Author: FX

Prior was +4.8%Index 70.2 vs 74.3 prior (lowest ever)The index shows how far pending home sales have fallen. There was a big jump last month but it’s right back into the doldrums now and below the pandemic lows.pending home salesAccording to NAR Chief Economist Lawrence Yun, “A sales recovery did not occur in midsummer. The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election.”Regionally, the midwest and south r Source link

The Pound Sterling skids below 1.3200 against the US Dollar after US Q2 GDP upwardly revised to 3%. Traders focus on US core PCE inflation data for July as it can influence market speculation about the Fed’s rate cut size. Investors see the BoE delivering one more interest rate cut this year. The Pound Sterling (GBP) weakens against the US Dollar (USD) and declines below the key support of 1.3200 in Thursday’s New York session. The GBP/USD pair slumps as the US Dollar (USD) extends its Wednesday’s recovery move on an upbeat second estimate of the United States (US) Q2 Gross Domestic Product (GDP) data. The…

Birkenstock (NYSE:BIRK) shares are trending lower ahead of Thursday’s market open as the footwear company’s latest quarterly results were below Wall Street’s expectations, missing both profit and sales estimates. While the company achieved a quarterly record revenue of €565M ($608.2M), up 19% year-over-year, it fell short of estimates of €569.32M ($631.7M). An adjusted profit of €0.49 was also below expectations of €0.52. Adjusted EBITDA increased 15% to €186M, but the adjusted EBITDA margin fell 140 basis points year-over-year to 34.4%. Birkenstock’s (BIRK) gross profit margin dropped 220 basis points to 59.5% due to the temporary impact of production capacity expansion…

By Johann M Cherian (Reuters) -Nasdaq and pared early losses and edged higher on Thursday after AI chip firm Nvidia (NASDAQ:)’s largely in-line forecasts, while markets remained hopeful of upcoming interest rate cuts with economic data on tap later in the day. The chip bellwether’s shares fell 2% in premarket trading following largely in-line revenue and gross margin forecasts for the current quarter. “Here’s the issue, the size of the beat this time was much smaller than we’ve been seeing. Even future guidance was raised, but again not by the tune from previous quarters,” said Ryan Detrick, chief market strategist…

Shares in Remy Cointreau and Pernod Ricard both up about 8%, after China’s Commerce Ministry says will not impose provisional anti-dumping subsidy on brandy imported from EU. This article was written by Arno V Venter at www.forexlive.com. Source link

Here is what you need to know on Thursday, August 29: Major currency pairs turn quiet early Thursday as investors move to the sidelines ahead of key macroeconomic data releases. Later in the European session, Germany’s Destatis will publish preliminary Consumer Price Index (CPI) data for August and the US Bureau of Economic Analysis will release the second estimate of the annualized Gross Domestic Product (GDP) growth for the second quarter. The US economic docket will also feature weekly Initial Jobless Claims figures and Pending Home Sales data for July. US Dollar PRICE This week The table below shows the…

By Gaurav Dogra and Patturaja Murugaboopathy (Reuters) – A key Asia stock index has gained its biggest lift in earnings projections in more than three years, as the region’s semiconductor firms benefit from the boom in generative artificial intelligence. Also helped by robust second-quarter results across a wide range of industries, the average of 12-month earnings per share forecasts for companies in the MSCI Asia Pacific index climbed 3.9% over the past month, according to LSEG IBES data that collates analysts’ estimates. It was a particularly sharp jump after downward revisions and smaller increases for the first seven months of…

A lack of major data releases kept traders focused on overall risk sentiment and positioning ahead of this week’s anticipated data releases. Commodities like gold and oil weakened further, while the U.S. dollar gained ground against most of its counterparts. Check out which headlines made waves among the major assets! Headlines: Australia’s inflation cooled to multi-month lows but remained sticky high in July Australia quarterly construction work for Q2 2024: 0.1% (0.8% expected, -2.0% previous) BOJ Deputy Gov. Ryozo Himino signaled readiness for further rate hikes but hinted that they may not be imminent Swiss UBS economic expectations fell from…

The top of the descending triangle held as resistance for crude oil this week, putting the commodity back on track to test the bottom. Will support hold once more? Check out these nearby inflection points I’m watching on the 4-hour chart: WTI Crude Oil (USOIL) 4-hour Chart by TradingView Remember that triangle resistance we were eyeing on WTI crude oil last time? Well, it looks like bears were waiting to jump in right there, as the ceiling held and kept the commodity in consolidation, even after geopolitical tensions flared a few days back. So far, the lack of counterattacks in…

Prior month 27.1Own activity 37.1 versus 16.3 last month. 7-year highExperienced own activity rose 1 point to -21, remaining weak.Confidence and activity expectations were high even before the Reserve Bank’s OCR cut.Pricing intentions increased 3 points to 41% of firms planning price hikes in the next three months.Planned price increase rose from 1.4% to 1.6%.Inflation expectations fell from 3.2% to 2.9%, the first sub-3% reading since July 2021.The 50.7 is the highest since May 2014This is a strong number. Below are the different components. This article was written by Greg Michalowski at www.forexlive.com. Source link