Author: FX
Australia’s monthly Consumer Price Index (CPI) rises 3.4% in the year to February 2024, compared to the annual increase of 3.4% seen in January, the Australian Bureau of Statistics reported on Wednesday.The market had expected an increase of 3.5% in the reported period. Market reaction At the time of press, the AUD/USD pair was up 0.08% on the day at 0.6538. Inflation FAQs Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which…
posteriori/E+ via Getty Images The city of Berkeley, California, has agreed to drop the first-ever U.S. natural gas ban following a settlement agreement with the California Restaurant Association, raising questions about the fate of similar efforts to reduce fossil fuel use. On Friday, the CRA and the city of Berkeley unveiled a legal agreement, with the city ceasing its enforcement of a ban on natural gas piping for new buildings in response to an April 2023 ruling from the Ninth Circuit Court of Appeals that ruled the ban violated the Federal Energy Policy and Conservation Act, which allows the Department…
SlavkoSereda/iStock via Getty Images U.S. pump prices are expected to rise to the highest since the summer of 2022, to $4/gal, the AAA automobile club warned Tuesday. Pump prices have been climbing along with crude oil futures in recent weeks by the transition to summer-grade gasoline and as inventories shrink to the lowest since December, while refinery maintenance and unexpected outages caused by leaks and fires also have impacted the market. The current national average price at the pump is ~$3.53/gal, according to AAA, up $0.27 in the past month; Nymex gasoline futures (XB1:COM) settled Tuesday at ~$2.70/gal, slightly below…
US DOLLAR FORECAST – EUR/USD, USD/JPY, GBP/USDU.S. dollar displays rangebound behavior ahead of high-impact events on FridayUS PCE data and Powell’s speech on Friday will be key for marketsThinner liquidity conditions are expected later in the week because of a bank holidayMost Read: Japanese Yen Outlook – Market Sentiment Signals for EUR/JPY, GBP/JPY, AUD/JPYThe U.S. dollar, as measured by the DXY index, moved within a narrow range on Tuesday, displaying a lack of clear direction, but ultimately managed to eke out tiny gains. Mixed U.S. Treasury yields and a sense of caution among market participants contributed to the muted price…
By Leroy Leo and Michael Erman (Reuters) -The U.S. Food and Drug Administration on Tuesday approved Merck’s treatment for adults with high blood pressure due to constriction of lung arteries, adding another potential blockbuster drug to the pharmaceutical giant’s portfolio. Shares of Merck were up more than 5% in extended trading. The therapy, branded Winrevair, is approved for treating pulmonary arterial hypertension (PAH), which affects about 40,000 people in the United States. “We look forward to making a significant difference for these patients that are left with a disease where the five year mortality is 43%,” Jannie Oosthuizen, president of…
Credit Agricole’s analysis of March’s financial market movements, including the rise in global equity markets and the USD’s overall strength, indicates a trend towards moderate USD selling at the month-end fixing. The prediction stems from a preliminary examination of portfolio-rebalancing flows, taking into account the month’s currency performance and equity market adjustments based on market capitalization.Key Points:Global Equity Market Performance: Equity markets have seen increases globally throughout March, influencing currency movements and portfolio rebalancing strategies.USD’s Position: Despite its general firmness throughout the month, the USD is anticipated to face selling pressure in the context of month-end adjustments.Specific Signals: The analysis…
The daily technical analysis reveals a steady bearish momentum but with indicators recovering. The hourly chart hints at initial signs of bullish momentum with the RSI in the positive territory. Despite the bearish short-term indicators, the pair is trading above the main SMAs, indicating a persisting bullish sentiment in the larger trend. During Tuesday’s session, the NZD/JPY pair rose to the 91.05 level, showing a slight gain of 0.15%. Currently, the market is primarily under the seller’s control, resulting in a short-term bearish outlook. Nonetheless, the broader outlook remains bullish, signifying the potential for buyers to regain control in the…
The latest CPI numbers from Australia are up and likely to spark short-term moves in the Aussie! Can February’s inflation data encourage more hawkish biases from RBA members? Read on to see exactly what the markets are expecting and how AUD might react to the release! This Article Is For Premium Members Only Become a Premium member for full website access, plus get: Ad-free experience Daily actionable short-term strategies High-impact economic event trading guides Access to exclusive MarketMilk™ sections Plus More! Source link
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Gold (XAU/USD), Silver (XAG/USD) AnalysisDollar Down, Gold upGold appears to be taking its cue from a marginally weaker dollar at the start of the holiday-shortened trading week. Last week, gold prices revealed a rather unconventional evening star pattern – a typically bearish formation which can occur at the top of an uptrend. It was unconventional in the sense that the middle ‘doji’ candle exhibited a large upper wick but the candle body still met the technical criteria.The dollar may simply be cooling off after a choppy end to the week, initially sinking post-FOMC then rising sharply in the days that…