MNI BRIEF: Japan Oct Core CPI Rises 2.3%, Services Rise

FED'S SCHMID - WE STILL HAVEN'T BEAT INFLATION BACK TO 2%

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

MNI China Daily Summary: Thursday, November 21

MNI BRIEF: China To Enhance Support For Foreign Trade - MOFCOM

MNI: UK NOV GFK CONSUMER CONFIDENCE INDEX -18

MNI JAPAN OCT CORE CPI +2.3% Y/Y; SEPT +2.4%

MNI: FED BALANCE SHEET TOTAL ASSETS -$43B TO $6.924T IN WEEK

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Risk-Off Sees Crude Slump and Gold Surge

COMMODITIES
  • Macro factors have been at the fore today, as crude oil has slumped 5% for the largest daily drop since the start of US regional banking issues in mid-March. The majority of declines came with softer than expected US JOLTS labor data not long after the US open with regional banks also sliding and dampening risk sentiment.
  • The market reaction was exacerbated coming off low volumes, after yesterday saw the lowest volumes since Dec’22 after Asian and UK holidays.
  • WTI is -5.2% at $71.75 off a low of $71.45, clearing support at Apr 28 and Mar 30 lows and briefly $71.76 (61.8% retrace of Mar 20 – Apr 12 rally) to open the round $70.
  • Brent is -4.9% at $75.40, clearing $76.52 (61.8% retreace of Mar 20 – Apr 12 rally) to open $75.00 round number support.
  • Gold is +1.6% at $2014.84 having jumped as US Tsy yields tumbled and earlier USD strength was reversed. It earlier cleared resistance at $2015.1 (Apr 17 high) before retreating, with a further push higher opening the bull trigger at $2048.7 (Apr 13 high).
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.