Author: FX
United States (US) Treasury Secretary Scott Bessent said on Friday that he thinks the Chinese leadership was slightly alarmed by the global backlash to their export controls and that “everything’s ironed out in terms of the permissions, and we should see a transaction very soon.”Key QuotesChina made a real mistake by firing shots on rare earths.US and Chinese leaders had reached an “equilibrium” but warned that China would not be able to keep using its critical minerals as a coercive tool.I think the Chinese leadership were slightly alarmed by the global backlash to their export controls.There’s an agreement that, ceteris…
The Japanese Yen (JPY) steadies against the US Dollar (USD) on Friday, with USD/JPY pausing its two-day winning streak despite the Greenback’s broader strength, as renewed verbal warnings from Japanese officials revive intervention concerns.Japan’s new Finance Minister Satsuki Katayama said the government is “closely monitoring FX with a high sense of urgency,” a remark that offered the Yen some intraday support after the pair touched fresh multi-month highs on Thursday.At the time of writing, USD/JPY is trading around 154.00, holding firm near an eight-and-a-half-month high and on track for its biggest monthly gain since June.Meanwhile, the US Dollar Index (DXY),…
Fed’s Bostic is saying: Eventually got behind the cut this weekDual mandates are in tensionsupported a cut because it still feels we are in restrictive territory.Need to get inflation to 2%.Lesson half of upward price pressure is being reported as from tariffs.We have to see more progress before comfortable getting rates to neutral.Really like Powell’s fog analogy, preferable to go lower one uncertainAlso we are not completely flying blind.Some of the labor market shift is due to structural changes like technology, immigration, trade policyRecession risk is not on people’s mindsGlad chair Powell added words saying December rate cut not a…
EUR/GBP trades slightly lower on Friday, around 0.8780 at the time of writing, down 0.13% on the day, reverting early daily gains, but maintaining a solid weekly uptrend of about 0.60%. The Euro continues to find support against the British Pound (GBP), which remains under pressure due to mounting concerns over the United Kingdom’s (UK) public finances, while upbeat remarks from the European Central Bank (ECB) bolster investor confidence.On Thursday, the ECB left all three key interest rates unchanged, confirming that monetary policy is now “well-calibrated.” President Christine Lagarde emphasized that the central bank is “in a good place” and…
The Pound Sterling (GBP) extends its losing streak against the US Dollar (USD) for the fourth trading day on Friday. Source link
I have been writing about the k-shaped economy this week but we’re increasingly in a k-shaped stock market. The S&P 500 hit a record this week but yesterday, 9% of stocks in the S&P 500 hit a 52-week low.This is a market that’s being carried by some Mag7 names and the AI trade.AbbVie (ABBV) — Fell 1.6% after another weak quarter in its aesthetics segment despite strength in new anti-inflammatory drugs.Amazon (AMZN) — Up 13.5% on strong earnings ($1.95/sh vs. $1.57 est.) and $180.2B in revenue, beating expectations.Apple (AAPL) — Added 2% after topping Q3 earnings and revenue forecasts and…
Thanks to the advancement of technology, you no longer need to be a full-time forex broker or floor trader to have access to the markets. You can simply hop online and trade even from the comforts of your toilet seat. This, in turn, has led to an increase in part-time traders. This group of people includes students, young professionals, and old retirees – basically anyone who has to allocate most of his or her time to other endeavors, but still want to dip their hands into the markets. The problem with part-time trading is that understanding the markets can be…
US Dollar (USD) is likely to consolidate between 7.1000 and 7.1180. In the longer run, the weakness in USD has stabilized; it is likely to range-trade between 7.0920 and 7.1280, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. Weakness in USD has stabilized24-HOUR VIEW: “Yesterday, we expected USD to ‘range-trade between 7.0900 and 7.1080’. We did not expect the strong advance that reached a high of 7.1178. The sharp rise appears excessive, and USD is unlikely to advance much further. Today, USD is more likely to consolidate, probably between 7.1000 and 7.1180.” 1-3 WEEKS VIEW: “In our…
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AUD/USD remains subdued for the third successive session, trading around 0.6550 during the Asian hours on Friday. The pair moves little following the release of China’s NBS Purchasing Managers’ Index (PMI) data. It is important to note that any shift in China’s economic conditions could also affect the Australian dollar (AUD), given the close trade ties between China and Australia.China’s NBS Manufacturing Purchasing Managers’ Index dropped sharply to 49.0 in October, following 49.8 recorded in September. The reading came in above the expected 49.6 figure in the reported month. Meanwhile, the NBS Non-Manufacturing PMI unexpectedly rose slightly to 50.1 against…