As the festival of Ganesh Chaturthi will be celebrated on Tuesday, September 19 it will mark the beginning of a long festive season in India, gold could likely take a break from the ongoing bearish undertones in the medium term. The domestic prices are expected to remain steady on festive buying and a stronger dollar
The broader major indices closed sharply lower today led by the NASDAQ index which fell -1.56%. The S&P index fell -1.22%. The declines push the indices into the red for the trading week. The Dow industrial average fell -0.83%. For the trading week, Dow industrial average closed up 0.12% S&P index fell -0.16% NASDAQ index
Top Stories This Week Paxos confirms it’s responsible for paying a $500K Bitcoin transaction fee The Bitcoin miner who received 19.8 BTC in fees from blockchain infrastructure firm Paxos has returned the funds following Paxos’ claim that it made a mistake in paying over $500,000 in transfer fees. On Sept. 10, Paxos paid the six-figure
Share: S&P 500 closes down at 4450.32, losing 1.22%, as Technology, Consumer Discretionary, and Energy sectors led the decline. Upbeat US economic data, including a rise in the Empire State Manufacturing Index, fuels optimism that the Fed may achieve a soft landing. US 10-year Treasury yields climb to 4.334%, adding to market jitters, while WTI
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Spot gold closed with a weekly gain of nearly 0.30% at $1,923.81. Two-year US bond yields rose by 5bps, whereas the ten-year yields were up 7bps on a weekly basis. The US Dollar Index closed the week with a gain of 0.20% at 105.33. The week ending September 15 was an eventful one. China’s PBoC,
General Motors is out saying that it expects to run out of parts at Kansas plant as soon as next week. This is because of the Missouri plant strike. The ship shortage from Covid, led to a shortage of autos for a few years and also to higher prices for used and new cars. The
Commodity currencies were the biggest winners last week as the global tightening cycle draw closer to a prolonged pause. There was some optimism that China’s economy is moving past the worst with improving economic data. The change in sentiment also lift oil prices, which was already lifted by tight supply outlook, and feed back into
Share: As US economic data strengthens the dollar, GBP/USD trades at 1.2397, slipping below its 200-day Moving Average. Odds for a November rate hike by the Fed stand at 32.45%, while bets on a BoE rate hike toward 6% are scaled back. With U.S. 10-year Treasury yields at 4.326% and a solid US economy, the
The price of WTI crude futures are settling at $90.77. That’s up $0.61 or 0.66%. The low for the day reach $89.22. The high extend up to $91.15. For the week, the prices up around 4% on the week. This is the 3rd consecutive up week for crude oil. Technically, the price is closing above
Gold gained on Friday as the dollar eased against the yuan after promising China economic data boosted recovery hopes in the world’s top bullion consumer, although the possibility of further U.S. interest rate hikes kept investors on edge. Spot gold rose 0.4% to $1,917.59 per ounce by 0701 GMT. Bullion dropped to near $1,900 level,
The EUR is ending the day as the strongest of the major currencies. The USD is also mostly higher with gains vs all the major currencies with the exception of the EUR. The JPY and the NZD were the weakest of the majors. The strongest to the weakest of the majors. The gains in the
Australian Dollar advanced during Asian session, bolstered by stronger than anticipated data emanating from China and the injection of CNY 191B of fresh liquidity into the banking system by PBoC. The injection, which involved CNY 34B through 14-day reverse repos at a reduced rate of 1.95%, down from the prior 2.15%, followed the Chinese central
Binance Holdings CEO Changpeng Zhao (CZ) has shot down speculation surrounding the departure of Binance.US CEO Brian Shroder, noting that he is “taking a deserved break” after a successful stint at the company. Binance.US is a subsidiary of Binance Holdings, and the U.S. based exchange has seen a handful of other top executives recently step
Share: Kiwi holding near the middle, set to finish Friday near where it started. Market flows are firmly in the hands of the US Dollar. Risk sentiment getting limited knock-on positive support from upbeat China outlook. The NZD/USD is set to finish Friday on a slight downstep, trading into the 0.5900 level and unable to find
The EURJPY is trading in and up and down range over the last 5 – 6 weeks with most of the activity between 156.86 and 159.48. There have been a few wonders above and below that area, but those breaks were brief and did not gather much momentum. In trading today, the price has rebounded
Oil was on track for a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combines with optimism that the Chinese economy is finally turning a corner. Crude prices were little changed at 1248 GMT. Brent crude futures gained 8 cents to $93.78 a barrel while West Texas Intermediate (WTI) was up
The price action in the Nasdaq is worrisome. TSLA started the week off with a 10% rally and hasn’t given any of it back yet the Nasdaq is now lower on the week and in danger of closing at the lows of the week. Maybe I’m reading too much into what’s largely been a lackluster