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| As on May 08, 2024 12:00 AM |
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The Indian rupee is seen likely to come under renewed pressure in opening trades on Wednesday tracking a firm dollar overseas. The dollar index futures are quoting higher by 0.13% at 105.44, off last week?s low below 105 mark amid hawkish comments from Fed officials. Minneapolis Fed President Neel Kashkari reportedly said on Tuesday that he can?t rule that the next move from the central bank will be a rate hike. He stated that inflation has been largely stalled for the first three months of the year at a rate, roughly 2.7% that policymakers regard as still too far above their target to declare the job finished. Meanwhile, muted start to local equities is also unlikely to support the domestic unit. Yesterday, rupee consolidated in a narrow range and settled higher by 1 paisa at 83.51 against the US dollar. However, negative trend in domestic equities and significant foreign fund outflows kept the Indian currency under pressure. The benchmark S&P BSE Sensex ended the session down 383.69 points, or 0.52 percent, at 73,511.85 - giving up earlier gains. The broader NSE index dropped 140.20 points, or 0.62 percent, to 22,302.50. Powered by Commodity Insights |
Copper continues to lose momentum in early Asia on Wednesday as dollar firms up on hawkish remarks from Fed officials. Meanwhile, overnight equities failed to hold strength and gave back ground also added pressure on the red metal. While the Nasdaq edged down 16.69 points or 0.1 percent to 16,332.56, the Dow crept up 31.99 points or 0.1 percent to 38,884.26 and the S&P 500 inched up 6.96 points or 0.1 percent to 5,187.70. Nevertheless, continued fall in LME copper inventories is limiting downside in the metal. Currently, Copper futures are quoting at $4.57 per pound, down 0.76% on the day. Powered by Commodity Insights |
COMEX gold futures are seen under pressure on Wednesday morning in Asia tracking a firmer US dollar overseas. The dollar index futures are quoting higher by 0.13% at 105.44, off last week?s low below 105 mark amid hawkish comments from Fed officials. Minneapolis Fed President Neel Kashkari reportedly said on Tuesday that he can?t rule that the next move from the central bank will be a rate hike. He stated that inflation has been largely stalled for the first three months of the year at a rate, roughly 2.7%, that policymakers regard as still too far above their target to declare the job finished. Meanwhile, COMEX gold futures are staying largely unchanged at $2324.50 an ounce. Powered by Commodity Insights |
Crude oil inventories in the United States rose by 509,000 barrels for the week ending May 3, according to The American Petroleum Institute (API). For the week prior, the API reported a 4.906 million barrel build in crude inventories. It marked the smallest weekly gain in crude oil inventories since early March, while the market expected a 1.43 million barrels draw. Gasoline inventories rose last week by 1.46 million barrels, countering last week?s 1.48 million barrel drop. Powered by Commodity Insights |
| According to the Federal Reserve, U.S. consumer credit increased at a seasonally adjusted annual rate of 3.2 percent during the first quarter. Revolving credit increased at an annual rate of 5.7 percent, while non-revolving credit increased at an annual rate of 2.2 percent. In March, consumer credit increased at an annual rate of 1.5 percent. Powered by Commodity Insights |
The Indian rupee is expected to stay range bound near record low levels amid muted equities and dollar strength overseas. The dollar index stabilized above 105 on Tuesday as investors continued to assess the outlook for Federal Reserve monetary policy. Yesterday, rupee pared its initial gains and settled for the day 7 paise lower at 83.52 against the US dollar. At the interbank foreign exchange, the local unit opened at 83.43, then touched an intra-day high of 83.42 and a low of 83.55 against the greenback. The rupee finally settled at 83.52 against dollar, registering a fall of 7 paise over its previous close. The benchmark S&P BSE Sensex ended the session up 17.39 points, or 0.02 percent, at 73,895.54, giving up most early gains as oil prices jumped around 1 percent after their biggest weekly drop since February. Powered by Commodity Insights |
Oil prices are lingering below $80 per barrel at its lowest level in almost three weeks. A potential ceasefire deal on the cards in the ongoing conflict between Israel and Palestinian Hamas is keeping oil prices soft. Currently, WTI crude oil is quoting at $78.70 per barrel, up 0.28% on the day. However, any unwarranted developments on the tensions could send oil prices rising. Meanwhile, Weekly production updates from the American Petroleum Institute (API) and Energy Information Administration (EIA) will be closely watched by Crude Oil markets this week. Powered by Commodity Insights |
Gold futures are seen largely flat around $2330 levels on Tuesday morning after having slumped to its lowest level in a month last weekend. A small uptick in dollar index is reducing appeal for the yellow metal. Currently, dollar index futures are quoting at 105.05, up 0.12% on the day whereas COMEX gold futures are quoting at $2330.80 an ounce, flat on the day. The US jobs data unveiled a slowdown in the US job expansion during April, reinforcing expectations that the Fed will commence interest rate reductions later in the year. The Nonfarm Payrolls (NFP) came in at 175K in April from 315K rise (revised from 303K) in March. Powered by Commodity Insights |
Copper is steadying in early Asia on Tuesday following a sharp spurt yesterday tracking positive cues from global risk appetite. COMEX copper is currently quoting at $4.612 per pound, marginally lower on the day but recovering to a one-week high. Overnight equities continued to benefit from the upward momentum seen over the two previous sessions, which partly reflected renewed optimism about the outlook for interest rates. The Nasdaq and the S&P 500 reached new highs for the session going into the close of trading, The Nasdaq surged 192.92 points or 1.2 percent to 16,349.25, the S&P 500 jumped 52.95 points or 1.0 percent to 5,180.74 and the Dow climbed 176.59 points or 0.5 percent to 38,862.27. Powered by Commodity Insights |
| Eurozone investor confidence improved for the seventh straight month in May to hit the highest level since February 2022 as both current situation and expectations rose in small but steady steps, a closely watched survey showed on Monday. The investor confidence index posted -3.6 in May, the behavioral research institute Sentix reported. The score was forecast to improve moderately to -4.8 in May from -5.9 in the previous month. The current situation index advanced to -14.3 in May from -16.3 in the previous month. This was the highest score since May 2023. Likewise, the expectations indicator came in at a 27-month high of 7.8, up from 5.0 in April. However, the think tank cautioned that the weakness of the recovery should continue to be addressed as the improvement in expectations is very sluggish and is only having a very slow impact on the situation values. For the European Central Bank, Sentix said the window for cutting key interest rates does not appear to be very large. While the economy strengthened, the inflation environment deteriorated, meaning that the bond markets are once again coming under greater pressure. In the wake of global economic recovery, the German investor sentiment climbed in May. The economic expectations were no longer negative but situation remained weak, the survey showed. The German investor confidence index rose to -17.5 in May from -20.5 in April. The current situation indicator posted -33.5 compared to -36.0 in the previous month. At the same time, the expectations index rose to zero from -3.5 in April. Powered by Commodity Insights |
The Indian rupee is expected to stay on the sidelines on Monday morning as potential gains from equities could be offset by mild strength in dollar overseas. Asian stocks traded higher this morning and the dollar held broadly steady. On Friday, INR appreciated 3 paise to settle at 83.43 against the US dollar. The benchmark S&P BSE Sensex ended the session down 732.96 points, or 0.98 percent, at 73,878.15. The broader NSE Nifty index hit record levels in the first hour of trade before reversing course to end at 22,475.85, down 172.35 points, or 0.76 percent, from its previous close. The dollar index regained above 105 mark after having shed below the level on Friday. India?s forex reserves dropped $2.412 billion to $637.922 billion during the seven days ended April 26, according to the RBI data. For the week ended April 26, the foreign currency assets ? a major component of the reserves ? decreased $1.159 billion to $559.701 billion, the data released on Friday showed.Gold reserves decreased $1.275 billion to $55.533 billion during the week. The special drawing rights (SDRs) were up $15 million to $18.048 billion, said the RBI.India?s reserve position with the IMF was also up $8 million to $4.639 billion in the reporting week, the apex bank data showed. Powered by Commodity Insights |
COMEX copper is extending gains on the back of positive cues from equities on the Wall Street, following the release of a closely watched Labor Department showing employment in the U.S. increased by much less than expected in the month of April. The Dow jumped 450.02 points or 1.2 percent to 38,675.68, the Nasdaq spiked 315.37 points or 2.0 percent to 16,156.33 and the S&P 500 shot up 63.59 points or 1.3 percent to 5,127.79. For the week, the S&P 500 climbed by 0.6 percent, while the Dow advanced by 1.1 percent and the Nasdaq jumped by 1.4 percent. The red metal is currently quoting at $4.59 per pound, up 0.81% on the day. Powered by Commodity Insights |
Gold prices are holding steady on Monday morning in Asia after having slumped to its lowest level in a month last weekend. COMEX Gold futures are holding at $2318.50 an ounce, up around half a percent on the day awaiting further cues from Fed officials slated to speak for the week. Fed Governor Michelle Bowman in a recent interview said that she?s willing to hike rates if inflation stalls or reverses. Meanwhile, Chicago Fed President Austan Goolsbee stated that the latest US employment report was solid, emphasizing that current monetary policy is restrictive. However, Friday's jobs data unveiled a greater-than-expected slowdown in the US job expansion during April, reinforcing expectations that the Fed will commence interest rate reductions later in the year. The Nonfarm Payrolls (NFP) came in at 175K in April from 315K rise (revised from 303K) in March, weaker than 243K expected. Powered by Commodity Insights |
The total number of active drilling rigs for oil and gas in the United States fell in the week ending May 3, according to new data that Baker Hughes published on Friday. The total rig count fell by 8 to 605 last week, compared to 748 rigs this same time last year. The number of oil rigs fell by 7, after falling by 5 in the week prior. Oil rigs now stand at 499--down by 89 compared to this time last year. The number of gas rigs fell by 3 last week to 102, a loss of 55 active gas rigs from this time last year. Miscellaneous rigs rose by 2. Powered by Commodity Insights |
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