At the BOC meeting this week, we expect new Governor Tiff Macklem to continue Stephen Poloz’s legacy and leave the policy rate unchanged at 0.25%, the effective lower bound. The asset purchases programs (QE) will also be maintained. Canada’s reopening since the June meeting has largely been smooth. Economic data released since then have also
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Saudi Arabia and most others in the OPEC+ alliance support increasing output by around 2 million barrels a day say reports ahead of this week’s meeting. Key members of the Organization of the Petroleum Exporting Countries and its Russia-led allies will hold a virtual meeting on Wednesday 15 July There is no further detail on
NEW DELHI: Gold prices in the national capital rose marginally to Rs 49,959 per 10 gram on Friday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,951 per 10 gram. Silver declined by Rs 352 to Rs 52,364 per kg from Rs 52,716 per kg on Thursday. In
While we expect BOJ to maintain all of its monetary policy measures unchanged, the central bank would likely downgrade the economic forecasts for FY2020. BOJ’s Tankan survey revealed that companies of all sectors were worse off in 2Q20, sending the sentiment to the weakest level since global financial crisis in 2007/08. Moreover, as suggested in
A look at weekly FX performance It was a strange week in the FX market and felt like nothing happened. Meanwhile in equities, there was the Chinese surge and tech continued to shine. In bonds, Treasury yields broke down and in commodities, gold hit 9-year highs. The one thing to show some life in FX
New Delhi, Jul 12 (PTI) Gold exchange traded funds saw hefty net inflows of over Rs 3,500 crore in the first six months of this year as investors continued to hedge their exposure to riskier assets amid the COVID-19 crisis. In comparison, investors had pulled out Rs 160 crore from this asset class in January-June
Development of coronavirus pandemic was the main driver in rather dull markets last week. Just when it looked like risk-off was back on second wave of infections, markets were saved by news from Gilead Sciences regarding the test results on redmesivir. NASDAQ has extended its record run, helping treasury yields and other stock index rebounded
Small sign that the White House doesn’t want to go big There’s a risk that some Republican Senators start to try to reclaim some high ground on fiscal discipline. If they feel Trump isn’t going to win in November, they may want to pivot back to ‘fiscal conservatism’ now rather than vote for another big
MUMBAI/BENGALURU: Physical gold sold at a premium in India this week for the first time this year, driven by plunging imports and a near halt in smuggling that offset the impact of high unemployment and a rise in domestic prices across Asia that could deter buyers. India’s gold imports dived 86% year-on-year in June because
According to the CFTC Commitments of Traders report for the week ended July 7, NET LENGTH for crude oil futures plunged -17 850 contracts to 686 543 for the week. Speculative long positions fell -17 850 contracts while shorts dropped -9 341 contracts. For refined oil products, NET LENGTH for gasoline declined -5 891 contracts
Weekly FX speculative positioning data from the CFTC: EUR long 104K vs 98K long last week GBP short 16K vs 21K short last week JPY long 17K vs 24K long last week CHF long 4K vs 4K long last week AUD short 1k vs 3K short last week NZD short 0K vs 0K short last week
NEW YORK: Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption. Prices also found support after data showed US energy firms cut the number of oil
As suggested in the CFTC Commitments of Traders report in the week ended July 7, NET SHORT for USD Index futures slipped -36 to 4 939 contracts. Speculative long positions increased +2 324 contracts and short positions gained +2 288 contracts. Bets increased on both sides. Yet, traders were yet to form a consensus on
Forex news for North American trade on July 10, 2020: Markets: Gold down $4 to $1799 WTI crude up 86-cents to $40.49 US 10-year yields up 2 bps to 0.6348% S&P 500 up 33 points to 3184 JPY leads, AUD lags The tone was negative overall and with a US dollar bid heading into New
LONDON: Oil prices steadied on Friday but were still set for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand. Brent crude was up by 1 cent, or 0.02%, at $42.36 a barrel by 1338 GMT, and U.S. oil
The financial markets are still refusing to commit to a direction. Major European stocks are generally higher despite broad selloff in Asia. US futures point to lower open while 10-year yield is doing its best to hold on to 0.6% handle. Swiss Franc is currently the worst performing one for today, followed by Aussie and