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Business Standard
16 hours ago
- Business
- Business Standard
Dollar index stays largely flat under 98 mark
The dollar index stays largely flat in early Asian trades on Monday, under 98 mark as investors await clarity amid US President Donald Trump and Ukrainian President Volodymyr Zelenskiys pivotal meeting in Washington. Moreover, rising possibility of Federal rate cut is also weighing on the greenback. Austan Goolsbee, President of the Federal Reserve Bank of Chicago, reportedly said rates do not need to be kept forever and that if inflation returns to its earlier benign trend, it would be appropriate to lower rates toward their long-term level. On the economic data front, retail sales in the US increased 0.5% month-over-month in July and increased by 3.9% year-on-year. Export prices in the US rose 0.1% month-over-month in July and prices of goods imported rose by 0.4% in July from the previous month. Month-on-month industrial production in the United States edged down 0.1% in July, while year-on-year industrial production rose by 1.4%. Meanwhile, the Federal Reserve's (Fed) Jackson Hole symposium will take center stage later on Friday.
Business Standard
20 hours ago
- Business
- Business Standard
INR commences on positive note amid lackluster dollar overseas
The Indian rupee added gains in opening trades on Monday as dollar stays flat in early Asia under 98 mark as investors await clarity amid US President Donald Trump and Ukrainian President Volodymyr Zelenskiys pivotal meeting in Washington. Moreover, rising possibility of Federal rate cut is also weighing on the greenback. Austan Goolsbee, President of the Federal Reserve Bank of Chicago, reportedly said rates do not need to be kept forever and that if inflation returns to its earlier benign trend, it would be appropriate to lower rates toward their long-term level. INR opened at Rs 87.46 per dollar and climbed to a high of 87.36 so far during the day. On Thursday, rupee pared initial gains and settled for the day on a negative note, lower by 10 paise at 87.57 against the US dollar. Meanwhile, the benchmark BSE Sensex moved in a tight range before ending the session up 58 points at 80,597.66. The broader NSE Nifty index ended little changed with a positive bias at 24,31.30. On the NSE, USDINR gained 0.15% to end at 87.64.
See - Sada Elbalad
13-07-2025
- Business
- See - Sada Elbalad
Gold Gains EGP 920 Since Start of the Year as Escalating Risks Support Continued Price Growth
Waleed Farouk Gold prices in Egypt's local markets rose by approximately 0.4% during the week ending Saturday evening, in parallel with a 0.5% increase in global ounce prices. This was supported by a weaker U.S. dollar and political statements from President Donald Trump, which have heightened fears of a global trade war, according to a report from iSagha, an online platform specializing in gold and jewelry trading. The price of 21-karat gold increased by EGP 20 over the past week, starting at EGP 4,640 per gram and closing at EGP 4,660. On global markets, the gold ounce gained $18, rising from $3,337 to $3,355. Other gold prices in the local market,24K gold: EGP 5,326 per gram,18K gold: EGP 3,994 per gram,14K gold: EGP 3,107 per gram, Gold pound: EGP 37,280. The local market remained relatively stable on Saturday, coinciding with the weekend closure of global exchanges. The 21K gold gram opened trading at EGP 4,660, dipped to EGP 4,650, then returned to close at the opening level. Gold prices in local markets have surged by about 25%—an increase of approximately EGP 920—since the beginning of 2025. The 21K gold gram opened the year at EGP 3,740 and ended last week at EGP 4,660. Globally, the ounce rose by nearly 28%, gaining $731 over the same period. It opened the year at $2,624, reached a historic high of $3,500 on April 22, and closed last week at $3,355. Egypt's policy of devaluing the pound against the dollar, aimed at curbing high inflation and addressing the dollar shortage, has contributed to the rise in local gold prices. This comes in addition to global factors such as geopolitical tensions, strong central bank gold purchases, the declining U.S. dollar, eroding confidence in the dollar as the dominant reserve currency, and the controversial fiscal and trade policies enacted by President Trump. Trump's recent trade policies—including 35% tariffs on Canadian goods and raising overall tariffs on most trade partners from 10% to 15–20%, alongside a 50% tariff on copper imports—are expected to push gold prices even higher in the coming period. Meanwhile, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, stated that he does not understand the arguments in favor of lowering interest rates to reduce government debt, reaffirming that the Fed's core mandate is to promote employment and maintain price stability. Looking ahead, markets are awaiting several key U.S. economic indicators next week, including the June Consumer Price Index (CPI), retail sales data, and initial jobless claims, in addition to a series of Federal Reserve officials' speeches before the pre-meeting blackout period begins on July 19. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
12-07-2025
- Business
- See - Sada Elbalad
Gold Declines Locally Despite Weekly Global Gains Supported by Dollar Weakness and Trump's Escalation
Waleed Farouk Gold prices fell in local markets during trading on Saturday, coinciding with the global market's weekly holiday, even as the ounce gained about 0.5% over the week. This weekly rise was supported by a weaker US dollar and political statements from President Donald Trump that heightened fears of a trade war. Locally, gold prices dropped by around 5 Egyptian pounds compared to Friday's close, with the 21-carat gold gram priced at 4,655 pounds. Meanwhile, the ounce rose by approximately $18 on the global exchange, closing the week at $3,355. Other local prices included the 24-carat gold gram at 5,320 pounds, 18-carat at 3,990 pounds, 14-carat at 3,104 pounds, and the gold pound at 37,240 pounds. On Friday, gold prices had increased by about 40 pounds, with the 21-carat gram opening at 4,620 pounds and closing at 4,660 pounds. Globally, the ounce rose roughly $30, opening at $3,325 and closing at $3,355. The weekly rise in gold prices is attributed to controversial trade policies imposed by President Trump on Canada, threatening to extend tariffs to other countries. On Thursday, Trump announced a 35% tariff on Canadian goods and increased general tariffs on most trade partners from 10% to 15-20%. The US administration also imposed a 50% tariff on copper imports, intensifying volatility in industrial metals markets, especially copper and silver, thereby boosting gold's appeal as a safe-haven asset amid risks. Austin Goolsbee, President of the Federal Reserve Bank of Chicago, stated he does not see the rationale for cutting interest rates to reduce government debt, emphasizing the Fed's mission to promote employment and price stability. Gold prices have risen more than 27% since early 2025 and jumped over 40% in the past 12 months. Since the October 2022 low of $1,630, gold's price doubled to $3,355 in less than 28 months, representing nearly a 100% return in under two and a half years—performance unmatched even by the most consistently growing stocks. Looking ahead, markets are awaiting key US economic data next week, including the June Consumer Price Index, retail sales, and initial jobless claims, along with a series of Federal Reserve speakers' comments before the scheduled July 19 work stoppage period. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Business Insider
01-07-2025
- Business
- Business Insider
A Federal Reserve president thinks fears of a 1970s-style stagflation are overblown
A Federal Reserve leader thinks that fears of stagflation are overblown. Speaking at the Aspen Ideas Festival in Colorado, the president of the Federal Reserve Bank of Chicago, Austan Goolsbee, pushed back on concerns that recent supply-side shocks, like tariffs and global military conflicts, could trigger a return to an era of double-digit inflation and sky-high joblessness. Goolsbee said that with unemployment near 4% and inflation around 2.5% and falling, he sees no possibility that tariffs or another supply-side shock could cause actual 1970s-style stagflation in the near term, referring to a time when inflation topped 13% and unemployment exceeded 8%. "There's definitely the possibility of both things getting worse at the same time," Goolsbee added, referring to inflation and unemployment. "And there you usually say, well, how long is each side's discrepancy going to last? Do you think it's temporary or do you think it's permanent? And how big is each side... that's the way I think about it." Goolsbee offered no forecast, but his remarks come as the Federal Reserve continues to hold interest rates in an effort to bring inflation back to its 2% target. While core inflation, which excludes more volatile prices like food and energy, is down from its 2022 peak, it has remained sticky in key sectors like housing and services. Despite mounting pressure from markets and President Donald Trump to cut rates, Jerome Powell, chair of the Federal Reserve, has said the agency needs to see stronger evidence that inflation is firmly under control, especially after several months of higher-than-expected price indexes earlier this year. In a post on Monday, Trump called the chair " Jerome 'Too Late' Powell" and said that people in the US "should be paying 1% Interest" in a social media post. The Trump administration is also looking into ways to replace Powell, though his term doesn't expire till next May. Powell's term as a member of the board of governors also doesn't expire until 2028. The White House did not immediately respond to a request for comments.
