Author: FX
US DOLLAR FORECAST:U.S. dollar retreats on the week as Treasury yields plunge on banking sector turmoilThe FOMC’s monetary policy meeting will steal the limelight next weekThe Fed is expected to raise rates by 25 basis points, but a pause should not be entirely ruled out in case of further stress in financial markets in the coming days Recommended by Diego Colman Get Your Free USD Forecast Most Read: Gold Prices Jump as Yields Slump, Sentiment Dismal as Bank Angst LingersThe U.S. dollar, as measured by the DXY index, came under pressure this week, sliding about 0.8% to settle slightly below…
2/2 © Reuters. FILE PHOTO: Dominic Dwyer, a member of the World Health Organization (WHO) team tasked with investigating the origins of the coronavirus disease (COVID-19), walks at their hotel in Wuhan, Hubei province, China February 6, 2021. REUTERS/Aly Song/File Phot 2/2 (Reuters) – Advisors to the World Health Organization on Saturday urged China to release all information related to the origin of the COVID-19 pandemic after new findings were briefly shared on an international database used to track pathogens. New sequences of the SARS-CoV-2 virus as well as additional genomic data based on samples taken from a live animal…
MicroStockHub/iStock via Getty Images Credit card metrics for February were largely consistent with trends seen in recent months, continuing to normalize at a gradual pace, with the exception of Bread Financial (NYSE:BFH). But charge-off and delinquency trends are still generally below prepandemic levels, Baird noted. “Given the broader sell-off in financials, combined with healthy credit quality, we would continue taking advantage of weakness on Capital One Financial (NYSE:COF) and American Express (NYSE:AXP),” said analyst David George. Jefferies noted that receivables declined 1% M/M, driven by seasonal factors typically seen at this time of the year. “The current macro/inflationary environment continues…
Pacific Western addresses liquidity concerns; $10.8B in available cash Source link
© Reuters. FILE PHOTO: Used boxes of Mifepristone pills, the first drug used in a medical abortion, fill a trash at Alamo Women’s Clinic in Albuquerque, New Mexico, U.S., January 11, 2023. REUTERS/Evleyn Hockstein By Dan Whitcomb and Steve Gorman (Reuters) -Wyoming Governor Mark Gordon on Friday signed into law a bill outlawing the use or prescription of medication abortion pills that was passed by the state’s Republican-controlled legislature earlier this month. Gordon, a Republican, signed the law as a federal judge in Texas considers ordering a nationwide ban on the abortion pill mifepristone in response to a lawsuit by…
According to Moody’s, the downgrade and ratings reflect “the deterioration in the bank’s financial profile and the significant challenges it faces”. Adding that it is maintaining ratings under review for a downgrade as well. For some context, a drop from B2 to Baa1 is straight up putting the credit profile of First Republic Bank into speculative and high risk territory.There really should be ratings agencies for ratings agencies themselves at this point. They have been so out of it ever since the events leading up to the global financial crisis. Source link
US rates moved sharply lower today as banking concerns along with hopes for a more dovish Fed next week, sent funds flowing into US treasuries. Looking at the US treasury curve, the:2 year: 3.387%, down -29.3 basis points5 year: 3.504%, down -23.2 basis points10 year: 3.439%, down -26 basis points30 year: 3.627%, down -8.2 basis points. For the week, the yields were sharply lower as traders reacted to the banking crises in Switzerland and the US. Today Silicon Valley Bank filed for Chapter 11 bankruptcy. Meanwhile First Republic, which rallied yesterday on the back of a syndicate of US banks…
Share: On Wednesday, the Federal Reserve will announce its decision on monetary policy. Analysts at Danske Bank see the Fed raising rates by 25 basis points despite recent turmoil amid banking sector jitters. Fed cannot afford to stop tightening monetary policy “This week, the ECB emphasized that there is no trade-off between inflation and financial stability risks, and we expect Fed to deliver a similar message next week. The new Bank Term Funding Program, allowing banks to tap liquidity from the Fed against collateral valued at par, provided banks with USD11.9 billion during its first three days of…
Price action was mixed and it was a push-and-pull kind of week as traders and investors weighed fresh banking sector crisis concerns against a potential shift in monetary and interest rate policies. Hard assets like bitcoin and gold dominated this week on fears of banking system issues and depositor safety, while in FX, the Japanese yen took the top spot among the forex majors. Notable News & Economic Updates: Global banking liquidity headlines: On Sunday night, the U.S. Treasury Department, Federal Reserve, and the Federal Deposit Insurance Corp. (FDIC) insured ALL of SVB and Signature Bank’s deposits The Fed launched…
Rex_Wholster A coalition that includes several of the US’ largest multi-state operators has sued the New York State Office of Cannabis Management over restrictive marijuana dispensary licensing. Currently, only individuals with a prior cannabis offense or a non-profit can receive a license. The lawsuit, filed in Albany Co. Supreme Court by the Coalition for Access to Regulated & Safe Cannabis on Thursday, accuses the state agency of unconstitutional overreach and abdication of duties. The case was first reported by The Syracuse Post-Standard. Curaleaf Holdings (OTCPK:CURLF), Green Thumb Industries (OTCQX:GTBIF), and Acreage Holdings (OTCQX:ACRHF) are MSOs that are part of the…