The Asian markets opened the week relatively mixed. Stocks gained initially on US Senate passage of the USD 1.9T stimulus bill. But sentiments are weighed down by concerns of inflation as oil prices jumped. Dollar is firm against Yen, Euro and Swiss Franc and look set to continue with last week’s rally. But the greenback
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Dollar continues have a tailwind The US dollar was the top performer last week and is off to a great start today. If we go back a post I made on January 9 highlighting the case for dollar strength, nothing has changed. The US is winning the vaccine race and just cleared the main hurdle
NEW DELHI: Silver prices rose by Rs 593 to Rs 66,196 per kg in futures trade on Monday as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange, silver contracts for May delivery gained Rs 593, or 0.9 per cent, to Rs 66,196 per kg in 12,170 lots. Analysts said
Dollar’s rally continues today but buying is mainly centered against Euro, Swiss Franc and Kiwi. Euro is getting no support from better than expected investor confidence data. Thanks to some resilience in crosses, Sterling is following as the second strongest for now. Commodity currencies are trading mildly softer but they’re generally holding above Friday’s low.
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NEW DELHI: Silver futures on Friday dropped Rs 487 to Rs 65,434 per kg as participants reduced their bets on low demand. On the Multi Commodity Exchange, silver contracts for May delivery tumbled by Rs 487, or 0.74 per cent, to Rs 65,434 per kg in a business turnover of 12,658 lots. Silver traded lower
The BOC will leave its policy rate and the size of the QE program unchanged at this week’s meeting. While there will be no press conference and updated economic projections will not be released until April, policymakers will address the upbeat economic data released in the last meeting. Yet, they would have to maintain a
What’s on the economic calendar I’ve covered the bond market for 15 years and I can’t remember a Treasury auction that’s as highly anticipated as next week’s. The US is sell $58B in 3-year notes on Tuesday and $38B in 10s on Wednesday. The latter is the one to watch. Yields tracking higher and the
NEW DELHI: Copper prices on Friday rose by 0.62 per cent to Rs 677 per kg in futures trade on a pick-up in spot demand. On the Multi Commodity Exchange, copper contracts for March delivery traded higher by Rs 4.15, or 0.62 per cent, to Rs 677 per kg in a business turnover of 3,611
China’s PMI readings eased further in February, signalling that economic growth is losing steam. However, vaccination program worldwide is sending hopes that global economic recovery will accelerate later in the year. This would benefit China which is the world’s largest exporter. Caixin’s services PMI slipped -0.5 point to 51.5 in February. This marks the third
Huge spending bill passes 50-49 The US Senate passed Biden’s $1.9 trillion stimulus package with a number of amendments after a marathon session. The bill now heads back to the House where a vote will be held on Tuesday. It could be signed into law shortly afterwards. The highlight of the bill is a $1400
LONDON: Oil prices jumped more than 3% on Friday, hitting their highest levels in over a year after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Brent crude futures were up $2.23, or 3.3%, at $68.97 a barrel by 1441 GMT – a
Strong treasury yield continued to be a major theme last week. But for now, it seemed 10-year yield could still break loose from the “magnetic field” of S&P dividend yield at around 1.5%. Indeed, US stocks, including NASDAQ staged a strong rebound on Friday, as 10-year yield settled back in range. Such theme will likely
CFTC Commitments of Traders: EUR long position trimmed. GBP longs is the largest since April 2018 Coming Up! Title text for next article LON SDNY+11 NY -5 TYO +9 GMT Weekly forex futures positioning data for the CFTC for the week ending Tuesday, March 2, 2021 EUR long 126K vs 138K long last week. Longs
Retail consumers in India continued to buy up physical gold this week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore. Dealers charged up to $5 an ounce over official domestic prices, inclusive of 12.5% import and 3% sales levies, compared with last week’s
Sluggish demand and rising output to profit from strong oil prices lifted US inventory significantly last week. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -2.8 mmb to 1282 mmb in the week ended February 26. Crude oil inventory jumped remarkably, by
Forex news for New York trade on March 5, 2021: Markets: US 10-year yields down 4 bps to 1.55% Gold up $1 to $1698 WTI crude up $2.44 to $66.27 S&P 500 up 73 points to 3841 CAD leads, EUR lags Non-farm payrolls delivered yet another whipsaw to short-term traders. It’s clear that the playbook
Gold fell to its lowest in nine months on Friday after better-than-expected US employment data bolstered the and US Treasury yields, putting bullion on course for its third straight weekly decline. Spot gold was down 0.1% at $1,695.22 by 11:50 a.m. ET (1650 GMT), after falling to its lowest since June 8 at $1,686.40 in