Author: FX
WASHINGTON (Reuters) – U.S. Secretary of State Antony Blinken said on a visit to Haiti on Thursday that he hoped to see an electoral council established soon to organize elections in the Caribbean country next year. After a meeting with Transitional Presidential Council Coordinator Edgard Leblanc Fils, Blinken said they discussed the electoral council. “We hope to see that stood up soon, because that’s a critical next step in moving forward and organizing elections for next year,” he told reporters in Port-au-Prince, according to live video. Blinken’s visit comes as Haiti continues to battle violent gangs that have taken over…
BofA expects additional USD weakness following the August sell-off, citing historical patterns, valuation concerns, and shifting global financial conditions.Key Points:Historical Patterns:DXY Downtrend: After similar bearish breakouts in the past, the DXY index has typically continued its decline, averaging an additional 4% drop. This trend suggests further USD weakness, particularly against EUR, GBP, and AUD, though less so against SEK, NOK, and CHF.Valuation Concerns:Overvalued USD: Despite August’s drop, broad nominal and real USD trade-weighted indices remain at Q4 2022 levels, indicating the USD may still be overvalued. The recent USD sell-off has been mainly against European currencies, leading to a divergence…
USD/MXN rises 0.20% to 19.97, hitting a four-week low of 20.14 amid ongoing political turmoil in Mexico. Judicial reform bill awaits Senate approval with potential consequences for US-Mexico relations and market sentiment. Mexico’s upcoming inflation data and US NFP are key factors that could influence further Peso movement. The Mexican Peso fell against the Greenback during the New York session, hitting a four-week low of 20.14. The financial markets continued to digest the lower house decision to approve President Andres Manuel Lopez Obrador’s (AMLO) bill to make changes to the judicial system. The Peso extended its losses for the third…
JHVEPhoto Update: The story was updated with a statement from Adobe. Adobe’s (NASDAQ:ADBE) lead lawyer Dana Rao is leaving the company. “Dana Rao is stepping down from his role as General Counsel and Chief Trust Officer after 12 years with Adobe.” said the tech giant in an emailed statement to Seeking Alpha. “In the interim, Gloria Chen, Chief People Officer and EVP of Employee Experience, will assume the role as the head of the Adobe legal organization, while the company conducts an executive search for a permanent successor,” the company added. Rao led Adobe’s Legal, Security and Policy organization. As…
The ISM services report used to be one of my favorite economic indicators. It was a great forward-looking data point on the largest part of the US economy.But in the post-pandemic period it hasn’t been helpful. There have been three sharply lower prints indicating a rapid deterioration in the economy and all three proved to be fakeouts and no weakness in the services side of the economy developed. This article was written by Adam Button at www.forexlive.com. Source link
German Factory Orders rose 2.9% in July—a surprising gain which followed an upwardly revised rise of 4.6% for June. Source link
Varonis Systems (NASDAQ:VRNS) has proposed a private offering of $350M aggregate principal amount of convertible senior notes due 2029. The company expects to grant to the initial purchasers of the notes a 13-day option to purchase up to an additional $52.5M of the notes. The notes will be unsecured senior obligations of the company and mature on September 15, 2029, unless earlier converted, redeemed, or repurchased. Interest will be payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2025. Net proceeds from the offering will be used for working capital and general…
SAN FRANCISCO/NEW YORK (Reuters) – Ilya Sutskever, OpenAI’s former chief scientist, has launched a new company called Safe Superintelligence (SSI), aiming to develop safe artificial intelligence systems that far surpass human capabilities. He and his co-founders outlined their plans for the startup in an exclusive interview with Reuters this week. Sutskever, 37, is one of the most influential technologists in AI and trained under Geoffrey Hinton, known as the “Godfather of AI”. Sutskever was an early advocate of scaling – the idea that AI performance improves with vast amounts of computing power – which laid the groundwork for generative AI…
Fundamental OverviewThe US Dollar has come back under pressure recently as we got a couple of soft US data. The US ISM Manufacturing PMI disappointed the market as it came lower than expected and the new orders index dropped further into contraction. The US Job Openings yesterday showed some more cooling as the data missed expectations by a big margin. The Treasury yields fell as a consequence and weighed on the greenback. In fact, the recent appreciation of the GBP has been mostly driven by the US Dollar side of the equation. From a monetary policy perspective, there’s now a…
Here is what you need to know on Thursday, September 5: The US Dollar (USD) finds it difficult to stage a rebound after weakening against its major rivals on Wednesday. The US economic docket will feature ADP Employment Change for August, weekly Initial Jobless Claims and August ISM Services PMI data later in the day. Ahead of these releases, Eurostat will publish Retail Sales data for July. On Wednesday, the data published by the US Bureau of Labor Statistics showed that job openings stood at 7.67 million on the last business day of July. This reading came in below the…