The People’s Bank of China announced Friday a re-introduction of reserve requirements on FX forwards trading which it had eliminated last September just after the Yuan soared against the dollar – a move aimed at taking pressure off the renminbi as the USDCNY rapidly closed in on 7.00. However, as ING’s Chris Turner writes, this looks only a temporary…
The US dollar edged higher against most of the major currencies, and emerging market currencies are heavier. Sterling’s quarter percent drop makes it the weakest of the majors in slow turnover and it was sufficient to record a new 11-month low. Sterling failed to get much of a lift from last week’s BOE rate hike,…
Previous: On Friday the 3rd of August, trading on the euro closed down. High volatility was observed in light of the publication of the the US labour market report. July data on the number of those employed in the non-agricultural sector of the US did not meet market expectations. Although the data was below 189 thousand,…
BTC/USD Bitcoin continues to struggle overall, but we did see a nice recovery during the day on Friday. The 7250 level seems to be offering support against the US dollar, and the fact that we formed a hammer is a good sign. As you can see by the ellipse that I have marked on the…
Share markets in India are presently trading marginally higher. Sectoral indices are trading on a positive note with stocks in the banking sector, metal sector and telecom sector witnessing maximum buying interest. The BSE Sensex is trading up by 157 points (up 0.4%), while the NSE Nifty is trading up by 34 points (up 0.3%). The BSE Mid Cap index is trading up by 0.4%, while the BSE…
Gold prices settled at $1213.11 an ounce on Friday, falling 0.77% on the week. The prospect that rising U.S. interest rates will further support the dollar continued to weigh on the market, pushing gold down for the fourth week in a row. While President Donald Trump delivered a critique of the Federal Reserve last month,…
According to BRIC projections, the economic power of the BRICs is on the rise. But the other side of the coin is equally interesting. Among the G6 countries, US economic power is increasing at the expense of Europe and Japan. Recently, the 10th BRICS Summit took place in Johannesburg, South Asia. As the international focus…
Arguably, US stocks are giving off some signs of fatigue. The S&P 500 large cap index (2840.35) is still below its late-January high of 2872.87. The Nasdaq 100 index (7395.49) in the week before was rejected at six-month-old channel resistance; it is 1.6 percent from its all-time high. The Russell 2000 small cap index (1673.37)…
For gold bugs the weekly chart for the December gold contract makes for dismal viewing, and despite the rally for gold intraday last week as seen on the deep lower wick to the candle, this morning’s early price action seems to have picked up the bearish tone once again, with a gap down open as…
WTI Crude Oil The WTI Crude Oil market initially fell during trading on Friday but found enough support near the $68 level to show its proclivity to stay within the consolidation area that we have seen over the last couple of weeks. At this point, I believe that the $67 level will continue to attract…
