NEW DELHI: Gold edged higher on Friday and was set for its third straight weekly gain, as concerns over the fast-spreading Delta variant of Covid-19 and a drop in US Treasury yields lifted the safe-haven metal’s demand. The yellow metal posted mild gains in domestic markets. Sentiment in wider equity markets remained fragile as Delta
Month: July 2021
In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.4785 vs the estimated 6.4739 and the previous 6.4755. About the fix China maintains strict control of the yuan’s rate on the mainland. The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly
USD/CAD pushes for more gains after yesterday’s turnaround Invest in yourself. See our forex education hub. The turnaround and further retracement in oil prices yesterday helped to flip the loonie on its head, as USD/CAD went from being lower in European trading to pushing back towards 1.2500 in North American trading. The pair closed below
Impressive bounce in the past two days Weak hands were shaken out of the crude oil trade from Tuesday to early Thursday but a rebound late yesterday was followed by a $1.54 gain today to leave crude oil only modestly lower on the week. It does however cap a six-week winning streak after a one-way
Ethereum 2.0 (Eth2) is being pegged as the blockchain Messiah of Ethereum. Newsflash: it’s not. The long-awaited changes are not expected to solve core issues that are plaguing the network and forestalling wider adoption. Vitalik Buterin, the brilliant mastermind behind the Ethereum blockchain, considers the personnel working with Ethereum as a bigger problem than the
LONDON: Banks clearing gold trades in London can apply for an exemption from tighter capital rules due in January 2022, a British regulator said on Friday, removing what some said was a threat to the functioning of the market. London is the world’s biggest physical precious metals trading hub. Its clearing system, operated by a
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10-year Treasury yields sink below 1.30% Invest in yourself. See our forex education hub. The bond market continues to flash a warning sign to the rest of the market as we now see 10-year yields sink below 1.30% to its lowest since February. The retreat since the FOMC meeting in June has been rather swift
No offense to our Scottish and Welsh readers The cable bid has been relentless today. It was briefly squashed on fixing sales but it quickly came back and has been a one-way move that’s now extended to 100 pips. I earlier said that the weekly high of 1.3898 was out of reach before the close
NEW YORK: Oil prices rose for a second day on Friday as the market reacted to falling US inventories, and signs of strong Asian demand from both China and India added support. Brent crude oil futures were up $1.43, 1.93%, at $75.55. US West Texas Intermediate futures were up $1.62, or 2.2%, at $74.56. “The
The FOMC minutes for the June meeting confirmed more optimism over the economic outlook. Unwinding of stimulative monetary policy would likely begin earlier than previously anticipated. As the members would begin tapering discussions in coming months, we expect an announcement would be made by end of the year. Meanwhile, the first rate hike could come
Commenting on the inflation outlook, the European Central Bank (ECB) executive board member Isabel Schnabel said Saturday that she is very confident that Eurozone will not experience ‘excessively high inflation.” Key quotes “Our medium-term inflation projection is subdued: only 1.4% in 2023. Though that is surrounded by uncertainty, I am sure that we will not experience excessively
USD/JPY searches for first day of gains in six days Invest in yourself. See our forex education hub. It is still too early to be saying what the latest bounce in yields really represents and the same can be said for USD/JPY price action at the moment. The pair managed to find some support from
Not the usual correlation This week’s theme has been lower yields and a higher dollar but it started unwinding yesterday and that has continued. US 10-year yields are now up 7.2 bps to 1.36% today. That’s 11 bps above yesterday’s lows, which coincided with the 200-day moving average. We’re now testing the post-Fed low, which
A classic Bitcoin (BTC) on-chain indicator has seen a “hell of a bounce” even as price action stays uncertain. In a tweet on July 9, Philip Swift, creator of analytics resource Look Into Bitcoin, highlighted a dramatic change of course for the Puell Multiple. Advancing Puell and hash rate “a good sign” A deceptively simple
Gold rose on Friday, heading for its best week in seven, bolstered by a weaker dollar and concerns that the spread of the Delta variant of the coronavirus could slow a global economic recovery. Spot gold rose 0.5% to $1,810.99 per ounce by 2:44 p.m. (1844 GMT), and was up 1.4% for the week. US
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