Gold slumped 2%, breaking below the key $1,800 support level to a near five-month trough on Friday, as growing optimism about a quick vaccine-fuelled economic recovery and a smooth White House transition powered share market to fresh records. Spot gold slid 1.4% to $1,785.11 per ounce by 11:43 a.m EDT (1643 GMT), earlier falling to
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -1.07 mmb to 1353.84 mmb in the week ended November 20. Crude oil inventory dropped -0.75 mmb (consensus: +0.13 mmb) to 488.72 mmb. Stockpile decreased in 4 out of 5 PADDs. However, PADD1 (Gulf
Gold lost 4.5% on the week, the worst week since end-September. Stops got triggered after gold breached the $1800 critical threshold. Coronavirus vaccine progress-led economic optimism hammered gold. Gold (XAU/USD) finally breached the critical $1800 support on Friday, closing the week below that level for the first time since July 16. The spot eroded 4.5% of
There was a time when BitMEX derivatives exchange reigned sovereign over other exchanges, and the company effectively held a 50% market share until July 2019. For this reason, traders kept a close eye on every indicator connected to BitMEX, including its funding rate, open interest, and basis. Open interest measures the total number of contracts
Down $0.18 on the day The price of WTI crude oil futures settle that $45.53. That’s down $0.18 or -0.34%. The high for the day reached $46.09. The low extended to $45.55. Technically, the price found support buyers against the swing high from August at $44.59. That was the highest level going back to March.
The highlighted events and economic releases for next week’s trading: The RBA rate decision, Fed’s Powell testimony and the US employment report highlight the events and economic releases in the new trading week. Monday: China Manufacturing PMI. 8 PM ET Sunday/0100 GMT. Estimate 51.7 vs 51.4 last OPEC meeting all day Chicago PMI. 9:45 AM
Oil prices were mixed on Friday but remained on course for a fourth straight week of gains ahead of an OPEC+ meeting early next week. Brent crude for January rose 19 cents, or 0.4%, to $47.99 a barrel by 1443 GMT and the more active February contract gained 25 cents to $48.04. West Texas Intermediate,
Sterling turns generally lower in quiet holiday-mood trading today. Sellers are back in control as there appears to be no path out of the Brexit trade talk deadlocks yet. And, time is running out clearly. Overall, Yen and Dollar remain the worst performing ones of the week, on general optimism over coronavirus vaccines. New Zealand
AUD/USD shrugged off negative China trade news on Friday to hit fresh monthly highs. Excellent Australian containment of the Covid-19 pandemic is likely supporting the currency alongside NZD. AUD/USD looks set to end the week on the front foot and at its highest levels since early September of just below 0.7400. On the day, the
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Retest of the high from Tuesday. The NZDUSD is retesting the high from Tuesday’s trading at 0.7004. The pair has been pushing higher since bottoming near session highs from Mondays trade around the 0.6962 to 0.6967 area (the low today reached 0.6960). Staying above that swing level keeps the buyers more in control. Yesterday the pair moved sharply higher after the
Latest data released by INSEE – 27 November 2020 Prior -5.1%; revised to -4.4% Consumer spending +2.7% vs +1.8% y/y expected Prior -1.3%; revised to -0.8% French consumer spending bounced back in October after the drop towards the end of Q3, but this is all before tighter restrictions were introduced. So, there isn’t much to
The long-awaited digital currency Libra could finally see the light of day as soon as January 2021, according to a new report. Following more than a year of scrutiny from global financial regulators, Libra will launch in a form of a United States dollar-backed digital currency, the Financial Times reported on Nov. 27. Citing three people
NEW DELHI: Metal and energy counters traded mixed on MCX on Friday. At the same time, most agri commodities were trading with gains amid rising Covid cases and increasing doubts over vaccine. Gold was up 0.06 per cent while silver dipped 0.55 per cent. All base metal counters were trading with gains led by zinc
Trading continues to be subdued in Asia as markets are in holiday mood. Yen is trading mildly higher overall, but remains the worst performing one for the week. Dollar’s selloff slowed somewhat, but remains the second worst for the week. Commodity currencies are set to close the week as strongest, led by New Zealand Dollar.
USD/CAD remained confined in a narrow band on the last trading day of the week. A softer USD failed to assist the pair to capitalize on this week’s attempted recovery. A sharp pullback in oil prices undermined the loonie and helped limit the downside. The USD/CAD pair lacked any firm directional bias on Friday and