The markets turn into mild risk-off mode in Asia, after US President Donald Trump stepped up the tech war with China, by banning TikTok and WeChat. Commodity currencies are generally lower as lead by Australian Dollar. On the other hand, Dollar and Yen strengthen broadly. Nevertheless, for the week, the greenback is still the worst
News
Forex news for North American trading on August 7, 2020: Markets: Gold down $32 to $2031 WTI crude down 43-cents to $42.52 US 10-year yields up 2.8 bps to 0.564% S&P 500 up 2 points to 3351 USD leads, NZD lags The July non-farm payrolls report was better than expected, even with you adjusted for
Kolkata: Multi Commodity Exchange of India (MCX) has posted a record volume in silver options of over 93 tonnes worth Rs 652 crore and an open interest of 146 tonne as of Wednesday, according to numbers obtained from the exchange’s website. The average daily turnover (ADT) volume in silver so far in the current quarter
China’s trade data surprised to the upside in July. This was mainly driven by strong exports, offsetting decline in imports. Exports gained +7.2% y/y in July, following a 0.5% increase a month. This has beaten consensus of a -0.6% drop. From a month ago, exports rose +5.7$, after climbing +1.8% in June. Imports unexpectedly dropped
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
By Yash Sawant The recovery story of copper has been eye catching as the red metal made up all the lost ground on strong fundamentals. Despite the shackled global economy, copper, often used to gauge the health of the overall economy, climbed about 50 per cent on the LME in the past months after hitting
Reactions to the better than expected job data from US and Canada are rather muted. The greenback is currently trying to extend recovery. Yet, it’s still the worst performing one for the week. Eyes remain on developments of US-China relations. But it probably takes a bit more time for the US to announce follow-up actions
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
By Shruti Srivastava and Swansy Afonso Demand for gold in India rebounded in July, with imports jumping by a quarter from a year earlier, as lockdowns to combat the coronavirus in the second-largest consumer of the metal were slowly eased. Overseas purchases rose to 25.5 tons in July from 20.4 tons a year earlier and
Sterling strengthens generally today after BoE stands pat. Even though investments remained weak, the central offered some optimism in the way that spending recovered significantly. At this point, Euro is the second strongest, followed by Yen. New Zealand Dollar and Canadian are the weaker ones. For the week, however, Dollar stays as the worst performing
Weekly jobless claims data Lowest since the pandemic started Prior was 1434K (revised to 1435K) Continuous claims 16107K vs 16900K PUA claims 655K vs 909K prior (lowest since the week the program was introduced) Better numbers on initial jobless claims but it’s still daunting how they’ve remained so high. For bank trade ideas, check out
Grapevine has it that residents who purchased gold and silver jewellery, and bars and coins at huge premiums post demonetisation on November 8, 2016 have got an exit with gold hitting record highs past Rs 55000 per 10 gm and silver spot at Rs 73617 a kilo Thursday, just shy of the record Rs 75020
Sterling remain remains the strongest one for today, as it’s maintaining post BoE gains. Nevertheless, there is no apparent follow through buying after the initial surge. On the other hand, Dollar appears to be stabilizing mildly, and it’s receiving some support from better than expected jobless claims. Though, the key for the greenback is still
Pompeo has warned widely on China, and continues to do so: urges U.S. citizens to exercise increased caution with respect to travel in or to China Announced a ‘clean network’ to use tech not from China More on the clean network: Clean Carrier: To ensure untrusted People’s Republic of China (PRC) carriers are not connected
NEW YORK: Oil prices rose to their highest since early March on Wednesday after a large decline in US crude inventories and supported by a weak dollar, but mounting coronavirus infections had investors worried about the demand outlook. Brent crude was up $1.51, or 3.4%, at $45.94 a barrel by 11:13 a.m. ET (1513 GMT).
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.11 mmb to 1452.57 mmb in the week ended July 31. Crude oil inventory declined -7.37 mmb (consensus: -3 mmb) to 518.6 mmb. Stockpile fell in 3 out of 5 PADDs. PADD 3 (Gulf
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
Gold prices jumped Rs 1,365 to Rs 56,181 per 10 gram in the national capital on Wednesday following a strong rally in global market, according to HDFC Securities. Silver also depicted a strong trend as it zoomed Rs 5,972 to Rs 72,726 per kg from Rs 66,754 per kg in the previous trade, it said.