Gold rose over 1% on Thursday buoyed by a retreat in the and US bond yields, while grim US jobless data clouded the outlook for an economic recovery, adding to the metal’s safe-haven appeal. Spot gold rose 1.2% to $1,727.86 per ounce by 1:39 p.m EDT (1739 GMT). Most markets will be closed for Good
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Selloff in Yen and Swiss Franc remain a main theme in the markets in Asia today, while Euro is also weak. Dollar is staying firm but it’s struggling to extend gain against commodity currencies and Sterling for now. Indeed, Aussie and Loonie are now trying to reverse some of this week’s losses against the greenback.
Decent US dollar move, but certainly nothing sensational The US dollar caught a quick bid after a roundly-stronger March non-farm payrolls report. The US added 916K jobs in the month, besting the +660K consensus estimate. USD/JPY jumped to a high of 110.68 from 110.55 on the data and there were similar USD kneejerk moves higher
When India’s government last month asked refiners to speed up diversification and reduce dependence on the Middle East – days after OPEC+ said it would maintain production cuts – it sent a message about its clout and foreshadowed changes to the world’s energy maps. It was a move that had been in the works for
Yen remains generally weak in early US session today. But buying focuses against the Japanese currency has somewhat turned from Dollar to Sterling and Canadian. Both the Pound and Loonie were lifted slightly be better than expected GDP data. On the other hand, Dollar’s rally is losing some momentum. Traders are turning their attention to
Three reasons for GBP strength in April 1. Pent up savings The UK ended its stay at home order last week. With 50% of the adult population now being vaccinated, COVID-19 infections falling, and expectations of more easing of COVID-19 containment measures the stage is set for some of the pent up savings to be
LONDON/DUBAI/MOSCOW: OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, sources said, after the new US administration called on Saudi Arabia to keep energy affordable, mirroring Donald Trump’s practice of calling OPEC‘s leader over oil policy. The group, which has been implementing deep cuts since oil prices collapsed in 2020 due
Dollar is generally firm today while selling focus turned to Australian Dollar, and other commodity currencies. It’s unsure what’s the exact catalyst for the selloff in Aussie. But recent pull back in copper price is likely one of the reasons at least. Euro, Yen and Swiss Franc, recover, except versus the greenback. Main focus will
A look at what to expect in the March 2021 non-farm payrolls report Consensus estimate +650K Private +640K February +379K Highest estimate +1000K (3 estimates) Lowest estimate +232K (Southbay) Average estimate +671K Standard deviation +155K Unemployment rate consensus estimate: 6.0% vs 6.2% prior Participation rate consensus +61.5% vs 61.4% prior Prior underemployment U6 prior 11.1%
NEW YORK: Oil prices rose about 1% on Thursday after preliminary news that OPEC+ reached a deal to gradually ease production cuts from May. Brent crude rose 42 cents, or 0.7%, to $63.16 a barrel by 11:45 a.m. EST (1645 GMT). US oil was up 59 cents, or 1%, at $59.75 a barrel. OPEC+, which
Dollar retreats mildly in early US session after weaker than expected job data. Also, treasury yield is retreating mildly while stocks point to higher open, in particular NASDAQ. Pre-holiday trading in the currency markets is generally mixed. Aussie tumbled earlier today but has recovered a large part of the losses quickly. Sterling is trying hard
Latest data released by Markit – 1 April 2021 The preliminary report can be found here. The details make for good reading and reaffirms the more positive showing across the region in the manufacturing sector. There were record increases observed in output, new orders, exports and purchasing activity. The only downside is rising input costs
NEW DELHI: Gold futures were trading with gains on Thursday as expectations of a $2 trillion-plus stimulus plan in the United States raised concerns of inflation, while reports of a new vaccine-resistant virus strain also supported bullion’s safe-haven appeal. US President Joe Biden on Wednesday called for a sweeping use of government power to reshape
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.35 mmb to 1290.33 mmb in the week ended March 26. Crude oil inventory slipped -0.88 mmb (consensus: -0.1 mmb) to 501.84 mmb. Stockpile decreased in 3 out of 5 PADDs. Cushing stock added
CAD was the top performer in Q1 while the yen lagged The first quarter of 2021 is down to its final hours and that gives us a chance to take stock of the moves in the market. Q1 was lively, with some large overall moves led by oil and the vaccine rollout. With that, CAD
Oil prices will stabilise above $60 a barrel level this year, as vaccine rollouts support a demand recovery and OPEC and its allies continue to rein in supply, a Reuters poll showed on Wednesday. The survey of 48 participants forecast Brent would average $63.12 per barrel in 2021, up from last month’s consensus of $59.07
Rising Treasury yields continue to weigh on gold. The Comex gold contract is on the way to record a second consecutive week of decline. Encouraging economic data and a less dovish Fed are the key factors pressuring the yellow metal. US economic data have been upbeat. Consumer confidence jumped +19.3 points to 109.7 in March,
It’s that time again As we approach the end of the month it is worth point out an interesting phenomena. This is called the turn of the month effect and it can be seen in equity markets. The reasoning for this is due to monthly cash flows. As many payments are made around the turn