Author: FX

© Reuters. FILE PHOTO: John Kirby, National Security Council Coordinator for Strategic Communications, answers questions during the daily press briefing at the White House in Washington, U.S., January 25, 2023. REUTERS/Evelyn Hockstein By Andrea Shalal, Steve Holland and Phil Stewart WASHINGTON (Reuters) -A U.S. F-22 fighter jet on Friday shot down an unidentified object flying high over Alaska, U.S. officials said, less than a week after the military brought down a Chinese balloon that had flown across the United States. A Sidewinder missile downed the latest craft, which was about the size of a small car, said U.S. Brig. Gen.…

SlavkoSereda/iStock via Getty Images Energy was the only gainer among the 11 S&P sectors this week, as Russia’s planned production cut next month in reprisal for Western sanctions capped crude oil’s more than 8% run-up for the week. Russia’s move was largely expected, and most analysts have “already penciled in” Russian production falling by 700K-900K bbl/day this year, according to Rebecca Babin, senior energy trader at CIBC Private Wealth U.S. Front-month Nymex crude (CL1:COM) for March delivery closed +8.6% to $79.72 for its best weekly showing since October, and April Brent crude (CO1:COM) settled +8% to $86.39/bbl, both snapping back-to-back…

© Reuters. FILE PHOTO: Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 27, 2023. REUTERS/Andrew Kelly By Carolina Mandl (Reuters) – The Nasdaq ended lower on Friday as megacap growth stocks came under pressure after Treasury yields pointed to higher interest rates and shares of ride-hailing firm Lyft plunged following a downbeat profit forecast. Yields on the benchmark 10-year Treasury note rose to their highest in more than a month following an auction on Thursday of 30-year bonds that saw weak demand. [US/] “Investors are wondering what the bond…

Just_Super/iStock via Getty Images Bitcoin (BTC-USD) is set to end the week 7.7% lower as sentiment was hit by renewed macroeconomic concerns as well as regulatory scrutiny after the U.S. SEC shut down cryptocurrency exchange Kraken’s staking service. Broader financial markets were weighed by increasingly hawkish commentary from Federal Reserve speakers, in response to recent data that signaled a stubbornly resilient labor market. Meanwhile, Kraken ended its crypto asset staking-as-a-service program and will pay $30M to settle the SEC’s charges. The regulator alleged that Kraken failed to register its staking program, which exposed investors to risks with minimal protection. “As…

The major U.S. equity averages finished Friday’s trading with a mixed performance, ending a down week dominated by concerns about Federal Reserve policy. The Dow and S&P 500 finished higher, while the Nasdaq recorded its third consecutive day of declines. Lyft (NASDAQ:LYFT) garnered significant attention during the day, losing more than a third of its value after its earnings report included a downbeat forecast. PC Connection (CNXN) also fell on earning news, slumping to a 52-week low. Looking at some of the day’s standout gainers, Lions Gate Entertainment (LGF.A) jumped after issuing Street-beating financial figures. Meanwhile, Exxon (XOM) rode a…

Last week, the “WOW” came from the US jobs report. Recall the US added 517K new jobs, much higher than the 185K estimate. Today, “WOW II” came via the Canada jobs report which added 150K. That gain came after a sharp rise of 69K last month which was revised lower from 104K previously reported, but still quite strong. The two month gain of 219K is quite impressive. To put the gain in perspective, the Canada population is 38.5M. The US population is 332M (roughly) or between 9 and 10 times larger. The US job add was 517K vs 150K for…

Share: AUD/USD finished the week above 0.6900, up 0.04%. Consumer Sentiment in the United States improved while inflation expectations rose. AUD/USD traders are eyeing RBA’s Governor speech alongside the Aussie employment situation. Next week’s US inflation and retail sales would dictate the faith of the US Dollar. The Australian Dollar (AUD) is set to finish Friday’s session with minimal losses of 0.22%, ahead of a busy week in the United States (US) economic calendar, led by inflation data. Additionally, a mixed market sentiment bolstered appetite for the greenback, which finished the week with solid gains of 0.56%. At…

© Reuters. FILE PHOTO: Woman holds U.S. dollar banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration/File Photo (Recasts, adds new comment, U.S. data, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The dollar gained on Friday as investors grew concerned about a U.S. inflation report next week that could show a number that is higher than markets forecast amid data showing expectations for a continued rise in prices over the next year. The yen also rose across the board with Kazuo Ueda reportedly set to become the next Bank of Japan (BOJ) governor but pared gains after…

Daily changes:S&P 500 +0.2%Nasdaq Comp -0.6%DJIA +0.5%Russell 2000 +0.2%Toronto TSX +0.1%Weekly changes:S&P 500 -1.1%Nasdaq Comp -2.4%Russell 2000 -3.4%Toronto TSX -0.7The Nasdaq consistently underperformed this week but that was after weeks of outperformance. in fact, this was the first weekly loss of the year for the Nasdaq. Even with that, it was an inside week, which doesn’t raise any technical red flags. The week ahead will be all about the CPI report and retail sales.Nasdaq weekly Source link

Fed not likely to cut this year but may be able to in 2024 if inflation starts ebbing25 bps hikes allow the Fed to manage riskFed needs to hike to at least 5% and stay there for some timeIt will take a couple years to get inflation back to 2%Expects US jobless rate to peak at 4.5% before ebbingExpected rise in unemployment would not be recessionaryThis is dovish stuff from Harker but a few more strong data points could change his tune. For now, this is the clearest dismissal of the jobs report to date. Source link