Author: FX
Federal Reserve (Fed) Bank of Philadelphia Patrick Harker hit newswires on Friday, noting that Fed moves on interest rates need to be “methodical”, telegraphing that policymakers are targeting a series of cuts through the rest of 2024 as the US central bank gears up for a dovish pivot. Key highlights We need to start moving rates down. The Fed should start the process of cuts, and keep moving. I don’t see large outsize risk of labor deterioration. In our view, the jobless rate will not peak above 5%. Contacts urging the Fed not to stop and start rate cuts. The…
The main highlight of the day for North American traders comes at 10 am ET with Powell’s speech at Jackson Hole (US new home sales are due at the same time). Before that, Canada gets a moment in the spotlight with June retail sales at 8:30 am ET.The consensus is -0.3%, which was the preliminary reading. A big revision to that would be notable but if not, the focus will be on the advance July reading. RBC’s consumer tracker — which relies on credit card data — showed a decline of 0.6% so that’s a decent baseline for what’s expected,…
Forex trading is an after-work (or maybe during work) hobby and happens if and when you have enough strength to keep your eyes open. You haven’t gained the trading experience to take it full time, but that’s the dream. And a great dream it is. But it seems like the days are getting shorter, and there’s never enough time in the day to get everything, or even a good portion of the things, done. The day starts and then runs into the night even before you realize it. Your 9-5 has turned into an 8-6, and your second job, whether…
The Mexican Peso tries to find a floor after losing an average of roughly 5% in its main pairs so far this week. Weakness has come about as a result of cooler inflation data, weaker retail sales and political factors. Technically, USD/MXN extends its uptrend within a rising channel. The Mexican Peso (MXN) trades just off its lows of the week on Friday after a run of three consecutive days where it lost a minimum of over 1.0% in value per day, in its three most-traded pairs (USD/MXN, EUR/MXN and GBP/MXN). This brings the Peso’s total depreciation so far this week…
By Jarrett Renshaw CHICAGO (Reuters) – In a roundtable discussion at this week’s Democratic National Convention, presidential candidate Kamala Harris’ senior policy adviser Brian Nelson was peppered with questions about the policies at the heart of her campaign. Will Harris try to revive the Iran nuclear deal? How will she pay for expanded child tax credits and her plans to help first-time home buyers? Again and again, he gave the same answer. “I am not going to get ahead of the vice president,” Nelson said eight times during the 45-minute event. When Harris accepted her party’s nomination on Thursday night,…
There is just one to take note of on the day, as highlighted in bold.That being for EUR/USD at the 1.1100 level again. Similar to yesterday, the expiries are likely to help lock price action from falling off too much in the session ahead. That at least until we get to Fed chair Powell’s appearance later on. The dollar remains sluggish overall but for now, narrow ranges are prevailing so far on the day.For more information on how to use this data, you may refer to this post here. Source link
Silver price gains ground as market participants expect Fed’s Powell to deliver a statement about the possible rate cuts. Boston Fed President Susan Collins expressed her support for beginning interest rate cuts next month. The safe-haven Silver may advance further due to the ongoing deadlock in securing a truce between Israel and Hamas. Silver price (XAG/USD) price moves above $29.00 per troy ounce during Friday’s Asian hours. Non-yielding Silver prices gain ground ahead of the US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium later in the North American session. Powell may deliver a statement about…
Spot gold prices took a breather after making new record highs earlier this week. Is the commodity ready to extend its uptrend after falling to a technical support zone? Today’s 4-hour chart may give us some clues! Gold (XAU/USD) 4-hour Chart by TradingView If you missed yesterday’s market price action, you should know that the U.S. dollar saw buying pressure as some traders priced lower-tier U.S. reports pointing to a not-so-cool labor market. Other traders also took profits in case FOMC Chairman Powell’s speech later today turns out to be more hawkish than analysts are expecting. Spot gold, which turned…
Profit-taking was the name of the game on Thursday as the major assets reversed their intraweek trends ahead of Powell’s keynote speech on Friday. Spot gold and the S&P 500 index continued to trade lower near their record high levels, while U.S. bond yields and the U.S. dollar saw recoveries despite mixed U.S. data releases. Which themes dominated the markets and how did your favorite assets trade? Headlines: Judo Bank Flash Australia manufacturing PMI rose from 47.5 to a three-month high of 48.7 in August; Services PMI jumped from 50.4 to a three-month high of 52.2 au Jibun Bank Flash…
By Andrea Shalal CHICAGO (Reuters) – The most divisive issue facing the Democratic Party, U.S. support for Israel in the war in Gaza, has gone mostly unaddressed during the four-day convention which ends on Thursday, leaving pro-Palestinian delegates upset with presidential candidate Kamala Harris. Harris is expected to call for an urgent end to the war during her Thursday acceptance speech and for the release of Israeli hostages held by Hamas, two sources familiar with her remarks said. She will not address U.S. arms sales to Israel, according to the sources. Muslim delegates and their allies had pushed for a…