Author: FX
Fox with the report that former US President Trump says he’d step in as Speaker of the US House. “I have been asked to speak as a unifier because I have so many friends in Congress,” “If they don’t get the vote, they have asked me if I would consider taking the speakership until they get somebody longer-term, because I am running for president.” “They have asked me if I would take it for a short period of time for the party, until they come to a conclusion—I’m not doing it because I want to—I will do it if necessary,…
SILVER PRICE OUTLOOK:Silver prices fall modestly despite U.S. dollar softness.Traders remain cautious ahead of key U.S. labor market data.The September NFP report, due out on Friday, will be key for financial markets.Most Read: US Jobs Report Preview – What’s in Store for Nasdaq 100, USD, Yields, and Gold?Silver prices fell on Thursday despite U.S. dollar softness, as traders remained bearish on precious metals given the recent jump in nominal and real U.S. yields. In this context, XAG/USD dropped about 0.2% to $20.95 in late afternoon trading in New York, in a session characterized by moderate volatility on Wall Street ahead…
Share: The Canadian Dollar is holding in place against the US Dollar for Thursday. Canada’s Ivey PMIs beat expectations, giving the Loonie some much-needed support. US labor data also beat forecasts and markets will be turning to the upcoming NFP data drop. The Canadian Dollar (CAD) is finding some much-needed support in Thursday trading, swapping with the US Dollar (USD) after both currencies strengthened following economic data releases that “beat the street”. Canada’s seasonally-adjusted Ivey Purchasing Manager Index (PMI) for September came in well above expectations. On the US side, Initial Jobless Claims for the week into September…
Key Takeaways:The South African rand has weakened due to both domestic and international factors.The South African Reserve Bank will not intervene to counter the recent depreciation of the rand.The US dollar has gained strength due to evidence of a tighter labor market, suggesting potential wage inflation and a more hawkish Federal Reserve.The USD/ZAR currency pair has broken out of short-term consolidation, indicating a possible short-term target of 19.80.Traders may consider entering long positions on the USD/ZAR after a pullback from overbought territory, with a target of the resistance level at R19.80/$. Trade Smarter – Sign up for the DailyFX Newsletter…
Parradee Kietsirikul Update 1:35pm: Updates shares, adds further details from Reuters report. EngageSmart (NYSE:ESMT) rose 6.5% amid a report that private equity firm General Atlantic is exploring the sale of the payments software vendor. EngageSmart (ESMT) is working with Goldman Sachs and Evercore on a sales process, according to a Reuters report on Thursday, which cited people with the matter. Several private equity firms are participating in the auction process, according to Reuters. The first-round of bidding has started, with initial offers due later on Thursday. No deal is certain and General Atlantic, which owns 54% of EngageSmart (ESMT), could…
© Reuters. Taiwan Semiconductor Manufacturing Co.’s (TSMC) $40 billion Arizona plant, a crucial part of the US CHIPS Act, is grappling with significant challenges, including cost overruns and a delayed production timeline that now stretches into 2025. The project’s original goals, which included bolstering American employment, are now under scrutiny as reports reveal that nearly half of the plant’s workforce originates from Taiwan. Chair Mark Liu has described the Arizona venture as a “first trial” for TSMC’s overseas expansion. The facility, designed to mirror Taiwan’s Tainan Fab 18, aims to produce 60,000 wafers per month. The construction costs have turned…
> Canada Sept Ivey PMI 53.1 vs 53.5 prior Adam Button Thursday, 05/10/2023 | 14:00 GMT-0 05/10/2023 | 14:00 GMT-0 ADVERTISEMENT – CONTINUE READING BELOW Tags ADVERTISEMENT – CONTINUE READING BELOW Most Popular ADVERTISEMENT – CONTINUE READING BELOW ADVERTISEMENT – CONTINUE READING BELOW Source link
US ECONOMY It was a difficult September for bond and stock bulls. After reiterating ad nauseum, it appears that the FOMC’s “higher for longer” message has finally gotten through. In general central banks are mostly in wait and see mode as they assess the many crosscurrents to determine whether additional tightening is needed. Uncertainties over the policy course tied the markets in knots over Q3. Yields climbed over Q3, though much of the erosion came in September, and in large part after the FOMC’s hawkish dots. As Q4 begins, the Fed is faced with another tough choice, hold or hike.…
Share: The US Bureau of Labor Statistics (BLS) will release the September jobs report on Friday, October 6 at 12:30 GMT and as we get closer to the release time, here are the forecasts by the economists and researchers of seven major banks regarding the upcoming employment data. Nonfarm Payrolls are forecast to increase by 170K in September vs. 187K in August. The Unemployment Rate is expected to fall a tick to 3.7% while Average Hourly Earnings are expected to remain steady at 4.3% year-on-year. Deutsche Bank We expect a 150K gain for September and see the unemployment…
The US Dollar is weaker, after the ADP employment data report lowered the odds of the Fed raising interest rates later in the year. This favoured the Japanese Yen temporarily, although it is too early to conclude that, given that there is still important economic data throughout October that will be important inputs for the BOJ. Nonetheless, the Yen rose past 149.00 per dollar, climbing further from 11-month lows. The Yen also saw a 1.7% rise earlier this week to 147.28 which traders attributed to potential government intervention, before giving back most of those gains. Meanwhile, the BOJ’s latest money…