The monthly inflation rate dipped in June for the first time in more than four years, providing further cover for the Federal Reserve to start lowering interest rates later this year. The consumer price index, a broad measure of costs for goods and services across the U.S. economy, declined 0.1% from May, putting the 12-month
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Thursday’s key moments. The S & P 500 and Nasdaq on Thursday retreated from their record highs, set in the previous session, after a cooler-than-expected inflation report sent investors out of Big Tech
Silver price’s upside remains capped near $31.00 with a focus on the US Inflation. The US Dollar remains on the backfoot amid firm Fed rate-cut bets. Fed Powell sees cracks in US labor market strength. Silver price (XAG/USD) consolidates in a tight range for the last four trading sessions. The upside in the Silver price
The price of WTI crude futures are settling at $82.10. That is up $0.69 or 0.85%. The gains come after three consecutive losing sessions, and was driven by a bullish OPEC demand forecast and a significant drop in U.S. inventories. The EIA reported a 3.4 million-barrel drawdown in U.S. oil inventories, surpassing the expected 1.3
As for this year itself, the agency is keeping their demand growth forecast largely steady at 970k bpd. IEA notes that the post-pandemic rebound in Chinese consumption has now run its course. And while China has accounted for roughly 70% of global demand gains last year, it is only holding a share of around 40%
Gold August futures have surged nearly Rs 1,200 so far in July, opening today at Rs 72,820 per 10 grams, while silver September futures have increased by Rs 3,900 in the same period, with prices opening today at Rs 93,476 per kilogram. Gold and silver closed with mixed results ahead of US inflation data, while
Dollar weakened notably against Sterling and Aussie overnight, but held steady against other currencies. Market focus is now on the upcoming US consumer inflation data, with expectations of a slowdown in the headline CPI and steady core CPI. Fed Chair Jerome Powell’s testimony this week boosted risk sentiment, driving US stocks to record highs. However,
An Aldi supermarket in Alhambra, California, on June 27, 2024. Eric Thayer | Bloomberg | Getty Images A widely anticipated inflation report on Thursday may solidify expectations for the Federal Reserve to cut interest rates in coming months. The consumer price index, or CPI, report for June is due out at 8:30 a.m. ET. Recent
AUD/NZD witnessed a significant rise to 1.1090, to multi-year highs. The RBNZ kept rates steady at 5.5%, signaling a willingness to ease sooner rather than later. RBA and RBNZ policy discrepancies might favor the AUD. On Wednesday, the AUD/NZD rose to a fresh high since 2022, in reaction to the Reserve Bank of New Zealand
The past few days I’ve been posting about the trending GBPJPY. The pair has been trending since it’s most recent swing low back on June 14. Initially, the price needed to get back above its 100 and 200 hour moving averages. Then it needed to stay above those moving averages, and it has (see point
Fed Powell reiterated the dual risks. That is it’s not just inflation as chair Powell feels it is starting to decelerate again. This time employment is also a concern. Bad news is still good news. That may change going forward, but for now the broader S&P and NASDAQ once again closed at record levels. For
Oil prices steadied on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) kept its growth forecast for oil demand unchanged for this year and next, while U.S. crude and gasoline inventories likely fell last week. Brent futures were down 11 cents, or 0.1%, at $84.55 a barrel at 1212 GMT, after falling 1.3%
Yen continues its extended selloff today, except against New Zealand Dollar, in an otherwise subdued forex market. Reports indicate that BoJ may lower its economic growth forecasts for this year at its meeting later in July, while predicting that inflation will hover around 2% target in the coming years. These updated forecasts could keep the
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Fundamental Overview Gold erased all the gains from the US NFP report on Monday with some pointing to the news of China remaining on pause for the second consecutive month on gold purchases as the likely culprit. Overall, nothing has changed fundamentally, and the bullish bias should remain intact. As of now, it looks like
In case you missed the decision earlier: RBNZ leaves it cash rate on hold at 5.50%, as expected NZD/USD daily chart The pressure is staying on the New Zealand dollar today, as it is holding at the lows for the day currently. NZD/USD is down 0.8% to near 0.6070 and is testing key support levels
Gold August futures have been trading flat over the past week, gaining merely Rs 154 and opening at Rs 72,554 per 10 grams on Wednesday. Silver September futures contracts have risen by nearly Rs 1,200 during the same period, with silver futures opening at Rs 93,199/kg today. Gold prices settled on a slightly positive note
New Zealand Dollar plunged sharply after RBNZ’s more dovish than expected statement caught the market off guard. RBNZ’s indication of potential future rate cuts was unexpected, even though it’s not a hint on an imminent move. The central bank’s timing of this shift in tone is puzzling, as Q2 CPI data will only be available