Author: FX
Disinflation has to be ‘timely’ and ‘sustainable’German growth not broken and demonstrating resilienceProximity to war in Ukraine part of the reason for differing economic paths for US and EuropeChanging inflation target would be ‘deceptive’ and counter to anchoring expectationsThat’s a dovish headline from Lagarde, though hardly a signal about a Sept pause. Source link
Duncan_Andison/iStock via Getty Images Affirm Holdings (NASDAQ:AFRM) stock surged 30% in Friday mid-afternoon trading after the buy now, pay later platform posted fiscal fourth-quarter revenue that exceeded expectations thanks to a rise in transactions. The intraday swing pulled up its year-to-date gains to 97.2%, though the stock is still off 42.5% from a year before. In addition, the provider of BNPL financing reaffirmed its guidance to attain full-year adjusted operating profit in its fiscal year 2024. Affirm (AFRM) expects to turn in annual profitability on an adjusted operating income basis “going forward,” CEO Max Levchin said during the company’s FQ4…
Risk sentiment tossed and turned throughout the week leading to a mostly choppy market as traders balanced broad recession fears with major economic & central bank event updates. The market spotlight was on Chinese stimulus updates early on before the focus shifted to global PMI survey results midweek. Record high U.S. 10-year bond yields also took center stage then, along with equity market rallies that fizzled out pretty quickly. Before I tell all the deets, lemme show you the biggest headlines first: Notable News & Economic Updates: ? Broad Market Risk-on Arguments Over the weekend, PBOC and financial regulators met…
© Reuters. FILE PHOTO: China National Petroleum Corporation (CNPC)’s Dalian Petrochemical Corp refinery is seen near the downtown of Dalian in Liaoning province, China July 17, 2018. Picture taken July 17, 2018. REUTERS/Chen Aizhu/File Photo By Scott DiSavino NEW YORK (Reuters) -Oil prices were little changed on Friday, erasing earlier gains, as weak economic news, a stronger U.S. dollar and the prospect of more U.S. rate hikes offset recent crude supply cuts and soaring U.S. diesel futures. futures rose 8 cents, or 0.1%, to $83.44 a barrel by 1:51 p.m. EDT (1751 GMT), while U.S. West Texas Intermediate (WTI) crude…
As expected with major events on the calendar, it was arguably a tough week for our strategy discussions. Our directional biases were mostly correct, but event outcomes and fresh developments fundamentally invalidated most of our setups. Still there were plenty of lessons to learn from this week, mainly on how we have to stay on our toes when top tier events are on the calendar! AUD/USD 1-Hour Forex Chart by TV On Monday, the symmetrical triangle pattern on AUD/USD made it to the top of the watchlist with quite a few major events lined up for the week. Consolidation patterns are…
Share: Powell’s hawkish tone on inflation and potential for further rate hikes propels USD/CAD to a three-month high of 1.3640, currently trading at 1.3613. Philadelphia Fed’s Patrick Harker adds fuel to the fire, stating rates are already restrictive and may need to rise further if inflation stalls. Lackluster Canadian retail sales data at 0.1% MoM adds to the bullish momentum for USD/CAD as traders eye upcoming US and Canadian economic indicators. USD/CAD edged higher for the second straight day and refreshed three-month highs at 1.3640, following the Federal Reserve Chair Powell’s hawkish speech, which triggered volatility across the…
Share: AUD/USD fell more than 0.50%, to a daily low near 0.6380. Jerome Powell opened the door to another hike in this tightening cycle. Rising US yields make the USD gain interest. At the end of the week, the USD gained ground against its rivals, mainly driven by the Federal Reserve’s (Fed) chairman, Jerome Powell, at the Jackson Hole Symposium. On the Aussie side, no relevant data or events are on the docket in Friday’s session. Jerome Powell’s speech at the Jackson Hole Symposium sounded hawkish. He stated that the economy didn’t cool down as expected and that the…
NZDUSD tests trend line support and bouncesThe NZDUSD – like other currencies versus the US dollar – has seen USD buying/NZDUSD selling. THe prices low reached a new low going back to November 2020 at 0.5895. The low price today reached 0.5885.At the session low, the price was attesting a lower trendline currently at 0.5881. Buyers stalled the fall. The price has since moved back higher and currently trades at 0.5906.The inability to move below that trendline could lead to a bounce back to the upside off of the risk defining level. All the fundamentals might be lower with the…
Share: Cleveland Federal Reserve President Loretta Mester told CNBC on Friday that they probably have some more work to do with rates, per Reuters. Additional takeaways “We are getting close to where we need to be with rates.” “We need to see more evidence inflation is cooling.” “Economy momentum has been stronger.” “Fed has made a lot of progress on inflation.” “Don’t want Fed to overtighten interest rates.” “In June forecast did not see Fed cutting rates in 2024.” “Main fed debate is whether rates are restrictive enough.” “Fed has to be patient with policy right now.” “It’s…
Share: Silver has held support from the $22.11 June low. Economists at Credit Suisse analyze XAG/USD technical outlook. Silver already holds a – small – base The break above $23.00 has seen a small base complete and with daily MACD momentum also turning higher we look for further strength to the short-term downtrend and July high at $24.89/$25.27. More important resistance is seen at the YTD highs and potential downtrend from March 2022 at $25.92/$26.14 and only above here would be seen to suggest we are seeing a more meaningful move higher. Source link