Author: FX
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…
The NZDUSD traded above and below the 100-day MA this week but above the 200-day MA (green line) into the mid-week RBNZ rate decision. The central bank cut rates by 50 basis points and that sent the pair below the 61.8% but buyers came in against the 61.8% retracement. The subsequent bounce off the low on Wednesday saw the price move back to the 200-day MA where sellers leaned, putting a lid on the pair. There was one last move lower which took out the 61.8% and the low for the week, but quickly failed.That led to a run back…
Taylor Wimpey plc goes ex dividend today Source link
Mexican Peso strengthens for the second consecutive day as traders increase the odds of a 25 bps Fed rate cut to 85.9%. Banxico minutes confirm economic slowdown, reinforcing the view that less restrictive policy is needed as Mexican industrial production contracts. US Producer Price Index (PPI) data supports disinflation, while University of Michigan Consumer Sentiment weakens, and inflation expectations rise. The Mexican Peso registers gains against the Greenback for the second consecutive day after hitting a low of 19.61 in early trading on Thursday. A tranche of economic data in the United States (US) reassured investors that the Federal Reserve…
The Dow Jones climbed into an all-time peak on Friday. US PPI figures showed September producer-level inflation stayed flat overall. Upbeat bank earnings helped to further bolster equities. The Dow Jones Industrial Average (DJIA) rose over 400 points bottom-to-top on Friday, bolstered into a fresh record high of 42,837 after US Producer Price Index (PPI) inflation figures cooled in September. Cooling producer-level inflation plus upbeat bank earnings lifted equities across the board as the Dow Jones heads into a fifth straight winning week. US producer prices flattened in September, cooling to a flat 0.0% MoM compared to the expected 0.1%…