Author: FX

Warning: OCCI is at high risk of cutting its dividend Source link

Euro Forecast: BearishEUR/USD has risen consistently since mid-FebruaryMarkets think the Fed will cut rates first, a scenario which favors Euro bullsThis week might see consolidation if not necessarily heavy falls for EUR/USDMost Read: USD/JPY Sinks on Bets BoJ Will End Negative Rates Soon, US Inflation in FocusThe euro has seen strong gains against the United States dollar in the past few sessions thanks to commentary from both the European Central Bank and the US Federal Reserve.Fed Chair Jerome Powell said on March 9 that he and his colleagues are ‘not far’ from cutting interest rates. Meanwhile, the European Central Bank…

5/5 © Reuters. Unpicked grapes wither on the vine near the town of Griffith in southeast Australia, February 26, 2024. REUTERS/Peter Hobson/File Photo 2/5 By Peter Hobson GRIFFITH, Australia (Reuters) – Millions of vines are being destroyed in Australia and tens of millions more must be pulled up to rein in overproduction that has crushed grape prices and threatens the livelihoods of growers and wine makers. Falling consumption of wine worldwide has hit Australia particularly hard as demand shrinks fastest for the cheaper reds that are its biggest product, and in China, the market it has relied on for growth…

Nathan Howard/Getty Images News President Joe Biden predicted that the Federal Reserve will cut interest rates. “I can’t guarantee it. But I bet — you betcha — those rates come down more, because I bet you that that little outfit that sets interest rates, it’s going to come down,” Biden said Friday in a speech in Philadelphia, according to media reports, including Bloomberg. Biden not specify when he thought the rate cuts might start. The process of “carefully” reducing interest rates “can and will begin over the course of this year” provided inflation comes in as expected, Federal Reserve Chair…

Consumer price inflation data from China for February 2024 shows an exit from deflation CPI +0.7% y/yexpected +0.3%, prior -0.8% (that -0.8% in January was the sharpest the steepest fall in more than 14 years) for the m/m, comes in at +1.0% (prior +0.3%)first rise in the CPI since August of 2023core CPI +1.2% y/y (prior +0.4%)PPI -2.7% y/yexpected -2.5%, prior -2.5%for the m/m, comes in at -0.2%Thats a very large jump in CPI from -0.8% y/y in January to +0.7% in February. Its not as if the yuan collapsed, which would ramp up the price of imports.Well, that ends…

It was an odd week of outcomes in FX, including big losses for USD and the Japanese yen surprisingly taking the top spot among the majors out of the blue! Source link

MicroStockHub/iStock via Getty Images China’s Cnooc (OTCPK:CEOHF) said Friday it discovered a new reserve in the deepwater South China Sea containing more than 100M metric tons of oil equivalent proved in-place. The reserve is located at Cnooc’s (OTCPK:CEOHF) deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province, and contains light crude, the company said. Cnooc (OTCPK:CEOHF) said the KP18-1-1d discovery well was tested to produce an average 7,680 bbl/day of crude oil and 520M cf/day of natural gas, leading the proved in-place volume of Kaiping South to reach 102M tons of oil equivalent. Cnooc (OTCPK:CEOHF) “has achieved…

Share: US NFP revisions worry the market on Friday. Unemployment Rate rises to 3.9%, above 3.7% consensus. China raises $27 billion investment vehicle to produce advanced chips. NASDAQ drops a full percentage point, while Nvidia loses 5%. Nvidia (NVDA) stock fell more than 5% on Friday after the US Nonfarm Payrolls (NFP) data for February distressed the market. February hiring was ahead of consensus, but January data saw a large-scale revision lower, while the Unemployment Rate rose to match the two-year high at 3.9%.  Nvidia closed Friday down 5.6% at $875.28, while the S&P 500 fell 0.65% and the NASDAQ dropped 1.16% in an…

© Reuters. North Korean leader Kim Jong Un inspects field training of troops at a major military operations base in the western region of the country, as he ordered heightened readiness for war, KCNA news agency reported, in North Korea, in this picture released on By Hyunsu Yim SEOUL (Reuters) -North Korean leader Kim Jong Un guided an artillery firing drill by the Korean People’s Army, the country’s military force, state media KCNA reported on Friday. The drill, carried out on Thursday, involved units near the border that are in firing range of “the enemy’s capital,” KCNA said, referring to…

Markets:Gold up $18 to $2177US 10-year yields down 1.3 bps to 4.08%WTI crude oil down $1.07 to $77.86S&P 500 down 33 points, or 0.6%, to 5123JPY leads, CAD lagsI’m always leery of a pre-NFP front run and today is an example of why. The US dollar was soft and bonds bid for 24 hours before the report. When the data rolled out it was dovish. Yes, the headline beat but unemployment rose, revisions were much lower and wage growth was surprisingly soft. The initial reaction was for more USD selling but that was the extreme of the day. In the…