Gold prices on Friday were held near a three-month low as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal’s fourth consecutive weekly fall. FUNDAMENTALS * Spot gold was down 0.1% at $1,820.54 per ounce, as of 0054 GMT, having dropped to its lowest
Month: May 2022
Overall, the forex markets are rather quiet as the week is heading to a close. EUR/USD is still holding above 2017 low but lacks any strength for a recovery. The greenback might still have a last push during the rest of the session. Meanwhile, Gold is a major mover today, and it’s now pressing 1800
The Federal Reserve on Wednesday raised its benchmark interest rate by half a percentage point as the most aggressive step yet in its battle against generational highs in inflation. Along with the move higher in rates, the central bank indicated it will begin reducing asset holdings on its $9 trillion balance sheet. The Fed had
In this article UPST In this photo illustration an Upstart Holdings logo is seen on a smartphone screen. Pavlo Gonchar | SOPA Images | LightRocket | Getty Images Shares of Upstart plummeted about 55% premarket Tuesday after the artificial intelligence lending platform cut its full-year revenue outlook, citing rising interest rates and an uncertain economy.
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AUD/USD has rebounded into the upper 0.6800s, though remains on course for hefty on-the-week losses of over 2.5%. Risk asset weakness plus China lockdown/growth concerns that have weighed on industrial commodities hit the Aussie hard this week. Focus next week will be on Chinese data, the RBA minutes plus Australian Q1 WPI and labor market
EURUSD trades to within 14 pips of the 2017 low IN the first week of 2017, the low price in the EURUSD reached 1.0339. A period of 278 weeks later (some 5 years and 4 months) the price has returned to with 14 pips of that level today. The low price reached 1.0353 today. The
Risk trades are faring better on the day, building from the optimistic late bounce in US equities yesterday. Of note, the Nasdaq was down over 2% at one point but salvaged a 0.1% gain by the time the closing bell rang. More details on the wild swings here. That said, it still doesn’t take away
NEW DELHI: India MCX June futures fell marginally on Friday tracking weakness in gold spot prices which remained under pressure amid a strong dollar. The dollar steadied near a fresh 20-year high scaled on Thursday on concerns of aggressive US Federal Reserve’s actions to tame inflationary pressures, said a Reuters report. The bullion has lost
Overall market sentiment stabilize in Asia today, with Nikkei leading other major indexes higher. Bitcoin is trading back above 20k, arguing that the climax of the crypto rout is over. In the currency markets, both Dollar and Yen are paring some recent gains while commodity currencies recover. But for the week, Yen is still the
People work at the Rivian Automotive electric vehicle factory in Normal, Illinois, April 11, 2022. Kamil Krzaczynski | Reuters Worker productivity fell to start 2022 at its fastest pace in nearly 75 years while labor costs soared as the U.S. struggled with surging Covid cases, the Bureau of Labor Statistics reported Thursday. Nonfarm productivity, a
In this article SOFI Pedestrians walk by the SoFi Technologies headquarters on February 22, 2022 in San Francisco, California. Justin Sullivan | Getty Images Shares of SoFi fell sharply on Tuesday and were halted after the company accidentally released its first-quarter results early. The company said the report, which was scheduled for after market close
USD/CAD retreats from 18-month high on failure to cross immediate resistance line. Descending RSI line adds strength to the bearish bias. 100-HMA, one-week-old ascending trend line puts a floor under short-term downside. Bulls can aim for late 2020 swing high on crossing 1.3080 hurdle. USD/CAD consolidates recent gains while easing from the highest level since
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The crypto market experienced another day of pain on May 12 as the fallout from the Terra’s LUNA and UST failure continues to ripple across the ecosystem. While the coverage for UST and its impact on Bitcoin (BTC) have been extensively covered over the past few days, the pullback has also had a significant impact
AUDUSD trades to targeted swing area support The AUDUSD tumbled lower today and in the process has moved down toward a key swing area between 0.6809 and 0.6832 (see red numbered circles on the daily chart above). The low for the day reached 0.6824 before bouncing. Risk focused traders have put a toe in the
Markets: Gold down $29 to $1822 WTI crude oil up $1.01 to $106.72 US 10-year yields down 5.6 bps to 2.85% S&P 500 down 5 points to 3930 JPY leads, EUR lags The S&P 500 came within a hair of a 20% high-to-low decline but near that area it found a bid to close near
Oil prices eased in early Asian trade on Thursday, taking a pause after rising more than 5% in the previous session following new Russian sanctions on some European gas companies. On Wednesday Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after Russia invaded Ukraine in February. That created unease in the
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