Gold rose on Friday, climbing further up from a two-month trough hit during the week, as the dollar weakened and investors weighed prospects for U.S. Federal Reserve tightening after a strong U.S. jobs report that nevertheless showed a slight uptick in the unemployment rate. Spot gold rose 0.3% to $1,781.77 per ounce by 12:48 pm
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Dollar’s rally resumes after brief consolidation as focus now turns to non-farm payroll report. While some Fed officials might sound optimistic on their expectation on tapering later this year, it’s certain that Fed won’t move unless upbeat outlook is realized in economic data. Successive solid job growth for a few months is needed to give
Pres. Biden speaking on the jobs report and economic stimulus Jobs recovery not by accident. It is a direct result of rescue plan We still up more work to do Jobs report represents historic progress There is more work to do to get more Americans vaccinated and back to work the sun is coming out on the US economy
NEW YORK: Oil prices were little changed on Friday after OPEC+ ministers delayed an output policy meeting, with sources saying the United Arab Emirates had balked at proposals that included raising supply by 2 million barrels per day (bpd) by the end of the year. The Organization of the Petroleum Exporting Countries and allies, known
Dollar struggles to ride on stronger than expected non-farm payroll growth, and it’s indeed retreating notably in early US session. Stocks are also not too enthusiastic so far, with DOW futures up only around 0.2% at the time of writing. Still, the greenback is more likely to finish as the strongest one for the week,
Forex news for Asia trading on Friday 2 July 2021 USD/JPY popped to its highest, circa 111.65, since March of last year but overall maintianed a very tight range on the session. As I update USD/CHF is ticking a little higher also as ‘safe haven’ FX becomes less and less sought after. Elsewhere it was
NEW YORK: Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than four years. Large oil companies are unloading properties from Texas to California, with some using the market rally as a chance
After delaying the meeting to discuss output quota for a day, the OPEC+ still fails to reach a deal regarding production increase for the coming months. News headlines suggest that the increase could eventually be below market expectations. Crude oil prices jumped with the front-month WTI contract rose to near 3-year high of US$76.22/ bbl
ISM manufacturing PMI for June 2021 Prior 61.2 Prices paid 92.1 versus 88.0 last month New orders 66.0 versus 67.0 last month Employment falls below the 50 level at 49.9. Last month the index came in at 50.9 Production 60.8 versus 58.8 last month. Supplier deliveries 75.1 versus 78.8 last month inventories 51.1 versus 50.8 last
NEW DELHI: Gold in the national capital on Thursday rallied Rs 526 to Rs 46,310 per 10 gram in line with a strong recovery in global precious metal prices and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 45,784 per 10 grams. Silver also gained Rs
Dollar surges sharply against Yen today and maintains gain after better than expected job data. Though, the greenback is retreating mildly against other major currencies, as traders are probably lightening up their positions first ahead of tomorrow’s non-farm payrolls. Comments from ECB and BoE officials gave Euro and Sterling some support. But they’re not enough
Commentary on oil influences from ANZ (this in summary): signs of a tight market emerged ahead of the key OPEC meeting Negotiations over Iran’s nuclear program are facing renewed delays … . talks have broken down as both Iran and the US refuse to budge from their positions US shale producer ConocoPhillips also indicated the
Prices of copper, often used as a gauge of global economic health, climbed on Thursday as solid US data boosted optimism over a strong recovery in the world’s biggest economy. US private payrolls increased more than expected in June as companies rushed to boost production and services amid a rapidly reopening economy. Three-month copper on
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined -4.58 mmb to 1278.28 mmb in the week ended June 25. Crude oil inventory slumped -6.72 mmb (consensus: -4.69 mmb) to 452.34 mmb. Stockpile decreased in 4 out of 5 PADDs. PADD 3 (Gulf
Keep on doing what’s working: Long CAD/JPY, Short EUR/GBP, Short USD/CAD, Long NZD/USD Societe Generale Research highlights some of its preferred trade strategies going into H2. “If you wanted to short duration and buy credit in the FX market, the first thing you’d do is sell the yen. It’s the big winner when credit spreads
NEW DELHI: After revamping the margin structure in equities to eliminate unnecessary risks from the system, Sebi is making changes to the margin rules in the commodity segment aiming to increase liquidity. The markets regulator is making changes to the margin rules, which will benefit those who hedge their positions in individual commodity derivatives and
Dollar and Loonie rise in early US session after better than expected economic data. Sterling follows closely after hawkish comments from BoE chief economist. As for today, Swiss Franc is currently the worst performing, followed by New Zealand and than Australian Dollars. The greenback is surviving the first data test and focus will stay on
Forex news for Asia trading on Wednesday 30 June 2021 It was another session of muted ranges for major forex rates as Asia seemed content to await Friday’s US nonfarm payroll figures. News flow was very light although we did get some data points, notably: Japanese industrial production fell on the month, its first drop