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Shanghai officials today said the covid outbreak was under ‘effective control’ on Friday and that cases have been on a ‘continuous downward trend’ since April 22. The city has been under lockdown since April 1 and there’s no visibility to when that will end. About 2.3m people are in sealed-off areas while 16.7m are in

It was a week that belonged to central banks and amid increased volatility in financial markets, the US dollar emerged as the clear winner. Continuing investor flow towards the US dollar pressurized not just gold but commodities at large. The US dollar index slumped immediately post the US Fed decision but witnessed a sharp rebound

While RBA, Fed and BoE announced rate hikes last week, the impacts and reactions were rather delivered. RBA’s larger than expected hike was well received and helped Aussie secured the first place, even though it pared back much gains on risk-aversion. On the other hand, BoE’s announcement was considered dovish, with warning of recession, and

Markets: Gold up $7 to $1883 WTI crude up $2.34 to $110.60 US 10-year yields up 5 bps to 3.12% EUR leads, CAD lags S&P 500 down 23 points to 4123 — first streak of 5 weekly losses since 2011 The non-farm payrolls report was right down the fairway. Jobs were a bit high but

Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as worries about tightening supplies underpinned prices ahead of an impending European Union embargo on Russian oil. This week, we saw crude oil prices jump by almost around 10% from Monday’s low in both international as well as

Crude oil closes higher on the week The price of WTI crude oil futures are settling at $109.77. That is up $1.51 or 1.39% on the day. The high price reached $111.18. The low reached $107.24. A week ago the price closed on Friday at $104.69. Versus the settlement price today that is a gain

NEW DELHI: Gold prices bucked global trends and were trading higher in the Indian market. However, the yellow metal was set for another weekly loss, third in a row. In the global markets, firm US dollar and Treasury yields rallied on a hawkish US Federal Reserve stance, with investors awaiting jobs data due later in

Dollar turns slightly softer in early US session even though non-farm payroll report came in slightly better than expected. Yen is also weak on rising benchmark global yields. On the other hand, Euro jumps broadly as supported by hawkish comments from ECB officials. As for the week, Aussie and Euro are now the strongest ones

The dollar is sitting firmer across the board once again and we are now seeing cable extend its drop to fresh lows near 1.2300 – its lowest since June 2020. The pound didn’t get much reprieve from the BOE yesterday as the central bank painted a rather dire outlook of the UK economy and that

Just as they have every month since this past summer, officials from OPEC and its allies met via teleconference Thursday and decided to continue their program of modest additions to the market. The producers group, which has 23 members including Saudi Arabia and Russia, issued a statement saying it would add 432,000 barrels a day

Dollar is back in control as markets turned back into risk-off mode, just a day after the rallies triggered by Fed Chair Jerome Powell’s comments. Investors are apparently not too convinced by the ruling out of 75bps hike after a second thought. Focuses will turn to non-farm payroll report today, which should prompt even more

MUFG Research discusses the EUR outlook and maintains a bearish bias over the coming months. “At the start of this month market participants have become even more fearful over downside risks to growth for European economies posed by energy supply restrictions. It follows the decision by Russia to turn off gas supplies to Bulgaria and

New Delhi: Gold in the national capital on Thursday rallied by Rs 559 to Rs 51,081 per 10 grams reflecting gains in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 50,522 per 10 grams. Silver also jumped Rs 1,179 to Rs 63,427 per kg from

Sterling drops sharply today even after BoE raised interest rate as expected. The trigger was the warning that of recession as high inflation hurts real incomes of household and profits of businesses. Aussie and Kiwi are also trading lower as yesterday’s risk-on rally fades. Dollar, on the other hand, is regaining some of the post

That mostly comes as we see Treasury yields bounce back up as well. 2-year yields were dragged down from 2.80% to near 2.60% at the lows yesterday but have now recovered to 2.71%: Meanwhile, 10-year yields are still lingering just below the pivotal 3% mark at around 2.96% currently. As much as there are thoughts

NEW DELHI: Gold prices climbed over a per cent on Thursday after Federal Reserve Chair Jerome Powell turned less hawkish over rate hikes. However, silver outperformed the yellow metal with a wide margin. Pritam Patnaik, Head – Commodities, Axis Securities said that gold prices rallied after the Fed event, primarily due to the fact that

Dollar dropped notably overnight after Fed Chair Jerome Powell surprised the markets by ruling out a 75bps rate hike. The comment also boosted US stocks sharply higher. Risk-on sentiment helped commodity currencies rebound. But European majors are lagging behind. Yen is so far mixed, with slight retreat in US 10-year yield. BoE rate decision would

The USD has moved lower after Fed Powell says the Fed will look to raise by 50 bps at the next 2 meetings. The markets were pricing in up to 4X 50 bps. US stocks are higher. US stocks move higher In the forex:  EURUSD  has moved sharply higher and trades above its 200 hour