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Apple Reportedly In Talks With OpenAI To Integrate ChatGPT Into IOS 18: Bloomberg

May 13, 2024 | 17:15 pm

A recent article by Bloomberg through MacRumors has revealed that Apple Inc. is on the verge of finalizing a deal with OpenAI to incorporate the chat-based software, ChatGPT, into their much-anticipated iOS 18.The specifics of how ChatGPT will function within the new operating system remain under wraps, but Mark Gurman's analysis for Bloomberg provides an insight into Apple's AI plan. The strategy involves a three-pronged approach: LLM or large language model integration for both device-specific and cloud-based applications, and a chatbot feature powered by OpenAI (potentially even Google).Securing a deal with OpenAI extends Apple's collection of AI capabilities it envisions to incorporate into future iPhones.Reports also suggest that Apple is currently in discussion with Google to incorporate its Gemini chatbot, albeit without any finalized agreements as of yet. Rumors have been floating about Apple's conversation with OpenAI since February, hinting at Apple's possible work on its AI development, including a speculated "Apple GPT" AI bot.Further information from the New York Times indicates that Apple aims to upgrade Siri in iOS 18, making it more interactive and adaptable. Although Apple's AI plans and progress in iOS 18 are still a subject of conjecture, more concrete details are anticipated to surface on June 10 at the company's WWDC 2024 event.The material has been provided by InstaForex Company - www.instaforex.com

U.S. Stocks Turning In Lackluster Performance After Early Uptick

May 13, 2024 | 16:52 pm

Following initial increases, the direction of stocks remained somewhat uncertain throughout Monday's trading session. This fickleness is reflected in the fluctuation of the major averages across the unchanged line, a phenomenon that follows significant gains from the previous week.As it stands, there are slight differences in the major averages. The Nasdaq is up by 32.27 points or 0.2 percent at 16,373.14, while the S&P 500 and the Dow are down by 4.73 points (0.1 percent) at 5,217.95 and 80.51 points (0.2 percent) at 39,432.33, respectively.An eight-day winning streak for the Dow was born from an early surge in Wall Street stocks, paired with fresh optimism regarding a potential interest rate cut from the Federal Reserve in the forthcoming months.However, enthusiasm has dwindled as we approach the release of influential inflation data this week, which has the potential to significantly affect rate expectations. The Labor Department is due to disclose their reports on producer and consumer price inflation on Tuesday and Wednesday.It's predicted that producer prices will increase by 0.3 percent in April from a 0.2 percent rise in March, with the yearly rate of growth projected to increase slightly to 2.2 percent from 2.1 percent. Consumer prices are also expected to rise by 0.4 percent in April, equal to the rise seen in March. Core consumer prices, excluding food and energy costs, are projected to rise by 0.3 percent in April, down from the 0.4 percent increase in March.Significant attention may also be attracted by remarks from Fed Chair Jerome Powell, coinciding with reports on retail sales, industrial production, and housing starts.In terms of individual stocks, video game retailer GameStop (GME) shares have shot up following a post by social media influencer "Roaring Kitty," while website builder and host Squarespace (SQSP) has likewise seen a boost since announcing its definitive plans to go private in an all-cash deal worth roughly $6.9 billion.Airline stocks have shown some of the best market performance of the day, with the NYSE Arca Airline Index increasing by 2.6 percent. Strong performances by American Airlines (AAL) and United Airlines (UAL) have been noted following HSBC's initiation of coverage with Buy ratings for both stocks.Biotechnology stocks have also notably strengthened with the NYSE Arca Biotechnology Index raising by 1.1 percent. Shares of Incyte (INCY) spiked by 7.5 percent after the company announced a $2.0 billion share repurchase authorization.However, gold stocks have weakened throughout the session, pulling the NYSE Arca Gold Bugs Index down by 1.1 percent as gold prices plummet.Globally, mixed performances were observed across the Asia-Pacific region, Europe, and in bond markets. Notably, treasuries have rebounded following last Friday's pullback.The material has been provided by InstaForex Company - www.instaforex.com

Swiss Market Ends Marginally Up After Lackluster Session

May 13, 2024 | 16:04 pm

On Monday, Swiss stocks closed with a marginal increase following a tepid trading session, as investors held back from making significant moves due to a lack of driving factors. This was against a backdrop of marginally decreased consumer confidence in Switzerland for the month of April.The primary Swiss Market Index (SMI) fluctuated between 11,729.47 and 11,772.82, ultimately closing at 11,768.08 with a minor gain of 14.38 points or 0.12%.Companies like Logitech International, ABB, Givaudan, Roche Holdings, Lindt & Spruengli, Alcon and Swisscom experienced gains of between 1% and 1.5%. Straumann Holding saw an increase of close to 1%, while Novartis and UBS Group edged up by 0.82% and 0.63% respectively.On the other hand, Holcim saw a decline of over 4%. Lonza Group, VAT Group and Swatch Group fell by 1.8 to 1.9%. Additionally, Partners Group dropped by 1.59%, while Swiss Re, SGS, Sonova, Julius Baer, Sandoz Group and SIG Group saw a decrease of 0.7 to 1.2%.Survey data from the State Secretariat for Economic Affairs (SECO) indicated that Swiss consumer confidence remained largely steady in April. The consumer confidence index was essentially unchanged, registering -38.1 in April as compared to March's 8-month high of -38.0. Moreover, the consumer sentiment index continued to sit below the long-term average.Inspecting the primary four sub-components revealed an improvement in consumer expectations about the general economic situation for the upcoming year; the corresponding index rose to -21.2 from -24.3 in April. Similarly, the index tracking major purchase intentions improved to -37.2 from -40.0.Nonetheless, households demonstrated increased pessimism regarding their personal financial situation, which declined to -36.2 from -33.0. Similarly, perceptions of the recent economic condition also deteriorated, falling from -53.4 to -57.6.The material has been provided by InstaForex Company - www.instaforex.com

European Stocks Fail To Hold Early Gains, Close Broadly Lower

May 13, 2024 | 15:39 pm

European stocks started off strong but ultimately closed lower on Monday as investors cautiously awaited the impending U.S. inflation data, as well as other economic reports from the U.S and Europe.According to several Federal Reserve officials last week, the expectation is that U.S. interest rates will be upheld at high levels until there is substantial evidence of a deceleration in inflation. There is eager anticipation about Federal Chair Jerome Powell's upcoming speech for a more detailed explanation regarding the Fed's rate plans.In other news, China's consumer inflation showed an upward trajectory for the third consecutive month in April, whereas there was a decline in the producer price index for the 19th month in a row, data disclosed earlier today.European stock indices closed with marginal changes. The Stoxx 600 edged up by 0.02%, the U.K.'s FTSE 100 ended down at 0.22%, Germany's DAX and France's CAC 40 descended slightly by 0.16% and 0.12% respectively while Switzerland's SMI closed up by 0.12%.Several other markets in Europe, including Belgium, Greece, Iceland, Norway, Portugal, Sweden, and Turkey, had a weak closing. On the other hand, Denmark, Finland, Netherlands, Poland, Russia, and Spain closed higher whereas Austria had a neutral closure.Among UK stocks, BAE Systems suffered a loss of 3.2%. Several others like Anglo American Plc, Phoenix Group Holdings, Admiral Group, Spirax-Sarco Engineering, RS Group, Ocado Group, Frasers Group, Intertek Group, Howden Joinery and Bunzl witnessed a decline between 1.4 to 2.5%.However, Diploma experienced a 4% rally after the technical product supplier presented impressive half-year results and lifted its sales and earnings projections. Other gainers included BT Group, 3i Group, Kingfisher, Whitbread, British American Tobacco, Sainsbury (J) and Smith (DS) who managed to yield 1 to 1.5%.Moving to the German market, a loss of 1 to 2.5% was observed in shares of Deutsche Boerse, Infineon, Zalando, Munich Re, and HeidelbergCement. Meanwhile, Porsche, Continental, Volkswagen, Bayer and BMW shares jumped significantly.In France, Sanofi shares went up by more than 1.5% after the pharmaceutical giant announced a plan of investing over 1 billion euros to augment new bioproduction capacity across its various French sites. Unfortunately, Airbus Group, Safran, Pernod Ricard, Engie, and Publicis Groupe suffered a loss of 1 to 1.6%.Despite these losses, Teleperformance and Stellantis made gains of over 4%, while Renault, Edenred, Carrefour, Societe Generale and Credit Agricole managed to increase their share value between 1 to 2%.The material has been provided by InstaForex Company - www.instaforex.com

U.S. Stocks Seeing Modest Strength, Dow Higher For Ninth Straight Session

May 13, 2024 | 13:53 pm

During Monday's trading, stocks modestly climbed higher, supplementing the significant gains noted in the previous week. All major averages experienced an uptick, though buyer interest seemed slightly restrained.At this time, all major averages are positive, though below the day's peak. The Dow Jones has seen an increment of 45.40 points (0.1 percent) placing it at 39,558.24, while the Nasdaq has grown by 43.24 points (0.3 percent) bringing it to 16,384.11. The S&P 500 has also increased by 3.78 points (0.1 percent), resulting in a total of 5,226.46.The restrained strength on Wall Street prevails as stocks continue to gain from recent upward momentum typified by the Dow's eight-day winning streak. Anticipation regarding potential interest rate reductions by the Federal Reserve has contributed to this strength. However, key inflation data set to be released this week could significantly sway the rate outlook.On Tuesday and Wednesday, the Labor Department is expected to release reports on producer and consumer price inflation, respectively. It's predicted that producer prices rose by 0.3 percent in April after a 0.2 percent increase in March, and that the annual growth rate will marginally rise to 2.2 percent from 2.1 percent.Consumer prices are projected to have risen by 0.4 percent in April, consistent with March's increase. Excluding food and energy prices, core consumer prices are anticipated to have risen by 0.3 percent in April after a 0.4 percent increase in March. The annual rate of consumer price growth is expected to have decreased to 3.4 percent in April from March's 3.4 percent. The rate of core consumer price growth for the year is expected to decrease from 3.8 percent to 3.6 percent.Remarks by Federal Reserve Chair Jerome Powell as well as reports on retail sales, industrial production, and housing starts could also draw attention this week.In terms of individual stocks, GameStop (GME) shares have surged due to social media influencer "Roaring Kitty," who has posted for the first time in three years. His posts in 2021 stirred substantial activity in the video game retailer's stock. Shares of Squarespace (SQSP), the website building and hosting company, also soared, following the announcement of a $6.9 billion deal to go private.The airline sector performed exceptionally well, led by American Airlines (AAL) and United Airlines (UAL) after HSBC initiated coverage of the stocks with Buy ratings. Biotechnology sector also saw a robust performance, with a significant spike in the shares of Incyte (INCY) following the biotech company's announcement of $2.0 billion share buyback plan. Mobile networking, tobacco and telecom sectors also experienced significant gains.International trading saw mixed results, with Japan's Nikkei 225 falling by 0.1 percent and China's Shanghai Composite dropping by 0.2 percent. Hong Kong's Hang Seng, however, enjoyed a 0.8 percent rise.In Europe, all major markets experienced a modest decline, with indexes in the UK, France, and Germany all falling by 0.2 percent. The bond market saw a rebound in treasury yields following a pullback last Friday, with the yield on the ten-year note falling by 3.5 basis points to 4.469 percent.The material has been provided by InstaForex Company - www.instaforex.com

Permian Resources Prices Secondary Offering Of Around 51.77 Mln Shares At $16.47/Share

May 13, 2024 | 13:34 pm

Permian Resources Corp. declared on Monday the cost of an underwritten public offering involving approximately 51.77 million shares of their Class A Stock priced at $16.47 per share. It was clarified that these shares are owned by affiliates of varied firms such as EnCap Investments L.P., NGP Energy Capital Management L.L.C., Pearl Energy Investments, Riverstone Investment Group LLC, as well as a board member of the company.The offering is projected to finalize by May 15. In a parallel development, the company made an agreement to acquire 1.8 million units from its subsidiary, Permian Resources Operating, LLC. Currently, stocks of Permian Resources have seen a minor increase and are trading on the New York Stock Exchange at a rate of $16.69.The material has been provided by InstaForex Company - www.instaforex.com

3-Month Bill Auction Results in United States Hold Steady at 5.250%

May 13, 2024 | 13:30 pm

The latest 3-Month Bill Auction results in the United States have shown a steady rate of 5.250%. This figure remains unchanged from the previous indicator, indicating stability in short-term borrowing costs for the government. The data was last updated on May 13, 2024, reflecting the current market conditions. Investors closely monitor these auctions as they provide insights into the government's borrowing costs and overall market sentiment. With the 3-month bill rate holding firm, it suggests a level of confidence in the economy's performance in the near term.The material has been provided by InstaForex Company - www.instaforex.com

United States 6-Month Bill Auction Shows Slight Increase to 5.165%

May 13, 2024 | 13:30 pm

In the latest 6-Month Bill Auction in the United States, the yield rate showed a slight increase from 5.155% to 5.165%. This uptick suggests a slightly higher demand for these short-term government securities, as investors are willing to accept a slightly higher return on their investment. The data, updated on 13 May 2024, indicates a subtle shift in the market sentiment towards these Treasury bills. The auction results play a crucial role in gauging investor confidence in the economy and are closely monitored by market participants for insights into the overall financial landscape.The material has been provided by InstaForex Company - www.instaforex.com

First American Financial's Subsidiary Buys Wisconsin Title Service's Subsidiary, Plants

May 13, 2024 | 13:05 pm

First American Financial Corp. announced on Monday that its subsidiary, Mother Lode Holding Co., has acquired Wisconsin Title Closing Service, Inc., a sister company of Wisconsin Title Service Co. This acquisition includes their title manufacturing units in Milwaukee, Waukesha, Walworth, and Washington.As a result of this transaction, First American aims to leverage the underwriting resources and extensive experience in residential transactions that Mother Lode Holding Co. brings to the table.Lisa Steele, the Chief Operating Officer of Mother Lode Holding, commented on the acquisition, stating, "Their dedication to customer service and innovation aligns with our own, offering a unique opportunity to enhance our presence in key markets, while delivering added benefits to the clients of Wisconsin Title Service Company."At the moment, the stock of First American Financial is on the rise, showing an increase of 0.75 percent with a current price of $56.43 on the New York Stock Exchange.The material has been provided by InstaForex Company - www.instaforex.com

Consumer Inflation Expectations on the Rise in the United States According to NY Fed

May 13, 2024 | 13:00 pm

The latest data from the New York Federal Reserve indicates a notable increase in consumer inflation expectations in the United States. The 1-year consumer inflation expectations have risen from 3.00% to 3.30%. This uptick suggests that consumers anticipate prices to continue to climb in the coming year.With inflation already being a key concern for policymakers and investors, this update from the NY Fed is likely to draw attention as it signals a potential acceleration in price growth. The data, last updated on May 13, 2024, underscores the importance of monitoring consumer sentiment and expectations when gauging future inflation trends in the country. As the economy navigates through various challenges, including supply chain disruptions and rising energy costs, keeping a close watch on inflation expectations will be crucial for policymakers in formulating appropriate responses.The material has been provided by InstaForex Company - www.instaforex.com

ICC Holdings: Stilwell Rejects Settlement Offer

May 13, 2024 | 12:52 pm

ICC Holdings, Inc., the parent company of Illinois Casualty Company, recently announced that an offer to include their principal and director nominee, Joseph Stilwell, on the ICC Holdings Board was turned down by the Stilwell Group. In addition to expanding the Board to 10 members, the company had also offered to incorporate Stilwell into the Board's Investment Committee, which would oversee a review of the company's investment portfolio fees and costs. This attempt was made with the intention to prevent the potential monetary burden and disruptions caused by a proxy contest.Nonetheless, the Board expressed their disappointment that Stilwell declined the proposal — particularly because it grants him precisely what he is advocating for: a spot on the ICC Holdings Board. The Board, which encompasses our most prominent shareholder and collectively owns roughly 20% of the company's stocks, remains devoted to safeguarding all shareholders and striving for a constructive resolution.The material has been provided by InstaForex Company - www.instaforex.com

US stocks mixed as the day winds down

May 13, 2024 | 12:38 pm

The major US indices are mixed heading into the close of the day. The Dow industrial average is at risk of snapping it's 8-day win streak, the longest this year. The gains added 4.59% from the low to the close yesterday. The Dow is down -62 points or -0.16% at 39450.21The S&P has been up 6 of 7 days but it to is marginally lower by about 1 point or -0.02%.The Nasdaq is up 43 points to 0.26% at 16384.The small cap Russell 2000 up 4.63 points 0.23%, but was up 21.67 points as small caps were boosted by a run into a few meme stocks including AMC and Gamestop on the back of the first tweets in 3 years by Roaring Kitty. FYI. The game is so rigged.... This article was written by Greg Michalowski at www.forexlive.com.

Rate Cut Outlook Drove Dollar's Moves Last Week

May 13, 2024 | 12:35 pm

The performance of the US Dollar in the week from May 6 to May 10 was primarily influenced by the monetary policies set out by the Federal Reserve. Riding the momentum of both a hawkish Federal Reserve commentary and an unwelcome update on US labour market conditions, the Dollar surged against the British pound, Australian Dollar and Japanese yen. However, it lost ground against the euro. The wider context, reflected by the 6-currency Dollar Index, shows a net gain for the Dollar over the week.This index, known as DXY, tracks the Dollar's performance against six other major currencies. It rose by 0.22 percent at the end of the week on May 10. The index started the week at 105.08, closing on Friday at 105.31, having achieved a high of 105.74 on Thursday and a low of 104.87 on Monday.The Dollar experienced a temporary recovery at the start of the week as an increased number of Federal Reserve officials advocated for higher interest rates over a sustained period. This resurgence came after a significant drop the previous week, following weaker than predicted job market data which had led to speculation of a potential rate cut by the Federal Reserve. However, the revival was fleeting as new data unveiled a rise in jobless claims.According to the US Department of Labor, the number of people applying for unemployment benefits in the United States rose significantly to 231,000 during the week ending on May 4, up from 209,000 the previous week. This figure, the highest since August 2023, considerably exceeded the market prediction of 210,000.Amid these developments, the euro climbed slightly from $1.0758 on May 3 to $1.0769 on May 10, leading to a modest 0.10 percent increase for the EUR/USD pair over the week. Despite the pair dropping from a Monday peak of 1.0791, one of the week's high points, to a low of 1.0724 by Thursday, it ended on a high note when it closed on Friday at 1.0769. This rebound occurred as the markets reevaluated the Federal Reserve's monetary policy predictions in light of the surge in US unemployment claims during early May.During this period, the Dollar also pulled ahead of the British pound, which was impacted by the dovish stance adopted by the Bank of England. As expected, the BoE held the rates steady, indicating that Consumer Price Index inflation was predicted to near the 2 percent target soon. Votes for a cut rose from one to two since the last review, driving speculation for future rate reductions. Amid these events, the GBP/USD pair fell 0.21 percent to 1.2521 on May 10, down from 1.2547 the preceding week.Meanwhile, the AUD/USD pair declined by 0.08 percent during the week ending May 10, following a less-than-hawkish policy pause announced by the Reserve Bank of Australia (RBA). The AUD/USD pair’s activity during the week ranged between a high of 0.6646 on Tuesday and a low of 0.6557 on Wednesday.The USD/JPY had a wrap-up week bolstered after a streak of gains resulting from Japan's suspected currency market intervention. The pair rose by 1.83 percent from May 3's close of 152.98 to 155.78 on May 10. It achieved a high of 155.96 on Thursday, rebounding from a low of 153.32 on Monday.Looking ahead to the coming week, all eyes will be on Fed Chair Jerome Powell's speech, the key US Consumer Price Index data release on Wednesday, and further developments from within the Federal Reserve. It's forecasted that the US headline annual consumer price inflation will fall from 3.5 percent in March to 3.4 percent in April. However, monthly inflation is expected to remain stable at 0.4 percent. In the run-up to these announcements, the Dollar Index has dropped to 105.11.Key data releases in the coming week include the unemployment rate from the UK and the German ZEW Economic Sentiment Index on Tuesday, Japan's preliminary GDP readings for the first quarter late on Wednesday, as well as updates on Industrial Production and Retail Sales from China on Thursday.The EUR/USD pair rose slightly to 1.0799, while the GBP/USD pair moved up to 1.2555. The AUD/USD pair increased to 0.6623, and the USD/JPY remained nearly flat at 155.76.The material has been provided by InstaForex Company - www.instaforex.com

Genprex Appoints Toscano As Chairman

May 13, 2024 | 12:24 pm

On Monday, Genprex, Inc. (GNPX) officially announced that board member Jose Moreno Toscano has been appointed as the non-executive chairman of the Board. The decision was made following the unfortunate passing of the company's co-founder and former Chairman, Rodney Varner.Toscano had been holding the position of chief executive officer at LFB USA Inc., which is the US subsidiary of LFB Group, since April 2018. His appointment coincides with the recent assignment of Ryan Confer as President and CEO of Genprex.Ahead of Monday's market opening on the Nasdaq, the shares traded at $2.39, marking an increase of 3.02%.The material has been provided by InstaForex Company - www.instaforex.com

Mexican Peso extends its losses amid Banxico’s Governor dovish tilt

May 13, 2024 | 12:24 pm

The Mexican Peso depreciated versus the US Dollar during the North American session on Monday after Bank of Mexico (Banxico) Governor Victoria Rodriguez Ceja commented, “We could evaluate downward adjustments” to the main reference rate.

Apple Music To Unveil Its 100 Best Albums

May 13, 2024 | 12:23 pm

Apple Music has declared its list of the 100 Best Albums of all time. They are enlivening this event with a ten-day countdown celebration starting from Monday. The countdown unfolds with the unveiling of ten albums each day, bouncing up the excitement leading to the disclosure of Apple Music's top 10 albums of all time on the final day. This thrilling revelation of the ultimate ten albums is set for May 22.Moreover, Apple Music has unveiled a dedicated microsite that will register daily updates during the countdown. Each album on the vaunted 100 Best list receives a spotlight on this new microsite, which provides an in-depth analysis of each album, houses archival interviews, and more.The material has been provided by InstaForex Company - www.instaforex.com

TELUS To Invest $17 Bln To Enhance Network In British Columbia Over Next Five Years

May 13, 2024 | 12:21 pm

The telecom giant, TELUS Corp., has recently announced its plans to invest $17 billion. This significant cash injection will focus on the extensive enhancement and expansion of its network operations and infrastructure throughout British Columbia over the next half-decade.This investment is a component of the company's larger commitment to disburse $73 billion all over Canada by 2028. The fund is earmarked to foster infrastructure development, boost sustainability and promote advancement in network technology.Since the dawn of the new millennium, TELUS has made substantial investments totaling over $63 billion in British Columbia alone. The purpose of these funds was to develop and construct network infrastructure and operations, as well as manage spectrum. This successful financial strategy connected families and businesses to the globally-recognized 5G network and TELUS PureFibre.So far, TELUS has successfully connected more than 1.9 million homes and businesses in B.C. with TELUS PureFibre, which includes over 280,000 connections in the more rural areas of the province.From 2000 through to the end of 2023, the telecom giant has channelled national investments of $259 billion into network infrastructure, operations and spectrum. More than $63 billion of this total has been invested in British Columbia. Consistent with the company's capital expenditure predictions for 2024, these investment activities reaffirm TELUS' long-term financial commitment to infrastructure development.The material has been provided by InstaForex Company - www.instaforex.com

Gold price slide amid risk-on mood, upcoming US data

May 13, 2024 | 12:20 pm

Gold prices retreated sharply on Monday from near $2,350 even though US Treasury yields declined, undermining appetite for the Greenback.

AbbVie To Collaborate With Gilgamesh To Develop Next-Gen Psychiatric Therapies

May 13, 2024 | 12:17 pm

On Monday, AbbVie, a leading pharmaceutical company, announced their decision to collaborate with Gilgamesh Pharmaceuticals. The latter is a clinical-stage neuroscience biotech firm focused on the development of next-gen treatment approaches for unresolved psychiatric disorders.AbbVie highlighted that the initial compounds under development may bring about significant psychoactive effects, like hallucinations. This would necessitate monitored administration and concurrent supportive care. However, the discovery of neuroplastogens could help reduce the difficulties associated with the use of these first-generation compounds.These breakthrough compounds are being designed to treat an array of psychiatric conditions ranging from mood to anxiety disorders.According to the terms of the agreement, AbbVie will spearhead the development and commercialization activities once the option is exercised.Gilgamesh is set to receive an upfront payment of $65 million from AbbVie. Furthermore, they are eligible to receive up to $1.95 billion in combined option fees and milestones. They will also receive tiered royalties, ranging from mid-single to low-double digits, on net sales.The material has been provided by InstaForex Company - www.instaforex.com

Forex Today: US inflation, Fed's Powell take centre stage

May 13, 2024 | 12:10 pm

The Greenback kicked off the week on the back foot amidst the generalized better tone in the appetite for the risk-related assets.

Dow Jones Industrial Average stumbles after consumer inflation outlook rises

May 13, 2024 | 11:57 am

The Dow Jones Industrial Average (DJIA) kicked off the new trading week softly higher before getting knocked back after the Federal Reserve (Fed) Bank of New York revealed that consumer inflation expectations for the coming year accelerated to 3.3%.

Canadian Dollar stuck in the middle on tepid Monday

May 13, 2024 | 11:56 am

The Canadian Dollar (CAD) churned within familiar levels on Monday as a data-light economic calendar kicks off the new trading week.

U.S. Stocks May Move To The Upside In Early Trading

May 13, 2024 | 11:53 am

After witnessing considerable growth the preceding week, stocks are likely to see further rises in early trade on Monday. The primary market indicators point towards a moderate upward market open, with the S&P 500 futures rising by 0.2 percent.The sustained upward push witnessed in recent times may continue to boost markets, helping the Dow retain its eight-day winning streak. The recent bullish market behavior could be attributed to renewed optimism regarding a potential reduction in interest rates by the Federal Reserve in the upcoming months. However, impactful inflation data set to be released this week might significantly affect the rate outlook.Scheduled for Tuesday and Wednesday respectively, the Labor Department is expected to publish reports on producer and consumer price inflation. Economists predict an increase of 0.3 percent in producer prices for April, following a 0.2 percent rise in March, pushing the annual growth rate to 2.2 percent from the earlier 2.1 percent.Consumer prices are anticipated to see a 0.4 percent rise in April, mirroring the increase observed in March. Core consumer prices, excluding food and energy costs, are forecasted to grow by 0.3 percent in April compared to a 0.4 percent rise in the previous month. The consumer price growth rate is expected to slightly drop to 3.4 percent in April, with the annual core consumer price growth rate slowing to 3.6 percent from 3.8 percent.Further market attention can be expected this week from comments by Fed Chair Jerome Powell and reports on retail sales, industrial production, and housing starts.In individual stocks, video game retailer GameStop is expected to witness a surge in early trading following a new post by social media influencer "Roaring Kitty", who was instrumental in driving a wave of activity in the retailer's stock in 2021. Website building platform Squarespace is forecasted to see a marked increase due to its recent announcement of a private all-cash transaction worth approximately $6.9 billion.Conversely, PENN Entertainment may see a decline following a Bank of America downgrade from Buy to Neutral.Significant market shifts were noted last Friday with the major averages ending mixed, though the Dow recorded its eighth consecutive trading day of gains. The Nasdaq marginally decreased by 5.40 points while the S&P 500 and Dow saw modest increases.Over the week, the Nasdaq rose by 1.1 percent, while the S&P 500 and Dow saw increases of 1.9 percent and 2.2 percent respectively.In international trading news, Asia-Pacific region stock markets displayed a mixed performance on Monday. Japan's Nikkei 225 Index and China's Shanghai Composite Index both saw slight decreases, while Hong Kong's Hang Seng Index rose by 0.8 percent.Meanwhile, major European markets have experienced slight losses. The UK's FTSE 100 Index, the French CAC 40 Index, and the German DAX Index all dropped by 0.2 percent.In the commodities market, after a recent drop to $78.26, crude oil futures showed signs of recovery while gold futures displayed a drop after a previous surge.In currency news, the U.S. dollar is currently trading at 155.72 yen and $1.0796 against the euro.The material has been provided by InstaForex Company - www.instaforex.com

Quarterly Results Takes Precision BioSciences Higher

May 13, 2024 | 11:48 am

Precision BioSciences, Inc. (DTIL) saw its shares climbing by over 11% in Monday's pre-market trading, following the release of its impressive first quarter results.In comparison to the net loss of $25.06 million or $6.75 per share reported in the same quarter the previous year, the company posted a net income of $8.59 million or $1.70 per share for the first quarter. The company's revenue for the quarter also grew significantly, rising to $17.6 million from $8.8 million in the previous year.Six analysts surveyed by Thomson-Reuters had, on average, predicted that the company would report a loss of $1.91 per share on revenue of $6.02 million.On the previous Friday, Precision BioSciences' shares closed at $10.64, a drop of 2.65%. Over the past year, the stock has fluctuated between $8.25 and $27.03.The material has been provided by InstaForex Company - www.instaforex.com

India Inflation Slows Slightly To 4.83%

May 13, 2024 | 11:45 am

India's Consumer Price Inflation (CPI) experienced a slight reduction for the fourth consecutive month in April, according to data from the National Statistical Office published on Monday.In April, the CPI recorded an annual increase of 4.83%, a slight dip from the 4.85% rise in March. During this period in the preceding year, the rate of inflation was 4.70%. The expectation was for inflation to decrease to 4.80% in April.Importantly, the rate of inflation remained within the Reserve Bank of India's acceptable range of 2-6%.In a separate development, food price inflation saw a modest increase, growing to 8.70% in April from 8.52% in the previous month.In comparison, costs for clothing and footwear registered an annual growth of 2.85%, while expenses for fuel and light decreased by 4.24%.From a monthly perspective, consumer prices in April rose by 0.48% after maintaining a steady level in March.The material has been provided by InstaForex Company - www.instaforex.com

Home Depot reacted from the blue box looking for more downside

May 13, 2024 | 11:41 am

Home Depot (HD), is an American multinational home improvement retail corporation that sells tools, construction products, appliances, and services, including fuel and transportation rentals.

Icahn Enterprises Plans To Offer $500 Mln Of Senior Notes

May 13, 2024 | 11:41 am

Icahn Enterprises L.P., in partnership with Icahn Enterprises Finance Corp., announced on Monday that they plan to start a private offering of senior unsecured notes worth $500 million due in 2030. The revenue generated from this offering is intended to be used for the partial redemption of the existing senior unsecured notes, with a percentage yield of 6.375%, which are due in 2025. According to a company statement, these notes will be issued under an agreement between the main parties involved: the issuers, Icahn Enterprises Holdings L.P. (acting as the guarantor), and Wilmington Trust, National Association (serving as the trustee). This issuance will also be guaranteed by the guarantor.The material has been provided by InstaForex Company - www.instaforex.com

Uranium miners ETF (URA) extends impulsive rally

May 13, 2024 | 11:40 am

The Uranium ETF (URA) is an exchange-traded fund that aims to track the performance of companies involved in the uranium mining industry.

Wall Street Set To Open Higher

May 13, 2024 | 11:24 am

On Monday, market movements may be swayed by geopolitical events since there are no significant corporate announcements expected. Inflation data is forecasted to take center stage this week with the Labor Department's consumer and producer prices for April set to be announced. In the Asian session, the price of gold fell by half a percent, dipping below $2,350 per ounce, while oil prices saw a slight decline ahead of an OPEC+ meeting on supply policy.Early indications from the U.S. Futures Index suggest that Wall Street may start the day on a positive note. As of 8:05 am ET, Dow futures were up by 69.00 points, the S&P 500 futures showed gains of 13.50 points, and the Nasdaq 100 futures were up by 64.50 points.The U.S. market displayed overall growth, with the Nasdaq slightly down by 5.40 points, marginally under a tenth of a percent, to close at 16,340.87. The S&P 500 edged up with an increase of 8.60 points or 0.2 percent, ending at 5,222.68. Meanwhile, the Dow saw a jump of 125.08 points or 0.3 percent, closing at a new one-month high of 39,512.84.In economic news, the six-month Treasury bill auction is scheduled for 11:30 am ET on Monday. Loretta Mester, President of the Cleveland Fed, is slated to partake in a discussion at the Central Bank Communications: Theory and Practice Conference, hosted by the Federal Reserve Bank of Cleveland, at 9:00 am ET.Asian markets concluded Monday's session on a down note. The Chinese markets narrowed slightly with the Shanghai Composite index dipping 0.21 percent to close at 3,148.02. Meanwhile, Hong Kong's Hang Seng index rose by 0.80 percent finishing at 19,115.06 as Beijing amplified plans to bolster their economy.In Japan, stocks closed slightly lower with the Nikkei average falling by 0.13 percent to end at 38,179.46. The broader Topix index closed down by 0.15 percent at 2,724.08. Australian markets ended the day relatively unchanged.New Zealand's S&P NZX-50 index took a hit, falling by 0.88 percent to close at 11,652.16.The material has been provided by InstaForex Company - www.instaforex.com

Intel Reportedly In Talks With Apollo For $11 Bln Fund To Build Ireland Plant

May 13, 2024 | 11:22 am

Intel Corporation, a leading semiconductor manufacturing company, is reportedly in advanced negotiations with Apollo Global Management to secure over $11 billion in financing. This funding will support the construction of a new Intel production facility in Ireland, according to people close to the matter as cited by the Wall Street Journal.Apollo's High Grade Capital Solution, a division which supports financing responsibilities to sizeable investment-grade corporations, is spearheading these discussions. An agreement is anticipated to come to fruition in the following weeks.This negotiation comes at a time when the chip manufacturer is focusing on the expansion and establishment of new factories in various locations like Arizona, Ohio, and Ireland, among others. This strategy is geared towards accommodating the spiking chip demand.There has also been speculations about conversational engagement between Intel Corporation and other alternative-investment companies such as KKR and infrastructure investor Stonepeak, who are also potential funders.Previously Intel struck a similar $30 billion deal with Brookfield Asset Management. The corporation had also sealed a non-binding preliminary agreement with the US Department of Commerce in an earlier announcement this year. This agreement detailed an $8.5 billion direct funding to support Intel's commercial semiconductor projects as part of the CHIPS and Science Act.If finalized, the proposed funding will bolster Intel's semiconductor manufacturing, as well as research and development projects in various locations including Arizona, New Mexico, Ohio and Oregon.Under the preliminary memorandum of terms, Intel is also allowed to access federal loans of up to $11 billion. In further government support, the tech giant might also claim the US Treasury Department’s Investment Tax Credit, expected to account for up to 25% of all qualified investments, stretching above $100 billion for the next five years.The material has been provided by InstaForex Company - www.instaforex.com

US Dollar starts the week on the defensive, markets await inflation data

May 13, 2024 | 11:18 am

The US Dollar Index (DXY) is trading mildly lower at 105.35 on Monday at the midpoint of the US session.

Squarespace Up In Pre-market On News Of Acquisition By Permira

May 13, 2024 | 11:18 am

Squarespace, Inc. (SQSP) shares have spiked more than 13 percent in pre-market trading on Monday, reaching a price of $43.16. The increase follows the announcement that the company, known for its website building services, has agreed to be acquired by the private equity firm Permira. The all-cash deal is valued at approximately $6.9 billion.According to the terms of the agreement, Squarespace shareholders will receive $44.00 per share in cash; this amount represents a 15 percent premium over Squarespace's closing share price of $38.19 on May 10.On Friday, Squarespace shares closed at $38.19, marking a 3.72 percent increase. The company's stock has been traded within a range of $26.70 to $38.30 over the course of the past year.The material has been provided by InstaForex Company - www.instaforex.com

Sphere Entertainment Acquires HOLOPLOT - Quick Facts

May 13, 2024 | 11:18 am

Sphere Entertainment Co. (SPHR) has successfully procured all remaining shares of HOLOPLOT GmbH, which it did not own previously. Despite the acquisition, HOLOPLOT plans to maintain its base in Berlin and will continue to operate as a subsidiary of Sphere Entertainment.Speaking for Sphere Entertainment, CEO David Dibble, and EVP of Development and Construction, Paul Westbury, stated in a unified message: "This acquisition symbolizes our organization's endeavour to remain at the forefront of immersive experiences, as we investigate growth opportunities for both Sphere and HOLOPLOT."It's worth noting that Sphere initially invested in HOLOPLOT in 2018. This investment was part of a collaborative effort between the two companies to develop the Sphere Immersive Sound, a technology enhanced by HOLOPLOT.The material has been provided by InstaForex Company - www.instaforex.com

USD/NOK edges lower on quiet Monday, ahead of US CPI

May 13, 2024 | 11:16 am

The USD/NOK pair saw a sharp decrease in Monday's trading session, driven primarily by ongoing hawkish sentiment from the Norges Bank and a somewhat weak start of the week for the Greenback.

Russia's Central Bank Reserves Drop to $595.7 Billion in Latest Report

May 13, 2024 | 11:00 am

In the latest data release, Russia's Central Bank reserves have decreased from $596.8 billion to $595.7 billion. The report, updated on May 13, 2024, indicates a slight drop in the country's foreign exchange reserves. This change may have implications for Russia's economic stability and its ability to navigate global financial challenges. Analysts will closely monitor how this shift in reserves could impact the country's monetary policy and exchange rate dynamics in the coming months.The material has been provided by InstaForex Company - www.instaforex.com

Here is the signal in all the US political noise

May 13, 2024 | 10:42 am

I don't know who is going to win the US election but there's a great chance we end up with some kind of split of power in the three branches of US government. Even if we don't, the margins will be narrow enough (and parties fractured enough) to keep too much from really changing.So what matters? I think it's the things that the vast majority of politicians on both sides care about. The main one that I can identify right now is deficits:“No one seems to care,” Retiring Senator Joe Manchin said today. “It’s a shame, $34.6 trillion in debt. No one cares about it.”Goldman Sachs was out with this yesterday:Goldman: "President Biden and former President Trump propose substantially different fiscal agendas, but they both face the same constraint: there is not nearly as much scope for fiscal expansion as either had at the start of their time in office."Now I can't be sure if they're talking about fiscal space here or political will but I disagree. Yes, US deficits are high and debt has ballooned but we're far from the limit. Japan has proven that deficits and debt can run far beyond what anyone thought was impossible and the US has a far-more privileged currency position. The bottom line is that there are two options here: Cut spending or raise taxes.Neither are coming, not in a meaningful way. And if there is a change on one side of that equation, it will be given back on the other. Trump was promising tax cuts for everyone on the weekend. "Instead of a Biden tax hike, I'll give you a Trump middle class, upper class, lower class, business class big tax cut," Trump said at a rally Saturday in Wildwood on the New Jersey shore.While Republicans may cut spending, they're also going to lower receipts. It would be the same thing on the other side (though I think there's very little chance of Democrats holding onto the Senate anyway).A split Congress might be the worst of both worlds as tax cuts would sail through while spending curbs will be blocked. It all adds up to a powerful combination to There is talk about a 'Liz Truss moment' at some point but I think we're still a long ways away from that in the US. It all means that US inflation will stay high and the dollar strong so long as the Fed maintains credibility. This article was written by Adam Button at www.forexlive.com.

Pound Sterling Price News and Forecast: GBP/USD climbs yet remain contained below 1.2600

May 13, 2024 | 10:21 am

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Watch live: OpenAI presents its spring update

May 13, 2024 | 10:13 am

OpenAI is debuting a voice assistant. It's similar to the current model but much faster and you can interact with it in real-time. So far it's impressive.Update: This is impressive. They just rolled out real-time video in context and near-instant translation.It's over now, you can watched the recording or CNN has a recap. This article was written by Adam Button at www.forexlive.com.

USD/JPY finds highest bids since suspected ‘Yentervention’ declines, breaks above 156.00

May 13, 2024 | 10:05 am

USD/JPY broke above the 156.00 handle on Monday as markets continue to chew through Japanese Yen (JPY) gains following a pair of suspected “Yenterventions” from the Bank of Japan (BoJ) at the end of April and beginning of May.

Treasury Secretary Yellen: We value our trade and investment relationship with China, BUT.

May 13, 2024 | 09:49 am

Treasury Secretary Yellen comments more on the proposed China tariffs:Hopeful that China will see that U.S. actions on tariffs are targeted, will see what happensAsked if she will inform China ahead of any U.S. tariff action, says will ensure counterparts are informedChina is pursuing a conscious industrial policy targeting investment in advanced manufacturingVirtually all Chinese investment that had been going into property sector is now going into advanced manufacturingWe've been clear that we will take steps necessary to ensure U.S. firms are able to help satisfy domestic demandWe've been clear that may reconfigure tariffs imposed under Trump in a 'more strategic way'We value our trade and investment relationship with China, but have areas where we have disagreements with China This article was written by Greg Michalowski at www.forexlive.com.

BOA Monihan: Sees a slow growth but still positive spending in the US

May 13, 2024 | 09:44 am

Bank of America's CEO Brian Moynihan is on the wires and says: Sees slower growth but still positive spending in the USPeople are getting used to higher rate environmentWage growth has boosted American consumer This article was written by Greg Michalowski at www.forexlive.com.

GameStop Stock News: Roaring Kitty meme sends meme stocks soaring

May 13, 2024 | 09:02 am

It was the meme heard ‘round the world. On Sunday, May 12, Keith Gill posted a meme on X (formerly Twitter) of a man leaning forward in his seat, which is normally used by video game enthusiasts to mean a situation is getting serious.

European indices closing mixed with Spain and Italy rising

May 13, 2024 | 08:41 am

Major European indices are closing the day makes with Spain and Italy rising. Germany, France and UK falling (after each closed at record levels on Friday).The final numbers are showing:German DAX, -0.18%France CAC, -0.14%UK FTSE 100 hundred, -0.22%Spain's Ibex, +0.34%Italy's FTSE MIB, +0.46%As London/European traders look to exit for the day, major stock indices are mixed. The Dow Industrial Average average is now trading in negative territory threatening to snap its eight day winning streak.Dow Industrial Average average -13.45 points or -0.04% at 39499S&P index -1.07 points or -0.02% at 5221.59. NASDAQ index up 35.02 points or 0.22% at 16376.31The small-cap Russell 2000 straining up 12.16 points or 0.59% at 2071.96.Shares of GameStop are trading sharply higher by $10.74 or 61.75% at $28.20. Roaring Kitty (Twitter) who led the meme stock surge a few years ago including shares of GameStop, tweeted for the first time in three years. This article was written by Greg Michalowski at www.forexlive.com.

Roaring Kitty posts again...."Fine...I will do it myself"

May 13, 2024 | 08:25 am

https://x.com/TheRoaringKitty/status/1790034263603139012"Fine... I will do it myself..." This article was written by Greg Michalowski at www.forexlive.com.

GBP/USD Price Analysis: Climbs yet remain contained below 1.2600

May 13, 2024 | 08:04 am

The Pound Sterling gains traction against the US Dollar and climbs above the 200-day moving average (DMA) of 1.2541 in early trading during the North American session.

EUR/USD approaches monthly high on improved market sentiment, subdued US Dollar

May 13, 2024 | 07:43 am

EUR/USD rises to 1.0800 in Monday’s American session due to improved market sentiment.

US Dollar off Monday's low after Jefferson hawkish call

May 13, 2024 | 07:35 am

The US Dollar (USD) is off the low for this Monday after comments from Fed Vice Chairman Philip Jefferson said that it is appropriate to keep rates steady for longer. The week starts calm on the economic data front, but it will get busier as days go by

Japanese Yen eases amid uncertainty ahead of US data-packed week

May 13, 2024 | 07:33 am

The Japanese Yen (JPY) falls further to 156.00 against the US Dollar (USD) in Monday’s American session.

Oil prints small uptick while Greenback eases

May 13, 2024 | 07:30 am

Oil prices edge up slightly on Monday, but levels are flashing red lights after closing nearly flat last week. The black gold has been unable to rally on the back of further rising tensions on the situation in the Middle East after the US suspended the delivery

Meme stocks roar back to life, as Anglo rejects BHPs advances and Boots is up for sale

May 13, 2024 | 07:23 am

While global blue-chip stocks may have seen muted moves ahead of key economic data releases later this week, GameStop, the video-game maker, has seen its share price surge more than 40% so far on Monday, its strongest performance since March 2021, at the peak of the meme stock craze.

USD/CAD retreats from 1.3700 as US Dollar falls sharply, US Inflation in focus

May 13, 2024 | 07:22 am

The USD/CAD pair falls back sharply while attempting to recapture the round-level resistance of 1.3700 in Monday’s American session.

Treasury Secretary Yellen: Bidens #1 priority is to bring down inflation

May 13, 2024 | 07:21 am

Treasury Secretary Yellen on Bloomberg says:Pres. Bidens #1 priority is to bring down inflation.We do not wish to disengage with China economically but there should be a level playing fieldAny action should be targeted and not broadbased. Hopefully we will not see a significant Chinese response but it is always a possibilityTax revenues should be used to lower the deficitinterest rates aregenerally lower than they have been.Higher interest rates complicate fiscal challenges.The US CPI data will be released on Wednesday at 8:30 AM ET. Looking at the chart below, the total CPI and the Core CPI have moves lower since peaking near 9% (for headline). However, both measures have stalled near 3%. The Fed targets 2%. This article was written by Greg Michalowski at www.forexlive.com.

Reuters poll: Federal Reserve to cut fed funds rate by 25 basis points in September

May 13, 2024 | 07:03 am

A Reuters poll of 108 economists shows:Federal Reserve to cut fed funds rate by 25 basis points in September says 70 of 108 economists (versus 54 of 100 in April poll)Federal Reserve to cut rates by 50 basis points in 2024 says 65 of 108 economists. 17 say over 50 basis points, one says no cuts. This article was written by Greg Michalowski at www.forexlive.com.

Fed's Jefferson: Inflation is a source of concern

May 13, 2024 | 06:55 am

Federal Reserve Vice-Chairman Phillip Jefferson stated on Monday that he advocates maintaining current interest rates until there is evident moderation in price pressures.

Pound Sterling adds more gains ahead of UK employment, US inflation data

May 13, 2024 | 06:53 am

The Pound Sterling (GBP) remains well-supported above the psychological support of 1.2500 against the US Dollar (USD) in Monday’s New York session.

US stocks are marginally higher in early US trading

May 13, 2024 | 06:48 am

The US stocks are marginally higher in early US trading. The major indices are off premarket levels.A snapshot of the market currently shows:Dow Industrial Average average up 109.89 points or 0.28% at 39622.74S&P index up 4.17 points or 0.08% at 5226.86NASDAQ index up 14.53 points or 0.09% at 16355.40.The small-cap Russell 2000 is up 13.01 points or 0.63% at 2072.79Oh my...Gamestop shares are up 69% as diamondhands Roaring Kitty returns to twitter after a 3-year absence. Some of the major large-cap stocks are under pressure:Meta Platforms $-12.31 or -2.60%Nvidia $-7.77 or -0.87%Microsoft $-3.35 or -0.81%Alphabet $-3.80 or -2.25%Others are doing okay:Apple up $1.75 or 0.96%Tesla up $5.30 or 3.13%Micron up $2.41 or 1.99%.Intel up $0.93 or 3.13% This article was written by Greg Michalowski at www.forexlive.com.

Gold corrects after US data shows inflation fears

May 13, 2024 | 06:26 am

Gold price (XAU/USD) corrects back, falling a half a percent to the $2,340s on Monday after US Consumer Sentiment data suggested interest rates may remain higher for longer, reducing Gold’s attractiveness as a non-yielding asset.

Correction is retraced, but will stocks see further upside?

May 13, 2024 | 06:18 am

Friday’s trading session didn’t change that much, with the S&P 500 index gaining 0.16% and slightly extending its recent advances.

Russia Central Bank Reserves $ down to $595.7B from previous $596.8B

May 13, 2024 | 06:00 am

Russia Central Bank Reserves $ down to $595.7B from previous $596.8B

Wisetech Global Limited – WTC stock analysis and Elliott Wave technical torecast [Video]

May 13, 2024 | 05:56 am

ASX: WISETECH GLOBAL LIMITED – WTC Elliott Elliott Wave Technical Analysis TradingLounge (1D Chart).

Canada Building Permits (MoM) below forecasts (-4.6%) in March: Actual (-11.7%)

May 13, 2024 | 05:30 am

Canada Building Permits (MoM) below forecasts (-4.6%) in March: Actual (-11.7%)

Germany Current Account n.s.a. dipped from previous €29.8B to €27.6B in March

May 13, 2024 | 05:30 am

Germany Current Account n.s.a. dipped from previous €29.8B to €27.6B in March

Canada March building permits -11.7% vs -3.3% expected

May 13, 2024 | 05:30 am

Prior was +9.3%Permits in the non-residential component declined 16.7% to $4.0 billion, while the residential sector decreased by 8.3% to $6.5 billion. The decline comes after two months of gains and the overall gain for Q1 was +3.7% from Q4 2023. This article was written by Adam Button at www.forexlive.com.

Mexican Peso rises on favorable interest-rate outlook

May 13, 2024 | 05:08 am

The Mexican Peso (MXN) trades slightly higher in its major pairs on Monday, continuing to benefit from relatively higher interest rate expectations in Mexico following last week’s central bank decision.

ForexLive European FX news wrap: The calm before the storm

May 13, 2024 | 04:53 am

Headlines:US data in the spotlight this weekTime to go fishingGold down slightly on the day, awaits US data for next moveSwitzerland Q2 consumer confidence -24 vs -26 priorSNB total sight deposits w.e. 10 May CHF 468.9 bn vs CHF 473.2 bn priorMarkets:AUD, EUR, and GBP lead, JPY lags on the dayEuropean equities mixed; S&P 500 futures up 0.2%US 10-year yields down 2.3 bps to 4.482%Gold down 0.7% to $2,343.91WTI crude up 0.8% to $78.85Bitcoin up 3.6% to $62,650It was a quiet session and understandably so. All eyes this week are on the upcoming data from the US, with the main spotlight being on the CPI report on Wednesday. That being said, the PPI report tomorrow might take on more importance and have a larger impact than usual in that regard.But for now, it's all about the calm before the storm.The dollar was little changed early on but is now mildly softer, although the changes are light. It comes as yields are also down slightly on the day. EUR/USD is up 0.2% to 1.0790 as it tests its 200-day moving average at the level with offers lined up near 1.0800 as well. AUD/USD was also down near 0.6600 but is now up to 0.6615, with eyes on key resistance around 0.6634-50 on the week.Besides that, equities are looking a bit more mixed although US futures are holding on to slight gains for now. It's still early in the week to be calling for anything, as it will all depend on the data in the next few days. This article was written by Justin Low at www.forexlive.com.

UK PM Sunak reaffirms that election will be at some point later this year

May 13, 2024 | 03:44 am

This isn't anything new as the presumption now is that they will have the election in October. But either way, it will definitely be in the second half of the year surely at this stage. Politics is going to be stealing the spotlight towards the end of the year with the US also set to head to the polls in November. This article was written by Justin Low at www.forexlive.com.

AUD/USD Price Analysis: Consolidating after pull back from May 3 high

May 13, 2024 | 03:28 am

AUD/USD is trading in the 0.6610s on Monday as it continues its sideways consolidation after pulling back from its May 3 peak.

Pound Sterling is yet to pull away from 200-day SMA [Video]

May 13, 2024 | 03:15 am

After fluctuating wildly in the second half of the previous week, GBP/USD seems to have stabilized above 1.2500 at the beginning of the new week.

A June rate cut beckoning for the BOE?

May 13, 2024 | 02:43 am

In terms of market pricing, the first full 25 bps rate cut is currently baked in for August. But the odds of a June move are at ~54% currently. And for the year as a whole, traders are pricing in ~56 bps worth of rate cuts at the moment. So, what are the major banks saying after the BOE last week? (h/t @ MNI Market News)Barclays- First rate cut still primed for June, that is if the data lines up with the BOE's forecasts. Subsequently, look for further cuts in August, September and November.HSBC- First rate cut in June but the bank rate vote will be mixed, either 5-4 or 6-3. Then, BOE to engage with quarterly cuts after to 4.50% by end of the year and 3.50% by end of 2025.Deutsche- Can expect first rate cut in June as the bar for any hawkish surprises is very high. Then, further cuts to follow in September and December.JP Morgan- Change in guidance lowers the bar for a June rate cut, that is if data falls in line with the BOE's forecasts. Base case is still for a rate cut in August for now though.ING- June will be a "close call" but first rate cut still expected in August. The April CPI print will be the decider.BNP Paribas- First rate cut in June with 75 bps of cuts in 2024. A further 100 bps of cuts to follow in 2025, bringing the bank rate to 3.50%.Wells Fargo- June rate cut a possibility but not probably. First rate cut still expected in August before sequential cuts from November through to May next year.It's quite a mixed bag of calls with a slight leaning towards June I would say. But at the end of the day, it will come down to the next two UK CPI reports. The April reading will be released on 22 May and that is arguably the most important one to look forward to. That is because the second one (May reading) will only be released on 19 June, which is just one day before the next BOE policy decision. This article was written by Justin Low at www.forexlive.com.

FX stays more muted on the day

May 13, 2024 | 02:24 am

The euro is mildly higher but as the range for EUR/USD holds within 20 pips, it isn't really saying much. Besides, the pair is still keeping below its 200-day moving average of 1.0790 and the 1.0800 mark for now. The rest of the dollar pairs are also not showing much appetite, in what has been a rather lackluster start to the day.The day is as dull as they come, considering that traders are just waiting on key US data later this week.In other markets, S&P 500 futures are just up 0.1% with 10-year Treasury yields down 1 bps to 4.492%. Gold is down 0.8% to $2,341 levels, mainly just erasing the Friday jump though. This article was written by Justin Low at www.forexlive.com.

Time for some profit taking ahead of the US CPI?

May 13, 2024 | 01:48 am

Last Friday, the University of Michigan consumer sentiment report surprised to the downside with a big drop from 77.2 to 67.4 while the consensus was expecting just a slight tick lower to 76.0. It's not yet clear which weighed more on the sentiment between inflation and the labour market, but it comes after notable misses in the NFP and Jobless Claims data. The inflation expectations jumped to a six-month high, although the long term expectations remain anchored around the 3% level. Overall, an ugly report. The S&P 500 fell after the release but eventually erased half of the losses. In the 1 hour chart above, we can see that we had an incredible run since the FOMC decision with more bullish momentum triggered by the miss in the NFP report as the market viewed that as a good thing for inflation and eventually rate cuts. More recently, we started to see a divergence with the MACD, which is generally a sign of weakening momentum often followed by pullbacks. Given that we have big risks ahead with the US PPI and CPI in the next two days, some profit-taking around these levels into the data shouldn't be surprising. From a risk management perspective, it's better to wait for the data to be out of the way before taking new positions or increasing them. In fact, in case of a hot report, even if the buyers expect the market to eventually make new highs, the spike lower could be notable. That would be an even better opportunity to go long at better prices or go short for new lows, depending on one's individual bias. This article was written by Giuseppe Dellamotta at www.forexlive.com.

Market Outlook for the Week of 13 - 17 May

May 13, 2024 | 01:18 am

The week begins with a relatively quiet start on Monday with a focus on New Zealand's inflation expectations survey q/q. On Tuesday, the United Kingdom will see the release of the claimant count change, average earnings index 3m/y and the unemployment rate. Meanwhile, in the United States, market participants will be watching the PPI m/m data. Wednesday brings the release of the wage price index q/q in Australia, while the U.S. will get the inflation data, which is the most anticipated data print of the week. Additionally, market watchers will receive retail sales data and the Empire State manufacturing index. Thursday will see Australia's release of the employment change and unemployment rate. Meanwhile, the U.S. will get the weekly unemployment claims, building permits, Philly Fed manufacturing index, housing starts and industrial production m/m. Throughout the week, several FOMC members are scheduled to deliver remarks, including Fed Chair Powell, who will speak at the Netherlands' Foreign Bankers’ Association in Amsterdam, with audience questions expected. The RBNZ's expectations survey reflected an inflation decline, continuing the trend from last quarter and in line with the actual inflation drop over the last year. However, the expected inflation levels, both short-term and long-term, will remain higher than before the pandemic and they're dropping at a slower rate than previously anticipatedAs a reminder, the next RBNZ meeting is next week and it's likely that the Bank will keep its OCR unchanged. There was some softness in the labor market data lately, but inflation surprised to the upside. In the U.K. the consensus for the claimant count change is to rise by 10.9K compared to the prior 13.9K. The average earnings index 3m/y is likely to drop from 5.6% to 5.3% and the unemployment rate is expected to rise from 4.2% to 4.3%. Traders will monitor this week's labor market and wages data for signs of inflationary pressures. At the last meeting, the BoE stressed that the labor market is still tight from a historical point of view but there are signs some cooling is underway. Wages have started to soften, which is a good sign and this trend is likely to continue. The BoE will want to see continued decreases in prices and the pace of wage growth before it starts lowering interest rates. Analysts' opinions are split regarding the timing of the first rate cut with some of them pointing to August and others to June. In Australia the consensus for the wage price index q/q is 1.0% from prior 0.9% in Q3 2023. However, analysts from ING note that this week's data could see a slight decline during the first quarter to 0.8% q/q, as the RBA also noted in their recent statement that wage growth had peaked. The annual growth rate is expected to show a rise to 4.3% from 4.2% as growth in Q1 2023 was modest. U.S. inflation data will be the highlight of this week as everyone wants to see if the recent uptick was temporary or not. The consensus for the core CPI m/m is 0.3% from 0.4% prior; CPI m/m is 0.4% from 0.4% prior and the CPI y/y is expected to drop from 3.5% to 3.4%. If this week's data prints below consensus it will likely fuel rate cut expectations. Analysts from ING believe that a 0.2% print or lower will give Fed confidence that the y/y inflation will drop towards its 2% target, but for now that seems unlikely to materialize. However, even if inflation doesn't drop as fast as previously anticipated, at least it is not increasing back up. The consensus for the U.S. core retail sales m/m is 0.2% from 1.1% prior and for the retail sales m/m it's 0.4% (prior 0.7%). The picture is not very optimistic for retail sales compared to March with rising loan delinquencies showing consumers are under stress. U.S. industrial production also remains under pressure due to difficult credit conditions and high borrowing costs, as well as the overall uncertainty in the economy. The consensus for this week's data is a growth of 0.2% compared to 0.4% prior. In Australia the employment change is expected to show a growth of 25.3K from a previous decline of 6.6K, while the unemployment rate is anticipated to increase slightly from 3.8% to 3.9%. Labor market data in Australia has been hard to predict lately due to high seasonal volatility with the April figures also expected to be impacted by the Easter and school holidays. The unemployment rate increased modestly in March and it's likely to rise again in April, but remains low compared to historical levels. The RBA stressed that the labor market remains tight and that easing is only gradual, but there are signs of continued weakening in the near term. USD/CAD expectationsThe better than expected employment report for Canada didn't support the CAD too much. However, the market now expects the BoC to start cutting interest rates in July (previously in June) as the gains in employment were solid so more caution is needed. In terms of economic events there will be many data prints this week that could impact both the CAD and the USD. The BoC will monitor housing data to assess the demand as buyers anticipate lower interest rates in the future. The highlight in the U.S. will be the release of inflation data, along with industrial production, PPI and retail sales figures. On the H1 chart USD/CAD looks good for selling opportunities from a technical perspective. The pair could test the resistance at 1.3720 and if it doesn't break through it could resume its downtrend and reach the support at 1.3605. On the upside, the next resistance level is at 1.3780. A risk for this trade is the U.S. inflation data which will strengthen the USD if it prints above expectations. This article was written by Gina Constantin at www.forexlive.com.

SNB total sight deposits w.e. 10 May CHF 468.9 bn vs CHF 473.2 bn prior

May 13, 2024 | 01:02 am

Domestic sight deposits CHF 460.3 bn vs CHF 461.5 bn priorSwiss sight deposits declined in the past week but it isn't anything out of the ordinary as seen in the last few months, as per below: This article was written by Justin Low at www.forexlive.com.

Gold down slightly on the day, awaits US data for next move

May 13, 2024 | 00:53 am

The precious metal saw its advance last week halted by the trendline resistance (white line) above. That key level now sits at $2,367.50 as buyers ease off the charge a little. Gold is down 0.5% today to $2,348 levels now but is still staying poised after the move higher on Thursday and Friday.The next move for gold is the same as all the other major assets in play right now. And that is to wait on the US data later in the week.It's all about reading into the Fed outlook and how that will impact yields and the dollar, which will subsequently impact gold sentiment as well.For now, the technicals show that there is an upside check to be wary of. And it will require a break of that for gold buyers to retest the $2,400 mark. That is if the conditions line up in the days ahead. This article was written by Justin Low at www.forexlive.com.

European equities see little change as the session gets underway

May 13, 2024 | 00:08 am

Eurostoxx flatGermany DAX +0.1%France CAC 40 flatUK FTSE flatSpain IBEX +0.1%Italy FTSE MIB flatIt's shaping up to be another one of those days. As Giuseppe said here, it's time to go fishing. US futures are also not doing much with S&P 500 futures just up 0.1%. All eyes are on the US data later in the week. This article was written by Justin Low at www.forexlive.com.

Switzerland Q2 consumer confidence -24 vs -26 prior

May 13, 2024 | 00:02 am

The reading for the April month itself is -38, which is the same as April last year. Meanwhile, the economic outlook index held steadier at -21, slightly better than the -23 reading in March. This article was written by Justin Low at www.forexlive.com.

Time to go fishing

May 12, 2024 | 23:52 pm

Jesse Livermore once said "There's a time to go long, a time to go short and a time to go fishing". This quote couldn't be more true for today as the lack of notable economic releases and the waiting for the US CPI report will likely keep the markets at bay. In such days it's way better to preserve your capital and wait for the right opportunity rather than trying to find a trade at all costs. Remember, your job is not to trade, it's to make money. There's a subtle but big difference. Days like today are better used for researching, planning and learning as that will increase your human capital while stopping yourself from emotion-led impulses to put on a trade. This article was written by Giuseppe Dellamotta at www.forexlive.com.

Forex Today: US Stock Markets Advance on Earnings Optimism - 13 May 2024

May 12, 2024 | 23:32 pm

Major US Stock Indices Looking Bullish; Precious Metals Decline

Eurostoxx futures +0.2% in early European trading

May 12, 2024 | 23:07 pm

German DAX futures +0.2%UK FTSE futures -0.1%This comes with S&P 500 futures seen up 0.1% with Nasdaq futures up 0.2% on the day. For trading this week, it's all about the upcoming US data. That will be the make or break for stocks in the days ahead. This article was written by Justin Low at www.forexlive.com.

A light one on the data docket in Europe today

May 12, 2024 | 21:59 pm

It's a slower one to start the day, with major currencies not up to much. EUR/USD is holding within a 10 pips range with USD/JPY little changed below the 156.00 mark. US futures are also not hinting at much as the spotlight this week is on key US data to come.This will likely make for a quieter session today as we are still stuck in the waiting room.There won't be much on the agenda in Europe today to get traders off their seats. So, don't expect much in the day ahead. If anything else, we might just get more sideways action for now.0700 GMT - Switzerland Q2 consumer confidence0800 GMT - SNB total sight deposits w.e. 10 MayThat's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there. This article was written by Justin Low at www.forexlive.com.

US data in the spotlight this week

May 12, 2024 | 21:26 pm

This is one of my favourite strips over the years. And it is still very much relevant. As we look to the new week, it's all about US data that will drive the mood in broader markets. We've already gotten a teaser last week from a couple of smaller releases but this week, we'll get the big one.But that isn't the only item on the agenda in terms of major releases from the US. Tomorrow, we will get the PPI data, then the CPI data and retail sales on Wednesday, followed by the weekly jobless claims on Thursday. That will set up for quite an interesting next few days in markets.As for today, it should be more of a waiting game once again. So, let's take stock of the Fed outlook currently.The odds of a September rate cut are at ~75% with traders pricing in ~41 bps worth of rate cuts for the year. This is the spot to watch closely alongside the bond market reaction, in determining how that reverberates to major currencies and stocks.The most damning situation I fear that could happen is that we continue to see stickier prices amid a softening in the US economy in general. Those are opposite signals and will present a bit of a conundrum to the Fed, in trying to position for their next narrative. But let's not get too ahead of ourselves yet. Let's first see what the data this week will bring to the table. This article was written by Justin Low at www.forexlive.com.

Aussie dollar trades back below US$0.66

May 12, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is slightly weaker this morning when valued against the Greenback currently trading at 0.6591 at the time of writing. The Greenback held its ground on Friday but seems stuck as markets await drivers to continue placing their bets on the next Federal Reserve (Fed) decisions. The US economy remains on shaky ground, and markets are expecting signs of decelerating inflation, which gives the Fed confidence to start cutting. In the meantime, the bank’s officials remain hawkish. Last week the RBA left its cash rate on hold at 4.35% for a fourth consecutive meeting on Tuesday in a result that was widely expected. Only one economist, Capital Economics, predicted the central bank would lift the cash rate. The RBA statement left its key words basically unchanged, while the bank remained “vigilant to upside risks” to inflation. Prior to last month’s release of higher than expected inflation figures for the March quarter, most economists and investors had been forecasting the RBA to cut rates from as soon as September. Looking ahead to this week and today we will see the release of the NAB Business Confidence. On Tuesday the Australian Treasury will release the Annual Budget. This document outlines the government's budget for the year, including expected spending and income levels, borrowing levels, financial objectives, and planned investments. Finally, on Thursday the Australian Bureau of Statistics will release the latest monthly Unemployment Rate Decision which is expected to see the jobless rate increase from 3.8% to 3.9%. Key Movers Last week in the United States the number of Americans filing new claims for unemployment benefits rose last week to the highest level in more than eight months, offering more evidence that the labor market was steadily cooling. The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy's health, followed news last week that the economy added the fewest jobs in six months in April, while job openings dropped to a three-year low in March. Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the highest level since the end of last August. The increase was the largest in nearly four months. Economists polled by Reuters had forecast 215,000 claims in the latest week. Claims broke above the 194,000-225,000 range, which had prevailed since the start of the year. Looking ahead this week and on Tuesday we will see the release of the monthly Producer Price Index (PPI). On Tuesday we will see the release of both the Consumer Price Index (CPI) and monthly Retail Sales Figures. Finally, on Thursday we have Unemployment Claims and housing data. On Friday China's consumer prices rose for a third straight month in April, while producer prices extended declines, signalling an improvement in domestic demand, as Beijing navigates challenges in its bid to shore up a shaky economy. The closely watched numbers follow better-than-expected import data for April, suggesting a flurry of policy support measures over the past several months may be helping consumer confidence. Consumer prices edged up 0.3% in April from a year earlier, data from the National Bureau of Statistics showed on Saturday, versus a rise of 0.1% in March and a Reuters poll forecast for an increase of 0.2%. Core inflation, excluding volatile food and fuel prices, grew 0.7% in April, up from 0.6% in March. Overall the consumer price index (CPI) rose 0.1% from the previous month, beating a forecast fall of 0.1% in the poll and reversing a drop of 1% in March. Expected RangesAUD/USD: 0.6500 - 0.6700 ▼AUD/EUR: 0.6000 - 0.6200 ▼GBP/AUD: 1.8850 - 1.9050 ▲AUD/NZD: 1.0850 - 1.1050 ▲AUD/CAD: 0.8950 - 0.9150 ▼

Aussie dollar trades above US$0.66

May 9, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is slightly stronger this morning when valued against the Greenback, currently trading at 0.6615 at time of writing. On the data front Australian retail sales volumes declined by 0.4% in the March quarter of 2024, continuing a trend of fluctuating performance over recent quarters, figures released by Australian Bureau of Statistics (ABS) have shown. The quarterly decrease follows a 0.4% rise in the December 2023 quarter and a 0.2% fall in the September quarter of the same year. Retail sales volumes fell for the fifth time in the past six quarters as consumers cut back on buying large household items such as furniture and electronic goods. The only rise in volumes over the past 18 months was the December quarter last year as extensive discounting from Black Friday sales boosted volumes. Compared to the March quarter of the previous year, retail volumes have fallen by 1.3%, marking the fourth consecutive year-on-year decline. The ASX 200 Index snapped a five-day winning streak, primarily driven by a decline in heavyweight bank stocks due to regulatory concerns within the sector. The Australian market also reacted to a weak performance on Wall Street, as investors grappled with mixed corporate earnings reports and the Federal Reserve's hawkish stance on maintaining higher rates for an extended period. Looking ahead today and there are no scheduled releases. Key Movers The US Dollar Index (DXY) is trading at 105.35, slightly down. Despite signals of persistently high inflation acknowledged by Federal Reserve (Fed) Chair Jerome Powell and a recent hawkish stance from the Fed, the US dollar seems to be under mild downward pressure on Thursday due to the report of weak Initial Jobless Claims figures. Initial Jobless Claims data, marking 231K applications, overshooting the 210K forecast, and increased jobless claims underscore anxiety over potential labour market weakness in the US. The upcoming week’s Producer and Consumer inflation data will be crucial, where higher-than-projected figures could minimise rate cut probabilities this year. The Pound sterling erased some of its earlier losses against the US dollar and edged up by 0.03% after the Bank of England’s (BoE) monetary policy decision. The BoE's Monetary Policy Committee voted 7-2 to keep rates at a 16-year high of 5.25%. However, Governor Andrew Bailey said it was possible the central bank would need to cut rates by more than investors currently expect. Money markets are fully pricing in an August rate cut while placing about a 44% chance on a cut in June. Much will depend on upcoming wage settlement and inflation data. The GBP/USD pair is currently trading at 1.2520 at time of writing. Expected RangesAUD/USD: 0.6500 - 0.6700 ▲AUD/EUR: 0.6040 - 0.6240 ▲GBP/AUD: 1.8800 - 1.9000 ▼AUD/NZD: 1.0850 - 1.1050 ▼AUD/CAD: 0.8950 - 0.9150 ▲

Bank of England Holds Interest Rates at 5.25%

May 9, 2024 | 09:06 am

The Bank of England (BOE) left interest rates on hold at today’s meeting.

Forex Today: Markets Await Bank of England

May 9, 2024 | 00:18 am

The Bank of England will be holding a policy meeting today, at which the voting on rates and monetary policy statement will be closely watched.

Aussie dollar trades below 66 US cents

May 8, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is slightly weaker this morning when valued against the Greenback, currently trading at 0.6574 at time of writing. Yesterday, the Aussie dollar fell below 0.6600 due to multiple headwinds. A sharp recovery in the Greenback and weakness in the Australian Dollar due to less-hawkish interest rate guidance from the Reserve Bank of Australia (RBA). The RBA left its cash rate on hold at 4.35% for a fourth consecutive meeting on Tuesday, a move that was widely expected. The RBA statement left its key message unchanged, with the bank remaining “vigilant to upside risks” to inflation. Before last month’s release of higher-than-expected inflation figures for the March quarter, most economists and investors had been forecasting the RBA to cut rates as soon as September. On the data front, there are no scheduled releases in Australia for the rest of the week. Key Movers The US Dollar Index (DXY), which gauges the performance of the US dollar (USD) against six major currencies, edges higher to near 105.50. The higher US Treasury yields provide support for the Greenback. The 2-year and 10-year yields on US Treasury bonds stand at 4.84% and 4.47%, respectively, by the press time. The Dow Jones Industrial Average (DJIA) recovered from an early dip during the American trading session, climbing to an intraday high above 39,000.00 as the major equity index broke away from the crowd. The Dow Jones is on pace for a fifth consecutive gainer, climbing from the last swing low into 37,600.00. Looking ahead this week and due to the absence of top-tier United States economic data, investors will focus on speeches from policymakers: Fed Vice Chair Philip Jefferson, President of the Federal Reserve Bank of Boston Susan Collins and Fed Governor Lisa Cook to project the next move in the US Dollar. The Pound Sterling slipped below the psychological support of 1.2500 against the Greenback in Wednesday’s early New York session due to the ongoing uncertainty ahead of the Bank of England’s (BoE) interest rate decision, which will be announced on Thursday. Interest rates in the United Kingdom are expected to remain steady at 5.25% for the sixth time in a row. However, the BoE could turn slightly dovish on the interest rate outlook as policymakers are confident that the headline inflation could have returned to the desired rate of 2% in April. Expected RangesAUD/USD: 0.6500 - 0.6700 ▼AUD/EUR: 0.6000 - 0.6200 ▼GBP/AUD: 1.8900 - 1.9100 ▲AUD/NZD: 1.0840 - 1.1040 ▼AUD/CAD: 0.8900 - 0.9100 ▼

Forex Today: Hawkish Kashkari Boosts Greenback

May 7, 2024 | 23:37 pm

US Dollar Rises on Kashkari Comments on Rates; Global Stocks Lower; BoJ’s Ueda More Aggressive in Rate Comment

AUD slides following dovish RBA commentary

May 7, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar underwhelmed through trade on Tuesday, tracking lower against the USD amid a correction in domestic yields following a somewhat dovish RBA policy update. As anticipated the RBA left rates unchanged at 4.35%, however surprised markets by adopting a less than hawkish tone. Following stronger than anticipated Q1 inflation data markets had expected policy makers may adopt a bias toward one final rate hike. Instead, Governor Bullock noted that the board believes rates are at “the right level”. While she acknowledged a discussion over lifting rates was conducted the board decided the current policy platform was restrictive enough. Q2 inflation data will prove key in shaping near-term direction and rate expectations. Having traded near US$0.6630 leading into the policy announcement the AUD slipped back below US$0.66 and bought US$0.6598 on opening this morning. With little of note on the macro docket today our attentions remain with broader risk trends for direction through trade on Wednesday. Key Movers The US dollar outperformed through trade on Tuesday recovering losses suffered in the wake of the Federal Open Market Committee policy update and softer than anticipated Non-farm payroll print. The DXY dollar index jumped 0.4% on the day led by gains against the yen. Having forced the USD back below ¥152 on Friday last week the yen has been unable to maintain any momentum and now trades just below ¥155 at ¥154.70. After two rounds of Ministry of Finance intervention last week markets are now questioning whether officials can maintain yen support. With gains driven by a backdrop of higher yields and divergent central bank policies, the yen is fundamentally weak, yet markets remain jittery given the prospect of intervention and we are closely monitoring any outsized moves. With the GBP underperforming and the euro trading flat, our attention now turns to Thursday’s Bank of England policy update. We expect rates will be left on hold at 5.25% and are instead keenly focused on the commentary surrounding the meeting for any clues as to the timing and trajectory of future rate movements. Expected RangesAUD/USD: 0.6550 - 0.6650 ▼AUD/EUR: 0.6050 - 0.6180 ▼GBP/AUD: 1.8800 - 1.9100 ▼AUD/NZD: 1.0950 - 1.1050 ▼AUD/CAD: 0.9000 - 0.9100 ▼

Forex Today: RBA Holds Rates, Warns on Recession

May 6, 2024 | 22:44 pm

RBA Maintains Cash Rate at 4.35%, Says Cuts Highly Uncertain; Global Stocks Bullish; BoJ Refuses Comment on Intervention

All eyes on RBA as AUD attempts to consolidate a break above US$0.66

May 6, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar edged higher through trade on Monday, consolidating gains won in the wake of last week's softer-than-expected US labour market print. With hopes the Fed will cut rates through the back half of 2024 rekindled, the AUD extended its break above US$0.66, advancing near two-tenths of a per cent to mark intraday highs just short of US$0.6640, before shifting lower and trading sideways around US$0.6620. The AUD has been well supported since last week's FOMC policy update wherein the Fed maintained its easing bias, taking some of the heat out of the treasury market and putting downward pressure on US yields. With the labour market softening and services data pointing to a slowdown in economic activity, expectations the Fed may need to raise rates again have faltered and markets are again looking toward a rate cut before the year is out. With pressure on the USD mounting, there is room for the AUD to extend on gains and our attentions turn to the RBA and its policy update today. We expect policymakers will leave rates on hold, although the hotter-than-expected Q1 inflation print and resilient labour market leave the door open for a hawkish statement. Despite softer activity across the economy, there is still a near-term risk of a hike in the coming months and we are keenly attuned to any commentary that may offer guidance as to future policy moves. Key Movers The USD edged higher through trade on Monday, up 0.1% for the day, recovering losses suffered in the wake of last week's softer-than-expected ISM services and non-farm payroll prints. That said gains have been driven by JPY losses and half a per cent rally in USD/JPY, amid speculation yen gains won last week following two rounds of intervention can be maintained. The gap between US and Japanese rates is unchanged and the cost for the BoJ and Ministry of Finance will become increasingly expensive. Against a positive risk backdrop, the AUD and NZD are up, while the euro pushed above 1.0750 and the GBP consolidated a break back above 1.25. Our attentions turn now to the RBA policy update today ahead of the Bank of England policy meeting on Thursday as key markers guiding direction through a week that is otherwise absent of headline data points. Expected RangesAUD/USD: 0.6520 - 0.6680 ▲AUD/EUR: 0.6080 - 0.06180 ▲GBP/AUD: 1.8800 - 1.9200 ▼AUD/NZD: 1.0980 - 1.1080 ▲AUD/CAD: 0.8980 - 0.9120 ▲

Forex Today: Japanese Yen Sells Off Again

May 5, 2024 | 23:15 pm

Yen Falls as New Week Opens; Precious Metals Edge Higher; Markets Await Reserve Bank of Australia Policy Meeting Tomorrow

United States Federal Reserve Leaves Rates Unchanged

May 2, 2024 | 03:30 am

US Federal Reserve holds interest rates steady, cites inflation as still too high; US dollar declined while the stock market surged but then retreated.

Forex Today: Powell Downplays Rate Hike Chances

May 1, 2024 | 23:25 pm

US Dollar Drops, Stocks Rise After Powell Says a Hike Unlikely; Suspected BoJ Intervention Sends Yen Higher, But Sellers Rebound.

Forex Today: Stocks Bearish as Markets Await Fed Meeting

Apr 30, 2024 | 23:22 pm

Equity Markets See Quite Strong Losses Over Past Day; Japanese Yen Trade Remains Lively; US Dollar Advances to Near 6-Month High

Forex Today: Markets Weigh Suspected BoJ Yen Intervention

Apr 29, 2024 | 23:45 pm

Japanese Yen Makes Huge Swings After 34-Year Lows; Bank of Japan Refuses to Comment; US Dollar Consolidates; Copper Futures Rise to 2-Year High.

Forex Today: Stocks Tumble – Sell in May and Go Away?

Apr 18, 2024 | 00:27 am

Stocks Make Deepest Pullback in Months; Precious Metals Remain Strong; Dollar Weakens After G7 Statement; Several Trends May Be Reversing

Bitcoin Halving: Will it Trigger a Market Frenzy?

Apr 17, 2024 | 04:41 am

Bitcoin is all over the news, as “Bitcoin halving” is expected to occur on Friday, April 19. What is Bitcoin halving and how will it affect the price of Bitcoin?

Forex Today: US Yields Rise on Powell Cut Delay Signal

Apr 17, 2024 | 02:00 am

Fed Chair Powell Says Inflation Falling Too Slowly; Israel Hints at Soft Retaliation, Crude Oil Weaker; USD/JPY Reaches New 34-Year High at ¥154.79; UK CPI Higher Than Expected; Bitcoin Close to Halving

Forex Today: Stock Markets See Strong Selling

Apr 15, 2024 | 23:10 pm

Global Stock Markets Firmly Lower; Israel Signals Retaliation Likely Soon; USD/JPY Reaches New 34-Year High at ¥154.44; Energies, Precious Metals Firm; Markets Await Canadian CPI Data

Forex Today: Risk Sentiment Improves as Mideast Tension Lowers

Apr 15, 2024 | 00:51 am

Immediate Retaliation Against Iran Unlikely; USD/JPY Breaks Out to New 34-Year High Near ¥154; Market Await US Retail Sales Data

Forex Today: US Monthly CPI Unchanged, Triggers Hawkish Shift on Rate Cuts

Apr 10, 2024 | 23:28 pm

US CPI data released yesterday showed the annualized rate rising higher than expected to 3.5%.

US Inflation Higher Than Expected, Accelerates to 3.5%

Apr 10, 2024 | 09:37 am

US inflation for March rose 3.5% year-on-year. This was higher than expected and the US dollar is higher following the inflation release.

Forex Today: US CPI Expected to Show Slower Monthly Increase

Apr 9, 2024 | 23:43 pm

US CPI data will be released today, with the market expecting a slower pace of monthly increase.

Forex Today: Gold Makes New Record at $2,354

Apr 7, 2024 | 23:24 pm

Metals Rise Strongly to New Highs; USD/JPY Likely to Retest 34-Year High at ¥152; Crude Oil, Gasoline Futures Pull Back From Highs

Forex Today: Gold Beats $2,300

Apr 4, 2024 | 00:08 am

Spot Gold has continued to rise to new all-time high prices.

Forex Today: Gold Makes New Record at $2,288

Apr 2, 2024 | 22:27 pm

Precious Metals Rise Firmly to New Highs; Fed’s Daly Expects 3 Rate Cuts in 2024; USD/JPY Remains Close to 34-Year High Near ¥152; Crude Oil Breaks Higher; Eyes on Cocoa Futures After Spectacular Gains

German Inflation Eases to 3-Year Low

Apr 2, 2024 | 07:54 am

Germany’s CPI climbed 2.2% year-on-year in March, down from 2.7% in February and matching expectations. This is the lowest inflation rate since May 2021.

Forex Today: Yen Nears Record Low, Markets Await Possible BoJ Intervention

Apr 1, 2024 | 23:20 pm

USD/JPY Advances Close to 34-Year High Near ¥152; US Dollar Stronger on Firm US Manufacturing Data; Crude Oil Breaks Higher; Eyes on Cocoa Futures After Spectacular Gains

Forex Today: Gold Hits $2265 Per Ounce

Mar 31, 2024 | 23:13 pm

Gold Reaches Record High in Asian Session; USD/JPY Remains Below Record High Near ¥152; Strong Chinese Manufacturing Data; Eyes on Cocoa Futures After Spectacular Gains

United States GDP Expanded in Fourth Quarter by 3.4%

Mar 28, 2024 | 07:44 am

US GDP rises 3.4%, Canada GDP rebounds; US dollar steady, while stock markets show little movement following the announcement.

Forex Today: Fed’s Waller: No Rush to Cut Rates, Prospect of Hikes Remote

Mar 28, 2024 | 01:25 am

US Fed’s Waller Reiterates Ongoing Fed Message of Slow Path to Rate Cuts; USD/JPY Remains Below Record High Near ¥152; Cocoa Futures Make Another Record High Close; Gold Also Makes Record High Closing Price

Forex Today: Japanese Yen Hits 34-Year Low

Mar 27, 2024 | 00:13 am

USD/JPY Hits Record High Near ¥152, Japanese Officials Try to Talk Up Yen; Cocoa Futures Surpass $10,000 to Hit All-Time High; Aussie CPI Unchanged

Forex Today: Cocoa Futures Break $9,000 for Record High

Mar 26, 2024 | 00:38 am

Cocoa Futures Gain 8% in a Day; US Stocks, Gold Remain Bullish; Japanese Officials Try to Talk Up Yen; Bitcoin Rises Above $70k Despite Record Crypto Fund Outflows

United States Federal Reserve Holds Interest Rates, Remains Cautious

Mar 21, 2024 | 04:26 am

The Federal Reserve left interest rates unchanged for a fifth straight time at its meeting on March 20. The US dollar fell against the major currencies following the announcement.

Forex Today: Fed Says 3 Rate Cuts in 2024, Stocks, Gold Boom

Mar 21, 2024 | 00:07 am

Fed Gives Dovish Surprise by Forecasting 3 Cuts in 2024; Markets Await BoE, SNB; Gold, Stock Markets Reach Record Highs; Japanese Yen Regains Ground; Bitcoin Pares Losses; UK CPI Falls

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