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By James Attwood and Yvonne Yue Li Industrial metals from copper to aluminum to iron ore have rallied to the highest level in years. The reasons for their gains are plentiful: Copper — critical for everything from electrical wiring to motors and thus a bellwether for the global economy — broke out of its recent
From a high of $1,959 per ounce on January 6, 2021 to a low of $1,676.01 per ounce on March 8, and again a low of $1,677.61 on March 31, gold has had a volatile ride. Spot gold has gained around 7 per cent from the lows. MCX gold futures also made a high of
As we have expected, the BOC delivered a hawkish tapering of QE purchases in April. the weekly asset purchases will reduce to CAD3B/week, from CAD4B/week previously Meanwhile, it also upgraded the economic assessments for both the country and the world. Policymakers now expect the spare capacity to be fully absorbed by 2H22. On economic developments,
Markit services and manufacturing data for the USA Record high for this series Prior was 60.4 Manufacturing PMI 60.6 vs 61.0 expected — record high Prior manufacturing 59.1 Composite PMI 62.2 vs 59.7 prior — record high New orders highest on record Manufacturing input prices second highest on record (record was last month) The services,
Ritesh Jain Global Macro Investor & One of Top 3 Global LinkedIn Influencers on Economy and Finance, Mumbai He is a trend watcher, Global Macro investor and Blogger at worldoutofwhack.com. He has over 20 years of experience in financial markets, bonds, equities, gold, and derivatives. He muses about global macro investment opportunities, economics, business, and
Dollar ended as the worst performing one last week as near term bearishness persisted. Q1’s rebound should have completed and the main question is whether it’s ready for new lows. That is, indeed, in favor unless overall risk-off sentiments were choked off by some unexpected events. The forex markets were mixed elsewhere, however. Euro and
Forex news for North American trading on April 23, 2021. The USD is ending the day as the weakest of the major currencies. The EUR was the strongest followed by the AUD. The green back seemed to have benefitted from rising stocks which pushed funds out of the “relative safety of the USD” (or that
Palladium extended its blistering rally to an all-time high within striking distance of $3,000 on Friday on supply concerns and bets for improving demand, while gold pulled back on strong US economic data. Palladium jumped more than 3% to a record high of $2,925.14 per ounce, poised for a second straight weekly gain. Many analysts
Euro rises mildly after ECB President Christine Lagarde sounded cautiously upbeat in the post-meeting press conference. Yet, there is no clear follow through buying for an upside breakout yet. Dollar is also not much supported by better than expected jobless claims data. The more notable movement today is the selloff in Sterling, as well as
Euro breaks Tuesday’s high Goldman Sachs was right. They suggested buying the euro at the start of the week. The euro has extended its gains today and edged above Tuesday’s high of 1.2080, up 67 pips. It’s the best-performing G10 currency this week, edging out the yen. The US dollar is at the bottom of
LONDON: OPEC is encouraging its members to engage with the US administration over a proposed US bill against the group, known as NOPEC, and to explain that passing the bill could put at risk US interests abroad. A US House panel passed a bill this week to open the Organization of the Petroleum Exporting Countries
Fresh selloff in seen in Dollar as we enter into US session. Euro was lifted earlier today by strong PMIs. But it could be taken over by Yen before weekly close. Mild risk aversion in Europe is keeping Yen afloat. US futures are mixed at the time of writing, but looks vulnerable. As for the
Daily thread to exchange ideas and to share your thoughts US equities were pulled lower yesterday after Biden’s proposed plan to raise capital gains tax sparked jitters, though it is befitting the sluggish mood in stocks this week. There were little positive cues for equities in general as investors seek a breather and the story yesterday provided
NEW DELHI: Gold and silver futures were trading with gains on Friday as a softer US dollar, falling Treasury yields and a dip in equities after the US President Joe Biden’s proposal to hike capital gains tax encouraged investors to flock towards bullion. The dollar index fell 0.1 per cent against its rivals, making gold
While US stocks tumbled overnight, Asian markets are just mixed. Gold and oil are stuck in range too, while the bigger move is found in bitcoin. The forex markets are also generally staying in tight range. Yen is currently the strongest one for the week, followed by New Zealand Dollar and Euro. But Australian Dollar
Kansas City-area manufacturing survey data Prior was 26 The index of prices paid for raw materials compared to a month ago also reached the highest level in survey history. Full report Comments in the survey: “It is very difficult to handle the increased business with supply chain issues across all materials and finding anyone who
NEW YORK: Oil prices were little changed on Thursday as concerns lower crude production in Libya offset worries that rising coronavirus cases in India and Japan would cause energy demand to decline. Brent futures rose 8 cents, or 0.1%, to $65.40 a barrel by 11:30 a.m. EDT (1530 GMT), while U.S. West Texas Intermediate (WTI)