Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili


Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili
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Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria.

Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar.

Spot gold was steady at $1,296.49 an ounce by 0808 GMT.

U.S. gold futures edged 0.1% higher to $1,297.20 an ounce.

“Gold is restrained as people are still interested in the dollar. The $1,300 level also looks like a good resistance,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar held firm in early Asian trading, having been supported on Tuesday by U.S. President Donald Trump downplaying the recent escalation in his trade war with China as “a little squabble” and insisting that talks between the two countries had not collapsed.

A stronger dollar makes gold more expensive for holders of non-U.S. currency.

Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibilities of a protracted spat.

“The (gold) market is holding because some people bought gold especially after the Chinese government also raised tariffs on U.S. goods,” Fung said, adding that the metal is expected to remain range-bound between $1,280 and $1,310 an ounce.

The biggest trigger for gold, which had been mostly range-bound for the past week, came on Monday after China announced that it would impose retaliatory tariffs on a range of U.S. goods.

There was some profit-taking in the previous session after prices jumped about $20 on Monday and above the key $1,300 level, analysts and traders said.

“The ongoing Sino-U.S. trade dispute has illustrated cooling conditions as both parties expressed willingness to resolve existing trade differences,” Phillip Futures analysts wrote in a note.

“Gold prices though easing up on bullish gains will remain supported as investors remain cautious on lingering U.S.-China trade worries in the near term.”

Market participants now keenly eye economic data from Europe that will provide further cues on the strength of the global economy.

Among other precious metals, silver rose 0.2% to $14.81 an ounce, while platinum fell 0.2% to $853.75.

Palladium fell 0.7% to $1,326.25 an ounce.


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Gold firms as Sino-US trade spat dents risk sentiment

Gold prices edged higher on Tuesday as investors moved away from riskier assets after U.S. President Donald Trump threatened to raise tariffs on Chinese imports, heightening trade tensions and lifting demand for the safe-haven metal. U.S. gold futures settled $1.80 higher at $1,285.60. “There has been uncertainty in the market since yesterday, which has given gold a push higher.” “Some are also focusing on the tensions in the Middle East and the two catalysts are sufficient to hold prices but th


Gold prices edged higher on Tuesday as investors moved away from riskier assets after U.S. President Donald Trump threatened to raise tariffs on Chinese imports, heightening trade tensions and lifting demand for the safe-haven metal. U.S. gold futures settled $1.80 higher at $1,285.60. “There has been uncertainty in the market since yesterday, which has given gold a push higher.” “Some are also focusing on the tensions in the Middle East and the two catalysts are sufficient to hold prices but th
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Gold firms as Sino-US trade spat dents risk sentiment

Gold prices edged higher on Tuesday as investors moved away from riskier assets after U.S. President Donald Trump threatened to raise tariffs on Chinese imports, heightening trade tensions and lifting demand for the safe-haven metal.

Spot gold was up 0.1 percent at $1,281.04 an ounce.

U.S. gold futures settled $1.80 higher at $1,285.60.

“Donald Trump tweets over the weekend and reactions out of China has sent shockwaves. European equities are further down this morning and this is a situation where gold is seen as a safe-haven,” said Quantitative Commodity Research analyst Peter Fertig.

“There has been uncertainty in the market since yesterday, which has given gold a push higher.”

U.S. President Donald Trump said that tariffs on $200 billion worth of Chinese goods would increase to 25 percent from 10 percent on Friday, reversing a decision he made in February to keep them at 10 percent as the two sides made progress on trade talks.

Trump’s tariff threat weighed across equity markets around the world, in turn supporting gold, which is used by investors to hedge against economic and political instability.

“There are significant catalysts for gold with the escalations on the trade-war front yesterday, but it is surprising we have not seen a significant follow through,” said Stephen Innes, head of trading and market strategy at SPI Asset Management.

Adding to the sentiment, Trump’s national security adviser John Bolton on Sunday said that the United States was deploying a carrier strike group and a bomber task force to the Middle East to send a clear message to Iran.

“Some are also focusing on the tensions in the Middle East and the two catalysts are sufficient to hold prices but there is a general reluctance to push prices higher over $1,285,” Innes added.

A faction of the market still expects the United States and China to find common ground and believes that Trump’s tariff threat is likely to be a negotiation tactic.

China’s commerce ministry confirmed on Tuesday that Vice Premier Liu He will visit the United States over May 9-10 for bilateral trade talks at the invitation of senior U.S. officials.

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, continued a dismal run as it fell by 0.16 percent to 739.64 tonnes on Monday, its lowest since Oct. 11.

Among other metals, silver was down 0.4 percent at $14.84 an ounce, platinum was little changed at $872.44 and palladium gained 0.2 percent to $1,339.32.


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China markets jump amid hopes of a Sino-US trade deal

Stocks in mainland China advanced on Monday following reports that the U.S and China might be close to finalizing a trade deal, with Beijing offering to lower tariffs on certain U.S. products. By the end of its trading day, the Shanghai composite rose 1.12 percent to close at about 3,027.58 — breaching the 3,000 level for the first time since June 2018. Meanwhile, the Shenzhen component surged 2.364 percent to close at 9,384.42 and the Shenzhen composite added 2.214 percent to finish its trading


Stocks in mainland China advanced on Monday following reports that the U.S and China might be close to finalizing a trade deal, with Beijing offering to lower tariffs on certain U.S. products. By the end of its trading day, the Shanghai composite rose 1.12 percent to close at about 3,027.58 — breaching the 3,000 level for the first time since June 2018. Meanwhile, the Shenzhen component surged 2.364 percent to close at 9,384.42 and the Shenzhen composite added 2.214 percent to finish its trading
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China markets jump amid hopes of a Sino-US trade deal

Stocks in mainland China advanced on Monday following reports that the U.S and China might be close to finalizing a trade deal, with Beijing offering to lower tariffs on certain U.S. products.

By the end of its trading day, the Shanghai composite rose 1.12 percent to close at about 3,027.58 — breaching the 3,000 level for the first time since June 2018. Meanwhile, the Shenzhen component surged 2.364 percent to close at 9,384.42 and the Shenzhen composite added 2.214 percent to finish its trading day at 1,599.48.

Hong Kong’s Hang Seng index also rose more than 0.7 percent in its final hour of trading, with shares of Chinese telecommunications equipment firm ZTE gaining 1.84 percent.

Other markets in Asia mostly gained. Japan’s Nikkei 225 advanced 1.02 percent to close at 21,822.04 as shares of index heavyweight Fanuc jumped 3.48 percent. The Topix was 0.73 percent higher to end its trading day at 1,627.59.

The ASX 200 in Australia rose 0.4 percent to close at 6,217.40, with the materials subindex gaining 0.66 percent. Shares of major miners advanced: Rio Tinto added 1.59 percent, Fortescue Metals Group soared 6.86 percent and BHP Billiton gained 1.18 percent.

In South Korea, however, the Kospi shed earlier gains to close 0.22 percent lower at 2,190.66 with industry heavyweight Samsung Electronics declining 0.55 percent.


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European stocks open slightly higher on hopes of Sino-US talks

European stocks open slightly higher on the final day of 2018 as major stocks across the world look to record calendar year declines. His statements have brought optimism to stocks worldwide that have been under pressure this year. Trump’s comments came after both he and Xi earlier this month agreed to a 90-day pause in tariff escalation. On Sunday, U.K. Trade Minister Liam Fox said there is a “50-50” chance that Brexit may be stopped if Parliament rejects the government’s divorce deal with the


European stocks open slightly higher on the final day of 2018 as major stocks across the world look to record calendar year declines. His statements have brought optimism to stocks worldwide that have been under pressure this year. Trump’s comments came after both he and Xi earlier this month agreed to a 90-day pause in tariff escalation. On Sunday, U.K. Trade Minister Liam Fox said there is a “50-50” chance that Brexit may be stopped if Parliament rejects the government’s divorce deal with the
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European stocks open slightly higher on hopes of Sino-US talks

European stocks open slightly higher on the final day of 2018 as major stocks across the world look to record calendar year declines.

The pan-European Stoxx 600 is 0.09 percent. The FTSE 100 is down 0.15 percent, while the French CAC is up 0.44 percent. The German DAX is closed on Monday.

Market focus is largely attuned to the progress on the U.S.-China trade standoff after hints emerged when President Donald Trump said he had a “very good call” with Chinese President Xi Jinping on Saturday to discuss trade. He also claimed that “big progress” was being made on this front. His statements have brought optimism to stocks worldwide that have been under pressure this year.

Following the tweet, however, the Wall Street Journal reported that Trump “may be overstating how close the two sides are to an agreement,” citing sources “familiar with the state of negotiations.”

Trump’s comments came after both he and Xi earlier this month agreed to a 90-day pause in tariff escalation.

However, market sentiment remained on edge after survey data out of China on Monday suggested that China’s manufacturing activity in December contracted even more than expected.

Back in Europe, the deadlock around Brexit continues to concern investors. On Sunday, U.K. Trade Minister Liam Fox said there is a “50-50” chance that Brexit may be stopped if Parliament rejects the government’s divorce deal with the European Union next month.

The U.K. Parliament is set to vote on the Brexit deal in the week starting January 14.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: spriha srivastava
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Gold set for first annual decline in three years

Gold held steady on Monday as equities gained on likely progress in Sino-U.S. trade standoff, but bullion prices were heading for their first annual decline since 2015, losing to the dollar mostly on trade worries and higher interest rates. Spot gold was steady at $1,281.23 per ounce as of 0815 GMT, near a six-month high of $1,282.09 it hit on Friday. Higher interest rates make gold less attractive since it does not pay interest and costs to store and insure. Gold dropped over 15 percent from a


Gold held steady on Monday as equities gained on likely progress in Sino-U.S. trade standoff, but bullion prices were heading for their first annual decline since 2015, losing to the dollar mostly on trade worries and higher interest rates. Spot gold was steady at $1,281.23 per ounce as of 0815 GMT, near a six-month high of $1,282.09 it hit on Friday. Higher interest rates make gold less attractive since it does not pay interest and costs to store and insure. Gold dropped over 15 percent from a
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Gold set for first annual decline in three years

Gold held steady on Monday as equities gained on likely progress in Sino-U.S. trade standoff, but bullion prices were heading for their first annual decline since 2015, losing to the dollar mostly on trade worries and higher interest rates.

However, the precious metal was on track for its best month since January 2017, having scrambled back from sharp declines in the year due to volatility in equities and a subdued dollar, along with worries over slowing global growth.

Spot gold was steady at $1,281.23 per ounce as of 0815 GMT, near a six-month high of $1,282.09 it hit on Friday.

U.S. gold futures were near flat $1,283.4 per ounce.

“The trade war concerns between the U.S. and China is slightly cooling down and that has lent support to the equity market,” said Ajay Kedia, director at Kedia Commodities in Mumbai, adding that there is some profit booking in gold ahead of the year-end.

China’s President Xi Jinping said on a telephone call with U.S. President Donald Trump on Saturday that he hopes to push forward a Sino-U.S. relationship that is coordinated, cooperative and stable, Chinese state media reported.

Gold prices jumped about 5 percent in December. The metal declined nearly 2 percent for the year.

The dollar index has gained 4.6 percent this year as the U.S. currency had been the preferred safe haven this year as the U.S.-China trade conflict unfolded against a backdrop of higher U.S. interest rates, denting gold’s demand.

Higher interest rates make gold less attractive since it does not pay interest and costs to store and insure.

Gold dropped over 15 percent from a peak of $1,365.2 in April to a 1-1/2-year low in August this year to $1,159.96. The yellow metal has gained nearly 10 percent since then.

“Over concerns of a slowdown of global economic growth and rate hike, gold is likely to recover the loss since mid-June and rise back to the trading range between $1,300 and $1,350,” Wing Fung said in a research note.

Among the precious metals, palladium gained 0.1 percent to $1254.30 per ounce and has been the best performer this year, surpassing gold for the first time since 2002 on strong demand from autocatalyst makers amid production shortages.

The metal rose 18.3 percent in the year and was set for a fifth consecutive month of gains.

Silver rose 0.4 percent to $15.40 per ounce in the session. However, it declined over 9 percent in the year.

Spot Platinum gained 0.42 percent to $792.74, but slipped about 14.2 percent in 2018.


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Gold near one-week high as Sino-U.S. trade talk hopes pressure dollar

Gold prices on Thursday held steady near a more than one-week high hit in the previous session, with hopes for a new round of U.S.-China trade talks weighing on the dollar. Spot gold was firm at $1,205.16 an ounce at 0317 GMT, after hitting its highest since Aug. 31 at $1,208.48 on Wednesday. This has driven investors towards record short positions in Comex gold and heavy liquidations in gold exchange traded funds. Gold prices have fallen nearly 12 percent since a peak in April amid intensifying


Gold prices on Thursday held steady near a more than one-week high hit in the previous session, with hopes for a new round of U.S.-China trade talks weighing on the dollar. Spot gold was firm at $1,205.16 an ounce at 0317 GMT, after hitting its highest since Aug. 31 at $1,208.48 on Wednesday. This has driven investors towards record short positions in Comex gold and heavy liquidations in gold exchange traded funds. Gold prices have fallen nearly 12 percent since a peak in April amid intensifying
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Gold near one-week high as Sino-U.S. trade talk hopes pressure dollar

Gold prices on Thursday held steady near a more than one-week high hit in the previous session, with hopes for a new round of U.S.-China trade talks weighing on the dollar.

Spot gold was firm at $1,205.16 an ounce at 0317 GMT, after hitting its highest since Aug. 31 at $1,208.48 on Wednesday. Bullion gained 0.7 percent in the previous session, its biggest one-day rise since Aug. 24.

U.S. gold futures were also mostly steady at $1,210.50 an ounce.

Senior U.S. officials sent an invitation to their Chinese counterparts to hold another bilateral trade meeting, raising speculation about a subtle shift in Washington’s policy.

The outreach comes as more than 85 U.S. industry groups launched a coalition on Wednesday to take a fight public against President Donald Trump’s trade tariffs.

“Signs of movement in Sino-U.S. trade talks is the proximate cause (for steady prices), with a market that is still short and probably more sensitive to news, favouring the upside for gold,” said Nicholas Frappell, global general manager at ABC Bullion, Australia.

The months-long trade rift between U.S. and China has prompted investors to buy the U.S. dollar in the belief that the United States has less to lose from the dispute. This has driven investors towards record short positions in Comex gold and heavy liquidations in gold exchange traded funds.

Extended short positions could possibly lead to a squeeze and push prices up, Frappell said.

Gold prices have fallen nearly 12 percent since a peak in April amid intensifying global trade tensions and under pressure from rising U.S. interest rates.

Higher rates make non-yielding bullion less attractive, and tend to boost the dollar, in which gold is priced.

“Gold is trading entirely on the mercy of the U.S. dollar … to judge gold by any other metric in this environment provides an indecisive, inconclusive and highly inconsequential signal,” said Stephen Innes, Asia-Pacific trading head for OANDA.

The dollar index against a basket of six major currencies stood little changed at 94.812 <.DXY>, near a 1-1/2-week low of 94.733 marked in the previous session.

Cross-asset traders were waiting for U.S. consumer prices index data due later on Thursday for cues on the U.S. dollar’s next move, Innes said.

The CPI data comes after soft U.S. wholesale price data undermined the case for a faster pace of policy tightening by the Fed. The U.S. central bank is widely expected to raise benchmark interest rates at its September meeting.

Among other precious metals, spot silver rose 0.2 percent to $14.23.

Platinum rose 0.3 percent at $801.10, after touching a two-week high of $802.70. Palladium was up 0.1 percent at $975.50.


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Gold nudges up as dollar eases; Sino-U.S. trade tensions in focus

Spot gold rose 0.2 percent to $1,193.31 at 0355 GMT, after touching a more than one-week low at $1,189.20 on Tuesday. “We are in a situation where it is completely a dollar driven trade. Until we get a convincing breakout (in gold)… the markets are going to be reticent,” said Stephen Innes, Asia-Pacific trading head at OANDA. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion. The bearish sentiment in gold has reflected in h


Spot gold rose 0.2 percent to $1,193.31 at 0355 GMT, after touching a more than one-week low at $1,189.20 on Tuesday. “We are in a situation where it is completely a dollar driven trade. Until we get a convincing breakout (in gold)… the markets are going to be reticent,” said Stephen Innes, Asia-Pacific trading head at OANDA. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion. The bearish sentiment in gold has reflected in h
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Gold nudges up as dollar eases; Sino-U.S. trade tensions in focus

Gold edged up on Wednesday, after slipping to a more than one-week low in the previous session, as the dollar eased despite concerns of an escalation in the trade conflict between the United States and China.

Spot gold rose 0.2 percent to $1,193.31 at 0355 GMT, after touching a more than one-week low at $1,189.20 on Tuesday.

U.S. gold futures were up 0.1 percent at $1,199.70 an ounce.

“We are in a situation where it is completely a dollar driven trade. Until we get a convincing breakout (in gold)… the markets are going to be reticent,” said Stephen Innes, Asia-Pacific trading head at OANDA.

“The U.S. dollar can actually see a bit a reversal on the fact that we are not seeing a big wave of panic as there hasn’t been any significant impact on U.S. equity markets,” he said, adding gold prices would hover around $1,190-$1,210 range in the short term.

A stronger greenback makes dollar-priced gold costlier for non-U.S. investors.

Fears of a hit to global growth from U.S. President Donald Trump’s ‘America First’ protectionist policies have kept markets in a state of heightened anxiety for much of this year.

Trump could follow through on plans to impose levies on $200 billion more of Chinese imports after a public comment period on his proposed new tariffs on Chinese goods is set to end on Thursday.

Meanwhile, markets are closely watching an employment report on Friday, which could influence gold’s moves as investors look for clues on the pace of U.S. interest rate increases.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

The yellow metal has lost about 8.4 percent this year amid rising U.S. interest rates, trade disputes and the Turkish currency crisis, with investors parking their money in the dollar, undermining the metal’s safe haven status.

The bearish sentiment in gold has reflected in heavy liquidations in SPDR Gold, the world’s largest gold-backed exchange-traded fund. Holdings have fallen 14.2 percent since a peak in late April, and 1.1 percent to 746.92 tonnes on Tuesday.

Spot gold may break a support at $1,190 per ounce and fall towards $1,179, as suggested by its wave pattern, a projection analysis and a falling channel, according to Reuters technical analyst Wang Tao.

Spot silver was up 0.1 percent at $14.10, after falling to the lowest since January 2016 at $13.97 on Tuesday.

Platinum rose 0.3 percent to $778.60. Prices touched their lowest since Aug. 16 at $761.80 in the prior session.

Palladium was up 0.3 percent at $982.75, after touching a 11-week peak at $988.47 on Tuesday.


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Dollar off 13-month peak, emerging currencies up on Sino-US trade talk news

The dollar was nudged away from a 13-month peak on Thursday as risk aversion eased and emerging market currencies bounced back on news that a Chinese delegation will travel to the United States late in August to hold trade talks. China’s Ministry of Commerce said on Thursday that it had received an invitation from the United States for talks to be held with U.S. It pulled back from a 13-month high of 96.984 scaled the previous day when currency turmoil in Turkey and concerns about China’s econom


The dollar was nudged away from a 13-month peak on Thursday as risk aversion eased and emerging market currencies bounced back on news that a Chinese delegation will travel to the United States late in August to hold trade talks. China’s Ministry of Commerce said on Thursday that it had received an invitation from the United States for talks to be held with U.S. It pulled back from a 13-month high of 96.984 scaled the previous day when currency turmoil in Turkey and concerns about China’s econom
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Dollar off 13-month peak, emerging currencies up on Sino-US trade talk news

The dollar was nudged away from a 13-month peak on Thursday as risk aversion eased and emerging market currencies bounced back on news that a Chinese delegation will travel to the United States late in August to hold trade talks.

China’s Ministry of Commerce said on Thursday that it had received an invitation from the United States for talks to be held with U.S. Under Secretary of Treasury for International Affairs David Malpass.

The news that the world’s two biggest economic powers, currently locked in a trade war, were showing a willingness to negotiate boosted investor sentiment after a worrying week.

The dollar index against a basket of six major currencies was 0.17 percent lower at 96.536. It pulled back from a 13-month high of 96.984 scaled the previous day when currency turmoil in Turkey and concerns about China’s economic health supported safe-haven assets and weighed on emerging market currencies.

China’s onshore yuan, which has been rough barometer of risk sentiment, was 0.35 percent firmer at 6.911 to the dollar and off a 15-month low of 6.934 set on Wednesday.

Other emerging market currencies also bounced back. The South African rand gained 0.6 percent to 14.48 per dollar after sliding more than 2 percent overnight while the Mexican peso and Thai baht also rose.

The MSCI emerging currency index nudged up after hitting its lowest since May 2017 on Wednesday.

“Trade war fears had morphed into an opportunity for speculators, who had been selling the yuan and other currencies against the dollar. The news that pointed to a possible easing of U.S.-China trade tensions appears to have curbed such activity,” said Mitsuo Imaizumi, chief FX strategist at Daiwa Securities.

“But there is no guarantee that the trade discussions will end successfully. As such, the trade news may have stopped the speculators’ selling but perhaps only for the time being.”


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Dollar steadies as risk aversion ebbs, Sino-US trade rift still a worry

The dollar steadied against a basket of currencies on Wednesday, as risk aversion sparked by concerns over a worsening trade feud between Washington and Beijing ebbed, although lingering worries about the tariff rift kept currencies on edge. The dollar index against a basket of six major currencies stood little changed at 95.123 after advancing to an 11-month peak of 95.296 on Tuesday. The dollar was 0.1 percent higher at 110.125 yen following its retreat to an eight-day trough of 109.55 on Tues


The dollar steadied against a basket of currencies on Wednesday, as risk aversion sparked by concerns over a worsening trade feud between Washington and Beijing ebbed, although lingering worries about the tariff rift kept currencies on edge. The dollar index against a basket of six major currencies stood little changed at 95.123 after advancing to an 11-month peak of 95.296 on Tuesday. The dollar was 0.1 percent higher at 110.125 yen following its retreat to an eight-day trough of 109.55 on Tues
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Dollar steadies as risk aversion ebbs, Sino-US trade rift still a worry

The dollar steadied against a basket of currencies on Wednesday, as risk aversion sparked by concerns over a worsening trade feud between Washington and Beijing ebbed, although lingering worries about the tariff rift kept currencies on edge.

The dollar index against a basket of six major currencies stood little changed at 95.123 after advancing to an 11-month peak of 95.296 on Tuesday.

The index reached the 11-month peak after U.S. President Donald Trump threatened to slap more tariffs on China, prompting an angry response from Beijing. Escalating tensions triggered risk aversion and caused a sell-off in global equities on Tuesday.

A degree of calm returned to broader markets on Wednesday after Wall Street shares pared a bulk of their losses overnight.

“Along with the Swiss franc and the yen, the dollar is also a safe haven currency, although perhaps less so than the yen,” said Shin Kadota, senior strategist at Barclays in Tokyo.

“The dollar’s safe-haven status, however, could come under question as it has also become a high-yielding currency.”

Last week the Federal Reserve hiked the interest rate target range by a quarter of a percentage point to 1.75 percent-2 percent, the highest in a decade.

The dollar was 0.1 percent higher at 110.125 yen following its retreat to an eight-day trough of 109.55 on Tuesday .

The yen is often sought in times of political tension and market turmoil.

The dollar managed to bounce back against the yen as safe-haven U.S. Treasury yields climbed from three-week lows. Better-than-expected U.S. housing data released on Tuesday also helped nudge Treasury yields off their lows.


Company: cnbc, Activity: cnbc, Date: 2018-06-19  Authors: frank van den bergh, getty images
Keywords: news, cnbc, companies, dollar, peak, rift, ebbs, treasury, currencies, safehaven, worry, risk, trade, yen, lows, aversion, yields, sinous, steadies, index


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Gold gains as worsening Sino-US trade tensions dent risk appetite

Gold prices gained on Wednesday, as investors stayed away from risk assets after the United States slapped tariffs on $50 billion worth imports from China, raising the stakes in a growing trade showdown with Beijing. Spot gold rose 0.2 percent to $1,334.44 per ounce as of 0334 GMT, after falling 0.6 percent in the previous session. “If there is any further intensification in the trade war issue and no quick resolution, we see gold prices could potentially bridge its $1,400 resistance level,” Gan


Gold prices gained on Wednesday, as investors stayed away from risk assets after the United States slapped tariffs on $50 billion worth imports from China, raising the stakes in a growing trade showdown with Beijing. Spot gold rose 0.2 percent to $1,334.44 per ounce as of 0334 GMT, after falling 0.6 percent in the previous session. “If there is any further intensification in the trade war issue and no quick resolution, we see gold prices could potentially bridge its $1,400 resistance level,” Gan
Gold gains as worsening Sino-US trade tensions dent risk appetite Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-03  Authors: getty images
Keywords: news, cnbc, companies, gold, previous, markets, trade, gains, 02, prices, worsening, risk, dent, tensions, ounce, appetite, tariffs, lowest, sinous


Gold gains as worsening Sino-US trade tensions dent risk appetite

Gold prices gained on Wednesday, as investors stayed away from risk assets after the United States slapped tariffs on $50 billion worth imports from China, raising the stakes in a growing trade showdown with Beijing.

Spot gold rose 0.2 percent to $1,334.44 per ounce as of 0334 GMT, after falling 0.6 percent in the previous session.

U.S. gold futures were up 0.1 percent at $1,338.10 an ounce.

The Trump administration on Tuesday announced 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices.

“The markets will be looking out for what China will do in retaliation to such a move, that alone will have a huge potential in dragging the market sentiment and risk appetite,” said OCBC analyst Barnabas Gan.

China’s commerce ministry said on Wednesday it “strongly condemns and firmly opposes” the proposed U.S. tariffs following the Section 301 probe and will take counter measures, according to the official Xinhua news agency.

“If there is any further intensification in the trade war issue and no quick resolution, we see gold prices could potentially bridge its $1,400 resistance level,” Gan said.

The dollar slipped and Asian share markets faltered on simmering fears of a Sino-U.S. trade war.

“It seems that investors are not panicking as much as they were, aware that these are opening gambits that will ultimately need to be negotiated quietly and away from the headlines,” said INTL FCStone analyst Edward Meir.

“We assume that between now and the time that the tariffs take effect, both sides will be hard at work in order to gain concessions from one another and thus avoid having to impose tariffs.”

In other precious metals, spot silver gained 0.2 percent to $16.41 an ounce. The metal on Tuesday shed 1.4 percent, its biggest daily loss in five weeks.

Platinum was down 0.3 percent at $921.20 an ounce, after falling to as low as $912 in the previous session, its lowest since late December.

Palladium was down 0.2 percent at $927.60 after touching $924.50, its lowest since Oct. 9.


Company: cnbc, Activity: cnbc, Date: 2018-04-03  Authors: getty images
Keywords: news, cnbc, companies, gold, previous, markets, trade, gains, 02, prices, worsening, risk, dent, tensions, ounce, appetite, tariffs, lowest, sinous


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