Gold jumped more than 1% en route to its best week since November last year after an unexpected drop in US jobs growth in April hastened a retreat in the dollar and Treasury yields. Spot gold rose 0.9% to $1,832.07 per ounce by 12:09 p.m. EDT (1609 GMT), after hitting its highest since Feb. 11,
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Dollar dives sharply in early US session after huge employment data miss. Canadian Dollar is slightly weaker, also on job data disappointment. Euro and Swiss Franc are quick to jump on assaulting the greenback. But Yen is not too far behind, as stocks could be under some pressure after the data. As for the week,
Little change in the major currencies space It is all about the US non-farm payrolls report today as the market feels rather lethargic at the moment. The dollar is trading more mixed, holding a slight advance against the commodity currencies while trailing behind the euro and pound. That said, changes are relatively minor with EUR/USD
NEW DELHI: Gold prices on Friday hovered near its 2-1/2-month high, aided by a pullback in the dollar and Treasury yields as investors cautiously await US non-farm payrolls data for further cues on the health of the world’s biggest economy. Despite the economic optimism, Federal Reserve policymakers seem unlikely to budge on their accommodative stance
The latest data suggests that China’s economy continues to improve in the second quarter. The Markit/Caixin services PMI increased to 56.3 in April, highest since December 2020. The reading also beat consensus of 54.2 and March’s 54.3. Separately, China’s trade surplus tripled in April, compared with a month ago. Markit/Caixin services PMI Besides the strong
Forex news for North American trading on May 6, 2021 The markets are in flux as traders ponder the implications of reopening and the potential for tapers. The BOE hinted that they may look to taper later in the year, but not yet. The GBP initially moved higher, but move back down shortly after the fireworks subsided.
Domestic gold prices registered mild gains on Thursday as a weakening dollar overseas made the yellow metal more attractive for holders of other currencies. MCX gold futures (delivery on June 4) traded 0.18 per cent higher at Rs 47,086 per 10 grams at the last count, having risen to as high as Rs 47,263 during
At today’s meeting, the BOE voted unanimously to leave the Bank rate unchanged at a record low of 0.1%. Meanwhile, the central bank voted 8-1 to keep the asset purchase program at 895B pound, of which 875B pound is government bonds. Policymakers also announced to slow the pace of asset purchases so that the program
To taper or not to taper? That is the question With soft data already underpinning the narrative that the UK economy looks set for a strong recovery amid vaccine progress and the broader reopening, it is now over to the BOE to make their next move in terms of managing policy. The market expects a
NEW DELHI: Gold prices inched higher on Thursday due to a weaker dollar, while investors awaited the release of US non-farm payrolls data for April due later this week. The US economy may be growing more quickly and unemployment falling faster than the core of Federal Reserve policymakers projected in March, Fed Governor Michelle Bowman
Australian Dollar trades generally lower today, after China announced to “indefinitely” suspended all activities under the China-Australia Strategic Economic Dialogue. But the spike on Aussie was relatively shallow and short-lived. Traders are quick to remember that the tariffs by China on some Aussie products didn’t had much material impacts on the latter’s export performance. Additionally,
Forex news for NY trading on May 5, 2021 On the data front today, the ADP employment numbers for April came in weaker than expected at 742K vs 850K estimate. The BLS will release their employment numbers on Friday with expectations of around 890k vs last month of 780K. The number is a small disappointment but the
Domestic gold prices held steady near Rs 46,900 per 10 grams on Wednesday as a rising dollar made the yellow metal less appealing for holders of other currencies. MCX gold futures for June 4 delivery traded nearly unchanged at Rs 46,879 per 10 grams at the last count, down by Rs 8 on the day,
Commodity currencies continue to trade as the stronger ones entering into US session. In particular, Canadian is helped by extended rally in oil prices. New Zealand Dollar continues to receive support from better than expected job data. Overall sentiments are positive with European stocks staging a rebound, while US futures point to recovery. Euro is
US 10-year breakevens are at 2.43% this week, its highest since 2013 Is inflation really coming? More importantly, is it here to stay when it does? Yellen’s remarks yesterday only served to intensify the debate surrounding the issue, and while 10-year Treasury yields are settling at around 1.60% for the time being, 10-year breakevens have
NEW DELHI: Gold prices were almost flat on Wednesday, as concerns over possibility of a higher US interest rates countered a subdued dollar, while palladium held firm after scaling a record high in the previous session. The gain in US treasury yields over the comments of rate hikes from Treasury secretary Jennet Yellen pressured gold
Trading continues to be relatively subdued in the forex markets. US Treasury Janet Yellen’s comments prompted selloff in stocks overnight. But reactions in currencies were just mild, with most pairs and crosses range bound. Strong job data from New Zealand is giving the Kiwi a lift, while Aussie is supported by strong construction data. Yen
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