Author: FX
The Swiss Franc strengthens as USD/CHF drops below 0.8000 to its lowest since late July.Weak US NFP data fuels Fed rate cut bets and triggers broad US Dollar selling.Focus now shifts to next week’s US CPI report, a key test for Fed expectations.The Swiss Franc (CHF) gains ground against the US Dollar (USD) on Friday, with USD/CHF sliding below the 0.8000 psychological mark to touch its lowest level since July 28. At the time of writing, the pair is trading near 0.7972, down almost 1.0% on the day, as the Greenback came under heavy selling pressure in the wake of…
RBC economist Claire Fan is out with a review of today’s soft Canadian jobs report. Jobs fell by 66K after a 41K decline in July in what’s clearly a worsening picture.She notes that the weakness mirrors a softening picture in the US.Fan highlights that unemployment at 7.1% is the highest in a decade outside of the pandemic but also notes some positive signs.”Most of the job losses were part-time, actual hours worked edged up 0.1%, and weakness remained relatively concentrated in the trade exposed sectors of the economy– employment in manufacturing, transport and warehousing together shrank by 42k in August,”…
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XAU/USD rallies to a fresh all-time high after NFP miss, with unemployment rising and wage growth holding steady.US 2-year Treasury yield plunges 11 bps to 3.48%, while DXY drops 0.70% to 97.57 amid risk-off flows.Fed independence fears and Standard Chartered’s call for a 50 bps cut amplify the bullish case ahead of US CPI.Gold price rallies sharply and hits a new all-time high of $3,600 on Friday, following a soft Nonfarm Payrolls report, which raised speculation that the Federal Reserve (Fed) is ready to resume rate cuts. XAU/USD trades at $3,594, up 1.30% at the time of writing.Gold jumps 1.30%…
WTI falls to $61.20, its lowest level since June 2, before stabilizing near $61.50.Markets brace for Sunday’s OPEC+ meeting, with Saudi Arabia pushing for an accelerated return of 1.66 mb/d supply, though no final decision has been made.WTI trades below the 50-day SMA at $64.90, with key support at $61.50; a break lower could target $59.50-58.50.West Texas Intermediate (WTI) Crude Oil is heading into the weekend under heavy pressure, extending its losing streak to a third straight day as traders brace for the Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting on Sunday, September 7. At the time…
United States (US) Treasury Secretary Scott Bessent warned that the Federal Reserve (Fed) must re-establish its crediblity and trust with the American people during an interview with the Wall Street Journal, published on Friday. This comes on the heels of a devastating Nonfarm Payrolls (NFP) report that shows the US economy added just 22K new jobs in August, a stomach-churning plummet in hiring that has been laid almost entirely at the feet of the Trump administration’s trade tariffs and potentially Constitution-violating immigration crackdowns.Key highlightsCentral bank must recommit to maintaining the confidence of the American people.To safeguard future and the stability…
Broadcom’s massive Q3 report makes it a prime target for Mag7 inclusion.It should replace Tesla as the latter has a lower valuation and profit profile.Broadcom’s move into AI chips makes it a competitor to Nvidia.August NFP shows large reduction in hiring, spurs equity flight.Broadcom (AVGO) seems to finally be getting its due. After initially selling off after a slim fiscal third-quarter beat on Thursday, the stock went on a tear, rising as much as 16% on Friday. The initial ho-hum market treatment on Thursday gave way to a red-hot rally after CEO Hock Tan announced that Broadcom had secured over…
gold dailyYou can put that gold chart in the technical analysis text book, at least so far.Gold has been in a long-term bull market, almost a parabolic one from $2000 post-pandemic. After spiking to a record $3500 in April, it took a break and consolidated for five months. Now that it’s clear the Fed is going to aggressively ease and the US is embracing fiscal irresponsibility, it’s breaking out again.The simple measured target of this move (1x the consolidation range) that gets you to $4000, which is something I highlighted at the start of the week as it began to…
It was a soggy start for European stocks this month as most indexes sagged this month. The DAX tried to recover mid-week but never made it and today’s selling put it near the lows of the week. Closing changes on the day:Stoxx 600 -0.2%German DAX -0.85%France CAC -0.4%UK FTSE 100 -0.1%Spain IBEX -0.6%Italy’s FTSE MIB -0.9Closing changes on the week:Stoxx 600 -0.2%German DAX -1.3%France CAC +0.1%UK FTSE 100 +0.2%Spain IBEX -0.7%Italy’s FTSE MIB -1.4% This article was written by Adam Button at investinglive.com. Source link
The euro has been one of the beneficiaries of a weakening US dollar following another soft non-farm payrolls report. It’s up 96 pips to 1.1745 and touched as high as 1.1759. That’s a fresh high since July 27 and looks like a breakout from the recent period of consolidation, particularly if it can close above the August highs.If it can sustain some momentum it will have challenges at 1.1789 (July high) and 1.1830 (June high) before it can find some clear air but that dip down to 1.14 is now looking something like an inverted head and shoulders that targets…