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Dr. Reddy's Recalls Sapropterin Dihydrochloride Powder For Oral Solution

Apr 24, 2024 | 07:21 am

Dr. Reddy's Laboratories Ltd. has issued a recall for six batches of Sapropterin Dihydrochloride Powder for Oral Solution 100 mg. This recall is a response to concerns raised by the U.S. Food and Drug Administration (FDA) about discolouration in certain sachets that were resulting in reduced effectiveness.The medication is designed to decrease the levels of phenylalanine, also known as Phe, in the blood. It is prescribed to both adult and pediatric patients, a month old and upwards, who have hyperphenylalaninemia or HPA — a condition that's responsive to tetrahydrobiopterin (BH4), associated with Phenylketonuria (PKU).The cause for concern is that reduced efficacy could lead to elevated Phe levels in patients. Persistently high Phe levels in children and infants can lead to permanent neurocognitive damage. Meanwhile, elevated levels of Phe during early pregnancy are linked with conditions such as microcephaly and congenital heart disease.This pressing issue came to light during an accelerated stability test, along with consumer complaints. However, Dr. Reddy's has not reported any adverse events linked with the recall thus far.The drug is packaged into individual sachets, with 30 to a carton. Affected drugs include Javygtor Powder for Oral Solution 100 mg with the batch numbers T2202812, T2204053, T2300975, T2300976, and T2304356. Also affected is Sapropterin Dihydrochloride Powder for Oral Solution 100 mg with the batch number T2200352.The medication in question was distributed nationwide to wholesalers and retailers. Dr. Reddy's Laboratories Ltd. is actively notifying customers and distributors regarding the recall and is making arrangements for the return of all recalled products. For further health news updates, visit rttnews.com.The material has been provided by InstaForex Company - www.instaforex.com

Iceland's CPI Decreases to 6% in April 2024

Apr 24, 2024 | 07:00 am

The consumer price index (CPI) in Iceland saw a decrease to 6% in April 2024 compared to the previous indicator of 6.8% in March 2024. This latest data was updated on 24th April 2024 and reflects a year-over-year comparison. The CPI is a key indicator that measures the average change over time in the prices paid by consumers for goods and services.While the slight decrease may indicate a relative stabilization in inflation, it is essential to closely monitor future CPI movements to understand the overall economic health of Iceland. As the country continues to navigate through various external factors impacting its economy, such as global market trends and domestic policies, keeping track of the CPI trend remains crucial for businesses and policymakers to make informed decisions moving forward.The material has been provided by InstaForex Company - www.instaforex.com

Iceland's CPI Shows Slight Decrease in April 2024

Apr 24, 2024 | 07:00 am

In April 2024, Iceland's Consumer Price Index (CPI) experienced a slight decrease compared to the previous month. The CPI for April was reported at 0.6%, down from 0.8% in March 2024. The data was updated on 24th April 2024, revealing a month-over-month comparison that indicates a dip in the inflation rate. The CPI is an essential economic indicator that measures the average change over time in the prices paid by consumers for goods and services, providing insights into the country's inflation trends. Despite the decrease in April, economists will closely monitor future CPI data to assess the overall economic stability in Iceland.The material has been provided by InstaForex Company - www.instaforex.com

Casino Guichard-Perrachon Expects Job Losses Between 1,293 And 3,267 From Transformation Plan

Apr 24, 2024 | 06:57 am

Casino Guichard-Perrachon announced their new strategic plan to reinvent the organization in accordance with the Group's modern focus, specifically towards convenience store chains. Part of this plan involves the introduction of a skill-sharing system aimed at improving general efficacy across the company. However, this plan will unfortunately result in job losses, ranging from an estimated 1,293 to 3,267 positions, with a guaranteed 1,293 of these being within office functions.Furthermore, Casino Guichard-Perrachon is committed to advancing its stores, with plans to invest a significant 1.2 billion euros towards store updates and improvements by the year 2028.The material has been provided by InstaForex Company - www.instaforex.com

Sweden Jobless Rate Rises To 9.2%, Highest In 9 Months

Apr 24, 2024 | 06:56 am

The unemployment rate in Sweden rose in March to its highest level in nine months, according to data from Statistics Sweden released on Wednesday.The unadjusted unemployment rate increased to 9.2 percent in March, up from the stable rate of 8.5 percent in February. In comparison, the rate was 7.7 percent in the same period last year.The number of unemployed individuals also increased to 525,000 in March from 480,000 in February. Among the unemployed, 199,000 were young people aged between 15 and 24, accounting for 29.6 percent of the workforce.Statistics indicated that the employment rate saw a slight increase from 68.1 percent to 68.3 percent, with a total of 5.188 million individuals being employed.The material has been provided by InstaForex Company - www.instaforex.com

Taiwan's M2 Money Supply Sees 6.15% Growth in March 2024

Apr 24, 2024 | 06:20 am

In March 2024, Taiwan's M2 Money Supply showed a significant growth of 6.15%, up from the previous indicator of 5.59% in February 2024. This data, which was updated on 24 April 2024, indicates an increased amount of money in circulation in the country. The M2 Money Supply metric includes cash, checking deposits, and easily convertible near money. The rise in M2 Money Supply can have implications for inflation, economic activity, and interest rates in Taiwan. It will be important to monitor how this increase potentially impacts the country's economy moving forward.The material has been provided by InstaForex Company - www.instaforex.com

Taiwan's M3 Money Supply Grows to 62437.6B in March 2024

Apr 24, 2024 | 06:20 am

The latest data on Taiwan's M3 Money Supply for the month of March 2024 has been released, showing a significant increase compared to the previous month. In February 2024, the M3 Money Supply had reached 62007.4 billion (B) Taiwan dollars, but by March 2024, the indicator surged to 62437.6B Taiwan dollars. This uptick in the money supply suggests a boost in the overall liquidity in the economy, which can have implications for spending, investment, and economic growth.The update on Taiwan's M3 Money Supply was made available on April 24, 2024, providing insights into the monetary dynamics of the country. As the M3 Money Supply encompasses not just physical currency but also deposits and other liquid assets, this increase signals an expanded financial base in Taiwan. Analysts and investors are likely to monitor this development closely to gauge the potential impact on inflation, interest rates, and overall economic stability in Taiwan moving forward.The material has been provided by InstaForex Company - www.instaforex.com

ANGLE Reaches Deal With AstraZeneca To Advance DDR Assay For Circulating Tumor Cell Detection

Apr 24, 2024 | 06:07 am

ANGLE plc, identified as AGL.L and ANPCY in the stock market, has announced a partnership with AstraZeneca PLC. They aim to develop and validate a procedure that builds upon ANGLE's existing DNA damage response (DDR) assay to detect micronuclei in circulating tumor cells, providing a more accurate way to measure DDR.In their agreement, ANGLE will establish an innovative method for detecting micronuclei in circulating tumor cells that draws from its existing pKAP1 CTC-based DDR assay—a process that identifies the expression of an essential protein in the DNA damage response. This assay development will proceed at ANGLE's laboratories located in Guildford, UK.The company plans to build upon its previous success in development and launch of two DDR assays in 2023. ANGLE's innovation efforts for this six-month development phase will economically benefit the company by a preliminary amount of £150,000.For more health-related updates, please visit rttnews.com.The material has been provided by InstaForex Company - www.instaforex.com

Italian Consumer Confidence Drops Slightly in April

Apr 24, 2024 | 06:00 am

Italy witnessed a slight decline in consumer confidence in April 2024, as the indicator dropped from 96.5 in March to 95.2 in April. The updated data, released on 24th April 2024, reflects a cautious sentiment among Italian consumers amidst economic uncertainties. The small decrease in consumer confidence suggests a level of wariness among the population, which could potentially impact domestic consumption and economic growth in the coming months. Economists will closely monitor how this dip in confidence may influence spending patterns and overall economic stability in Italy. Stay tuned for further updates on the evolving economic landscape in Italy.The material has been provided by InstaForex Company - www.instaforex.com

German Business Sentiment Brightens in April with Indicator Reaching 89.9

Apr 24, 2024 | 06:00 am

German business expectations showed a positive shift in April, with the indicator climbing to 89.9 compared to the previous reading of 87.5 in March 2024. This increase indicates growing optimism among businesses in Germany despite global economic uncertainties. The data, which was updated on 24 April 2024, highlights a more favorable outlook among German companies for the upcoming months. This boost in business sentiment can signal potential economic growth and investment opportunities in the region, providing a ray of hope amid the evolving economic landscape.The material has been provided by InstaForex Company - www.instaforex.com

Switzerland's ZEW Expectations Rise to 17.6 in April 2024

Apr 24, 2024 | 06:00 am

In a positive turn of events for Switzerland's economy, the ZEW Expectations indicator for the country rose to 17.6 in April 2024, up from the previous reading of 11.5 in March 2024. The ZEW Expectations survey is closely watched by investors and analysts as it provides insights into future economic sentiment and growth prospects.The increase in the ZEW Expectations indicator signals growing optimism among financial market experts regarding Switzerland's economic outlook. This uptick could translate into increased investment and business activities in the country, potentially driving further economic growth in the coming months.The data was updated on 24 April 2024, highlighting the most recent expectations and sentiments within Switzerland's financial markets. The rise in the ZEW Expectations indicator reflects a positive trajectory for the Swiss economy, bolstering hopes for a prosperous future.The material has been provided by InstaForex Company - www.instaforex.com

Poland's Unemployment Rate Drops Slightly to 5.3% in March 2024

Apr 24, 2024 | 06:00 am

In March 2024, Poland's unemployment rate experienced a slight decrease, going from 5.4% in February to 5.3%. This update, released on 24 April 2024, indicates a positive trend in the country's labor market. The modest decline in the unemployment rate suggests some improvements in job opportunities and economic conditions within Poland. As the country continues to navigate its economic recovery, this small dip in the unemployment rate may signify a step in the right direction for the nation's workforce. Stay tuned for further updates on Poland's economic landscape as more data becomes available.The material has been provided by InstaForex Company - www.instaforex.com

German Current Assessment Shows Improvement in April

Apr 24, 2024 | 06:00 am

In April 2024, Germany's current assessment indicator has shown signs of improvement, reaching 88.9 compared to the previous reading of 88.1 in March 2024. This uptick in the current assessment suggests a more positive outlook on the economic conditions in Germany. The data was updated on April 24, 2024, indicating recent positive developments in the country's economic landscape.The current assessment indicator serves as a crucial measure of the economic sentiment in Germany, offering insights into consumer and business confidence. With the latest increase in the indicator, it signals potential growth and stability in the German economy. Investors and analysts will be closely monitoring these developments to gauge the trajectory of Germany's economic performance in the coming months.The material has been provided by InstaForex Company - www.instaforex.com

German Ifo Business Climate Index Rises to 89.4 in April 2024

Apr 24, 2024 | 06:00 am

The latest data on the German Ifo Business Climate Index shows a positive turn as it increased to 89.4 in April 2024, up from the previous indicator of 87.8 in March 2024. This rise indicates an improvement in the business sentiment and outlook in Germany. The data was updated on 24th April 2024, reflecting the ongoing economic conditions in the country.The Ifo Business Climate Index is a key indicator for assessing the overall business environment and economic performance in Germany. The increase in the index suggests growing optimism among businesses and points towards potential economic growth in the upcoming months. Investors and analysts will be closely monitoring this trend to gauge the trajectory of the German economy amidst global economic challenges.The material has been provided by InstaForex Company - www.instaforex.com

Italian Business Confidence Shows Slight Dip in April

Apr 24, 2024 | 06:00 am

According to the latest data released on April 24, 2024, Italian business confidence took a minor dip in April compared to the previous month. The previous indicator, which stood at 88.6 in March 2024, has decreased to 87.6 in April 2024. This slight decrease indicates a cautious sentiment among businesses in Italy, possibly reflecting uncertainties in the economic landscape. Despite the decrease, the overall business confidence in Italy remains at a relatively stable level, showcasing resilience in the face of challenges. Analysts will be closely monitoring future data to gauge the impact of global and domestic factors on Italian business sentiment.The material has been provided by InstaForex Company - www.instaforex.com

GSK : Jemperli Granted Priority Review By FDA For Expanded Use In Endometrial Cancer Treatment

Apr 24, 2024 | 05:55 am

The U.S. Food and Drug Administration (FDA) has acknowledged a supplementary Biologics License Application (sBLA) for Jemperli (dostarlimab). This is in collaboration with the standard-of-care chemotherapy drugs, carboplatin and paclitaxel. The aim is to broaden the treatment options for all adult patients experiencing primary advanced or recurrent endometrial cancer. This would extend to patients with mismatch repair proficient (MMRp) or microsatellite stable (MSS) tumours. This information has been confirmed by the pharmaceutical company, GlaxoSmithKline (GSK).At present, the FDA has approved the use of Jemperli used in conjunction with carboplatin and paclitaxel. This protocol is followed by using Jemperli individually to treat adult patients with primary advanced or recurrent endometrial cancer. This applies to patients whose cancer is either deficient in mismatch repair (dMMR) or has high microsatellite instability (MSI-H), as confirmed by an FDA-approved test.The FDA has prioritized the review of this application and has set a completion date of August 23, 2024, under the Prescription Drug User Fee Act.Jemperli was originally discovered by AnaptysBio before being licensed to TESARO. This was part of an exclusive licence agreement made in March 2014. As part of this deal, GSK is responsible for the continuous research, development, commercialization and production of Jemperli, as well as cobolimab (GSK4069889), an antagonist of TIM-3.For more health news updates, please visit rttnews.com.The material has been provided by InstaForex Company - www.instaforex.com

Breedon Q1 Revenues Down On Softer Volumes

Apr 24, 2024 | 05:48 am

Breedon Group plc, a comprehensive construction materials firm, reported a decline in its first-quarter revenue by 5 percent in reporting terms and 9 percent in like-for-like terms on Wednesday. The collective economic uncertainty and decreased construction activity due to adverse weather conditions have been attributed by the company as factors affecting its trading in the first quarter.This resulted in a decline in volumes, somewhat balanced by stable pricing. In Britain, trading circumstances were particularly influenced by rainfall. Breedon also mentioned that a successful tendering season in Ireland bodes well for the remainder of the year in the region.Rob Wood, the CEO of Breedon, while acknowledging fewer trading days owing to Easter timing and weather issues, stressed that Q1 is usually the least consequential trading period for the company and the industry. He expressed confidence in the company's discipline, focus and robust customer relationships, which he believes will ensure the company meets its set targets for 2024, despite the existing uncertain economy.Breedon is scheduled to announce its half-yearly results on July 24.The material has been provided by InstaForex Company - www.instaforex.com

Indonesia Raises Interest Rates to 6.25% in Latest Decision

Apr 24, 2024 | 05:30 am

In a recent update on April 24, 2024, Indonesia has decided to increase its interest rates from the previous 6% to 6.25%. This move indicates a tightening of the monetary policy by the country's central bank in an effort to manage inflation and stabilize the economy. The decision comes at a crucial time as Indonesia navigates through economic challenges and aims to support sustainable growth. Market analysts will be closely monitoring the impact of this interest rate hike on various sectors and the overall financial landscape of the country. Stay tuned for further developments as Indonesia continues to make strategic monetary policy decisions.The material has been provided by InstaForex Company - www.instaforex.com

Lloyds Banking Q1 Profit Down; Backs FY24 Margin View

Apr 24, 2024 | 05:25 am

On Wednesday, Lloyds Banking Group revealed that their pre-tax profit for the first quarter of the year witnessed a 28% decline, falling from 2.26 billion pounds last year to a current figure of 1.63 billion pounds.Ordinary shareholders found their attributable profit at a 29% decrease from last year's 1.51 billion pounds, currently standing at 1.07 billion pounds. This has caused an impact on the earnings per share, with a decrease from 2.3 pence last year to 1.7 pence in the current year.Furthermore, the underlying profit has decreased to 1.76 billion pounds, marking a 21% drop from last year's 2.22 billion pounds. Simultaneously, the underlying profit before impairment also dropped by 26% from last year's value of 2.46 billion pounds to 1.81 billion pounds.As for other financial metrics, the net income fell by 9% to 4.24 billion pounds from last year's 4.65 billion pounds. Despite this, the total income reflected growth of 22%, reaching 11.32 billion pounds from last year's figure of 9.31 billion pounds. On the contrary, a fall of 11% from last year was recorded in net interest income, at 3.05 billion pounds.The underlying net interest income was reported at 3.18 billion pounds which shows a decrease of 10% from last year's figure of 3.54 billion pounds. This is correlated with the lower banking net interest margin at an expected value of 2.95%.As for projections towards 2024, the company remains optimistic, expecting the banking net interest margin to be greater than 290 basis points.The material has been provided by InstaForex Company - www.instaforex.com

South Korean Consumer Confidence Remains Stable

Apr 24, 2024 | 05:25 am

South Korea's consumer confidence remained stable in April, following a slight dip in March, according to the results of a survey conducted by the Bank of Korea. The consumer confidence index was reported at 100.7 in April, mirroring the same data from March.The survey was carried out between April 8 and 16 and involved 2,500 households. The sub-index, used to assess current living standards, remained at a steady 89 in April.In a similar vein, the economic indicator that measures anticipated household income remained consistent at 99. On the brighter side, future living standards were predicted to follow an upward trend with the corresponding index elevating from 93 to 94.Expectations regarding interest rates saw a surge in April, reflected by the rise in the measure from 98 to 100. Predictions for the inflation rate in the forthcoming year lowered slightly to 3.1 percent, compared to the previous 3.2 percent presented in March.The material has been provided by InstaForex Company - www.instaforex.com

Eni Q1 Net Profit Declines

Apr 24, 2024 | 05:24 am

Eni, abbreviated as E, recently released its financial report for the first quarter, revealing a net profit of 1.21 billion euros. This is a sizable decrease from last year's figures, which stood at 2.39 billion euros. On an individual share basis, earnings dropped from 0.70 euros to 0.37 euros.Regarding the company's Proforma adjusted Ebit, it went down by 30% from the previous year, resting at 4.12 billion euros. Similarly, adjusted net profits saw a decline of 46% to 1.58 billion euros, a trend attributed to a dip in operating performance and equity results from major joint ventures or associates. This pattern mirrored a worsening situation in the natural gas and other related sectors. Adjusted earnings on each share went from 0.86 euros down to 0.48 euros.The reported sales revenues from operations for the first quarter took a hit as well, reaching 22.94 billion euros which is less than the 27.18 billion euros made in the previous year. Total revenues also decreased, standing at 23.17 billion euros from the former 27.38 billion euros.In comments on these figures, Eni's CEO Claudio Descalzi provided some projections for the future. He stated, "Based on our updated scenario, we expect the full year CFFO to be above 14 billion euros." Descalzi also touched on the company's commitment to distribution, revealing an increase of 45% in the planned 2024 share buy-back to 1.6 billion euros.The material has been provided by InstaForex Company - www.instaforex.com

Orange Q1 EBITDAaL Increases; Confirms 2024 Targets

Apr 24, 2024 | 05:04 am

Orange (ORAN) recently announced a year-on-year increase of 2.3% on a comparable basis in its first quarter EBITDAaL, which amounted to 2.406 billion euros. This rise was of 4.3% at a historical basis.In a similar vein, there was a 2.1% year-over-year increase in group revenues for the quarter on a comparable basis, totaling 9.85 billion euros. This increase is attributed to growth in retail services and a less significant decline in wholesale services, largely due to increased unbundling rates in France. On a historical basis, the quarterly group's revenues saw a 3.5% rise.Orange Group has also reaffirmed its financial targets for 2024. Projections anticipate a low single-digit growth in EBITDAaL and organic cash flow of at least 3.3 billion euros from telecom operations. However, these targets are on a comparable basis and don't account for yet-to-be-finalized mergers and acquisitions, and they exclude contributions from Orange Spain.On another note, the company has proposed an increase in the 2024 dividend, payable in 2025, to 0.75 euros per share, inclusive of an interim dividend of 0.30 euros in December 2024.The material has been provided by InstaForex Company - www.instaforex.com

Indonesian Loans Increase to 12.4% in March 2024, Surpassing Previous Rate

Apr 24, 2024 | 05:00 am

In recent financial data released on April 24, 2024, it has been reported that the loan indicator in Indonesia experienced a significant increase in March 2024. The current indicator reached 12.4%, showing a notable rise from the previous rate of 11.28% in February 2024. This change indicates a positive trend in the loan market in Indonesia, signaling potential economic growth and increased borrowing activities.The comparison period specified for this data is Year-over-Year, highlighting the change for March 2024 compared to the same month a year ago. With this surge in loan rates, it suggests that businesses and individuals in Indonesia are seeking more financial assistance, which could stimulate various economic sectors and contribute to the country's overall economic development. As the loan indicator continues to rise, it will be essential to monitor how this trend impacts the Indonesian economy in the coming months.The material has been provided by InstaForex Company - www.instaforex.com

Indonesia Increases Deposit Facility Rate to 5.5% in April

Apr 24, 2024 | 05:00 am

In a move to control inflation and stabilize the economy, Indonesia has increased its Deposit Facility Rate to 5.5% in April 2024. This marks a 0.25% rise from the previous rate of 5.25% set in March 2024. The decision to raise the Deposit Facility Rate indicates the Central Bank's commitment to managing economic growth while keeping inflation in check.The updated data was released on 24th April 2024, showing the Central Bank's proactive approach to respond to changing economic conditions. The increase in the Deposit Facility Rate aims to encourage saving, reduce consumption, and ultimately curb inflationary pressures. This adjustment demonstrates Indonesia's efforts to maintain a stable and resilient economy amidst global uncertainties.The material has been provided by InstaForex Company - www.instaforex.com

Indonesia Increases Lending Facility Rate to 7% in April 2024

Apr 24, 2024 | 05:00 am

In a move to respond to economic conditions, Indonesia has raised its lending facility rate to 7% in April 2024. This adjustment marks an increase from the previous rate of 6.75% that was maintained since March 2024. The decision was made to address changing economic factors and ensure stability in the financial market.The update on the lending facility rate was made public on 24 April 2024, indicating the government's commitment to proactive monetary policy. This change reflects Indonesia's efforts to navigate challenges and maintain a balanced approach to economic management. As the country continues to monitor market conditions, further adjustments may be implemented to support sustainable growth and stability in the future.The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD sticks to modest recovery gains, remains below 1.3700 ahead of US data

Apr 24, 2024 | 02:06 am

USD/CAD rebounds from a two-week low and draws support from a combination of factors.

Silver price today: Silver falls, according to FXStreet data

Apr 24, 2024 | 01:58 am

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

For Japan, silence is golden - at least for now

Apr 24, 2024 | 01:53 am

We're approaching early evening in Tokyo and there hasn't been any meaningful verbal pushback by Japanese officials today. Typically, you'd see them come out in droves to try and pin USD/JPY back. But amid the silence today, perhaps they're hoping that the quietness is something traders will take caution upon. And at least for now, it is working.USD/JPY has been hovering around the 154.85-92 region for almost two hours now. There was a brief dip to 154.76 earlier but it was quickly bought up and we're back to this nervous range again. All eyes are whether or not Japan will step in if price crosses the key line in the sand above the 155.00 mark.And that is keeping broader markets relatively muted on the day. The dollar is steady, holding slight gains against the euro and pound. Meanwhile, European indices are just marginally higher with S&P 500 futures up just 0.2% currently. This article was written by Justin Low at www.forexlive.com.

EUR/JPY sets to capture 166.00 on Japanese Yen’s persistent underperformance

Apr 24, 2024 | 01:42 am

The EUR/JPY pair aims to extend its upside to 166.00 due to persistent weakness in the Japanese Yen.

Gold price trades with mild negative bias, manages to hold above $2,300 ahead of US data

Apr 24, 2024 | 01:40 am

Gold price (XAU/USD) struggles to capitalize on the previous day's bounce from over a two-week low – levels just below the $2,300 mark – and oscillates in a narrow range during the Asian session on Wednesday.

EUR/USD recovers after US economic myth dented

Apr 24, 2024 | 01:20 am

EUR/USD trades just shy of 1.0700 on Wednesday after weaker-than-expected private sector growth and US business activity dent the myth of US economic exceptionalism, weighing on the US Dollar (USD).

NZD/USD Price Analysis: Could break into the symmetrical triangle, rises to near 0.5950

Apr 24, 2024 | 01:20 am

NZD/USD advances for the third consecutive session on Wednesday, trading around 0.5940 during the European session.

Pound Sterling holds strength on improved UK economic outlook

Apr 24, 2024 | 01:17 am

The Pound Sterling (GBP) turns sideways at around 1.2450 against the US Dollar (USD) in Wednesday’s European session after bouncing back strongly from a five-month low at around 1.2300 earlier in the week.

India Gold price today: Gold recovers, according to MCX data

Apr 24, 2024 | 01:07 am

Gold prices rose in India on Wednesday, according to data from India's Multi Commodity Exchange (MCX).

German IFO Business Climate Index improves further to 89.4 in April vs. 88.9 expected

Apr 24, 2024 | 01:02 am

The headline German IFO Business Climate Index came in at 89.4 in April, way higher than the March reading of 87.9.

Italy Business Confidence below expectations (89.5) in April: Actual (87.6)

Apr 24, 2024 | 01:02 am

Italy Business Confidence below expectations (89.5) in April: Actual (87.6)

Germany IFO – Current Assessment above expectations (88.7) in April: Actual (88.9)

Apr 24, 2024 | 01:01 am

Germany IFO – Current Assessment above expectations (88.7) in April: Actual (88.9)

Switzerland ZEW Survey – Expectations: 17.6 (April) vs 11.5

Apr 24, 2024 | 01:01 am

Switzerland ZEW Survey – Expectations: 17.6 (April) vs 11.5

Germany IFO – Expectations registered at 89.9 above expectations (88.9) in April

Apr 24, 2024 | 01:01 am

Germany IFO – Expectations registered at 89.9 above expectations (88.9) in April

Italy Consumer Confidence below expectations (96.9) in April: Actual (95.2)

Apr 24, 2024 | 01:01 am

Italy Consumer Confidence below expectations (96.9) in April: Actual (95.2)

Switzerland April UBS investor sentiment 17.6 vs 11.5 prior

Apr 24, 2024 | 01:00 am

Prior 11.5Swiss investor sentiment picks up further in April with analysts also anticipating more SNB rate cuts than they had in January. The current conditions index also improved from 11.1 in March to 17.7 this month. This article was written by Justin Low at www.forexlive.com.

Germany IFO – Business Climate came in at 89.4, above forecasts (88.9) in April

Apr 24, 2024 | 01:00 am

Germany IFO – Business Climate came in at 89.4, above forecasts (88.9) in April

Germany April Ifo business climate index 89.4 vs 88.8 expected

Apr 24, 2024 | 01:00 am

Prior 87.8; revised to 87.9Current conditions 88.9 vs 88.7 expectedPrior 88.1; revised to Expectations 89.9 vs 88.7 expectedPrior 87.5; revised to 87.7It is beats across the board, reaffirming some improvement in German business morale at least. Both current conditions and expectations also picked up, solidifying better sentiment in April. This doesn't do much to change the overall outlook for the German economy though, at least not yet. As for the ECB, a June rate cut is still more or less a given regardless. This article was written by Justin Low at www.forexlive.com.

Dead cat bounce or new high? [Video]

Apr 24, 2024 | 00:56 am

The 2 telltale signs to anticipate and confirm the current correction How to confirm the technical rebound and the target for the S&P 500 Why this market correction is different from Aug-Oct 2023? The 2 key levels in the S&P 500 you must be aware of.

Johnson and Johnson (JNJ) Elliott Wave technical analysis [Video]

Apr 24, 2024 | 00:55 am

JNJ Elliott Wave Analysis Trading Lounge Daily Chart. Johnson & Johnson, (JNJ) Daily Chart.

Indonesia Bank Indonesia Rate above forecasts (6%): Actual (6.25%)

Apr 24, 2024 | 00:34 am

Indonesia Bank Indonesia Rate above forecasts (6%): Actual (6.25%)

Australian Dollar appreciates on improved risk appetite amid firmer US Dollar

Apr 24, 2024 | 00:31 am

The Australian Dollar (AUD) extends its winning streak for the third successive day after the release of the better-than-expected Consumer Price Index (CPI) data on Wednesday.

Japan senior lawmaker says yen slide towards 160 could prod action

Apr 24, 2024 | 00:28 am

The comment is from Takao Ochi of the ruling Liberal Democratic Party, a senior member of the Lower House Financial Affairs Committee. Adding that the ruling party itself is not yet in active discussion on what yen levels would be deemed as worth intervening.However, Ochi says that a move in USD/JPY towards 160 (or 170) could prod action from policymakers as they would deem that as being "excessive". This article was written by Justin Low at www.forexlive.com.

AUD/JPY extends winning streak following positive Australian Consumer Inflation data

Apr 24, 2024 | 00:25 am

AUD/JPY gains ground for the third successive day after paring intraday losses on Wednesday. Additionally, the Australian Bureau of Statistics (ABS) released the better-than-expected Consumer Price Index (CPI) data on Wednesday.

ECB’s Nagel: June rate cut not necessarily followed up by a series of rate cuts

Apr 24, 2024 | 00:23 am

European Central Bank (ECB) policymaker and Bundesbank Chief Joachim Nagel said on Wednesday that a June interest rate cut may not be necessarily followed up by a series of rate cuts.

USD/CHF holds steady around the 0.9150, in line with six-month highs

Apr 24, 2024 | 00:16 am

USD/CHF hovers near 0.9140 during early European trading hours on Wednesday, maintaining its position close to the six-month high of 0.9152 reached on April 15.

European indices hold slightly higher to kick start the session

Apr 24, 2024 | 00:06 am

Eurostoxx +0.1%Germany DAX +0.2%France CAC 40 flatUK FTSE +0.4%Spain IBEX flatItaly FTSE MIB +0.5%US futures have also seen gains cool a little, with S&P 500 futures now up by 15 points or 0.3%. So far, risk trades are holding up for the most part but broader markets are keeping a close watch on USD/JPY instead at the moment. This article was written by Justin Low at www.forexlive.com.

Japanese Yen refreshes multi-decade low against USD, around 155.00 pivotal level

Apr 24, 2024 | 00:04 am

The Japanese Yen (JPY) continues with its struggle to register any meaningful recovery and languishes near a multi-decade low against its American counterpart during the Asian session on Wednesday.

Forex Today: US Dollar consolidates losses ahead of mid-tier data

Apr 23, 2024 | 23:56 pm

Here is what you need to know on Wednesday, April 24: After weakening against its major rivals in the American session on Tuesday, the US Dollar (USD) seems to have stabilized in the European morning on Wednesday.

FX traders have got their popcorn bags out

Apr 23, 2024 | 23:54 pm

Will Japan intervene or won't they? It's definitely not ideal as we look towards European trading, where liquidity conditions will start to pick up. And even more so when US traders come into the fray later. Officials might be thinking to wait for the BOJ to send a message on Friday but that is still at least two days away.For now, all other major currencies aren't doing much and traders are likely to sit on their hands in watching what happens next with USD/JPY before reacting to anything. The aussie is still up slightly from earlier, but AUD/USD remains capped for now as seen here.It definitely takes a lot of guts to be in any yen trade at the moment and I wish you the best of luck if you're taking that on. Personally, intervention risk is something a little too much for my liking so I'd stay sidelined. And I'm sure the majority will be watching as well to see what happens next.I reckon we might slowly see price creep a little higher until touching 155.00 in the hours ahead. There might be profit-taking as well when we get to the figure level but if there is any overshoot, that could be the event that invites Japan to step in. But we'll see. This article was written by Justin Low at www.forexlive.com.

USD/INR rebounds amid firmer US Dollar, hawkish Fed stance

Apr 23, 2024 | 23:54 pm

Indian Rupee (INR) is losing its recovery momentum on Wednesday amid US Dollar (USD) demand from importers and bets that US Federal Reserve (Fed) rate cuts are not imminent.

Silver Price Forecast: XAG/USD remains on the defensive below $27.50 on easing Middle East tensions

Apr 23, 2024 | 23:42 pm

Silver price (XAG/USD) trades on a softer note near $27.30 during the early European session on Wednesday.

FTSE 100 edges off latest record

Apr 23, 2024 | 23:35 pm

Global stock markets continued their recovery on Tuesday, with US tech stocks making firm gains ahead of Tesla’s earnings tonight, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

USD/JPY but a whisker away from the pivotal 155 mark

Apr 23, 2024 | 23:26 pm

The pair is up to a high of 154.94 and is holding thereabouts ahead of European trading. Japanese officials are surely keeping a close watch on this and you should too. This might end up stealing the show today with Icarus flying too close to the sun being the main headline. This article was written by Justin Low at www.forexlive.com.

Eurostoxx futures +0.5% in early European trading

Apr 23, 2024 | 23:04 pm

German DAX futures +0.5%UK FTSE futures +0.6%This mirrors the mood in US futures as well, with S&P 500 futures now up 0.4%. It follows from the more solid gains in trading yesterday as risk trades light up after the softer US PMI data. This article was written by Justin Low at www.forexlive.com.

FX option expiries for Apr 24 NY cut

Apr 23, 2024 | 22:51 pm

FX option expiries for Apr 24 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0550 565m 1.0575 400m 1.0600 440m 1.0610 1.1b 1.0650 1.1b 1.0700 2.3b 1.0705 645m 1.0725 860m - GBP/USD: GBP amounts 1.2450 613m - USD/JPY: USD amounts 153.00 452m 153.50 1.5b 154.00 902m 155.40 1b - USD/CHF: USD amounts 0.9150 765m - AUD/USD: AUD amounts 0.6325 500m 0.6400 472m 0.65425 335m - USD/CAD: USD amounts 1.3600 600m 1.3650 625m 1.3680 914m - EUR/GBP: EUR amounts 0.8600 351m .

Pound Sterling tests the major level of 1.2450

Apr 23, 2024 | 22:27 pm

GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday.

Pakistan Gold price today: Gold falls, according to FXStreet data

Apr 23, 2024 | 22:24 pm

Gold prices fell in Pakistan on Wednesday, according to data compiled by FXStreet.

German Ifo business survey the highlight of the agenda in Europe today

Apr 23, 2024 | 22:09 pm

The softer US PMI data from yesterday is still reverberating but also a much improved risk mood. Geopolitical fears have subsided since the weekend and that is helping to see stocks bounce back quite nicely to start the week. In turn, risk currencies are picking up on that with the aussie also helped by hotter inflation numbers earlier.As seen here, AUD/USD has moved up to test a key technical level on the day. The pair is still up 0.5% to 0.6515 as it keeps near the highs.So, what's next for markets in general?As we look to put behind us the whole Israel-Iran episode, the focus shifts back to US data. Equities will look to that to keep the momentum from this week, with S&P 500 futures up another 0.35% currently. But we might have to wait until tomorrow at least, with the US advanced Q1 GDP figures on the cards. Then on Friday, there is the US PCE price index to get through. As a reminder, that is the Fed's preferred measure of inflation so it is one to watch.For today, it's all about digesting the PMI data from yesterday and sticking with the overall risk mood. The dollar is ceding some ground but we'll see if that turns into anything bigger after the gains earlier this month. If anything else, do keep an eye on USD/JPY as well as the pair remains very much underpinned at 154.85 currently.In terms of data releases in Europe, the German Ifo business survey for April is the main one to watch. But in all likelihood, the releases today won't do much to shake things up.0800 GMT - Germany April Ifo business climate index0800 GMT - Switzerland April UBS investor sentiment1000 GMT - UK April CBI trends total orders1100 GMT - US MBA mortgage applications w.e. 19 AprilThat'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.

Aussie bounce runs into key level on the chart, what's next?

Apr 23, 2024 | 21:33 pm

After the softer US PMI data yesterday, it is keeping the Fed outlook more interesting. The dollar fell as traders might have to consider at least one rate cut for the year. But in the case of the aussie, it doesn't seem like rate cuts might be on the table for this year. That especially as inflation data remains rather sticky as seen here.The trimmed mean reading is the most pivotal one and that is seen at 4.0%. Yes, it is down from 4.2% previously but still not enough to convince of a significant disinflation trend. At least not one that would compel the RBA to act any time soon.AUD/USD has seen a decent bounce today as such, with the pair touching a high of 0.6530 earlier. That sees it run into a test of its 200-day moving average (blue line):And that is holding back gains for now, alongside the 61.8 Fib retracement level (red) at around 0.6536. After which, there is the 100-day moving average (red line) offering the next key resistance level but that is only seen at 0.6585 currently.So, what's next for the pair?What was previously a divergence trade between the dollar and the rest of the major currencies bloc has now changed. That particular divergent factor has closed with the RBA also perhaps being one of the later - if not the latest - central banks to cut rates. And that's a boon for the aussie, especially now as it coincides with a pick up in risk.It will now come down to what the next set of US data has to offer, in particular the inflation numbers. And we won't have to wait too long as there is the PCE price index due on Friday this week.That might offer a key trigger point for traders to work with before the weekend comes along. This article was written by Justin Low at www.forexlive.com.

ForexLive Asia-Pacific FX news wrap: Higher than expected Australian CPI data, AUD up

Apr 23, 2024 | 20:47 pm

Why the stronger yuan might prompt a PBOC rate cutEuropean Central Bank speakers Wednesday include SchnabelAustralia- inflation a bit higher than expected, RBA on hold4 reasons why the RBA may be the last major central bank to cut ratesAUD/USD jumped above 0.6500 on higher than forecast inflation data for Q1 of 2024Australian Q1 CPI +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)US Senate passes US$95bn aid bill for Ukraine, Israel, TaiwanPBOC sets USD/ CNY mid-point today at 7.1048 (vs. estimate at 7.2363)Under half of analysts expect a BoE rate cut in JuneAbout 70% of companies in Japan will implement pay-scale increases in fiscal 2024Bank of Japan meeting this week - previewTrump advisers are planning US dollar devaluation if he gets electedJapan data - March Services PPI 2.3% y/y (prior +2.1%)JP Morgan's Pinto doubts the Federal Reserve will be cutting rates this yearUS authorities express elevated fears about a terrorist attack like that seen in RussiaNew Zealand March trade balance +588mn (prior -218mn)HSBC bearish GBP/CHF, target is 1.1UBS is dialling back plans in China - high costs, poor profit outlookUS SEC is unlikely to approve spot ETH ETFs in May - price to rise regardlessGoldman Sachs on 2024: expects earnings, equities to rise, inflation & rates to fallOil - private survey of inventory shows a draw vs. the build that was expectedForexlive Americas FX news wrap: Softer PMI weighs on US dollarTrade ideas thread - Wednesday, 24 April, insightful charts, technical analysis, ideas There were items on the data calendar of interest for the session here. The private survey of oil inventory showed a draw compared with the build that was expected. Oil prices have remained fairly steady since, in a tight range. From New Zealand, we had a trade surplus recorded in March. Exports showed a welcome rise but imports fell to their lowest since the middle of 2021. NZD/USD has risen on the session slightly, helped along by a higher AUD (more on this below). Services PPI in Japan for March rose, for a second month in a row. The Bank of Japan holds the view that rising service prices will supplant cost-push inflation as a key driver of price inflation towards its 2% target. The data supported this view (to the extent that it gets passed along in consumer prices). The big data point, though, was the Q1 CPI from Australia. The headline rate, and the two core rates, all jumped more than expected. This has implications for the Reserve Bank of Australia, at the very least delaying potential rate cuts. Indeed, Westpac analysts pushed back their RBA rate cut forecast to November from September. AUD/USD jumped above 0.6500 on the inflation data release and has barely pulled back since. In geopolitically significant news the US Senate passed the bill to provide US$95bn in aid to Ukraine, Israel, and Taiwan: $60.8 billion for Ukraine $26.4 billion for Israel $8 billion for Taiwan The bill also included the potential to ban TikTok. US President Biden says he will sign the bill into law on Wednesday. Apart from the AUD move, FX was sedate. USD/JPY continues to wiggle along just under 155.00. AUD/USD update: This article was written by Eamonn Sheridan at www.forexlive.com.

Australian Q1 CPI +1.0% q/q (expected 0.8%) 3.6% y/y (expected 3.4%)

Apr 23, 2024 | 18:30 pm

AUD has jumped on the higher than expected inflation figures. The results are also just above RBA forecasts,This is a nail in the coffin of 2024 rate cuts from the Reserve Bank of Australia.Hiher than expected headline and core (trimmed mean) inflation data from Australia for the January - March quarter:You'll note the blank space for the monthly inflation result, it came in at 3.5%, also higher than expected.---Summarising the Q1 data:Headline CPI +1% q/qexpected +0.8%, prior: +0.6%Headline CPI 3.6% y/yexpected 3.5%, prior: 4.1%Trimmed mean (a core measure) CPI +1% q/qexpected +0.8%, prior: +0.8%Trimmed mean CPI 4% y/yexpected 3.8%, prior: 4.2%Weighted median 1.1% q/qexpected 0.9%, prior 0.9% Weighted median (another core measure) 4.4% y/yexpected 4.1%, prior 4.4%Services inflation 4.3% y/y is the lowest since June of 2022Goods inflation 3.1% y/y is the lowest since September 2022 This article was written by Eamonn Sheridan at www.forexlive.com.

US Senate passes US$95bn aid bill for Ukraine, Israel, Taiwan

Apr 23, 2024 | 18:29 pm

The bill to provide aid to those countries threatened by the axis of totalitarian regimes and terrorists has the votes to pass. Hat tip to Speaker Johnson for getting it passed through a difficult House to even make it to the Senate. Once the vote completes it'll be off to Biden for signing into law. Potential TikTok ban$60.8 billion for Ukraine$26.4 billion for Israel$8 billion for Taiwan This article was written by Eamonn Sheridan at www.forexlive.com.

Aussie dollar trades below US$0.65

Apr 23, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback currently trading at US$0.6480 at the time of writing. The Aussie dollar continues its upward trajectory for the second consecutive session on Tuesday, buoyed by improved risk appetite. On the data front yesterday Australia's Judo Bank Purchasing Managers Index (PMI) Composite rose to a 24-month high of 53.6 in April compared to the previous month's 53.3. The Australian private sector ticked up into an accelerated pace of growth in the second quarter bolstered primarily by Services sector growth. Australia's Manufacturing PMI Output rose to an eight-month high of 49.1 compared to March's 45.7, brushing off a 2-month low of 54.2 in the Services Business Activity compared to March's 54.4. Looking ahead today the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI) which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally, on Friday we will see the release of the Producer Price Index (PPI). There will be no commentary tomorrow due to the Anzac Day public holiday. Key Movers The pound bounced back from US$1.2300 in Tuesday’s early session as the S&P Global/CIPS posted stronger-than-expected United Kingdom preliminary Services PMI data for April. Surprisingly, the Services PMI jumped to 54.9 from the prior reading of 53.1. Investors forecasted the Services PMI to drop slightly to 53.0. The preliminary Manufacturing PMI, surprisingly contracted, remains below the 50.0 threshold that separates expansion from contraction after expanding in March. The factory PMI falls sharply to 48.3 from expectations and the prior reading of 50.3. Looking ahead to the rest of this week investors will shift focus to the core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published on Friday. The monthly core PCE Price Index is estimated to grow steadily by 0.3%. Annually, the underlying inflation data is expected to soften to 2.6% from 2.8% in February. The US Dollar Index (DXY) is trading softly at 105.70 tallying daily losses on Tuesday's session. Investors will be keeping an eye on vital economic reports due this week, including the preliminary figures of Q1’s Gross Domestic Product (GDP) Growth Rate and the Personal Consumption Expenditures (PCE) Price Index from March to gain further insight into the economy's health. During Tuesday’s session, S&P PMIs came in lower than expected and made the USD face selling pressure. US Treasury bond yields are dwindling with the 2-year yield at 4.93%, the 5-year yield at 4.61%, and the 10-year yield at 4.58%. Expected RangesAUD/USD: 0.6400 - 0.6600 ▲AUD/EUR: 0.5950 - 0.6150 ▲GBP/AUD: 1.9050 - 1.9250 ▼AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8750 - 0.8950 ▼

Trump advisers are planning US dollar devaluation if he gets elected

Apr 23, 2024 | 16:57 pm

An article (link is here) canvassing a plan for a second Trump administration to send the US dollar lower:According to Politico, Trump’s former trade adviser Robert Lighthizer and several policy allies would seek to make American trade more competitive by purposely weakening the dollar.the article gives a bit of a run down on the pros and cons of a lower dollar, for example:more competitive US exports (a pro) inflation in the domestic economy as the prices of imported goods and raw materials increase (a con) This article was written by Eamonn Sheridan at www.forexlive.com.

Japan data - March Services PPI 2.3% y/y (prior +2.1%)

Apr 23, 2024 | 16:50 pm

Japan's Services PPI is AKA the Corporate Services Producer Price Index.Its published by the Bank of Japan.+2.3% y/y expected +2.1%, prior +2.1% y/y This has accelerated for the second month. The Bank of Japan is keenly watching services prices as a key indicator of whether wages and inflation are rising together. This article was written by Eamonn Sheridan at www.forexlive.com.

US authorities express elevated fears about a terrorist attack like that seen in Russia

Apr 23, 2024 | 15:59 pm

FBI Director Christopher Wray spoke with US media, NBC Nightly News, on Tuesday:said there are also elevated fears about a coordinated terror attack in a public place, a prospect that for the last decade has been seen by intelligence officials as extremely remote. “We are increasingly concerned [about] the potential for some kind of coordinated attack here in the homeland, which may be not that different from what you saw against the concert hall in Russia a few weeks ago from ISIS-K” Link here for more. Quite a lot more - January 6 terror, Chinese Communist Party propaganda amongst topic covered. To all our friends in the US, take care there! This article was written by Eamonn Sheridan at www.forexlive.com.

New Zealand March trade balance +588mn (prior -218mn)

Apr 23, 2024 | 15:45 pm

Exports rose from February but imports fell:imports fell to the lowest since mid-2021 NZ posted a trade surplus for March. NZD/USD is little changed. While the jump in exports is welcome the dip for imports points to an economy struggling with high rates. This article was written by Eamonn Sheridan at www.forexlive.com.

HSBC bearish GBP/CHF, target is 1.1

Apr 23, 2024 | 15:25 pm

HSBC is looking for the CHF to rise, saying CHF shorts "look weary", and the CHF is resilient:resilience is likely due to geopolitical tensionswith uncertainties lingering, CHF can stay supported on a ‘safe haven’ basisAs for the GBP side, analysts at HSBC are looking for a Bank of England rate cut despite high and sticky services inflation, and wage growth. And see scope for further rate cuts: "May BoE meeting could be an important stage-setter for a possible June easing"-- HSBC idea is to sell GBP/CHF at 1.1350target 1.1000On Tuesday, Pill gave GBP a leg up to that level HSBC is looking to short at:BOE's Pill: The timing for a rate cut is still some way offBOE's Pill says seeing signs of a downward shift in inflation persistencyBOE's Haskel: High inflation to remain unless labour market weakens This article was written by Eamonn Sheridan at www.forexlive.com.

UBS is dialling back plans in China - high costs, poor profit outlook

Apr 23, 2024 | 15:15 pm

Bloomberg (gated) carried the report ICYMI. In brief:UBS is postponing plans to build its own mutual fund business in mainland China'people familiar with the matter' says its due to high costs and a dim profit outlookUBS will instead rely on existing joint ventures to expand in China’s mutual fund industry This article was written by Eamonn Sheridan at www.forexlive.com.

Oil - private survey of inventory shows a draw vs. the build that was expected

Apr 23, 2024 | 13:43 pm

Via Twitter:--Expectations I had seen centred on:Headline crude +1.8 mn barrelsDistillates -0.9 mn bblsGasoline -1.4 mn--This data point is from a privately-conducted survey from the American Petroleum Institute (API).It's a survey of oil storage facilities and companiesThe official report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the previous week's levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.the EIA report is held to be more accurate and comprehensive than the survey from the API This article was written by Eamonn Sheridan at www.forexlive.com.

Forexlive Americas FX news wrap: Softer PMI weighs on US dollar

Apr 23, 2024 | 13:41 pm

S&P Global services PMI 50.9 vs 52.0 expectedUS March new home sales 0.693m vs 0.670m expectedRichmond Fed Manufacturing index -7 versus -7 estimateTexas Instruments reports earnings of $1.20 versus $1.07 expectedVisa reports earnings: EPS 2.51 vs 2.44 estimate. Company sees 'stable consumer spending'Tesla earnings: EPS $0.45 vs $0.51 estimate. Revenues $21.3B vs $22.31B estimateUS sells 2-year notes at 4.898% vs 4.904% WIJPMorgan CEO Dimon: There is a chance stagflation could happen againECB's Nagel: Need to be convinced that inflation is heading back to target before cutsPhilly Fed April non-manufacturing index -12.4 vs -18.3 priorMarkets:WTI crude up $1.44 to $83.33US 10-year yields down 1.6 bps to 4.60%S&P 500 up 1.2%, Nasdaq up 1.6%Gold down $3 to $2322GBP leads, USD lagsThe US dollar reversed lower after the softer PMI data. It was seen as a glimpse into a slowing economy and a sign that Fed rate cut hopes aren't done yet.EUR/USD quickly moved to 1.0700 from 1.0660 then traded sideways from there. The pound rose 65 pips to 1.2450.Commodity currencies were also strong, supported by improved risk appetite.Even the yen got some help from the PMI but the 25 pip drop in USD/JPY was quickly bought. A second dip after a strong US 2-year Treasury auction was also bought as the pair appears determined to test 155.00. This article was written by Adam Button at www.forexlive.com.

Major US stock indices closed higher for the second consecutive day this week

Apr 23, 2024 | 13:30 pm

The major US stock indices have risen for the second consecutive day this week. The move to the upside was encouraged by the lower rates as S&P global PMI data was weaker than expectations lowering fears about a tighter or less accommodative Fed. The NASDAQ index and the interest rate-sensitive small-cap Russell 2000 index led the charge to the upside.The final numbers are showing:Dow Industrial Average up 263.71 points or 0.69% at 38503.70S&P index of 59.97 points or 1.20% at 5070.56NASDAQ index up 245.33 points or 1.59% at 15696.64The small-cap Russell 2000 rose 35.17 points or 1.79% at 2002.64.Tesla reported earnings after the close of $0.45 versus $0.51 expected (MISS). Revenues were $21.3 billion versus $22.15 billion expected (MISS). Despite the miss on the top and bottom lines, shares are currently trading up $7.60 or 5.25% in volatile trading (they were higher). Investors are cheering that the company is looking to add to the vehicle lineup with a cheaper model in 2H. IN other earnings after the close:Visa reported EPS of $2.51 versus $2.44 expected (BEAT). Revenues came in at $8.7 billion versus expectations of $8.63 billion (BEAT). They affirmed fiscal year 2024 revenue low double digit. Shares of Visa are trading up $8.87 or 3.24% at $283Texas instruments reported earnings-per-share of $1.20 versus $1.07 expected (BEAT). Revenues came in at $3.66 billion versus $3.61 billion expected (BEAT). They see Q2 EPS at $1.05 – $1.25 versus expectations of $1.16 and revenues of $3.65 billion – $3.95 billion versus expectations of $3.78 billion (MET). Shares of TXN are trading up $8.78 or 5.31% at $174.25 This article was written by Greg Michalowski at www.forexlive.com.

Texas Instruments reports earnings of $1.20 versus $1.07 expected

Apr 23, 2024 | 13:19 pm

Texas Instruments reports earnings:EPS $1.20 versus $1.07 expectedRevenues of $3.68 billion versus expected $3.61 billionGuidance revenues $3.65 and $3.95 billion versus $3.78 billion estimate This article was written by Greg Michalowski at www.forexlive.com.

Visa reports earnings: EPS 2.51 vs 2.44 estimate. Company sees 'stable consumer spending'

Apr 23, 2024 | 13:12 pm

EPS $2.51 vs $2.41 expectedRevenues $8.80 billion vs $8.55 billion expectedShares are up 3.4%. The jump in revenue is a good sign for overall consumer spending and the metrics point to a healthy global consumer.Comments from Ryan McInerney, Chief Executive Officer:"Visa delivered strong results in the second quarter, with net revenue up 10%, GAAP EPS up 12%, and non- GAAP EPS up 20%. Overall payments volume grew 8% [y/y] and cross-border volume grew 16%, driven by stable consumer spending. As we head into the second half of the year and beyond, we remain focused on the trillions of dollars of opportunity in consumer payments and new flows and on continuing to deepen our partnerships with clients around the world by adding value across our network of networks."In the earnings presentation, there is some deceleration in Visa transactions into April:Here is the forward-looking guidance. The revenue numbers certainly don't point to any consumer weakening. This article was written by Adam Button at www.forexlive.com.

Tesla earnings: EPS $0.45 vs $0.51 est. Revs $21.3B vs $22.31B est. Looks to expand lineup

Apr 23, 2024 | 13:04 pm

Tesla earnings are outEPS $0.45 vs $0.51 expectedRevenues $21.3 billion vs $22.31B estimate. Last year $23.329 billion. This is the first drop in 4-years. Gross margins 17.4%Free cash flow -2.531 millionAdjusted EBITDA 3.384 million versus 3.313 million estimateGuidance for deliveries for the year was expected at 1.89-1.90M. Do not see an estimate for deliveries in the initial release of data. Updated future vehicle lineup to accelerate launch of the new models ahead of previously communicated start of production in 2H of 2025 . (i.e, the company is hinting at more affordable models).Regarding new models, they will include more affordable models, will utilize aspects of next-generation platform as well as aspects of our current platforms.Committed to companywide cost production.The company announced job cuts of over 10% last week. They have ample liquidity to afford expansion plans.Global EV sales continue to be under pressure as many carmakers prioritize hybrids over EVsSays our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023Says we experienced numerous challenges in Q1, from the Red Sea conflict and the arson attack at Gigafactory in BerlinTo support growth, they said that they have been increasing awareness and expanding vehicle financing programs, including attractive leasing terms for our customersIn US we produced over 1000 cybertrucks in a single week in April.In artificial intelligence software and hardware, will continue to increase our core AI infrastructure capacity in coming monthsDespite the miss on the top and bottom line Tesla shares are now up over 7% trading at $155.88, up $11.44 as investors are encouraged by the accelerated pace of new, more affordable models (from 2H of 2024).Although the price is higher at $155.88 snapshot, the price of TSLA shares were as high as $179.22 on April 9. The next upside target comes in at $160.51 followed by the falling 50-day moving average at $176.71. It would take a move above both to give buyers some confidence. This article was written by Greg Michalowski at www.forexlive.com.

Aussie dollar trades back above US$0.64

Apr 22, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback, currently trading at 0.6446 at time of writing. The Aussie dollar yesterday fared better than most of its rival counterparts against the Greenback partly because commodities, which Australia is a major exporter of, are holding their value better than expected. The supportive effect may not last, however, since Iron Ore, which is Australia’s largest export, could be peaking and about to roll over. The Australian dollar may encounter challenges ahead, particularly as domestic inflation continues to moderate, aligning with the Reserve Bank of Australia's (RBA) latest forecasts. Furthermore, the persistently tight labour market could lead to calls for an RBA rate reduction before the year's end. On the data front, today we will see the release of the Purchasing Managers' Index (PMI). On Wednesday, the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI), which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally on Friday we will see the release of the Producer Price Index (PPI). Key Movers US equities on Monday opened higher in the early going, but there have been frequent bouts of strength in the latest six-day losing streak that have ultimately been overwhelmed by sellers. In early trading, the index is up 20 points, or 0.45%, which is a tad softer than futures indicated. 10-year US Treasury yields jump to 4.64% as Federal Reserve (Fed) policymakers argue that the current restrictive monetary policy framework is appropriate given strong labor demand and stubbornly higher price pressures. On the data front, the Chicago Fed National Activity Index (CFNAI) rose to +0.15 in March from +0.09 in February. Two of the four broad categories of indicators used to construct the index increased from February and two categories made positive contributions in March. The Chicago Fed's National Activity Index is a monthly indicator designed to gauge overall economic activity and related inflationary pressure. The personal consumption and housing category's contribution to CFNAI was -0.01 in March, down from +0.02 in February, the Chicago Fed said on Monday. Looking ahead for the rest of the week and Federal Reserve officials will begin its blackout period ahead of the May 1 meeting. However, April PMIs and housing data will be released by S&P Global. Expected RangesAUD/USD: 0.6350 - 0.6550 ▲AUD/EUR: 0.5950 - 0.6150 ▲GBP/AUD: 1.9050 - 1.9250 ▼AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8750 - 0.8950 ▼

Aussie dollar trades below US$0.64

Apr 21, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is weaker this morning when valued against the Greenback currently trading at 0.6411 at the time of writing. The Aussie dollar fell on Friday below 0.6400 as riskier assets faced pressure due to heightened geopolitical risk across financial markets. Last week on the local front Australia's unemployment rate rose slightly to 3.8 per cent after 6600 jobs were lost in March, a stronger-than-expected result that will likely end any chance of a mid-year interest rate cut. The jobless rate, revealed today by the Australian Bureau of Statistics, is only a marginal increase on last month's surprisingly low figure of 3.7 per cent and slightly better than market forecasts of a larger rise to 3.9 per cent. A tight labour market means the Reserve Bank is unlikely to pull the trigger on an interest rate cut until towards the end of the year. Looking ahead to this week and today we will see the release of the Flash Manufacturing PMI. A survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. On Wednesday the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI) which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally, on Friday we will see the release of the Producer Price Index (PPI). Key Movers The US dollar Index (DXY) is currently trading at 106.09, a mild loss from its recent peak of 106.35. Despite this, the index remains geared toward testing its November 1 high of 107.10. The number of Americans filing new claims for unemployment benefits was unchanged at a low level last week, pointing to continued labor market strength that is driving the economy. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 212,000 for the week ended April 13, the Labor Department said on Thursday. Labor market resilience, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September. A few economists doubt that the U.S. central bank will lower borrowing costs this year. The Pound Sterling tumbled against the US dollar during the mid-North American session on Friday after a volatile trading day due to geopolitical risks. The GBP/USD currently trades at 1.2367, down 0.49%. British Retail Sales showed signs of stagnation during the European session in March compared to February’s reading. Analysts were expecting sales to grow 0.3% MoM, which came at 0%, while core sales tumbled from 0.3% to -0.3%. On an annual basis, the Office for National Statistics (ONS) revealed that sales rose by 0.8%, which is up from a drop of -0.3% in February. Expected RangesAUD/USD: 0.6300 - 0.6500 ▼AUD/EUR: 0.5900 - 0.6100 ▼GBP/AUD: 1.9150 - 1.9350 ▲AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8700 - 0.8900 ▼

Aussie slides on prospect of US rate hike

Apr 18, 2024 | 17:00 pm

AUD - Australian dollar The AUD is lower this morning having given up a quarter percent amid higher US treasury yields and a hawkish Federal Reserve. Domestic employment data did little to move the AUD with unemployment rate edging higher, up to 3.8%, yet holding onto most of the decline seen in February when the rate fell from 4.1% to 3.7%. If we exclude January as a seasonal outlier the unemployment rate has tracked below 4% through the last two years, suggesting there is resilience within the labour force despite signs employment growth is stalling. This latest print does little to alter market expectations for RBA monetary policy and we are still looking toward a possible cut in Q4. Having tracked between US$0.6440 and US$0.6450, the AUD then fell through overnight trade amid the prospect of a potential US rate hike. Fed policy makers made clear that if inflation remained sticky and the data indicated a rate hike was needed to bring inflation back to target then that is what they would do. Having slipped below US$0.6420 the AUD tracked sideways into this morning’s open and currently trades at US$0.6419. With no domestic data on hand to drive direction we look to Japan CPI and UK retails sales as the only items of note on the macroeconomic calendar. US yields will continue to determine direction and we anticipate the AUD will remain on the back foot next week. Key Movers The US dollar is stronger this morning having reversed losses suffered through trade on Wednesday amid hawkish Fed commentary and a general risk-off tone. Yields pushed higher after NY Fed President and FOMC member Williams suggested another rate hike was not out of the question, stating “monetary policy is in a good place, I am in no hurry to cut interest rates and if the data are telling us that we need higher interest rates to bring inflation back to target then we obviously want to do that”. With USD again on the front foot, the euro slid back below 1.0650, while sterling gave up 1.2450 and the yen again gave up 154.50 and appears poised to break through 155. US treasury Secretary Yellen and the Finance Ministers of Japan and Korea met to discuss the recent and sharp depreciation of the yen and the won, offering a joint statement acknowledging the US would not stand in the way of any official currency intervention. Upon release of the statement the yen tracked higher, but Treasury yields carried the day and the USD recovered losses and is back near 154.70 on open this morning. Our attentions turn now to Japanese CPI data and UK retail sales data as the only tier one data headlining an otherwise quiet macroeconomic calendar. Expected RangesAUD/USD: 0.6380 - 0.6500 ▼AUD/EUR: 0.6000 - 0.6100 ▼GBP/AUD: 1.9250 - 1.9500 ▲AUD/NZD: 1.0820 - 1.0920 ▼AUD/CAD: 0.8800 - 0.8900 ▼

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Apr 18, 2024 | 00:27 am

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AUD finds support as market ignores risk off tone

Apr 17, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar outperformed through trade on Wednesday, pushing back against recent losses to break above US$0.6450. Commodity currencies were well supported as currency markets ignored a broader risk-off mood and instead forced the USD lower amid a steady fall in treasury yields across the curve. With the USD on the back foot, the AUD found support in higher iron ore prices and stability across the Chinese yuan daily fixing. PBOC officials set a rate largely unchanged from the week's earlier downward revision helping stabilise the yuan and limiting the negative spillover into the AUD as a proxy. Reports of increased activity across China’s steel mills help drive a 5.5% increase in iron ore prices and a break back above $115, adding a floor under the AUD at US$0.64 for the day. Our attention now turns to domestic labour market data for March. Stability across the employment landscape will give the RBA confidence in maintaining the current policy setting and may lend support to the AUD ahead of US jobless claims and commentary from 3 key Fed officials. Key Movers The euro was the day's notable outperformer Wednesday up half a percent and back through 1.0650, marking session highs at 1.0670. European Central Bank President Christine Lagarde paved the way for the Euro advance, suggesting there were clear signs of a euro area recovery and that the Bank was closely monitoring the exchange rate and its potential impact on the euro and inflation. While euro bonds fell, US treasuries also retreated and markets appeared content in ignoring a broader risk-off tone, forcing the USD lower against most major counterparts. UK yields rallied after a stronger-than-expected UK CPI inflation print, driven by a surprise uptick in services inflation. While Governor Bailey suggested he expected a significant correction in next month’s numbers, market pricing for BoE policy change barely shifted with a first full cut not priced in until September, leaving August an outside chance should policymakers choose to move early. Sterling edged higher against the USD, pushing back above 1.2450, yet falling short of a break above 1.25. Our focus now turns to US jobless claims and commentary from key ECB and Fed officials. Expected RangesAUD/USD: 0.6380 - 0.6500 ▲AUD/EUR: 0.6000 - 0.6100 ▼GBP/AUD: 1.9200 - 1.9500 ▼AUD/NZD: 1.0800 - 1.0900 ▲AUD/CAD: 0.8800 - 0.8900 ▲

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