NEW YORK: Oil prices fell nearly 2% on Monday after hitting their highest since 2018 earlier in the session, as a spike in COVID-19 cases in Asia and Europe put a brake on the rally before this week’s OPEC+ meeting. Brent futures fell $1.33, or 1.8%, to $74.85 a barrel by 12:44 p.m. EDT (1644
Dollar is pick up some upside momentum as markets enter into US session. Overall trading is rather subdued though. Economic calendar is near empty today while central bankers’ comments are largely ignored. Sterling is currently a firmer one together with the greenback. Swiss Franc is the worst performing one, together with commodity currencies. Technically, as
Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois. Scott Olson | Getty Images Under normal circumstances, the recent spate of high inflation numbers would be cause for high alarm. But in the present Covid-era context, they were confirmation in some quarters that the inflation picture is doing little more
Tesla stocks gives up some gains on Friday. TSLA still set for further gains after wedge breakout. A software recall on Tesla cars in China, not hurting premarket performance. Tesla shares gave up some recent ground on Friday as the stock closed just over 1% lower. But the shares still registered some impressive gains earlier in the
GBP/USD up 0.4% to 1.3940 to start European trading The pound is among the early movers to start the day as cable jumps up from 1.3900 to 1.3940 but faces a bit of near-term resistance from the confluence of the key hourly moving averages @ 1.3928-34 currently. There was a decent retracement last week that
What are the key risk events to take note of It’s all quiet so far to start the new week, with only the pound inching slightly ahead with cable holding just above 1.3900 for now. Besides that, there isn’t much going on in FX with equities and bonds also looking flattish to get things going
Bitcoin’s (BTC) weekend dance between $30,000 and $34,000 seems to strengthen the short-term uncertainty narrative, as JPMorgan strategists believe the cryptocurrency market is not yet healthy. A Friday note from the JPMorgan Chase team suggested that the near-term setup for Bitcoin still looks challenging. Based on the on-chain data, JPMorgan strategists said that “there is
HANOI: Copper prices fell on Monday and were set for a third straight daily drop in London, as the dollar strengthened on investor concerns over inflation in the United States that could lead to sooner-than-expected policy tightening. Three-month copper on the London Metal Exchange was down 0.3% at $9,383.50 a tonne, as of 0528 GMT,
Japanese yen is the worst performing major currency against US dollar in 1H21. A more hawkish Fed and actual inflation (divergent monetary policy), widening yield differential and inflation expectations are the key drivers to yen’s depreciation. In the second half of the year, persistence of these drivers could further strengthen USDJPY, though to a lesser
The European Central Bank (ECB) executive board member Fabio Panetta said on Monday that the “risk of second-round inflation effects remains limited.” Additional quotes “Do not seem to be on the path that the economy runs “hot”.” “The policy mix in Europe today is clearly superior to what we had before.” “Likelihood that Eurozone demand
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Price dipped below the March low at $776 The price of lumber has moved to the downside today and in the process is moving away from its 200 day moving average at $867.67 (green line in the chart below). It is also falling below the 61.8% retracement of the move up from the April 1 low at $817.60.
Crude oil futures are up $0.75 at $74.05 At the top of the hour, the weekly Baker Hughes rig count totals will be released. The oil rig count last week came in at 373. The gas rigs were at 97. Expectations are for an increase in both to 377 and 99 respectively. The price of crude
Gold imports, which have a bearing on the current account deficit, zoomed to USD 6.91 billion (Rs 51,438.82 crore) during April-May 2021 due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal had plunged to USD 79.14 million (Rs 599 crore)
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AUD/USD is taking on the bear’s commitments is a significant correction. All eyes will be on the RBA 6 July meeting as the month draws towards a close. AUD/USD ended the day flat on Friday at 0.7586 after ranging between 0.7579 and 0.7616 following a slide from the late European trade highs despite a softer