Author: FX
(Reuters) – The Biden administration on Friday announced the creation of the Chumash Heritage National Marine Sanctuary along California’s central coast, a victory for the Chumash tribe that pursued the designation for a decade. WHY IT’S IMPORTANT The newly formed sanctuary is part of U.S. President Joe Biden’s goal to protect 30% of U.S. lands and waters by 2030. CONTEXT The sanctuary excludes areas where transmission cables and other infrastructure to support planned offshore wind facilities could be installed, the National Oceanic and Atmospheric Administration (NOAA) said in a statement. The agency, a division of the Department of Commerce, said…
Gold gains 1% on Friday, set to end the week with 0.20% gains. US PPI data was slightly above expectations, suggesting inflation is down but stalling above target, while UoM Consumer Sentiment highlights concerns over rising living costs. Despite higher US Treasury yields, with the 10-year note rising to 4.081%, Bullion prices remain supported as the Fed is expected to cut rates later this year. Gold rallied over 1% on Friday, with the yellow metal set to end the week with modest gains of 0.20% after inflation data revealed on Friday and the Consumer Price Index (CPI) report on Thursday…
AUD/USD prints gains on Friday after US Producer Price Index (PPI) data showed inflation easing. The US Core PPI rose by 0.2% MoM as expected, while annual PPI declined to 1.8%, increasing the likelihood of a Fed rate cut. Swaps markets show a 95.6% chance of a 25 bps Fed rate cut in November, up from 83.3%. The Australian Dollar recovered some ground against the Greenback on Friday after a measure of prices paid by producers reaffirmed that inflation is coming down, warranting further easing by the Federal Reserve. The AUD/USD trades at 0.6748, registering modest gains of over 0.12%,…
USD/JPY edges higher, trading within a range of 148.00-149.50 as US 10-year yields rise to 4.104%. Momentum favors buyers, with a break above 149.50, exposing the key 150.00 level and resistance at the 200/100-DMA confluence at 151.20/21. A drop below 149.00 could lead to a pullback toward the October 8 swing low of 147.35. The USD/JPY edged higher during the North American session as US Treasury yields remained higher, particularly the 10-year T-note, which was up close to four basis points at 4.104%. The positive correlation between the US 10-year yield and the pair pushed the exchange rate to 149.13,…
The Canadian Dollar backslid another tenth of a percent against the Greenback. Despite upbeat labor data from Canada, markets deferred to the US Dollar. US PPI inflation cooled to flat in September, but core PPI remains an issue. The Canadian Dollar (CAD) fell against the Greenback for an eighth consecutive trading day as markets pivot out of the Loonie in favor of the US Dollar. US Producer Price Index (PPI) inflation cooled more than expected in September, but markets noted that core PPI inflation still ticked higher for the annualized period. Canada’s labor print did little to bolster the CAD,…
Amgen (AMGN) closed at $328.35 on Friday, 2.29% higher on the day. Amgen’s stock price has increased 14.00% so far this year, more than the 12.69% advance registered by the overall Dow Jones Industrial Average (DJIA) index. On Friday, the DJIA was broadly unchanged to close at 42,863.86 points. The three leaders were JPMorgan Chase (JPM), Boeing (BA) and Goldman Sachs (GS), while the three laggards were Salesforce (CRM), Apple (AAPL) and Nike (NKE). Back to Amgen, its latest earnings report from fiscal Q2 showed that earnings per share (EPS) were at $4.97. Revenue, meanwhile, stood at $8.39 billion. The next earnings…
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Markets:Gold up $26 to $2655US 10-year yields down 1 bps to 4.08%WTI crude down 30 cents to $75.56NZD leads, JPY lagsS&P 500 up 0.7%, touches fresh recordFriday turned into a classic risk-on day but it’s not entirely clear why. Stock futures were negative and the US dollar was steady in pre-market trading but big bids hit at the US equity open and FX followed the same pattern, with Treasury yields falling led by the front end.Data was mixed with PPI following CPI slightly higher while UMich sentiment missed to the downside slightly. A more-likely culprit was bank earnings, including comments…
Believes the neutral rate is higher than it used to be in the past The Funds rate is high relative to where inflation is currently Always want to keep monetary policy moving to where the economy is going.There is room to go in nominal funds rate before reaching the neutral rate. Fed has to be more forward-looking than the marketI don’t think that much has changed in the economyA Fed policy maker time horizon is more longer termI would cut rates by 25 bps. A stop-and-go is not a good look for the Fed.The recent data has not changed the…
As the clock ticks to the election, expect more and more promises to sway the last voters.The Democrat nominee Harris is now promising Republican representation in her cabinet.Equal time to GOP nominee Trump, some of his recent promises:Interest on car loans will be fully tax-deductible.Intends to invoke the six-year renegotiation provision of the US-Mexico-Canada Agreement (USMCA).No Chinese EVs will ever drive on American roadsProposes a “detailed plan to save the American auto industry.”Vows to end double taxation for Americans living abroad. He is encouraging expats to register to vote. Promises to eliminate taxes on tips, Social Security benefits, and overtime…