Author: FX
Gold price holds steady near $2,515 in Wednesday’s early Asian session. The softer USD and bets of Fed easing monetary policy support the Gold price. The Fed Chair Powell’s speech at the Jackson Hole symposium will take centre stage on Friday. Gold price (XAU/USD) trades flat around $2,515 during the early Asian session on Wednesday. However, the weaker US Dollar (USD) and the expectation that the Federal Reserve (Fed) will likely cut interest rates in September might underpin the yellow metal. The weaker US Dollar amid expectations of easing monetary policy by the Fed ahead of the Jackson Hole symposium might…
I find it tough to get excited about benchmark revisions but tomorrow’s non-farm payrolls re-think is getting plenty of attention. Economists at Goldman Sachs think between 600,000 and 1 million jobs could be shed in the revision, raising new questions about the strength of the jobs market just ahead of Jackson Hole.The Bureau of Labor Statistics conducts an annual revision of payroll figures that compares the data to a more comprehensive but less current source: the Quarterly Census of Employment and Wages. The QCEW derives its information from state unemployment insurance tax records, encompassing almost all jobs in the United…
The Dow Jones Industrial Average cycled familiar territory on Tuesday. The equity index is holding near 41,000.00 as investors take a breather. Equities poised for further upside as investors brace for Jackson Hole. The Dow Jones Industrial Average (DJIA) churned on Tuesday, eking out a fresh two-week high near the 41,000.00 handle but overall holding close to the day’s opening bids as markets shuffle in place with key activity data and major central bank appearances in the barrel this week. US Purchasing Manager Index (PMI) business activity survey results are slated for release on Thursday, as well as the kickoff…
By Aref Mohammed and Ahmed Rasheed BAGHDAD (Reuters) -Iraq will share profits with BP (NYSE:) from developing its giant Kirkuk oil and gas fields, two officials said on Tuesday, as the country moves away from low-margin service contracts to speed up production growth and lure back Western majors. Several oil majors, including BP, in recent years turned to other countries offering better terms. They complained the traditional oil service contracts in Iraq that paid a flat rate for every barrel of oil produced after reimbursing costs, prevented them benefiting from rising oil prices. Iraq and BP, which is returning after…
The index increased by 0.1% year over year in JulyPrices were up in 10 of the 27 census metropolitan areasThey were unchanged in 13 and declined in the remaining 4 largest month-over-month increases in July were recorded in Calgary, Edmonton, Kelowna and ReginaThe largest monthly price declines in new home prices in July were recorded in Kitchener–Cambridge–Waterloo (-0.5%) and Ottawa (-0.2%) This article was written by Adam Button at www.forexlive.com. Source link
The Mexican Peso weakens after Retail Sales data shows a steep decline in sales in June. The Peso had been pulling back in an uptrend on rumors of the carry trade unwinding. From a technical perspective, USD/MXN is unfolding a down leg within a rising channel. The Mexican Peso (MXN) steepens its broad decline on Tuesday after the release of Retail Sales data shows shopper tightened their belts in June. The data suggests the economy could be cooling with implications for inflation and monetary policy that are negative for MXN. The Peso had already been weakening on the back of rumors that the carry…
Major currencies might not be too active so far today but they are slowly leaning in the direction of a softer dollar. The greenback rebounded after the US retail sales data last week. However, that quickly faltered on Friday and the selling has carried over to the new week. Here are some key happenings in the dollar pairs at the moment:EUR/USD secures breakout above 1.1000, eyes the December highs of 1.1123-39GBP/USD tests waters above 1.3000 today, with sights on the July high of 1.3044USD/CAD continues downside run after rejection of 1.3900, now looks to 200-DMA at 1.3598AUD/USD extends upside rebound…
GBP/JPY drifts higher to 191.20 in Tuesday’s early Asian session, up 0.40% on the day. The improved risk sentiment weighs on the safe-haven currency like the JPY. The BoE is expected to keep the rate steady at 5.0% at its September meeting. The GBP/JPY cross recovers to near 191.20, snapping the two-day, losing streak during the early European session on Tuesday. The sell-off of the Japanese Yen (JPY) broadly provides some support to the cross. Japan’s National Consumer Price Index (CPI) will be the highlight on Friday.The Bank of Japan (BoJ) forecasted that a robust economic recovery in the Japanese economy…
Aug. 20, 2024 2:10 AM ETFXI, PGJ, EWH, CAF, USD, GXC, TDF, CHIQ, YINN, YANG, CQQQ, MCHI, CXSE, KWEB, ASHR, KBA, CWEB, KUREBy: Meghavi Singh, SA News Editor undefined undefined The People’s Bank of China kept its one- and five-year loan prime rates unchanged at 3.45% and 3.85%, respectively, at its August fixing as widely expected. Both rates stay at record lows following unexpected rate reductions in July. Tuesday’s move also reflected a balancing act by China after Governor Pan Gongsheng recently said that authorities would avoid any “drastic” measures for the economy. The Shanghai Composite fell 0.8% to around…
By Fabian Cambero SANTIAGO (Reuters) – Mining giant BHP’s quick fix to a recent six-day strike at its huge Escondida mine in Chile could set the tone for upcoming negotiations elsewhere, with workers emboldened by high copper prices to push for a larger share of the profits. Members of Escondida’s powerful Union No. 1 signed a sweetened deal on Sunday after walking off the job a week ago when contract talks collapsed, demanding better pay and benefits at the world’s biggest copper mine. With a preliminary deal in hand already on Friday, a union lawyer had termed the agreement its…