Monday, January 30

Month: October 2022

Dollar Climbs Ahead of Busy Week For Central Banks
Forex

Dollar Climbs Ahead of Busy Week For Central Banks

The dollar advanced on Monday, regaining some ground lost earlier in the month, at the start of a week packed with data releases and central bank rate setting meetings, including by the Bank of England and the Federal Reserve Euro zone flash inflation and GDP numbers and details of the Japanese Ministry of Finance’s intervention, both due later on Monday, were the near term focuses The euro slid 0.5% to $0.9919, sterling lost 0.56% to $1.1549, and the dollar rose 0.57% against the Japanese yen to 148.2, as the weakness seen in the greenback earlier in the month continued to fade The dollar is set for a monthly decline in October – its first since May and only its second this year – on growing expectations the U.S. Federal Reserve could signal a less aggressive future programme of rate hike...
Global Food Security on The Edge as Russia Exits Grain Deal
WORLD NEWS

Global Food Security on The Edge as Russia Exits Grain Deal

How much of a price jump is harder to predict since the safe-passage deal was already set to expire in mid-November if no agreement is reached to extend it Traders are bracing for a fresh spike in grain prices after Russia’s exit from a deal allowing Ukraine crops to move from the Black Sea to the countries most in need of them roils markets anew. The sudden move by Russia has left leaders scrambling to rescue the UN-and-Turkey-brokered agreement credited with saving vulnerable populations from risk of starvation. The pact reached in July had helped temper wheat futures after they rocketed to a record high in the wake of Russia’s invasion of Ukraine in late February. The latest trade setback threatens to worsen already severe inflation and deepen a global food crisis. The first test will b...
BoJ Holds Ultra-Low Interest Rates, Raises 2022 Inflation Forecast
Asia, ECONOMIC NEWS, Forex, Stock Market, WORLD NEWS

BoJ Holds Ultra-Low Interest Rates, Raises 2022 Inflation Forecast

The Bank of Japan (BoJ) held interest rates at record lows as expected on Friday, and said inflation is likely to rise more in the near-term as the Japanese economy struggles with elevated raw material costs and supply chain issues The central bank held its target for short-term interest rates at negative 0.1%, and said in a statement that it will continue to guide the 10-year bond yield at 0%.The central bank now expects CPI inflation to end the year at 3%, higher than its previous forecast of 2.3%. But it also expects inflation to ease to around 1.5% in 2023 and 2024 Japan’s CPI inflation hit an eight-year high of 3% in September, trending above the BoJ’s target 2% range for a fifth consecutive month amid rising fuel and food prices. Rising raw material prices also saw local businesses p...
Forex

Dabur stock price rises on market share gain, Badshah acquisition

Share price of FMCG company Dabur surged 1.5 percent higher as the company reported market share gain across 95 percent of its portfolio in Q2FY23 and also announced an acquisition to expand its food business. At 10 am, the stock was quoting R s 541 on the National Stock Exchange, up by 1.6 percent. In 2022 so far, the stock has declined 6.7 percent while the Nifty FMCG index has advanced 16.52 perce The homegrown FMCG major on Wednesday reported a 2.85 percent decline in its consolidated net profit to Rs 490.86 crore for the second quarter ended September 30. However, its revenue from operations rose 6 percent to Rs 2,986.49 crore against R s 2,817.58 crore in the corresponding quarter of the previous fiscal. The company also gained market share across 95 percent of its product p...
Business

PM Modi to visit Kedarnath-Badrinath today, tight security in place.

Prime Minister Narendra Modi will visit Kedarnath and Badrinath today during which he will inspect various ongoing development works and also lay foundation stones for some new projects. In view of the visit, security arrangements have been tightened in the area, an official said. While the officials are busy finalizing the preparations for the two-day program of the prime minister, the priests of both the Dham and the devotees are also excited by his arrival. Both Kedarnath and Badrinath temples are decorated with many quintals of flowers. The Prime Minister will reach Kedarnath at around eight Friday morning and will perform worship of Baba Kedar. After it, he will lay the foundation stone of the 9.7 km long Gaurikund-Kedarnath ropeway project. During his two-and-a-half-hour ...
Uncategorized

Oil prices rise on supply woes.

Oil prices rose in early Asian trade on Wednesday, paring losses from the previous session, as concern over tight supplies following reports of lower inventories in the United States offset fears of lower demand from top oil importer China. Brent crude futures rose 73 cents, or 0.8%, to $90.76 a barrel by 0100 GMT. U.S. West Texas Intermediate crude was at $83.95 a barrel, up $1.13, or 1.4%. WTI's front-month contract expires on Thursday. Brent and WTI touched two-week lows and tumbled 1.7% and 3.1%, respectively, in the previous session on reports of U.S. President Joe Biden's plans to release more barrels from the Strategic Petroleum Reserve (SPR) and worries about weaker Chinese fuel demand. U.S. crude oil stocks fell by about 1.3 million barrels for the week ended Oct. 14, acc...
Business

Gold Prices Creep Higher as USD Retreats, Hawkish Fed Caps Gains.

Gold prices rose slightly on Wednesday, extending mild gains into a third session as pressure from the dollar abated, although hawkish signals from Federal Reserve officials prevented further gains. Spot gold rose 0.1% to $1,653.49 an ounce, while gold futures rose 0.2% to $1,658.90 an ounce by 19:20 ET (23:20 GMT). Both instruments spent a second day above the key support level of $1,650, tracking a decline in the dollar. The dollar index is trading down over 1% this week, as risk appetite improved on a series of strong earnings on Wall Street. But the greenback appeared to have curbed its losses on Tuesday following a series of hawkish comments from Fed officials. Minneapolis fed president Neel kashkari said the Fed may push its benchmark rate above 4.75% if underlying inflation...
Bitcoin

Oil Prices Tread Water Between Tightening Supply, Recession Fears.

Oil prices were muted on Tuesday as markets weighed signs of tightening crude supply against increasing fears that a global economic slowdown will erode crude demand this year. Crude markets marked a slow start to the week, retaining most of last week’s losses amid growing signs that the United States will enter a recession within the next 12 months, according to Bloomberg economists.  The dismal forecast comes amid rising inflation in the country, with steep interest rate hikes by the Federal Reserve done little so far to soothe price pressures. London-traded Brent oil futures were little changed around $91.93 a barrel on Tuesday, while U.S. West Texas Intermediate crude futures. rose 0.3% to $84.75 a barrel by 21:53 ET (01:53 GMT). Both contracts moved little on Monday. Concern...
ECONOMIC NEWS

Asia FX Moves Little in Anticipation of Red-Hot U.S. Inflation

Asian currencies kept to a tight range on Thursday as fears of a hawkish Federal Reserve grew ahead of key data that is expected to show U.S. CPI inflation stayed close to 40-year highs. The Chinese yen fell 0.1%, while South Koren Won lost 0.2%. The Japanese Yen was little changed but was close to breaching 147, which would put it at its worst level against the dollar since 1990. Data on Thursday showed Japanese PPI inflation touched its highest level in 41 years in September, pointing to more pressure on the Japanese economy. The Indian Rupees fell 0.1%, staying near record lows after data on Wednesday showed India’s CPI inflation remained overheated in September. The dollar index traded steady on Wednesday, staying close to a 20-year peak as investors positioned for more hawki...
ECONOMIC NEWS

Oil prices extend decline on recession fears, China COVID curbs

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. U.S. West Texas Intermediate crude was at $88.66 a barrel, down 69 cents, or 0.8%. Both benchmarks fell 2% in the previous session. The International Monetary Fund on Tuesday cut its global growth forecast for 2023 and warned of increasing the risk of a global recession. But the IMF also urged central banks to keep up their fight against inflation even as investors worry policymakers could trigger a sharp economic downturn by raising borrowing costs too fast and too high. Separately, Fed Bank of Cleveland President Loretta ...