In an earlier post(s), I was targeting the 50% of the move down from the October 28 high. That was the corrective high from that day and started the sharp move to the downside that bottomed on November 24th. The midpoint was at 1.14385 (see last post here). The price has reached that target and
New Delhi: Gold in the national capital on Wednesday jumped Rs 228 to Rs 46,812 per 10 grams, reflecting overnight gains in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 46,584 per 10 grams. “Spot gold prices for 24 carat in Delhi rose by Rs
Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday. The consumer price index, a gauge that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI increased 0.5%.
A general slide of the dollar boosts AUD/USD to the upside. Pair faces next resistance around 0.7275. US inflation rises to 7%, largest increase in nearly 40 years. The US dollar is falling sharply amid higher equity prices and following the US CPI December report. The AUD/USD jumped to 0.7266 during the American session, reaching
Minnesota Representative Tom Emmer has announced he will be introducing a bill intended to prevent the Federal Reserve from acting as a retail bank in the potential issuance of a digital dollar. In a Wednesday announcement, Emmer said the bill would prohibit the Fed from issuing a central bank digital currency, or CBDC, directly to
It’s rather quiet as we count down to the US CPI report later in the day. As mentioned earlier, European morning trade is likely to feature a more muted and cautiously optimistic mood and that’s exactly that. The dollar is trading more mixed with light changes across the board: EUR/USD is still confined in a
Overall, Fed Chair Jerome Powell’s renomination hearings seemed to be well received by the markets. US stocks closed broadly higher overnight, followed by rallies in Asian indexes. Yen and Dollar are both under some selling pressure today. On the other hand, commodity currencies are trading higher. In particular, Canadian Dollar is lifted by the rise
The major European shares are ending higher on the day, and in the process snapping three day losing streaks (for most of the indices). The closes are showing: German DAX, +1.1% France’s CAC, +0.95% UK’s FTSE 100 +0.62% Spain’s Ibex, +0.56% FTSE MIB +0.66% The German DAX index moved down toward its 100 day moving
NEW DELHI: Gold prices were trading flat on Wednesday as traders focused on US inflation data for rate cues after less hawkish comments from the Fed Chair, which fuelled a bullion rally last session. Fed Chairman Jerome Powell said the central bank was determined to ensure that high inflation did not become “entrenched” and that
[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell testifies Tuesday before the Senate Banking Committee as part of his confirmation process to head the central bank for a second term. Powell will deliver
GBP/USD Price Analysis: Hovers around 10-week high on the way to 1.3700 GBP/USD seesaws near November highs after crossing the key resistance line to refresh multi-day peak the previous day. That said, the cable pair makes rounds to 1.3630-35 during the initial Asian session on Wednesday. Although nearly overbought RSI challenges the pair buyers, a
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The economic calendar was like today. However, Fed chair Powell was due testify on his renomination as Fed chair to the Senate Banking Committee. The expectations are that he will have bipartisan support, but the market was interested in hearing his take on the latest fear from the market. That is reducing the Fed’s balance
Overall mood in the market is positive today, major European indexes and US futures trading up. The question is whether US stocks, in particular NASDAQ, could build on yesterday’s strong rebound for some more gains. Benchmark treasury yields are firm globally. Gold and Silver also recover. In the currency markets, most major pairs and crosses
AUDUSD moves back above the 100 hour MA The AUDUSD made a two week low on Friday after the nonfarm payroll report. At the low, the pair moved below its 50% midpoint of the move up from the December low at 0.71342, but quickly reversed and has not returned back to that key level since
Gold price in the national capital on Tuesday jumped Rs 104 to Rs 46,606 per 10 grams, in line with a rally on international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 46,502 per 10 grams. Silver also gained Rs 408 to Rs 59,700 per kg
U.S. Federal Reserve Board Chairman Jerome Powell speaks during his re-nominations hearing of the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington, U.S., January 11, 2022. Graeme Jennings | Reuters Federal Reserve Chairman Jerome Powell, with a seemingly clear path to a second term heading the central bank, declared Tuesday that