Gold is expected to remain range bound over the next week in the absence of any clear triggers. The yellow metal ended flat while silver closed with declines dragged by the dollar index which managed to breach the 102 mark against the basket of six major currencies. The price is expected to move between support
The USD has pushed to new highs as the market reacts negatively to the five-year inflation expectations from the Michigan sentiment index which rose to 3.2% from 3.0% last month. The level is the highest since 2011. That has spooked the market. Yields are moving higher: 2 year 3.980% +7.5 basis points 10 year 3.442%
Incumbent President Erdogan’s vote in Turkey’s Presidential vote is below 50%. Just under 90% of the vote have been counted. If no candidate gets more than 50% of the vote a runoff vote will be next. There are reports of Turkey’s state banks buying TRY to support the currency. As a guide its circa 19.70
A widely followed measure of inflation rose in April, despite more than a year’s worth of Federal Reserve interest rate increases. The consumer price index, which measures the cost of a broad swath of goods and services, increased 0.4% for the month, in line with the Dow Jones estimate, according to a Labor Department report
Memecoins’ security and dependability as a medium of exchange remain a topic of debate in the cryptosphere. Memecoins are said to be safe and decentralized, but some are concerned about their volatility and lack of oversight. Memecoin proponents claim that because they are decentralized, users have more control over their money and are protected from
Spot gold rose to a near-all-time high in the first week of May. Multiple catalysts like the weak US dollar, the US debt ceiling standoff, and global economic fears pushed prices higher. Tracking overseas sentiment, spot and futures prices in the domestic market hit a historic high. Predictions of a pause in US interest rates
The DXY index is breaking outside of range since April 11 The DXY is making a break for it today. Looking at the DXY hourly chart above, the price has moved above the swing high from May 2 at 102.40 and is breaking outside of an up-and-down trading range mostly between 101.00 to 102.40 (see
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Janet Yellen, US Treasury secretary, during a news conference at the Group of Seven (G-7) finance ministers and central bank governors meeting in Niigata, Japan, on Thursday, May 11, 2023. Bloomberg | Bloomberg | Getty Images Treasury Secretary Janet Yellen said the idea of U.S. lawmakers letting the nation default on its debt should be
The News Corporation headquarters, which is also home to Fox News, stands in Manhattan on April 18, 2023 in New York City. Spencer Platt | Getty Images Fox Corp. reported a quarterly net loss on Tuesday due to the costs related to its settlement with Dominion Voting Systems, despite revenue that was lifted by the
Share: USD/CAD bulls tear through prior resistance with eyes on the 1.3580s. Bears are lurking, waiting to pounce on a correction. USD/CAD is on the front side of the bullish trend and momentum is strong. At the time of writing, USD/CAD is trading higher by some 0.48% and rallied from a low of 1.3477, scoring a
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Oil prices rose in early Asian trade on Thursday after strong demand for fuels in the U.S. outweighed concerns about the possibility of the world’s biggest oil producer and consumer defaulting on its debt. Brent crude futures rose by 26 cents, or 0.34%, to $76.67 a barrel by 0015 GMT. U.S. crude futures rose 28
In the currency markets last week, Dollar, Yen, and Swiss franc Emerged as the standout performers. Conversely, New Zealand and Australian dollars lagged, painting a picture suggestive of risk aversion within the markets. However, this sentiment has not yet manifested itself in the stock markets, at least not with major American and European indices. It’s
The EURUSD is trading to new session lows as a selling/bearish bias increases. In trading this week, the pair broke outside of a 4 – 5 week trading range. What was key was a corrective high back to that breakout level, and found willing sellers. That gave sellers the go-ahead to push lower. What next
The major US stock indices are ending the day lower. The Dow Industrial Average is closing down (only 0.03% but still lower) for the 5th consecutive day. In the month of May, the Dow was only up one day (last Friday). The final numbers are showing: Dow industrial average of -8.9 points or -0.03% at