Author: FX

EUR/USD PRICE, CHARTS AND ANALYSIS: Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Most Read: Debt Ceiling Blues, Part 79. What Happens if the US Defaults?The Euro did not enjoy its most productive week as losses against the greenback continued while fluctuating between losses and gains against the Pound. EUR/USD however remained the pair of interest, putting in a fourth week of losses against the US Dollar in succession.The European Central Bank (ECB) policymakers have maintained a hawkish rhetoric for much of the week yet failing…

© Reuters. Brad Smith, the president of Big Tech firm Microsoft (NASDAQ:), has called on governments to “move faster” and corporations “step up” amid a massive acceleration in artificial intelligence development. Speaking at a May 25 panel in front of United States lawmakers in Washington D.C., Smith made the call as he proposed regulations that could mitigate the potential risks of AI, according to a report from The New York Times. Continue Reading on Coin Telegraph Source link

Markets:WTI crude oil up 96-cents to $72.79Gold up $6 to $1946US 10-year yields flat at 3.81%S&P 500 up 1.4%GBP leads, JPY lagsThe odds of a June Fed hike have risen to 70% from 50% today and that tells the story in FX, with the dollar gaining, though not exactly in a straightforward way. Both the pricing numbers and the consumption numbers were hot in the PCE data and the big winner was USD/JPY, which hit a new high for the year.Initially it was a broad USD rally but it was more back-and-forth later as the market also weighed the stronger…

SlavkoSereda/iStock via Getty Images Gasoline at the pump this Memorial Day weekend will cost U.S. consumers ~$1.00 per gallon less than at the same time last year, driven by weak demand for fuel and low oil prices. Nationally, a gallon of gas averaged $3.57 on Friday, down from $4.59 a year ago, according to AAA, which also forecasts 42.3M people will be traveling this weekend by car, plane, bus or train, nearly 3M more than last year. AAA predicts this will be the third-busiest Memorial Day weekend for auto travel since 2000. Because of the weak demand and accompanying recession…

Iovance up 15% on FDA acceptance of lifileucel application for melanoma Source link

Medicure Inc. GAAP EPS of C$0.03, revenue of C$5.6M Source link

Major forex pairs were off to a slow start this week, then volatility kicked in thanks to a few market surprises. In particular, the Kiwi chalked up the biggest moves in a bearish way when the RBNZ’s policy decision turned out less hawkish-than-expected. Bulls were quick to jump off their long positions when the central bank revealed that the interest rate hiking cycle is likely nearing its peak. At first, dollar traders seemed unsure on how they should factor in rate expectations and the lack of progress in U.S. debt ceiling negotiations, but risk aversion eventually propped the U.S. currency…

© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 19, 2023. REUTERS/Brendan McDermid By Noel Randewich and Shristi Achar A (Reuters) – U.S. stocks finished sharply higher on Friday as talks on raising the U.S. debt ceiling progressed, while chip stocks surged for a second straight day on optimism about artificial intelligence. After several rounds of talks, U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared to be nearing a deal to increase the government’s $31.4 trillion debt limit for two years, while capping spending…

Share: Reuters reported that the US Treasury Secretary Janet Yellen spoke on Friday and extended the deadline for raising the federal debt limit, saying the government could default on its debt as early as June 5 without increasing the country’s $31.4 trillion debt ceiling. Yellen had previously put that date as in early June, or potentially as early as June 1. Meanwhile, the US Dollar was set for a third straight weekly gain on Friday. The US Dollar index DXY, which tracks the currency against six major counterparts, was last at 104.23%. Source link

It was a relatively low volatility week across the major asset classes as traders likely held off on taking action as they awaited developments on the U.S. debt ceiling issue. Normally volatile catalysts like global flash PMIs and inflation updates took a back seat to the U.S. debt story, which ultimately ended up being positive for risk traders on Friday after a roller coaster ride of updates throughout the week. Notable News & Economic Updates: ? Broad Market Risk-on Arguments Over the weekend, White House official said that debt ceiling negotiations will resume early this week, although House Speaker McCarthy…