Crude oil retreated from the morning high 6333, and is currently trading at 6199. Prices dropped more than 1.50% amid global jitters. Earlier, prices opened slightly positive as a recovery in Chinese demand. And a weaker dollar provided support to a market rattled by the prospect of possible further U.S.
U.S. inflation data will be a key factor to watch, as markets are already under pressure from worries over the Federal Reserve’s campaign to tame inflation. Further, jitters of fallout from the biggest bank failure since the 2008 financial crisis, US economic numbers will have a significant impact on the
Indian Rupee settled with a minor loss- CPI, WPI will drag volatility next week The Indian rupee had a neutral trade last week, and settled with a minor loss against the dollar. The rupee reached this week’s low of 81.62 on the back of comments by U.S. Federal Reserve
The dollar sparked more than 1% against a basket of currencies on Tuesday. It jumped above 105 after Federal Reserve Chair Jerome Powell said that the U.S. central bank will stay the course until the job is done, adding that the ultimate level of interest rates is likely to be
After yesterday’s crunch, Crude oil prices are trading in a small range. It dropped more than 2.2%, driven by fears that more aggressive U.S. interest rate hikes would hit demand, while the market awaited further clarity on inventories. Brent crude futures climbed 11 cents, or 0.1%, to $83.40 per
The Euro plunged nearly 1% against the dollar yesterday. which was the biggest intraday fall since 3 February 2023, and the pair traded 1.0565 yesterday. Currency came under pressure after the dollar sparked above 105 its highest level after 27 February 2023. After FOMC Chairman Jerome Powell said that they
Since morning Gold prices have been trading in a tight range in the Comex division. As market players stayed on the slide line. Ahead of more cues on monetary policy from a today testimony by Fed Chair. Powell is set to testify before Congress at 8.30pm. Which will likely outline
After breaching support 763.50, Copper prices retreated towards 750. Hit both predicted levels 758.50- 755, as expected on March 2, 2023. Copper prices retreated sharply as major importer China set a weaker-than-expected GDP target for 2023, undermining expectations of a strong recovery in demand. A prospect of slowing economic growth weighed
U.S. dollar slipped from a two month high, and settled down by 0.70%. That is the biggest weekly loss since mid January 2023 against a basket of six major currencies. As traders stepped back to gauge the path for Federal Reserve policy. The dollar index, which measures the greenback’s value
Crude oil prices had a neutral to slightly lower trade today. Since Monday prices have remained somewhat positive. It recovered from the low of 6627 and inched higher towards morning high of 6484. The renewed optimism on China’s demand recovery overrode recession worries over growing U.S. crude inventories and tightening
