Author: FX

Share: After the release of the March Core Persona Consumption Expenditure Price Index, analysts at Wells Fargo still expect the Federal Reserve (Fed) to hike interest rates by 25 bps at its May monetary policy meeting. Inflation moderates, but Fed’s job not yet done “Inflation is slowing, but only gradually. The core PCE deflator rose slightly less than expected, up just 0.3% in February, and inflation data for January were revised lower as well. This is a positive development, but a win can’t yet be declared.” “The Fed has further work to do to get inflation back to…

Markets:Gold down $10 to $1970WTI crude oil up $1.14 to $75.51US 10-year yields down 1 bps to 3.48%S&P 500 up 58 points to 4110CAD leads, EUR lagsWhen I think about this market, we came into January and everyone was worried about recession. By January, it was fears of inflation and in March there was a bank panic. Add it all up and it’s +7% in the S&P 500 and 16% in the Nasdaq. They say that bull markets climb a wall of worry and that’s a powerful example.On Friday, the flows were a big factor but the bias towards risk…

For the first quarter, the NASDAQ index led the way with an oversized gain of 16.77%. That was the largest percentage increase since the 2Q of 2020 when the index rose 30.63%. You have to go back to the 1Q of 2012 to have the next largest percentage gain for quarter.Looking at the NASDAQ daily chart, the price is within 49 points of the most recent highs going back to September 12, 2022 and February 2, 2023 near 12670. A move above that double top would have traders targeting the 38.2% retracement of the move down from the November 22…

Gold Fundamental Forecast: Gold Glowing into Q2 as Fed PeaksMoving into the second quarter of 2023, gold prices are gaining traction in line with the global banking crisis and uncertainty surrounding the Federal Reserve. Contagion risks from financial market fears have allowed the safe-haven appeal of gold to drive bulls to the cause but this can be fleeting for a quarterly period. Increased volatility has been another contributor to shinier bullion as measured by the GVZ chart below. This measures the market’s expected 30-day price movement in the SPDR Gold Trust (the largest physically backed gold exchange traded fund (ETF)…

Share: Buoyant US Dollar was the main reason for the AUD/USD’s fall. US inflation continues to cool down, while consumer sentiment deteriorated in March. TDS Analyst expects the RBA would keep rates on hold, on April’s meeting. AUD/USD Price Analysis: Subdued in the near term, awaiting for the RBA’s decision. The Australian Dollar (AUD) retraces after hitting a weekly high of 0.6738, spurred on the American Dollar (USD) recovery as it got bolstered by weekly, monthly, and quarter-end flows. Wall Street is set to finish the week with gains, while US inflation data could cement the case for…

CD Projekt S.A. GAAP EPS of €0.73, revenue of €213.18M Source link

Comments from the New York Fed President John Williams in a moderated discussion on the economic outlook.Economic outlook is uncertain, data will drive monetary policyExpects inflation to cool to 3.25% this yearUnemployment rate to tick up to around 4.5%Current banking problems aren’t an echo of 2008 eventsBanks are resilient and well capitalizedHave to put We’ve heard these comments before, he loves to tout economic data dependence. Source link

The lack of major data releases and central bank announcements steered the markets’ focus back to easing fears of global banking concerns and rising expectations of a less hawkish Fed. Risk-taking became the name of the game and volatile assets like Bitcoin, equities, and crude oil traded higher while safe-havens like USD and JPY lost ground. Notable News & Economic Updates: The U.S. Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance Holdings Ltd., the biggest cryptocurrency exchange in the world, and its CEO Changpeng Zhao for allegedly breaching derivatives laws. Crude oil jumped after the Iraqi federal government…

© Reuters. Stricter EV tax credit rules to take effect on April 18 By Michael Elkins The U.S. Treasury unveiled Friday stricter electric vehicle tax rules that will reduce or cut tax credits on some zero-emission models but grants buyers another two weeks before the new requirements take effect. The EV battery sourcing guidance issued Friday triggers new requirements for critical minerals and battery components and takes effect for vehicle purchases starting April 18. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and part of President Joe Biden’s effort to…

Share: XAG/USD surpasses monthly highs amid positive market sentiment, despite the rising US Dollar. US Core PCE was below estimates, opening the door for a less aggressive Fed. XAG/USD Price Analysis: Expected to continue its rally and test the YTD high of $24.63 Silver price trades at new monthly highs above $24.00 a troy ounce, sponsored by falling US Treasury bond yields. Sentiment continues to be the main driver in the session, with US equities set to finish the month with gains. At the time of writing, the XAG/USD is trading at $24.10, gaining 0.89%. Fed’s Collins welcomed…