Author: FX
USD/INR has shown a rebound move as the USD Index has gauged an intermediate cushion around 100.50. Fresh signals of a decline in inflation projections indicate that the Fed might pause the rate hike cycle. The Indian government has trimmed its fiscal deficit target to 5.9% of GDP below the prior target of 6.4%. The USD/INR pair has rebounded after dropping to near 81.65 in the Asian session. The asset has found demand as the US Dollar Index (DXY) has shown signs of a pullback move after refreshing its nine-month low at 100.50. The USD Index is still in an…
Bitcoin (BTC/USD) just broke above a consolidation near 23,000! In case you missed it, the Fed recently raised its interest rates by another 25 basis points to 4.75%. Members also warned that “ongoing rate rises” will still be appropriate especially since they expect inflation in the services sector to be stickier than inflation in goods prices. But rate increases are no fun for risk takers. They want to talk about Powell mentioning the start of the “disinflationary process.” Not to be confused with deflation, DISINFLATION is a slowdown in price increases. While it means that prices are still rising, disinflation…
LIMA (Reuters) -Peru’s Congress on Wednesday rejected a proposal to move elections forward to December 2023 despite nearly two months of protests that have left dozens dead following the ousting of former President Pedro Castillo. Lawmakers will continue debating a different proposal to hold early elections, a key demand of the protesters. But Peru’s Congress is deeply fragmented and reaching an agreement is tricky. The first proposal, which came from the right-wing Popular Force party, was rejected by 68 lawmakers, and voted in favor of by 54, with two abstentions. “I regret that Congress has not reached the necessary consensus…
RHJ Gold and silver prices are expected to rise in 2023 by 3.3% and 8.8% on average, respectively, by the end of the year compared with 2022, the London Bullion Market Association said Wednesday in its annual survey. Of the factors potentially driving prices higher, 43% surveyed said the U.S. dollar and Federal Reserve monetary policy would be most important, while 14% said inflation and 11% cited geopolitical factors. For gold, the analysts surveyed forecast an average price for 2023 of $1,859.90/oz, although the range was wide, between $1,594 and $2,025; the average price for gold in 2022 was $1,800.09/oz.…
FOMC responses continue. This from Rick Rieder, a BlackRock Managing Director. Rieder is BlackRock’s Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business, and Head of the Global Allocation Investment Team.In brief:Today’s policy statement from the FOMC, and Chair Powell’s press conference, were signals to economic observers and to market participants that the job of inflation-fighting isn’t accomplished yet, but the trend is moving in the right direction.Consequently, the Federal Reserve can now move policy rates at a more normal pace … 25 bps clip.The Fed will now embark upon a process of slow and…
NZD/USD is showing signs of exhaustion in the upside momentum, however, the upside bias is intact. The USD Index has refreshed its nine-month low at 100.51 amid a cheerful market mood. Higher job openings and lower employment numbers (Jan) in the US economy indicate that labor demand is exceeding supply. The NZD/USD pair is facing fragile hurdles in overstepping the seven-month high at 0.6529 in the Tokyo session. The upside bias in the Kiwi asset is intact as the Federal Reserve (Fed) has slowed down the pace of policy tightening further after sensing the fact that the disinflationary process has…
The US Dollar slide has continued after the New York close post the Fed hiking rates and Powell putting a dovish tilt in the mindset of the market. How low will USD go?US Dollar, DXY Index, USD, Fed, FOMC, Powell, Disinflation – Talking PointsThe US Dollar has been vanquished by the markets slant on Fed stanceFed Chair Powell’s comments have been interpreted as dovish by marketsThe markets appear to be questioning the Fed rhetoric. Will that sink USD? Recommended by Daniel McCarthy Get Your Free USD Forecast The US Dollar is under the pump today even though the Federal Open…
Qualcomm, D1 Qualcomm is scheduled to release its latest quarterly earnings report on Thursday, February 02, 2023 after the market close. Zacks Consensus Estimate for revenue was pegged at $9,700 million, representing a 9.3% decrease from the year-ago quarter’s reported figure. Adjusted earnings per share were pegged at $2.35, indicating a contraction from the $3.23 posted in the prior-year quarter. Zacks ranks Qualcomm #4 (Sell). Investors expect the company to declare that they have not only topped their forecasts, but also that they anticipate growth for the next quarter. On the last report the company EPS was $3.13 inline with…
Funtay/iStock via Getty Images The U.S. has started to detain imports of aluminum products suspected of being made through forced labor, particularly from China’s Xinjiang region, shipper A.P. Moller-Maersk (OTCPK:AMKBY) said Tuesday, according to Bloomberg. U.S. Customs has begun issuing “detention notices” for such products, the shipper said in an advisory, adding the action probably would target aluminum used in automotive parts. “Companies importing aluminum products, or commodities with aluminum components, should be proactive in ensuring compliance” with the Uyghur Forced Labor Prevention Act, Maersk (OTCPK:AMKBY) said, referring to legislation signed into law by President Biden in late 2021. The…
© Reuters. Ukrainian servicemen look on from a military vehicle at their positions near a front line, amid Russia’s attack on Ukraine, in Donetsk region, Ukraine February 1, 2023. REUTERS/Oleksandr Ratushniak By Tom Balmforth KYIV (Reuters) -President Volodymyr Zelenskiy and a senior defence official issued dire accounts of Russian forces shelling and advancing in Ukraine’s eastern province of Donetsk, the main focal point of the 11-month-long war. Fierce fighting was unabated in eastern Ukraine, where Russian troops are trying to gain ground near the strategic logistics hub of Lyman, Deputy Defence Minister Hanna Malyar said on Wednesday evening. Bakhmut town…