USD/CNH looks poised to extend the downside to the 6.3500 level in the next weeks, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “Yesterday, we expected USD to ‘edge lower’ and we were of the view that ‘any weakness is expected to encounter strong support at 6.3680’. We did not anticipate the sharp
Month: January 2022
Dollar’s post CPI selloff continues today and remains generally weak. For now, Swiss Franc is the second worst performer for the week, followed by Euro. Commodity currencies are the strongest, with Aussie overtaking Canadian. Sterling is mixed for now. Other markets are mixed for now, with Asian stocks lacking a clear direction. Global benchmark yields
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
Markets: Gold up $5 to $1826 US 10-year yields flat at 1.73% WTI crude oil up $1.33 to $82.55 S&P 500 up 15 points to 4728 AUD leads, USD lags Today was an impressive display of price action in FX and commodities. The market was whisper quiet ahead of the US CPI report. The numbers
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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%.
According to the Fed’s Beige Book, a report on current economic conditions in each of the 12 Federal districts, most districts noted a sudden pullback in leisure and travel spending, as well as hotel occupancy and patronage at restaurants as the number of Covid-19 Omicron infections rose. Additional Takeaways: Growth… “Contacts from many districts indicated growth continued
Dollar tumbles broadly in early US session even though consumer inflation data hit multi-decade highs. The move could be seen as a result of clearing the risk of even worse inflation reading that could force Fed’s hand. For now, Canadian Dollar is the strongest one as boosted by rally in oil prices. Sterling and Aussie
TCS Group, the owner of the major private Russian bank Tinkoff, is gaining exposure to digital assets. The firm has invested in Swiss digital asset service provider Aximetria, which is set to become the company’s first major crypto-related outfit, local news agency The Bell reported Wednesday. Citing data from Aximetria, the report suggests that TCS
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
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
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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
NZD/USD was seen oscillating in a narrow trading band near the weekly high on Wednesday. A positive risk tone extended support to the perceived riskier kiwi amid subdued USD demand. Investors now look forward to the US consumer inflation figures for a fresh directional impetus. The NZD/USD pair lacked any firm directional bias and remained
Overall market sentiment is rather mixed for the moment. Despite the initial steep selloff overnight, major US indexes staged an impressive come back towards the end of the session. NASDAQ even eked out a slight gain. Gold is back above 1800 handle while Bitcoin appears to be supports by 40k for now. Investors are probably
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
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