West Texas Intermediate fell as much as $4.09 a barrel from high to low on Wednesday, putting it on course for a monthly decline of about 10%. Europe is gripped by an energy crisis that may herald a recession while in Asia, growth has slowed in China, the top world’s oil importer. “Consumption of crude
Month: August 2022
GBPUSD buyers lean against a downward sloping trend line The GBPUSD made a new low on Monday for 2022 (and going back to March 2020) and bounced. On Tuesday another new low was made and the price bounced. Today there was yet another new low and we are seeing another modest bounce back higher. Looking
Prior was -3282K Gasoline -1172K vs -1178K expected Distillates +111K vs +960K expected Refinery utilization -1.1% vs -0.4% expected Implied gasoline demand 8.591m vs 8.43m last week SPR draw of 3.1m vs 8.1m prior Here’s what the API reported late yesterday: Crude +593K Gasoline -3414K Distillates -1726K Cushing -599K WTI crude oil was down $1.43
Euro is extending near term rally against Swiss Franc and Sterling after even higher than expected record inflation. But it’s struggling to gain against most other currencies. Dollar is also sluggish after ADP employment disappointment, while Yen’s is recovering. Commodity currencies are mixed for now. It seems like traders would continue to hold their bets
A hiring sign is seen in a cafe as the U.S. Labor Department released its July employment report, in Manhattan, New York City, August 5, 2022. Andrew Kelly | Reuters Companies sharply slowed the pace of hiring in August amid growing fears of an economic slowdown, according to payroll processing company ADP. Private payrolls grew
The logo of Swedish payment provider Klarna. Thomas Trutschel | Photothek | Getty Images Klarna on Wednesday reported a dramatic jump in losses in the first half, adding to a deluge of negative news for the “buy now, pay later” pioneer. The Swedish payments firm generated revenues of 9.1 billion Swedish krona ($950 million) in
USD/JPY remains trading within a narrow range as traders brace for August’s US NFP. The US ADP Employment change disappointed, but Chicago’s PMI exceeded estimates. The BOJ would conduct purchasing operations of 10-year JGB notes in September, further confirming its dovish stance. The USD/JPY is almost in the North American session, unable to crack a
Australians may not ever see their nonfungible tokens (NFTs) take them “to the moon,” but they might be able to get to the next best place — the edge of space. Crypto Competitions, an Australia-based Web3 sweepstakes startup, has recently signed a partnership with stratospheric exploration company World View, offering its NFT holders a 1-in-7,000
Gold languished near a one-month low on Wednesday and was set for a fifth consecutive monthly drop, as solid U.S. data and hawkish Federal Reserve comments pointing to higher interest rates dented the non-yielding metal’s appeal. FUNDAMENTALS * Spot gold was flat at $1,723.28 per ounce, as of 0109 GMT, trading close to a one-month
> Technical Analysis > What are the technicals that are driving the FX markets heading into the new trading day? Technical Analysis A technical look at the major currencies vs the USD for the Asia Pacific traders The EURUSD is trading above its 100/200 hour moving averages which is bullish, but remains below its 38.2%
Session wrap Forex news for Asian trading on Wednesday, 31 August 2022 Eamonn Sheridan Wednesday, 31/08/2022 | 02:49 GMT-0 31/08/2022 | 02:49 GMT-0 The focus of the session today was on the August PMIs from China’s National Bureau of Statistics. These came in not too far from expectations. Both manufacturing and non-manufacturing beat the median
The markets are generally quiet in Asian session today. Euro surged notably yesterday as traders raised their bets on ECB rate hike next week, with some expecting a 75bps increase. But there is no clear follow through buying for now. While Dollar is paring some recent gains, loss is also limited. For now, Sterling, Swiss
Gold price holds lower ground despite recently bouncing off intraday low. Fears surrounding hawkish Fed, recession and China weigh on XAU/USD. China PMI favored corrective pullback but firmer yields, upbeat US data keep bears hopeful. US ADP Employment Change, NFP will be in the spotlight for clear directions. Gold price (XAU/USD) stays defensive after a
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Gold price in the national capital on Tuesday fell Rs 66 to Rs 51,469 per 10 grams amid rupee appreciation, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 51,535 per 10 grams. Silver, however, gained marginally by Rs 4 to Rs 55,550 per kilogram from Rs 55,546 per
USDJPY runs higher and tests the 2022 highs The USDJPY moved up to a high of 139.00 today. The pair extended above the high from July 21 at 138.87. The high price from July 14 reached 139.384. That was the highest level for the year and the highest level going back to 1998. The current
Yields are moving to new session highs and stocks are moving to new session lows after the better-than-expected data. Consumer confidence was stronger than expectations as was the JOLTs job report. The BLS will release their monthly employment statistics on Friday with expectations of job gains at 295K after the oversized gain of 528K last
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