Gold (XAU/USD) continues to trade sideways as the yellow metal mostly moved in a very tight range in January, hovering from $1825 to $1875. Howie Lee, Economist at OCBC Bank, expects gold to go on trending sideways. Key quotes “Gold bears are quick to pounce once levels exceed $1850 and the bulls look unconvinced as
Month: February 2021
S&P and NASDAQ close near session highs The US broader market indices are closing with big gains led by the NASDAQ index. Both the S&P and NASDAQ close near highs for the day Russell 2000 broke a 5 day losing streak All sectors of the S&P closed higher today a look at the final numbers
Forex news for New York trade on February 1, 2021: Markets: Gold up $14 to $1862 WTI crude up $1.30 to $53.49 US 10-year yields flat at 1.07% S&P 500 up 60 points to 3773 USD leads, CHF lags The FX and equity worlds were not on the same page today, which is undoubtedly a
United Nations Secretary-General António Guterres estimates trillions of U.S. dollars per annum is needed to achieve the 2030 Sustainable Development Goals. The question is: “Where would it come from?” Official development aid, philanthropy and public finances cannot suffice, which means the needle is moving toward private capital to fund sustainable development projects. Related: The UN’s
The price of silver is rallying as the online trading movement fuelling the rise of unloved shares like GameStop took a shine to the precious metal. Silver futures jumped 11% on Monday to about $30 per ounce – an eight-year high – following strong gains over the weekend. On Twitter, #silversqueeze was trending as investors
Swiss Franc’s selloff is a major focus in the forex markets today, in particular, as it breaks through a key support level against Sterling. The development somewhat drags down the Euro too. The Pound and Dollar are currently the stronger ones while commodity currencies are mixed. Stock markets are stabilizing with rebounds from Asia to
A worker uses a hoist to assemble a car seat at the Lear Corp. manufacturing facility in Hammond, Indiana. Jim Young | Bloomberg | Getty Images U.S. economic growth will recover “rapidly” and the labor market will return to full strength quicker than expected thanks to the vaccine rollout and a barrage of legislation enacted
NZD/USD teases Monday’s low amid failure to keep the bounce off 0.7153. US dollar benefits from downbeat data, market frenzy and chatters over US stimulus. Traders in Auckland return from long weekend without any major data/events. RBA, risk news become the key for fresh impulse. NZD/USD struggles to mark another recovery wave from 0.7150-55 area
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In this video we go over the basics of the currency market – the largest market in the world which trades over $200 billion every hour globally. From the building blocks of what currency pairs are and how they trade together to what buying and selling a pair actually means we cover the things underpinning
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The euro doesn’t look to be doing too well at the moment In the run up to the new year, the deterioration in the dollar set the euro up for a solid start alongside some key fundamentals – which have since turned around. Let’s review: 1. Virus situation in Europe was worsening but expected to
Latest data released by Markit – 1 February 2021 The preliminary report can be found here. A positive revision to the initial estimate but the reading still marks a three-month low as virus restrictions and supply-chain disruptions impact manufacturing activity to start the new year. Markit notes that: For bank trade ideas, check out eFX
Nirmala Sitharaman proposed to cut import duty on gold while presenting the Union Budget 2021 on Monday. On the other hand, shares of jewellers surged. Sithraman proposed to cut duty on gold and silver to 7.5 per cent from 12.5 per cent, meeting industry demand. However, she also proposed Agriculture infrastructure and development cess at
The RBA will have its first meeting this year on Tuesday, followed by publication of the statement of monetary policy on Thursday. We expect all policy measures to stay unchanged this month. Policymakers could revise GDP forecast higher and the unemployment rate lower, given the better-than- expected economic data released recently. Yet, they would remain
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing on “The Quarterly CARES Act Report to Congress” on Capitol Hill in Washington, December 1, 2020. Susan Walsh | Pool | Reuters Federal Reserve Chairman Jerome Powell has a few nerves to quell among market participants wondering when the central banks will start
The single currency starts the week on the defensive vs. the greenback following two consecutive sessions with gains as the EUR/USD pair extends the rangebound trading above 1.2100. Extra consolidation looks likely, according to FXStreet’s Pablo Piovano. Key quotes “The progress of the coronavirus pandemic along with the vaccine rollout and the upcoming debate on