Author: FX
Share: EUR/USD drifts lower for the second successive day and is weighed down by a stronger USD. The Fed’s hawkish outlook and the risk-off impulse, continue to underpin the safe-haven buck. Bets for additional ECB rate hikes could limit losses ahead of the flash Eurozone/US PMI prints. The EUR/USD pair extends the overnight retracement slide from a six-week peak – levels just above the 1.1000 psychological mark – and drifts lower for the second successive day on Friday. Spot prices drop to a two-day low during the Asian session and currently trade around the 1.0940-1.0935 region, down nearly…
Market RecapFed Chair Jerome Powell reiterated his hawkish tone in his testimony to the Senate Banking Committee overnight, but Wall Street seems to be taking it in stride this time (DJIA -0.01%; S&P 500 +0.37%; Nasdaq +0.95%), with the S&P 500 and Nasdaq overturning their three-day losing streak.Overnight economic data saw little surprise in US initial jobless claims, but the Conference Board Leading Economic Index may warrant some attention with its 14th straight month of decline. The steeper pace of decline over the six-month period between November 2022-May 2023 reflected that tighter policies are working its way through economic conditions,…
© Reuters. Investing.com– Japanese consumer inflation rose more than expected in May and remained above the Bank of Japan’s annual target, with an index tracking inflation outside of food and fuel prices hitting a 42-year high. The (CPI), which excludes volatile fresh food prices, grew 3.2% in May, slightly more than expectations of 3.1%, but below the prior month’s reading of 3.4%. Including fresh food, grew 3.2%, below expectations of 4.1% and the prior month’s print of 3.5%, and rose 0.1% from the prior month. The reading was pushed up largely by a consistent month-on-month increase in food costs, which,…
zimmytws Clover Health Investments (NASDAQ:CLOV) said it has agreed to settle derivative litigation stemming from its de-SPAC transaction in 2021. Clover said that it has reached an agreement in principle to resolve seven derivative lawsuits filed in Delaware, New York and Tennessee. The proposed settlement does not contain any admission of wrongdoing or liability by the defendants, nor does it include any monetary payments above fees and expenses for plaintiffs’ counsel. The company said that along with the settlement of a securities class action suit in April, Clover has now reached settlements for all of the outstanding civil litigation that…
Eamonn Sheridan Thursday, 22/06/2023 | 21:35 GMT-0 22/06/2023 | 21:35 GMT-0 More remarks from Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in…
Share: GBP/USD loses 0.26% as BoE’s unexpected 50 bps rate hike raises recession fears. UK inflation data trigger aggressive BoE action, prompting a curve inversion in GILTs. Powell reiterates the near-term rate hike plan, pushing GBP/USD lower. GBP/USD extended its losses after hitting a daily high of 1.2841 after the Bank of England (BoE) surprised the markets by hiking rates 50 bps but failed to underpin the Pound Sterling (GBP). Late in the New York session, the GBP/USD is trading at 1.2735, down 0.26%. Sterling slides as investors fret over UK economic outlook On Thursday, the BoE’s decision…
Direxion Daily Junior Gold Miners Bull 2X Shares declares quarterly distribution of $0.1800 Source link
© Reuters. U.S. President Joe Biden hugs India’s Prime Minister Narendra Modi onstage after introducing Modi during an official State Arrival Ceremony held at the start of Modi’s visit to the White House in Washington, U.S., June 22, 2023. REUTERS/Jonathan Ernst By Kanishka Singh WASHINGTON (Reuters) – U.S. President Joe Biden said he will discuss the issue of human rights with Indian Prime Minister Narendra Modi on Thursday, after activists and his Democratic Party’s progressive lawmakers urged him to raise the issue publicly. “I look forward to discussing how we could strengthen our partnership and build a future together, worthy…
Recommended by Diego Colman How to Trade USD/JPY USD/JPY TECHNICAL ANALYSISUSD/JPY extended its advance on Thursday, soaring nearly 0.8% to 142.93, boosted by rising U.S. Treasury yields after key Fed officials, including the FOMC chairman, voiced support for additional interest rate increases later this year as part of the ongoing fight to restore price stability and bring inflation back to the 2.0% target.Bulls have dominated the market in 2023, with the pair up more than 2.5% in June and about 9% since the beginning of the year. For now, there is no indication that they will let up any time…
The calls continue to roll in with bank after bank seeing higher rates. Goldman Sachs is now leading the calls for 50 bps in August, something the market is pegging at about a 32% chance. Next month’s CPI report will be a critical input but the tougher forecast for the BOE will be energy prices in the coming winter. Source link