Author: FX

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USD/JPY edges higher on Tuesday, supported by a modest rebound in the US Dollar (USD) as market sentiment turns risk-averse. Uncertainty around US-Iran peace talks ahead of the ceasefire deadline is fueling concerns of further escalation, while elevated Oil prices continue to weigh on the Japanese Yen (JPY), given Japan’s heavy reliance on imported energy.At the time of writing, USD/JPY is trading around 159.57, up nearly 0.47% on the day. The rebound in the US Dollar comes as the de-escalation narrative seen in recent days begins to fade following the weekend flare-up in the Strait of Hormuz, which has dampened…

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Prior was +0.6%Ex-autos +1.9% vs +1.4% expectedPrior ex autos +0.5% Ex autos and gas ++0.6% vs +0.4% prior (revised to +0.2%)Control group +0.7% vs +0.2% expectedPrior control +0.5% Retail sales y/y +% vs +3.7% priorNever underestimate the spending power of the US consumer. That’s two solid data points today ahead of a Fed chairman-in-waiting who says he’s going to cut rates anyway. The control group reading of +0.7% m/m matches the highest reading since last June.S&P 500 futures were up 26 points ahead of the report but little changed afterwards with the focus on Iran.The US Census Bureau’s Advance Monthly…

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Brown Brothers Harriman’s (BBH) Elias Haddad highlights that GBP/USD is trading near 1.3500 after a mixed United Kingdom (UK) labor report, with falling unemployment but weaker payrolls. Easing wage pressures below the BoE’s projections support renewed easing later this year. BBH expects BoE rate hike pricing to revert to cuts and sees GBP/USD confined to a 1.3400–1.3700 range in the near term.Mixed data but easing wage pressures”Importantly, easing wage pressures leaves room for the BoE to resume easing later this year. In line with consensus, the policy-relevant private sector regular pay growth slowed to 3.2% y/y in February vs. 3.3%…

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Prior 5.2%Employment change 25k vs 35k expectedPrior 84kAverage weekly earnings +3.8% vs +3.6% 3m/y expectedPrior +3.9%; revised to +4.1%Average weekly earnings (ex bonus) +3.6% vs +3.5% 3m/y expectedPrior +3.8%March payrolls change -11kPrior 20k; revised to -6kThe standout number is the one in the headline, which sees the jobless rate fall back to its lowest since August last year. It is a bit of an anomaly considering that payrolls data is continuing to decline further, with a negative revision to February as well. ONS continues to put out a caveat though that it is still experiencing data quality issues and advises…

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Gold prices fell in Saudi Arabia on Tuesday, according to data compiled by FXStreet.The price for Gold stood at 577.42 Saudi Riyals (SAR) per gram, down compared with the SAR 581.38 it cost on Monday.The price for Gold decreased to SAR 6,734.98 per tola from SAR 6,781.10 per tola a day earlier.Unit measureGold Price in SAR1 Gram577.4210 Grams5,774.60Tola6,734.98Troy Ounce17,958.91FXStreet calculates Gold prices in Saudi Arabia by adapting international prices (USD/SAR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates…

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