expected. Meanwhile, India continues to report the highest number of daily cases in the world lifting bullion’s appeal. US private employers hired fewer workers than expected for a second straight month
Crude oil prices plunged more than -2% on profit-taking. The front-month WTI contract settled at US$41.51/bbl, lowest since August 7. The front-month Brent contract fell to US$44.43/bbl, lowest since August 21, at close. WTI-Brent spread widened to US$ 2.92/bbl. The correction came in despite sharp draw in US inventory. Traders were concerned about falls in
WTI crude down 2.6% Reversals are the order of the day and commodity prices are mostly under pressure. Crude has been stuck in a narrow trading range for weeks. Several attempts in the last month to break higher have been beaten back and now the bears are trying their luck. Today’s inventory report was positive
By Alex LawlerLONDON: Oil rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of an economic recovery from the coronavirus pandemic. U.S. crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said,
Dollar remains generally firm into US session as corrective recovery continues. Much weaker than expected ADP job data is ignored by traders. US stocks are also set to open higher with S&P 500 and NASDAQ extending the record runs. Australian Dollar is currently the weakest one, extending its correction too, after GDP disappointment. Euro is
Asian equities mostly advance after Wall Street gains yesterday Japanese stocks end the day with modest gains, as US equities pushed higher once again in trading yesterday – setting up a more positive mood today. Chinese stocks are looking more flat but the Hang Seng is up slightly by 0.2% currently. Elsewhere, US futures are
NEW DELHI: Traders booked profits in gold and silver as improved domestic factory output raised hopes of a swift economic recovery, making bullion counters unattractive. India’s factory activity grew for the first time in five months with indicators such as power and fuel demand, railway freight and mobility indices also showing improvement. The US also
Australian Dollar tumbles broadly today and it’s trading as the weakest one so far. The decline partly follows worse than expected Q2 GDP data, and partly as profit taking on recent strong rise. Selloff against New Zealand Dollar the latter to be the strongest one. On the other hand, Dollar also recovers in general, digesting
More or a correlation than causation I don’t see anything in Brainard’s comments that would argue for buying the dollar here. She said risks are tilted to the downside and it will take some time for inflation to get closer to target. If anything she’s saying that more accommodation is coming. But the dollar is