Author: admin
Japan’s Finance Minister Satsuki Katayama said that energy ministers from the Group of Seven (G7) nations will hold a virtual meeting on Tuesday to discuss a possible release of oil reserves to address the supply disruption triggered by the Iran war, CNBC reported on Tuesday.Key quotesNo doubt that drop in oil futures was result of G7 unity, although not sure if they have fallen enough.G7 energy ministers are expected to meet tonight to discuss the process of oil reserve release.Market reactionAt the time of writing, the West Texas Intermediate (WTI) is up 2.53% on the day at $84.85, retreating from over…
The Dow Jones Industrial Average (DJIA) opened sharply lower on Monday as a weekend escalation in the US-Iran conflict sent crude Oil prices surging past $100 per barrel. At the time of writing, the DJIA was trading near 47,059, down 423 points or 0.89% on the session, after opening at 46,812 and printing an intraday low of 46,593. The S&P 500 was down approximately 1.3% near 6,653 while the Nasdaq Composite fell around 1.1% to trade near 22,146. All three major indices are now at their lowest levels of 2026. Futures had plunged more than 2% overnight before a partial…
Gold prices in the US were down 1.2 per cent to $5,098 an ounce after shedding 2 per cent in the earlier session as dollar strengthened against major currencies The sharp depreciation of the rupee against dollar has cushioned domestic bullion prices from the impact of global slide in gold prices.The rupee depreciated to an all-time closing low of 92.35 against the US dollar, losing 53 paise on Monday, as the conflict in West Asia worsened with Iran putting pressure on neighbouring countries to tame US aggression.Gold prices in the US were down 1.2 per cent to $5,098 an ounce…
The USD/INR pair looks all set for its lifetime highest closing at around 92.80 on Monday. The pair trades strongly higher as the Indian Rupee (INR) faces intense selling pressure amid war in the Middle East involving the United States (US), Iran, and Israel, which has spiked oil prices.WTI futures on NYMEX trade 12% higher to near $100 during the European trade. The oil price rallied in the Asian trade to near $113.00 as aerial attacks on several Iranian depots by the US and Israel, in a joint operation, over the weekend, prompted concerns about energy supply risks.However, the Oil…
The Indian rupee fell to a record low on Monday, as fears of a prolonged war in the Middle East rattled regional currencies, and surging oil prices heightened concerns over global growth and inflation.The rupee fell to an all-time low of 92.3475, with likely dollar-selling intervention by the Reserve Bank of India averting steeper losses. It closed down 0.6% at 92.3275.Crude oil prices climbed above $100 per barrel, to levels not seen since mid-2022, heaping pressure on oil-importing Asian economies. The Indonesian rupiah and the Philippine peso also hit record lows.Global equities and bonds also came under pressure, with MSCI’s…
Deutsche Bank’s Jim Reid and colleagues expect a firmer US headline CPI than core in February, driven by higher energy prices, with year-on-year headline inflation near 2.4% and core edging slightly lower. Core PCE is forecast to accelerate to 0.42% month-on-month and 3.1% year-on-year, making this week’s CPI and PCE releases crucial ahead of the March FOMC meeting.CPI and PCE seen slightly firmer”It’s a unique double dose of key US inflation reports with CPI (Wednesday) and core PCE (Friday) reporting in the same week for the only time as far as I went back to check.””For this week’s US inflation…
EUR/USD edges higher after registering little gains in the previous session, trading around 1.1520 during the Asian hours on Monday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.The near-term bias is bearish as the pair extends its decline below the nine-day Exponential Moving Average (EMA), which has turned lower and now tracks well above spot, reinforcing short-term downside pressure. Price also holds beneath the 50-day EMA, keeping the broader trend tilted to the downside despite earlier consolidation.The 14-day Relative Strength Index (RSI) momentum indicator has slipped below…
The Indian rupee may slip to a record low at open on Monday, as a sharp surge in global oil prices fuelled by the widening Middle East conflictdeepened concerns over India’s external balances, while traders were on alert for potential central bank intervention. The 1-month non-deliverable forward indicated the rupee will open in the 92.30-92.35 range versus the U.S. dollar, down from 91.74 on Friday and possibly eclipsing the previous record low of 92.3025 hit last week. Brent crude jumped more than 25% to around $117 a barrel, extending last week’s nearly 28% rally triggered by the outbreak of the…
Gold price (XAU/USD) falls to around $5,065 during the early Asian session on Monday, pressured by a stronger US Dollar (USD) and inflationary risks. Traders will closely monitor the developments surrounding the US-Iran conflicts and geopolitical risks in the Middle East. The US Consumer Price Index inflation report (CPI) will be in the spotlight later on Wednesday. The precious metal faces some selling pressure as a rally in crude oil prices stokes inflation fears in the US, raising the chance that the US Federal Reserve (Fed) will hold interest rates higher for longer. Higher borrowing costs are typically negative for the…
During an address broadcast by Iranian state TV, President Masoud Pezeshkian apologised to the neighbouring countries for attacks launched following US-Israel strikes but asserted that Tehran will not strike “unless they attack first”.Key quotesI must apologise on my own behalf and on behalf of Iran to the neighbouring countries that were attacked by Iran.The interim leadership council agreed yesterday that no more attacks will be made on neighbouring countries and no missiles will be fired unless an attack on Iran originates from those countries.Tehran would “not surrender” to US President Donald Trump’s demands of “unconditional surrender”.The comments come after Iran launched attacks…