2024-01-17 08:24

Copyrighted Image by: Reuters. NEW YORK - The USD/CAD currency pair has seen an upswing near the 1.3500 mark as investors grow cautious due to escalating geopolitical tensions in the Middle East. The Canadian dollar is under pressure following a decline in West Texas Intermediate (WTI) crude oil prices to $72.10 per barrel, which often correlate with the commodity-linked currency's performance. The US dollar is drawing strength from its safe-haven appeal amid a broader market hesitancy, with bond yields on the rise. Investors appear reluctant to anticipate Federal Reserve interest rate cuts, preferring the security of the US dollar as the Middle East conflict unfolds. Adding to the mix, recent Canadian inflation data revealed an uptick to 3.4%. This increase has led to volatile trading of the Canadian dollar as market participants assess potential impacts on the country's economic policy. The higher inflation figures could influence the Bank of Canada's monetary policy decisions, as they may need to balance economic growth concerns with the need to manage inflationary pressures. Investors are closely monitoring these developments, which have contributed to the USD/CAD pair's gains today, reflecting a complex interplay of geopolitical risk, commodity prices, and monetary policy expectations. https://www.investing.com/news/forex-news/usdcad-pair-rises-amid-middle-east-tensions-and-inflation-data-93CH-3275837

2024-01-17 08:24

Copyrighted Image by: Reuters. WASHINGTON - Oil prices experienced a downturn today as the West Texas Intermediate (WTI) crude fell to $71.92 per barrel and Brent crude dropped to $77.75. This decline in oil prices came in response to a strengthening US dollar, influenced by comments from Federal Reserve Governor Christopher Waller regarding the maintenance of current interest rates. The correlation between the value of the US dollar and commodity prices is a well-observed market dynamic, where a stronger dollar typically makes dollar-priced commodities like oil more expensive for holders of other currencies, thus dampening demand. Governor Waller's affirmation of the existing interest rate policy has bolstered the currency, exerting downward pressure on oil prices. As the market reacts to these economic signals, investors and industry stakeholders are closely monitoring the impact of the Federal Reserve's monetary policy on the commodities market, including the oil sector. https://www.investing.com/news/commodities-news/oil-prices-decline-as-us-dollar-strengthens-on-feds-interest-rate-stance-93CH-3275827

2024-01-17 08:23

Copyrighted Image by: Reuters. MUMBAI - The Indian rupee recorded a decline, closing at Rs 83.08 against the U.S. dollar today, as market players reacted to a stronger dollar and speculation over upcoming Federal Reserve actions. The dollar index, which measures the greenback against a basket of currencies, firmed up to levels around 102.80-102.84, exerting pressure on the rupee. Investor sentiment was dampened partly by disappointing economic data from Europe, which contributed to a fall in European stock markets and a rise in U.S. Treasury yields. These market movements come ahead of a series of speeches by Federal Reserve officials, including comments from Fed official Raphael Bostic. The anticipation surrounding the Federal Open Market Committee (FOMC) meeting scheduled for January 31 is also high, as the outcome could signal further interest rate adjustments, influencing global exchange rates. https://www.investing.com/news/forex-news/indian-rupee-weakens-amid-stronger-dollar-and-fed-rate-speculation-93CH-3275773

2024-01-17 08:23

LONDON - The British pound experienced a dip today, influenced by a slower wage growth report and growing expectations that the Bank of England might implement a more dovish monetary policy in the near future. Data released showed that wage growth, excluding bonuses, was at 6.6%, and including bonuses, it stood at 6.5% for the period from September to November. These figures fell short of the market's anticipated 6.8%. The employment data also revealed a decrease in job vacancies by approximately 49,000 for October to December, signaling a potential cooling down in the labor market. Despite this, the unemployment rate has held steady at 4.2%. The confluence of these factors is steering analysts to predict a cautious approach from the Bank of England at its upcoming policy meeting in February. As a result of the weaker-than-expected wage growth and stable unemployment figures, there is now a shift in market expectations, with speculation of interest rate cuts beginning potentially in May. https://www.investing.com/news/forex-news/pound-falls-on-slower-wage-growth-and-potential-bank-of-england-policy-shift-93CH-3275775

2024-01-17 08:22

TORONTO - Northland Power (OTC:NPIFF) Inc., a prominent player in the offshore wind industry, has announced a forthcoming change in its financial leadership as the company embarks on a substantial growth phase. CFO Pauline Alimchandani is set to leave the company in February 2024. She will be succeeded by Adam Beaumont, who will serve as the interim CFO while Northland Power conducts a search for a permanent replacement. The Toronto-based company, which currently operates approximately 3.4 gigawatts (GW) of capacity, is actively expanding its reach with a development pipeline targeting around 15 GW. This strategic shift in leadership comes at a time when Northland Power is positioning itself to capitalize on the growing demand for renewable energy, particularly in the offshore wind sector. Northland Power's transition in the financial helm is aligned with its broader strategic efforts to strengthen the company's position as it scales up operations. The search for a new CFO will be an important step for the company as it continues to navigate through this period of significant expansion. With the interim appointment of Adam Beaumont, Northland Power aims to ensure a smooth transition and maintain its financial stability and strategic momentum. https://www.investing.com/news/commodities-news/northland-power-announces-cfo-transition-amid-expansion-phase-93CH-3275753

2024-01-17 05:35

Copyrighted Image by: Reuters. Investing.com-- Gold prices extended losses in Asian trade on Wednesday as hawkish signals from Federal Reserve officials raised more doubts over early interest rate cuts by the central bank, while a rebound in the dollar also dented prices. Among industrial metals, copper prices came close to a one-month low after middling economic growth figures from top importer China. Gold prices tumbled from the $2,050 an ounce level on Tuesday after Fed Governor Christopher Waller flagged a cautious approach to rate cuts and said that recent resilience in the U.S. economy will likely delay any potential reductions. His comments sent the dollar to a one-month high, while also triggering a sharp bounce in Treasury yields, with the 10-year rate crossing the 4% mark. The prospect of higher-for-longer U.S. interest rates largely offset recent safe-haven demand for gold, and saw traders pivot away from the yellow metal and into the dollar. Spot gold fell 0.4% to $2,019.70 an ounce, while gold futures expiring in February fell 0.4% to $2,022.90 an ounce by 00:20 ET (05:20 GMT). Both instruments tumbled over 1% each on Tuesday. More US economic cues awaited as traders trim March rate-cut bets Markets were now focused squarely on upcoming industrial production and retail sales data for December, which is due later on Wednesday. Any signs of strength in the U.S. economy, particularly consumer spending, gives the Fed more headroom to keep rates higher for longer. Traders were seen slightly trimming their bets on a March rate cut by the central bank, according to the CME Fedwatch tool. Markets see a 62.8% chance of a 25 basis point cut, down from 66.1% seen a day earlier. Higher rates push up the opportunity cost of investing in bullion, and limit capital flows into gold as traders seek better yields in debt. This trend had weighed on the yellow metal over the past two years. While gold saw some safe haven demand amid increasing military action in the Middle East, this was also offset by traders instead seeking safe haven in the dollar. Still, the yellow metal stands to benefit from an eventual decline in U.S. interest rates this year. Copper sinks as China GDP disappoints Copper futures expiring in March fell 0.5% to $3.7492 a pound, and were within sight of their weakest levels since early-December. The red metal was hit with a fresh wave of selling after data showed China’s gross domestic product grew slightly less than expected in the fourth quarter. While GDP growth still beat a 5% government target for 2023, it was also driven chiefly by a low base for comparison from 2022. Other weak indicators for December also set a weak tone for China going into 2024. Copper prices came under renewed pressure in recent weeks as markets feared that worsening economic conditions in China will eat into demand. Declining global demand for electric vehicles also cast a pall over expectations for copper demand. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out! https://www.investing.com/news/commodities-news/gold-prices-fall-on-ratecut-doubts-copper-hit-by-china-weakness-3275681