Gold edged up on Friday but was headed for a third straight weekly drop, as data pointing at a resilient U.S. economy bolstered the likelihood of Federal Reserve keeping interest rates higher for longer and pinned the dollar near recent peaks. FUNDAMENTALS Spot gold XAU= inched up 0.1% to $1,697.80 per ounce, as of 0055
Month: September 2022
Nonfarm payrolls rose solidly in August amid an otherwise slowing economy, while the unemployment rate ticked higher as more workers rejoined the labor force, the Bureau of Labor Statistics reported Friday. The economy added 315,000 jobs for the month, just below the Dow Jones estimate for 318,000 and well off the 526,000 in July and
EURUSD trying to hold the 100/200 hour MAs The EURUSD him him him him pushed outside of the up and down trading range that has confined the pair since August 19. That trading range has a floor between 0.9899 and 0.9913, and a ceiling around the 38.2% retracement of the move down from the August
European benchmark TTF natural gas markets are closed for the week after a dramatic fall but you can bet that if they were open now, prices would be much higher. The relief in gas prices helped to buffer the euro this week and came after Germany filled its storage quicker.than anticipated. However even if it
A YouTube channel owned by the government of South Korea was reportedly hacked and renamed SpaceX Invest, following which the channel uploaded fabricated videos of Elon Musk discussing cryptocurrencies. On Sept 3, the South Korean government’s YouTube channel was momentarily hacked and renamed for sharing live broadcasts of crypto-related videos. However, the account was soon
Most industrial metals lost heavily from their mid-March highs when Russia triggered military operations in Ukraine. Weak demand amid slow global economic growth and a two-decade-high US dollar adversely hit the prices of industrial commodities. In the domestic future’s platform, Aluminium is the top loser, shedding prices by more than 38 per cent. Copper and
The U.S. economy added another 315,000 payrolls in August, with jobs growth slowing overall but still widespread throughout the economy. The economy saw growth in all the key sectors and subsectors in August, led by a gain of 68,000 jobs in professional and business services. “The market will like the broad-based gains in jobs as
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USDCAD corrects lower today The USDCAD has moved below the 100 hour MA at 1.30971 and below an upward sloping trendline on the hourly chart as well. The pair is testing a swing area between 1.3077 and 1.3092. That swing area goes back as far as to May 12 (not shown). There are a number
On Friday, G7 finance ministers agreed to the implement a December price cap on Russian oil and there’s growing chance it leads to a natural gas-style price explosion in oil. The details of how it will work haven’t been sorted out but the philosophy was made clear by Treasury Secretary Janet Yellen in July. “Russia’s
Gold prices nosedived below the key $1700/oz level and ended the week with a decline of about 1.5 per cent marking its third weekly fall. These three weeks of losses have come on the back of four weeks of consecutive gains. The sharp and mixed movement reflects the lack of confidence in the market. Global
Dollar and Euro ended as double winners of the week. The greenback was boosted by solid economic data from the US, including non-farm payrolls, risk aversion, and rising yields. On the other hand, ECB policy makers were singing a hawkish chorus which prompted expectation of a 75bps rate hike at the September 8 meeting. Yen
Historian Niall Ferguson warned Friday that the world is sleepwalking into an era of political and economic upheaval akin to the 1970s — only worse. Speaking to CNBC at the Ambrosetti Forum in Italy, Ferguson said the catalyst events had already occurred to spark a repeat of the 70s, a period characterized by financial shocks,
The US official employment report showed the US economy added 315K jobs in August, slightly above expectations of 300K; the unemployment rate rose unexpectedly from 3.5% to 3.7%. According to analysts at Wells Fargo, today’s data in isolation tilt the scales toward a 50 basis points interest rate hike at the Fed’s September meeting but
GBPUSD stallls at the low from yesterday. 6 days down. The GBPUSD has also been dragged lower on the back of the Russian pipeline news and in the process has moved down to test the low from yesterday at 1.14977. The low price just reached 1.14992 and stalled. For the trading week, the GBPUSD price
A solid portion of the decline in oil this week was due to rising expectations of a nuclear deal but reports today are throwing that into question. The WSJ’s Laurence Norman outlines steps backwards in one of the two of the main sticking points of negotiations: Iran’s insistence on closing the investigation into nuclear material
Governments across the globe see central bank digital currencies (CBDC) as a means to improve the existing fiat ecosystem. Cryptocurrency’s technical prowess supported by the central bank’s underlying trust is key to enabling a rich monetary ecosystem, suggests an International Monetary Fund (IMF) publication. “Digital technologies promise a bright future for the monetary system,” reads