Oil prices varied in Asian trading on Wednesday, after recording losses over four sessions, as markets evaluated the effectiveness of OPEC+ production cuts and concerns about the deteriorating demand prospects in China. By 0438 GMT, Brent crude futures rose one cent to $77.21 per barrel. US West Texas Intermediate crude …
Read More »BoC Preview: Interest rate policy expected to remain on pause
Economists expect the Bank of Canada to hold interest rates unchanged when it announces key policy this week, with some saying they expect the central bank to be done raising rates.The Bank of Canada will announce its decision on interest rates on Wednesday after choosing to keep interest rates at …
Read More »Market Drivers – US Session, Dec. 5
On Wednesday morning during the early Asian session, the price of gold (XAU/USD) declines. The yellow metal declines due to the renewed demand for US dollars (USD). The US Dollar Index (DXY), which measures the value of the US dollar relative to a weighted basket of currencies that is used …
Read More »EUR/USD dives amidst broad US dollar’s momentum
The market is heavily heading towards safe havens, and the EUR/USD pair has broken through the 1.0800 handle. The Euro is expected to fall against the US dollar for a fifth day in a row. Even better-than-expected Eurozone economic data was easily ignored by most market players.With the Euro falling …
Read More »AUD/JPY retreats post RBA’s dovish hold
The AUD/JPY pair retreated below key support levels. If AUD/JPY buyers reclaim 97.00, a rally to 98.00 is on the cards.The AUD/JPY began Wednesday’s Asian session with a negative tone after registering losses of more than 1% on Tuesday. This is courtesy of the Reserve Bank of Australia (RBA), which …
Read More »Explainer: How could Moody’s warning affect China’s economy?
Moody’s has downgraded China’s sovereign credit rating to negative, citing growing growth risks and a property sector crisis in the world’s second-largest economy. The downgrade follows a month-long lower of the US’s triple-A credit rating, indicating a growing likelihood of default over the past year. The AUD/USD pair was up …
Read More »Gold down after diving $100 in two days on stronger US dollar
Gold’s $100 two-day decline challenges the metal’s reputation as a safe haven in the face of growing dollar appeal. The US Dollar Index rises 0.29% to 103.93, indicating a change in the way the market views the dollar. Following an unexpectedly high ISM Non-Manufacturing PMI of 52.7, the US economy …
Read More »US stocks mixed on slowing US labour market demand
US stocks were mixed on Tuesday following the release of fresh jobs data by the US Bureau of Labour Statistics. Tech stocks reversed earlier losses, leading the mid-morning session with the Nasdaq Composite up about 0.6%. The benchmark S&P 500 inched more than 0.1% higher, while the Dow Jones Industrial …
Read More »US JOLTS Job Openings fall below estimates to 8.7 million in October
The number of job openings on the last business day of October stood at 8.7 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This reading followed 9.35 million (revised from 9.55 million) openings in September and came in …
Read More »Oil’s losses extended for fourth day amid OPEC+ uncertainty
The US Crude Oil benchmark, WTI, has extended its losses for four consecutive days due to factors such as the Greenback’s recovery and demand concerns countering supply worries. The benchmark is trading at $72.72 per barrel, down 0.41%. In the latest OPEC+ meeting, members agreed to output cuts of 2.2 …
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