October pending home sales data: Prior was -2.2% (revised to -2.0%) Second consecutive drop after four gains Sales up 19.5% y/y vs +22.2% prior The year-over-year numbers tell the story in US housing. This is a small setback in what’s been a boom and looks to be a secular trend tied to ultra-low rates and
Gold prices extended their slide to five month lows on Monday as prospects of a vaccine-led boost to the economy cast a shadow over safe-haven assets and set bullion on course for its worst month in four years. Spot gold dipped 1% to $1,770.56 per ounce by 1337 GMT, and was down 5.7% so far
Overall, the markets are relative quite today, in month end trading. Stocks are struggling in tight range, indifferent to news of Modern’s plan to see US and EU clearance for their vaccine. In the currency markets, Sterling is currently the strongest one, awaiting news on Brexit trade talks. Canadian is the next strongest, then Kiwi.
GBP/USD trades just below highs of the day in the 1.3380s, as month-end flows hurt USD. Sterling’s rally comes despite continued deadlock in Brexit negotiations. GBP/USD has moved back towards the top of its recent 1.3300-1.3400 range, buoyed by broad USD weakness that has seen the Dollar Index (DXY) slump to fresh lows of the
In the midst of the crippling price dips earlier this week, cryptocurrency traders seemed beset on all sides by fear, uncertainty, and doubt. However, Dermot McGrath, head of research at blockchain investment firm Sino Global Capital, said the firm prefers taking a long term view. Shortly after a Thanksgiving Bitcoin dip to $16,200, news broke
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Flows into back into EUR today. The EURGBP has moved back above its 200 day MA at 0.89547 (green line in the chart below). The pair has been wandering higher over the last 4 days after bottoming in the 0.8860 to 0.88798 swing area and the 50% of the range since December 2018 low at
This will bolster the New Zealand government view of tightening lending of housing in the country. Housing lending rose 1% m/m, the most on record (since 1998) up 7.3% y/y Meanwhile lending for: business -0.5% m/m, -3.1% y/y consumer l-11.2% y/y NZD is up on the session but at its lows of its pullback: For
Gold edged down on Friday, on path for its worst weekly decline in two months, as hopes for a virus vaccine and a rebound in economic growth dulled demand for the safe-haven asset. Spot gold fell 0.3% to $1,805.41 per ounce by 1233 GMT, down 3.5% on the week so far, which could be it’s
The European Central Bank (ECB) should stop talking about fiscal policy as it feeds the perception that the bank is running out of ammo, according to Robin Brooks, Chief Economist at the Institute of International Finance (IIF). The 17-nation central bank should focus on the core issue of interest rate differentials and its impact on the EUR
Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of 2019, Project Aber was a joint effort between the United Arab Emirates and Saudi Arabia
UK FTSE recovers earlier declines. The European shares are closing higher on the day. The UK FTSE is closing higher after trading sharply lower earlier in the day (-0.95%). It is closing up 0.07%. A look at the closes shows: German Dax, 0.37% France CAC, 0.56% UK FTSE, up 0.07% Spain’s Ibex, +1.06% Italy’s FTSE
The UK Times reports over the weekend that the Commission has begun to “lean on” EU negotiator Michel Barnier to get a trade deal with the UK. and that UK Prime Minister Johnson was expected to speak to EU Commission President Ursula von der Leyen in the next 48 hours to try to find common
VIENNA: The OPEC oil producers’ club and its allies will hold a virtual meeting on Monday and Tuesday to finalise an expected extension to production cuts as the coronavirus pandemic continues to weigh on global demand. The meeting comes as the oil industry hopes to turn a page on a disastrous year which saw the
Markets are in full risk-on mode for now, with DOW closing above 30k handle for the first time overnight. Asian stocks are also generally higher, with strong rally in Nikkei and HSI. WTI oil prices powered through a key near term resistance level while Gold is set to break through 1800 psychological support with next
Here is what you need to know on Monday, November 30: The American dollar was the worst performer on Friday, falling against all of its major rivals, but the pound. The EUR/USD pair was the best performer, reaching a fresh 2-month high of 1.1963. The GBP/USD pair fell for a second consecutive day as the