24-06-2024 03:35 PM | Source: Emkay Global Financial Services
Perspective by Ms.Riya Singh - Research Analyst, Commodities and Currency , Emkay Global
Below the Perspective by Ms.Riya Singh - Research Analyst, Commodities and Currency , Emkay Global
The report includes the following :
- Gold: Prices influenced by US economic data and Middle East tensions. Markets pricing in over 60% chance of Federal Reserve rate cuts.
- Silver: Prices rose despite the Federal Reserve's hawkish surprise. Weak US economic data keeps prospects for two rate cuts this year alive.
- Copper: Prices dropped over 6% due to increased production and changing weather patterns. Notable rise in LME inventories and record-high copper exports from China.
- Crude Oil: Prices rose for the second consecutive week as demand surged. Market sentiment improved since OPEC+ announced plans to increase production.
- Natural Gas: Prices dropped over 6% due to increased production and shifting weather patterns. Stockpiles rose 7 billion cubic feet (Bcf) for the week ended Mar 15.
- USDINR: The Indian Rupee lost momentum due to the rise in crude oil prices and potential intervention from the Indian central bank.
- US Dollar: The US dollar was firm due to the Federal Reserve’s steady policy stance and dovish positions of other central banks.
- EURUSD: The pair remained under bearish pressure due to disappointing PMI data from Germany and the Eurozone.
- GBPUSD: The pair lost 0.5% due to declining inflation expectations and potential policy shifts by the Reform Party.
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