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After a 13% rally so far this year, crude oil prices have been consolidating in a narrow range amid concerns over China’s economic activity and rise in US crude oil stocks. The Fed’s assertions on the possibility of rate hike is making the Street nervous. Could this be a setback for Indian oil prices which

SPX daily Closing changes: S&P 500 down 0.4% Nasdaq down 0.7% Russell 2000 +0.1% DJIA -0.1% Toronto TSX Comp -0.5% The S&P 500 closed the half-year up a tidy 14% but today’s reversal from an all-time high is somewhat ominous. However against that backdrop note that the first three trading days of July are traditionally

Weak looking spot gold recovered on Thursday and Friday ahead of the key US PCE inflation data due Friday. Spot gold managed to recover nearly 2% from the weekly low of $2293 as it rallied to $2339 level; however, the metal gave back some of its gains on the much awaited US PCE inflation data

Yen remained in the spotlight last week, dominating headlines even as some significant global inflation data also moved markets. The Japanese currency continued its downtrend, reaching multi-decade lows. Despite the prolonged decline, Japanese authorities refrained from intervening directly in the markets. However, the looming threat of intervention kept traders cautious, resulting in a more controlled

Markets: Gold down $3 to $2342 US 10-year yields up 9.8 bps to 4.39% WTI crude down 19-cents to $80.64 S&P 500 down 0.4% AUD leads, JPY lags Friday was the final day of the quarter and that made drawing conclusions tough. It was especially difficult because the US political scene was thrown into disarray

Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. Brent crude futures for August settlement, which expire on Friday, rose 15 cents, or 0.2% to $86.54 a barrel by 0020

Australian Dollar surged broadly in Asian session following a much stronger-than-expected monthly CPI report, sparking speculation that RBA might return to rate hikes in August. Comments from a top RBA official also indicated that the central bank is vigilant about upside risks to inflation. The upcoming inflation reports for June and the more critical Q2

The Dallas and Cleveland PCE remix data illustrates why Fed officials and markets are feeling better about the pricing picture. One month annualized trimmed mean 1.4% vs 2.7% prior (lowest this year) Six month annualized 3.0% vs 3.1% prior 12-month 2.8% vs 2.9% prior Digging through the numbers, some drivers of inflation: Prescription drugs Tobacco

Gold prices edged lower on Friday but were headed for their third consecutive quarterly rise, while investors looked toward key U.S. inflation data due later in the day that could throw some light on the Federal Reserve‘s stance on interest rate cuts. FUNDAMENTALS * Spot gold was down 0.3% at $2,321.39 per ounce, as of

Dollar dips slightly in early US session, following the release of May’s PCE core inflation data. This Fed’s preferred measure of inflation indicated a continued, though modest, progress in disinflation. However, the financial market’s response to the report was overall relatively muted, as the figures aligned closely with expectations. While the data is encourage, it

Dollar is showing renewed strength in Asian session, particularly against commodity currencies. Market reactions to the televised debate between US President Joe Biden and former President Donald Trump have been muted, with traders shifting their focus to upcoming inflation data. Both headline and core PCE inflation are expected to dip to 2.6% in May. For

The dollar is holding slightly higher across the board so far today, as we head into the final stretch of June and Q2 trading. The main pair to watch is still USD/JPY, with price now testing waters above the 161 mark. Where art thou Tokyo? USD/JPY daily chart As a reminder, the pace of the

Continuing the journey of the downside trend, gold August futures contracts at MCX opened near its support at Rs 71,446 per 10 gram, down by Rs 126 or 0.18% while MCX silver July futures opened at Rs 87,180/kg as the prices fell by Rs 4,400 in the month of June so far. On Thursday, gold

Dollar weakens broadly weakening in the early US session following the release of a batch of economic data. Durable goods orders presented a mixed bag. Concurrently, continuing claims for unemployment benefits rose to their highest level in more than two-and-a-half years. Despite these indicators, there is no immediate cause for alarm. Instead, traders, observing the

Prior was 4.650% Bid to cover 2.58 vs 2.43 prior Yields steadily fell today ahead of the auction after a grind higher yesterday. We haven’t seen a coupon auction tail since the 3-year offering on June 10th. Since then, 2s, 3s (just now) 5s, 10s, 20s, 30s, and 5-year TIPS all stopped-through. I wouldn’t expect

Gold August futures contracts at MCX opened flat on Thursday at Rs 70,977 per 10 gram, down merely 0.16% or Rs 112, while silver September futures contracts were trading at Rs 88,743/kg, down by 0.44% or Rs 392. Gold prices have steadied slightly after two days of declines. The previous record high in May was

Yen is showing broad-based recovery today, although the momentum remains weak, following its decline to the lowest level against Dollar since 1986. Japan has finally stepped up its verbal intervention efforts again, with Finance Minister Shunichi Suzuki expressing a “high sense of urgency” regarding Yen’s depreciation. Suzuki pledged to “take necessary action as needed” and