Gold prices signalled a bearish trend early this week – dropping from $2,020 per ounce and testing the key support of around $1,950 – due to a higher US dollar index and a rise in US bond yields. Gold is moving in a downtrend in the one hour chart, with prices trading at $1,973 per ounce, up from a daily low of around $1,953 per ounce at the time of writing. US bond yields have been increasing, with the 10-year note currently yielding 3.726 per cent after seven consecutive days of gains. Higher yields could be seen as one of…
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The partnership will provide users a reliable and hassle-free international money transfer experience to China. Wing Bank (Cambodia) Plc – the bank for every Cambodian – has announced a strategic partnership with UnionPay International (UPI), the leading global payment network. The partnership aims to broaden international money transfer services and explore future collaborations in digital payment. The significant milestone was commemorated with the signing of a memorandum of understanding (MoU) in the distinguished presence of Neak Oknha Kith Meng, Chairman of Wing Bank, and Chairman and CEO of the Royal Group of Companies, and Huiming Cai, General Manager of UnionPay…
Oil rebounded from April’s downward movement to reach a May monthly peak of $73.85, with momentum building after hitting mid-March’s strong support level of $64. Crude had been in a month-long bearish trend after April 12’s high of $83.30 per barrel, dropping to a low of $63.65 in early May. In Monday (May 15) trading, prices performed well on bullish momentum, rising 1.5 per cent from a low of $69.40 to a major high of $71.65. The increase resulted from the US Department of Energy (DOE) announcing an initial purchase of three million barrels of crude from the Strategic Petroleum…
‘The price of gold will continue rising to $2,074 per ounce, and it could reach $2,135 next week,” said PP Link Securities (PPLS) business manager Long Samnang. Despite better than expected US employment data released on May 5 pushing gold down from the day’s high of $2,053.04 to a low of $1,999.59, the price of the yellow metal recovered well. The three main US economic indicators for April were all better than the previous month, according to Forex Factory, with Average Hourly Earnings up 0.5 per cent, the Non-Farm Employment Change recording an additional 253,000 jobs, and the Unemployment Rate…
The Federal Reserve’s tightening of monetary policy, upcoming US jobs data and the release of other economic figures may pressure oil to continue trading downwards. Oil traded in a bullish trend last Friday after finding a strong support-level at $74 per barrel, which was the day-low in last Wednesday and Thursday’s trading sessions. It then rallied to ward off the 200-day exponential moving average (EMA) of $77.25 in an hourly timeframe. But in last Friday’s trading, oil’s bullish momentum slowed after the price traded closer to the intraday support of $76.75, which was broken the previous Wednesday. Technically, this will…
Wing Bank and RMA Cambodia are making car ownership easier than ever with their new car loan partnership, offering zero interest payment for one year,no down payment required, and a loan amount up to 100%. Wing Bank (Cambodia) Plc and the public-listed RMA (Cambodia) Plc have announced an exciting partnership to offer car loan. With no down payment required and zero interest payment for the first year, customers can now drive away their dream car. The partnership between Wing Bank and RMA Cambodia will provide a simple and quick way for customers to own their desired Ford automobile. On Friday,…
Minister of Commerce HE Pan Sorasak led a ministry delegation to visit the CP Cambodia Co, Ltd food processing factory in Kampot province on April 3, 2023. The visit was attended by Senate spokesperson HE Mam Bun Neang and Senate Committee chairman HE Kong Sareach, with a secretary of state and an adviser to the Cambodian government also present, as well as officials from the Ministry of Commerce and other relevant institutions. The event was hosted by senior CP Cambodia management, including its president Wittaya Kreangkriwit and vice-president Paitoon Wongkatawethin. During the visit, HE Pan Sorasak discussed the Ministry of…
The USD/JPY exchange rate rose sharply last week following the release of US employment statistics and ahead of comments from the incoming new governor of the Bank of Japan (BOJ). However, worsening economic indicators released this week in the US have raised concerns that there could be a sell-off of the dollar and a rise in the yen. There are also fears the US economy may overheat due to financial tightening. Therefore, investors are closely watching future US economic indicators. Statements by the new Bank of Japan governor Kazuo Ueda may also have an impact on the USD/JPY exchange rate.…
Wingmall users can now get 100 percent cashback vouchers on any freshly prepared drink from Gong Cha. Gong Cha – the premium quality bubble tea brand from Taiwan – is the latest big brand to join Wingmall, one of the fastest-growing e-commerce platforms in Cambodia. Gong Cha is now reaching a larger coverage of Phnom Penh customers through Wingmall, making it easier to enjoy its delicious beverages. Customers ordering from Gong Cha via Wingmall can get their favourite freshly prepared milk tea drink within 30 minutes, and – from now until April 14, 2023 – enjoy 100 per cent cashback.…
Oil prices saw three weeks of rises in a row following the unexpected lowering of production by OPEC+, a decline in US inventories and increased spending by Chinese consumers. Prices rebounded from a low of $64.2 a barrel on March 20 (support level) to April’s high of $81.68 (resistance level). “Prices rallied the most this year on Monday, surging 6.3 per cent, following the decision of [OPEC+] to slash more than one million barrels of daily output starting in May. “Crude has risen 26 per cent from its intraday low reached mid-March, when banking turmoil prompted a flight from risk…