Author: FX

© Reuters. FILE PHOTO: People visit the Huawei stand at the 2024 Mobile World Congress (MWC) in Barcelona, Spain February 27, 2024. REUTERS/Albert Gea/File Photo SHANGHAI (Reuters) – Huawei said that a shortage of semiconductors and factory relocation issues that had delayed production and deliveries of its Luxeed S7 sedan should be resolved from next month, local media outlet Cailianshe reported on Saturday. It quoted Huawei managing director and chairman of its smart car solutions, Richard Yu, who was speaking about the issues surrounding Chery’s Luxeed S7 sedan at an annual forum organised by the EV100 think tank. Reuters reported…

© Reuters. (This March 14 story has been refiled to correct the spelling of Cleveland-Cliffs (NYSE:) CEO Lourenco Goncalves’ surname in paragraph 9) By Trevor Hunnicutt and Alexandra Alper WASHINGTON (Reuters) – U.S. Steel Corp, which has agreed to be bought by Japan’s Nippon Steel for $14.9 billion, must remain a domestically owned American firm, President Joe Biden said on Thursday – expressing explicit opposition to the deal for the first time. “U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is…

The Bank of Japan meets on March 18 and 19. Like the subheading says, the news flow on a likely tightening of policy is relentless.The Nikkei had this:Bloomberg (gated) has canvassed MUFG (Mitsubishi UFJ Financial Group is a Japanese financial services group that is the largest in the world measured by assets) and reports this:”Given the stronger-than-expected wage talk outcome, the BOJ will likely ditch negative rates and yield curve control next week,” said veteran BOJ watcher Naomi Muguruma, chief bond strategist at Mitsubishi UFJ Morgan Stanley Securities. “The BOJ could have waited until April if the wage talk outcome…

Gold retreats from the $2,180 mark, reacting to hot US inflation data and Fed’s cautious stance on policy easing. Rise in US Treasury yields post-PPI data release dampens XAU/USD’s appeal despite risk-off market sentiment. Gold remains subdued as Treasury yields inch higher and the US Dollar strengthens. Gold spot retreated from around the $2,180 area on Friday, printing back-to-back negative sessions as market players’ hope for the beginning of the US Federal Reserve’s easing cycle has been delayed due to strong US economic data. Hotter-than-expected inflation figures justify Fed Chair Jerome Powell’s remarks to be patient and stick to the…

The S&P 500 (SP500) on Friday retreated 0.13% for the week to end at 5,116.95 points, posting losses in four out of five sessions. Its accompanying SPDR S&P 500 Trust ETF (NYSEARCA:SPY) slipped 0.42% for the week. The benchmark index logged its second straight weekly loss, though the fall continued to be mostly marginal. Wall Street got a bit of a reality check this week in the form of hotter-than-expected consumer and producer inflation data, along with a retail sales reading that pointed to a moderation in consumer spending. Market participants reacted to the data by dialing back their interest…

SlavkoSereda/iStock via Getty Images Crude oil closed with slight losses Friday a day after jumping to four-month highs, but prices still posted a ~4% gain for the week, helped by larger than expected drops in U.S. inventories for crude and gasoline, and a stronger demand forecast from the International Energy Agency. Continued plans for production cuts from OPEC and its allies as well as Ukrainian drone attacks on Russian energy facilities also supported crude prices this week. Front-month Nymex crude (CL1:COM) for April delivery fell 0.2% on Friday but ended +3.8% for the week at $81.04/bbl, and front-month May Brent…

The U.S. dollar got its shine back this week, leveling up off of fresh U.S. inflation data pointing inflation rates picking up the pace in February. Overall, FX outcomes did show a slight risk-off lean, but the usual correlations weren’t as strong with a lack of major catalysts and central bank speak, signaling individual narratives like BOJ’s potential rate hike and oil strength were driving factors as well. USD Pairs Overlay of USD vs. Major Currencies Chart by TradingView The U.S. dollar enjoyed a strong week overall, ending on a positive note. This performance was primarily driven by hotter-than-expected inflation reports…

The daily RSI shows a rise in selling traction, supported by the MACD depicting growing red bars. The hourly RSI indicates oversold conditions, signaling a potential pullback or bullish correction in the short term. Despite daily bearish tendencies, the pair still holds the 200-day SMA. The NZD/USD pair declined to 0.6086, with a significant 0.77% downturn in Friday’s session. The market sentiment leans heavily toward the sellers, however, there is a faint glimmer of hope for the buyers, as they still hold on to the 200-day Simple Moving Average (SMA). On the daily chart, the Relative Strength Index (RSI) has fallen…

Dow Jones follows other indices lower on Friday. UoM Consumer Sentiment Index ticked lower. June rate cut bets have edged down to 60%. The Dow Jones Industrial Average (DJIA) is down around half a percent as markets round the corner into the Friday closing bell with US equities broadly lower on the day. An extended pullback in the tech and telecoms sectors are dragging down the averages, with limited gains to keep the Dow Jones on-balance as markets buckle down for the weekend. According to the CME’s FedWatch Tool, rate futures are pricing in nearly a 41% chance of no rate…

The Greenback gears up to hold onto a 0.7% weekly gain. Sentiment data from the University of Michigan came in weak. On the bright side, Industrial Production data came in stronger than expected. The focus will now turn to next week’s FOMC meeting. The US Dollar Index (DXY) is registering slight gains at the level of 103.40 on Friday, rebounding from December lows amid rising US Treasury yields. This follows the release of hot inflation data this week. The resilience of strong economic indicators and a cautious stance from the Federal Reserve (Fed) against hasty easing offer potential for US…