Author: FX

Dow climbs 0.71%, rebounding as softer data fuels rate-cut speculation. S&P 500 and Nasdaq follow, both gaining over 0.6% amid broad optimism. Amazon shines with 6.5% rise; Apple lags with 1.5% drop on weak China sales. The Dow Jones Industrial Average (DJIA) posted solid gains of close to almost 300 points or 0.71% on Friday, on softer-than-expected economic data, reinforcing investors’ hypothesis of further easing by the Federal Reserve. Wall Street made a U-turn following Thursday’s losses and rallied sharply ahead of the weekend. Data revealed by the US Bureau of Labor Statistics (BLS) showed that strong hurricanes and union…

US positive labor market data was initially bearish on the USD, but the currency recovered losses. The ISM Manufacturing PMI came in weaker than expected, suggesting a contraction in the manufacturing sector. Canadian Dollar remains under pressure due to rate cut expectations. The USD/CAD currency pair saw a mild decline in Friday’s session, reaching a low of 1.3920. Positive labor market data in the United States, including a steady Unemployment Rate and rising Average Hourly Earnings, initially weighed on the USD, but the currency later recovered its losses. A weaker-than-expected ISM Manufacturing PMI also influenced market sentiment. Additionally, expectations of…

The Canadian dollar is in a tough spot. The US dollar rose 15 pips against the loonie today to 1.3950, which is the first time at that level since 2022. The next level to watch is 1.3978, as a rise above that level would be the highest since the pandemic. And other than a brief spike in the pandemic, and a spike in the 2016 oil collapse, USD/CAD hasn’t been sustained at these levels since 2003.The problem for the loonie is that Canada’s economy is struggling and the long-term picture is worsening. The housing market is impaired and new home…

Investing.com – Spain stocks were higher after the close on Friday, as gains in the , and sectors led shares higher. At the close in Madrid, the added 1.32%. The best performers of the session on the were Banco de Sabadell SA (BME:), which rose 3.27% or 0.06 points to trade at 1.85 at the close. Meanwhile, Banco Bilbao Vizcaya Argentaria SA (BME:) added 2.91% or 0.27 points to end at 9.42 and Fluidra (BME:) was up 2.75% or 0.68 points to 25.40 in late trade. The worst performers of the session were Puig Brands SA (BME:), which fell 1.56%…

US 10s dailyUS 10-year yields traded as low as 4.22% after non-farm payrolls but have rebounded to 4.32%.It’s tough to say what’s driven the reversal but here is a stab at it:Non-farm payrolls was skewed by the hurricanes and strikes and the market thinks the jobs maket is goodISM prices paid made a surprising jump, highlighting upside inflation risksThe election is coming, though odds have shifted towards Harris in the past week, Trump is still favored and a red sweep would lead to big deficitsA number of economic reports have highlighted uncertain business and consumer spending ahead of the election,…

The US Dollar recovered modestly after a discouraging Nonfarm Payrolls report sent it sub-104.00.  The steady unemployment rate and the uptick in hourly wages have tempered the negative reaction on the USD. The index bounced from an intraday low of 103.68, with technical indicators showing a growing bearish momentum. The US Dollar Index (DXY) has regained 104.00 following Wall Street’s opening after plummeting to 103.68 on a weaker-than-expected US Nonfarm Payrolls (NFP) report. The impact on the Dollar has been moderate, as the market has considered strikes and the hurricanes Helen and Milton in the final reading.Nonfarm payrolls have posted their poorest performance since the pandemic, but the…

USD/CAD falls slightly to near 1.3900 after the US NFP report for October. Labor growth was significantly lower due to hurricanes that affected various regions. The US Manufacturing PMI surprisingly declined at a faster pace. The USD/CAD pair corrects mildly to near the round-level support of 1.3900 in Friday’s New York session. The Loonie asset drops after the release of the United States (US) Nonfarm Payrolls (NFP) data for October, which showed lower job additions at 12K against the estimates of 113K and the former release of 223K in September, downwardly revised from 254K. Fresh payroll data appears to be…

EUR/JPY is correcting within a bullish advance. Given the short and medium-term trends are bullish more upside it expected providing certain conditions are met.  EUR/JPY is pulling back after rising above the ceiling of its multi-month range and breaking above the cluster of major moving averages lying just above.   EUR/JPY Daily Chart  The short and medium-term trends are bullish suggesting the odds favor more upside to come and a resumption of the uptrend. A break above 166.69 (October 31 high) would probably confirm a continuation higher.  Resistance at 167.96 (July 30 swing high) could act as a barrier to further…

Nonfarm Payrolls (NFP) in the US rose by 12,000 in October, the US Bureau of Labor Statistics (BLS) reported on Friday. This reading followed the 223,000 increase (revised from 254,000) recorded in September and missed the market expectation of 113,000 by a wide margin. Follow our live coverage of the market reaction to the US Nonfarm Payrolls data. Other details of the report showed that the Unemployment Rate remained unchanged at 4.1% as expected, while the Labor Force Participation Rate edged lower to 62.6% from 62.7%. Finally, annual wage inflation, as measured by the change in the Average Hourly Earnings, rose…

By Timour Azhari and Laila Bassam BEIRUT (Reuters) – The U.S. asked Lebanon to declare a unilateral ceasefire with Israel to revive stalled talks to end hostilities between Israel and Hezbollah, a senior Lebanese political source and a senior diplomat said – a claim denied by Lebanon’s prime minister. They said the effort was communicated by U.S. envoy Amos Hochstein to Lebanese caretaker Prime Minister Najib Mikati this week, as the U.S. stepped up diplomatic efforts for a ceasefire between Israel and Iran-backed militant group Hezbollah. Mikati’s office in a statement to Reuters denied the U.S. had asked Lebanon to…