Last night, there was another rally in oil prices in anticipation of OPEC members reaching a freeze plan in a meeting next week. In recent days, several OPEC members including Iran, along with non-OPEC member Russia, have suggested they were leaning toward a deal to limit output. This becomes increasingly promising against a backdrop of…
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Literally some several hours after Trump's shock victory, markets continue to react on the news. The pound dipped in and out of negative territory in volatile trade as the dollar recovered against a basket of currencies on Monday, but firmed in a remarkable snapback later on Thursday. Oil edged higher, Asian shares rallied on Thursday.…
Read moreAsian shares dropped on Monday, while the dollar index added 0.4% to 94.879, pulling away from its last week’s lowest mark since June 24. Global central bankers will join the annual mountain retreat opening on Thursday. Fed Chair Janet Yellen will also be taking part with a Friday speech. European markets opened quite lower on…
Read moreThe Turkish lira kept some balance, with the dollar down 2.75% at 2.9360 and reversing much of the gains it made on Friday when its highest was around 3.0476. Ankara commented that it was in control of the economy and the country. The crackdown on suspected supporters of the failed military coup was widened, taking…
Read moreSilver has jumped 47% this year, hitting a new record high last Tuesday, vaulting as much as 7% above $21 for the first time since 2014. Gold increased with 1.2% to $1,357.63 an ounce – assets in gold ETFs are at their highest level now for more than 2 years. According to Bob Takai, president…
Read moreThe shekel continued to strengthen for a fifth straight session and there's a dealers' rumor that The Bank of Israel bought hundreds of millions of dollars of foreign currency on Monday. One dealer at an Israeli bank said the central bank started buying at a dollar-shekel rate of around 3.84. The dollar-shekel exchange rate rapidly moved…
Read moreThe following article is provided by Kathy Lien, Managing Director of FX Strategy for BK Asset Management -- During the North American trading session yesterday, the U.S. dollar and Japanese Yen held onto their gains, reflecting the continued anxiety felt by many forex traders. Although Chinese stocks stabilized overnight and the Dow Jones Industrial Average…
Read moreWell, 2016 has started off with a bang. a piece by Patrick Graham of Reuters got some inside quotes from brokers in the trenches as China's yuan currency hit its lowest in more than 4 years in both onshore and offshore Renminbi. The culprit of the volatility? Downbeat Chinese economic data. China's benchmark Shanghai Composite shed 6.9%,…
Read moreMexican Peso, Russian Ruble, and Turkish Lira all experiencing renewed weakness as emerging market currencies deteriorate in risk-off trading...
Read more" The impact of the FOMC’s dovishness cannot be underestimated; on June 17th, gold was at the level of 1,175 USD per ounce. By the very next day, it had risen to 1,201 USD per ounce, once again demonstrating its value as a safe-haven investment for when the USD dips" - Jameel Ahmad, Chief Market Analyst at ForexTime
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