Author: FX
The US S&P Global Services PMI in March reported that business activity in the sector is slowing sharply, falling to contractionary territory for the first time since January 2023, amid higher inflation and the war in the Middle East.The index fell from 51.7 in February to 49.8, according to S&P. They noted that, “Overall, it was the lowest index reading for over three years and consistent with a fractional contraction in activity.” Rising input prices due to the surge in energy costs are one of the reasons that are weighing on the services sector, as the report read, “the latest price…
The July 1 deadline for the USMCA six-year review is approaching and almost nobody in trade circles believes it will be met cleanly. A Scotiabank-hosted event in Mexico City this week with CSIS fellow Diego Marroquín Bitar laid out why, and the takeaway is straightforward: expect a drawn-out, painful process that extends well into 2027, with plenty of uncertainty along the way.That’s a bearish scenario for both CAD and MXN and helps to explain why the loonie has traded cautiously despite the big rally in oil prices.The base case — what Marroquín and CSIS co-author Bill Reinsch call a “painful…
AUD/USD reverses earlier gains on Friday as stronger-than-expected US Nonfarm Payrolls (NFP) data supports the US Dollar (USD), adding modest pressure on the Australian Dollar (AUD), while price action remains subdued amid thin liquidity due to the Good Friday holiday.At the time of writing, AUD/USD is trading around 0.6900, after touching an intraday high of 0.6916. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is consolidating gains above the 100 mark.According to data released by the US Bureau of Labor Statistics, the US economy added 178K jobs in March, comfortably…
The USD/CAD rises some 0.14% on Friday after an outstanding employment report in the US, which nearly tripled economists’ projections, according to the US Bureau of Labor Statistics (BLS). At the time of writing, the pair trades at 1.3936 on thin liquidity trading as most global markets remain shut due to Good Friday.Strong payrolls revive Fed hold bets as BoC tightening eyedNonfarm Payrolls in March rose by 178,000, exceeding forecasts of 60,000, up from February’s downwardly revised figures of -133,000. The Unemployment Rate fell two ticks to 4.3%, below the Federal Reserve’s 4.5% long-run target, which means the central bank’s…
EUR/USD trades in a tight range on Friday as a stronger-than-expected US Nonfarm Payrolls (NFP) report lends support to the US Dollar (USD), while the Euro (EUR) holds relatively steady amid thin liquidity conditions due to the Good Friday holiday.At the time of writing, the pair trades around 1.1534, remaining on the back foot for the second straight day after rising to a one-week high of 1.1627 on Wednesday. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is hovering near the 100 mark.According to data released by the US Bureau…
United States President Donald Trump is on the wires on Good Friday, claiming on Truth Social that the US can easily reopen the Strait of Hormuz, take the oil, and make a fortune.With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE. IT WOULD BE A “GUSHER” FOR THE WORLD??? President DONALD J. TRUMP”Market reaction to the newsThe US Dollar trades marginally higher on the day, helped by an upbeat March Nonfarm Payrolls report, although thinned market conditions due to Easter Holidays keep it within familiar levels. Employment FAQs Labor market…
Something caught my attention on the daily chart of Rio Tinto (RIO) this week, and it wasn’t the sharp recovery off the recent lows, though that’s worth noting too. It was the trendline underneath all of it. This thing has been running since mid-2024, quietly doing its job, and every time I’ve come back to this chart over the past several months, it’s still there, intact, with price respecting it like a floor that means something.Rio Tinto is one of the world’s largest mining and metals companies, extracting and processing iron ore, copper, aluminum, and lithium across some of the…
Trump posted this on Truth Social:With a little more time, we can easily OPEN THE HORMUZ STRAIT, TAKE THE OIL, & MAKE A FORTUNE. IT WOULD BE A “GUSHER” FOR THE WORLD??? President DONALD J. TRUMPTrump initially pitched a 4-6 week timeline for this war and then repeatedly said they were ahead of schedule. Today marks the end of the fifth week and now Trump is talking about “a little more time”. Officials have floated 2-3 more weeks but this sounds like he’s nudging the discourse towards something longer.The idea of ‘taking the oil’ is the sort of thing that…
ECARX Holdings GAAP EPS of -$0.20 misses by $0.21, revenue of $847.9M misses by $282.1M Source link
Nonfarm Payrolls (NFP) in the United States (US) increased by 178K in March, according to data released by the US Bureau of Labor Statistics (BLS) on Friday. The figure marks a marked reversal from February’s 133K drop (revised from -92K) and came in well above market expectations for a 60K gain.Elsewhere in the report, the Unemployment Rate ticked lower to 4.3% (from 4.4%), while the Labor Force Participation Rate edged marginally lower to 61.9% from 62%. At the same time, wage pressures showed a slight downtick, with annual growth in Average Hourly Earnings easing to 3.5% (from 3.8%).” The change…