Author: FX
© Reuters. U.S. President Joe Biden speaks during a joint news conference with Canadian Prime Minister Justin Trudeau, in Ottawa, Ontario, Canada, March 24, 2023. REUTERS/Blair Gable By Andrea Shalal OTTAWA (Reuters) -President Joe Biden said on Friday that federal deposit insurance could be tapped for deposits above $250,000 if other U.S. banks fail, expressing confidence that mid-sized U.S. banks would survive strains in the sector. Biden said U.S. banks are in “pretty” good shape, people’s savings were secure and he did not see an industry ready to explode. “If we find that there’s more instability than appears, we’d be…
Share: EUR/USD is set to finish the week with decent gains of 0.89%. US economic data was mixed, though it portrays a deceleration of the economy. ECB policymakers remain focused on tackling high inflation levels in the Eurozone. As the New York session finished, EUR/USD fell 0.64% or 69 pips. A risk-on impulse did not help the Euro (EUR), which, pressured by a banking crisis threatening to spread to the Eurozone, weakened the shared currency. At the time of writing, the EUR/USD is trading at 1.0759. EUR/USD drops on US Dollar strength, weak EU PMIs Despite experiencing another…
Share: GBP/USD finished the week on a lower note after it reached 1.234, the high of the week, but retreated as sentiment dampened. On Friday, the GBP/USD is trading at 1.2228, retracing 0.47% at the time of typing. Read More… The GBP/USD pair comes under intense selling pressure on Friday and extends the overnight retracement slide from the vicinity of mid-1.2300s, or its highest level since February. Spot prices, however, manage to rebound a few pips from the daily low and trade above the 1.2200 mark during the early North American session, still down nearly 0.60% for the…
Share: GBP/USD is set to finish the week with gains of around 0.40%. Federal Reserve officials remained committed to curbing inflation to its 2% target. Mixed economic data in the UK, a headwind for the GBP/USD, despite expectations for a Fed rate cut in 2023. GBP/USD finished the week on a lower note after it reached 1.234, the high of the week, but retreated as sentiment dampened. On Friday, the GBP/USD is trading at 1.2228, retracing 0.47% at the time of typing. Fed policymakers ready to combat inflation, UK data paints a gloomy economic scenario The US equities…
Earlier news today that Treasury Secretary Yellen was meeting with regulators offered some support for markets and hope of weekend action to shore up deposits. The initial readout was vague:The statement was:Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session by videoconference.During the meeting, the Council heard a presentation from staff of the Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary…
The major US stock indices are closing higher for the day, and higher for the week. For the trading year, the Dow industrial average is still down on the year but the S&P and the NASDAQ index are positiveA snapshot of the closing levels for the day shows:Dow industrial average up 132.28 points or 0.41% at 32237.54. At intraday lows, the index was down -300.08 pointsS&P index up 22.27 points or 0.56% at 3970.98. At intraday lows, the S&P index was down -39.55 pointsNASDAQ index up 36.57 points or 0.31% at 11823.97. Intraday lows reached -116.73 points.The Russell 2000 up…
iShares U.S. Healthcare ETF declares quarterly distribution of $0.7753 Source link
Share: Gold price is consolidating after mixed macroeconomic data out of the US. US Dollar has risen, weighing on XAU/USD despite lower yields supporting Gold. Central banks to increase their Gold reserves due to geopolitical concerns, says report. XAU/USD price is consolidating in a range in the $1,990s after stalling in its intraday rally. Pressure from a strengthening US Dollar capped gains despite yields falling due to renewed global financial crisis fears. A bull flag is forming, which suggests the precious metal will rise to substantially higher prices if it activates. Key US Durable Goods Orders and PMI data came out…
Share: The US Dollar Index advances for two days, forming a “morning star” candle chart pattern. Oscillators paint a mixed picture, though RSI could be turning bullish. A daily close above 103.26 will pave the DXY’s way to test 104.00 The US Dollar Index (DXY), which tracks a basket of six currencies against the US Dollar (USD), advances 1.58% after hitting a 7-week low of 101.91. At the time of writing, the DXY is trading at 103.12 after hitting a daily low of 102.50. US Dollar Index Price action From a daily chart perspective, the DXY is neutrally biased, as…
US DOLLAR FORECAST:U.S. dollar gains on Friday on risk-off mood, but post heavy losses for the weekThe Fed’s decision to ditch its hawkish guidance will help stabilize sentiment soon, but the timeline is uncertainMarkets are beginning to price rate cuts for this year, creating a bearish backdrop for the U.S. currency Recommended by Diego Colman Get Your Free USD Forecast Most Read: British Pound Latest – GBP/USD Bullish Trend is Intact but Slowing DownThe U.S. dollar, as measured by the DXY index, gained ground Friday afternoon, up about 0.5% to 103.11 amid risk-off mood, but was on track for a…