LONDON: Oil dropped to $66 a barrel on Thursday, its lowest since May, pressured by concerns about weaker demand as COVID-19 cases rise, a stronger U.S. dollar and a surprise increase in U.S. gasoline inventories. Circulation of the Delta variant in areas of low vaccination is driving transmission of COVID-19, the World Health Organization said.
Dollar rises broadly again risk sentiment turned sour again. While Yen and Swiss Franc are still firm elsewhere, the greenback has overtaken their top position for the week. Meanwhile, commodity currencies remain the worst performing ones, as led by New Zealand Dollar, closely followed by Australian Dollar. Euro and Sterling are mixed for the moment.
Shoppers carry bags of purchased merchandise at the King of Prussia Mall, in King of Prussia, Pennsylvania, December 8, 2018. Mark Makela | Reuters Retail sales were expected to have fallen off in July, as consumers reacted to the delta variant of Covid and held off on online and vehicle purchases. Economists expect retail sales
In this article KSS People shop at Kohl’s department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California. Liu Guanguan | China News Service | Getty Images Shares of Kohl’s fell more than 3% in premarket trading Thursday despite reporting second-quarter earnings that beat analyst expectations and raising its forecast for
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AUD/USD sellers extend control as 0.7200 caves in. Dollar’s strength, risk-aversion knocks off the aussie. Upbeat Australian jobs data ignored amid covid jitters. The US dollar bulls remain unabated so far this Thursday, knocking off AUD/USD below the 0.7200 for the first time since November 2020. The July Fed meeting’s minutes ramped up tapering expectations
A rundown of some of the sore spots The charts aren’t always right but they should never be ignored, especially when so many dominoes are falling together — and just six weeks after the bottom began falling out of Treasury yields. There are still many risk-positive charts out there and many more that are hanging
Results of the Tankan survey from Reuters Highest since Jan 2018 Prior manufacturing was +25 (two-and-a-half year high) Non-manufacturing +5 vs -3 prior — highest since Feb 2020 The quarterly Tankan survey from the BOJ is a market mover but this survey rarely is. There were some comments about rising raw materials prices and the
MUMBAI: An arm of Central Depository Services has been recognized as the bullion depository at the International Financial Services Centre at GIFT City in Gujarat. CDSL IFSC received recognition from the IFSC regulatory authority and can now provide various functions such as holding and transfer of bullion like gold. The company said that the holding
Canadian Dollar rises mildly in early US session after stronger than expected consumer inflation reading. But strength of the Loonie is related limited. It remains one of the worst performing for the week, just next to Australian and New Zealand Dollar. Aussie continues to be weighed down by lockdowns while Kiwi is soft after RBNZ
Prospective home buyers arrive to tour a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images Borrowers backed away from the mortgage market last week, as higher interest rates chilled a recent revival in refinances. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less)
Vlad Tenev, co-founder and CEO of Robinhood rings the opening bell at the Nasdaq on July 29th, 2021. Source: The Nasdaq Robinhood’s revenue more than doubled in the second quarter to $565 million, bolstered by a massive surge in crypto trading, the stock trading app said Wednesday. In its first earnings report as a public
Commercial crude oil inventories in the US decreased by 3.2 million barrels in the week ending August 13, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts’ estimate was for a decrease of 1 million barrels. Market reaction Crude oil prices struggle to gain traction after this report and the barrel
The football ecosystem has stepped up its adoption game as more clubs continue to involve crypto in mainstream operations. Netherland-based top tier football club PSV Eindhoven has partnered with a local crypto trading platform, Anycoin Direct, which will pay the club an undisclosed amount of Bitcoin (BTC) in a new sponsorship deal. According to the
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NZD/USD falls by 0.5% to 0.6890 in European trading The kiwi has put up much resilience after the RBNZ policy decision earlier but the currency is starting to wobble a little now as it slips under 0.6900 against the dollar. While the figure level is key, there is still daily support from the 20 July