CHICAGO: U.S. corn, soybean and wheat futures rose sharply on Friday, rebounding from steep declines a day earlier on bargain-buying ahead of the weekend and uncertainty about weather in the crop belt, analysts said. Fresh export interest lent support as this week’s break in futures appeared to stimulate demand. Chinese state-owned importers bought at least
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With a fresh hike in fuel prices by the Oil marketing companies (OMC) on Sunday, petrol price in the national capital surpassed Rs 97 per litre mark. Petrol is selling for Rs 97.22 per litre in Delhi on Sunday, up from Rs 96.93 on Saturday. Cost of diesel in the national capital was at Rs
China’s major economic data missed expectations in May. Industrial production (IP) expanded +8.8% y/y in May, worse than consensus of +9.2% and April’s +9.8%. Retail sales growth decelerated to +12.4% y/y, from +17.7% in April. The market had anticipated a +14% growth. Fixed asset investment (FAI) gained +15.4% y/y in the first 5 months of
The Australian dollar was the laggard this week It was a big week in the FX market as the Fed flipped the script and turned hawkish. That caused an unwind in reflation trades and the commodity currencies were in the crosshairs. It speaks volumes that Australian added 115K jobs compared to 30K expected and it
NEW YORK: Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices. Officials at the Organization of the Petroleum Exporting Countries got the U.S. production outlook from industry experts, OPEC sources
Dollar ended last week sharply higher as boosted by the surprisingly hawkish FOMC projections. Yen followed as second strongest on steep selloff in stocks, while Euro is a distant third. Commodity currencies were the worst performers, with Aussie leading the way, followed by New Zealand Dollar. Though, Swiss Franc were also one of the weakest.
Fed speak will be one of the highlights The Fed dominated the past week and it will likely be more of the same in the days ahead with a heavy slate of speakers scheduled to offer their thoughts on the stance of monetary policy. Monday: Bullard Kaplan Williams Tuesday: Mester Daly Powell testifies in Congress
NEW DELHI: Mentha oil jumped nearly 6 per cent on Friday to touch a one-year peak due to unfavourable weather conditions causing a delay in arrival. On the Multi Commodity Exchange (MCX), mentha oil futures (June 30) surged as much as 5.66 per cent to Rs 1,040 per kilogram – a level last seen on
The Fed has turned more hawkish at the June meeting. Besides significant upgrades in the GDP growth and inflation forecasts, the median dot plots now project two rate hikes in 2023, compared with no rate hike until 2024. At the press conference, Fed chair Jerome Powell indicated that the members have started talking about tapering.
Forex news for North American trading on June 18, 2021: Markets: Gold down $9 to $1764 US 10-year yields down 6.4 bps to 1.436% S&P 500 down 55 points to 4166 WTI crude up 62-cents to $71.66 JPY leads, NZD lags Bullard set the tone with some hawkish comments just as New York trade was
Gold struggled for direction in choppy trading on Friday en route to its worst week in nine months as the resumed its rally while investors took stock of the US Federal Reserve‘s hawkish outlook. Spot gold edged 0.2% down to $1,770.60 per ounce by 10:28 a.m. EDT (1428 GMT), stalling an initial uptick on some
Sterling is among the worst performing currency for today, together with commodity currencies. Poor retail sales data from the UK is weighing on the Pound. Additionally, the resurgence in coronavirus infections, now due to the delta variant, in the UK is concerning. Daily new cases jumped above 11k, after average around 2k just a month
China is trying to take on one of the biggest problems this century Demographics is not quite a ‘sexy’ topic but it is one that pretty much encompasses how the world evolves and how future trends are set out to be globally. Adam had a great article on this a few years back here and
HANOI: London copper prices were set on Friday for their biggest weekly fall since March 2020 as the dollar firmed on the prospect of US interest rate hikes and after China announced a plan to sell part of its reserves of the metal. Three-month copper on the London Metal Exchange was down 0.8 per cent
Dollar is consolidating some gains in Asia session today but remains overwhelmingly the strongest for the week. Yen is following closely as second best. Yet, there is no one-sided risk aversion in the markets to help Yen against Dollar. US stock indexes ended mixed overnight only, while Asian markets are trading in narrow range. Swiss
The US Congress passed laws for a Federal holiday on June 19 to commemorate and celebrate the emancipation of slaves. US President Biden has signed the bill into law, June 19 is now a holiday. Given the 19th is a Saturday, US Federal offices will celebrate the day early, with a holiday on the 18th. What
NEW DELHI: Domestic gold futures tanked by more than Rs 1,600 on Thursday mirroring losses in global benchmarks, as the dollar and US bond yields surged after the US central bank’s projection of earlier-than-expected rate hikes. The August 5 contract of the yellow metal on MCX fell as much as 3.38 per cent or Rs
Dollar’s post-FOMC strength continues to overwhelm the markets today. Though, Yen is also catching up as US futures point to a weak open. Selling in commodity Yen crosses is also helping the Japanese currency. Swiss Franc is currently the worst performing, as SNB sounded it’s fully in inertia despite better growth and inflation outlook. Kiwi