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Australia Inflation Data Due On Wednesday

Apr 23, 2024 | 21:03 pm

Australia is set to release its Q1 consumer price figures on Wednesday, indicating a relatively quiet day for economic activity in the Asia-Pacific region. A surge in inflation is anticipated, with a quarterly rise of 0.8% and yearly rise of 3.4%, following an increase of 0.6% quarterly and 4.1% annually in the previous three months.Last quarter witnessed the 'trimmed mean' rise by 0.8% quarterly and 4.2% yearly, simultaneously the 'weighted median' also increased by 0.9% quarterly and 4.4% annually.New Zealand, on the other hand, will report its trade figures for March. February's data pointed to imports totaling NZ$6.11 billion and exports at NZ$5.89 billion, resulting in a trade deficit of NZ$218 million.In Japan, industry watchers await March's producer price data. Current forecasts suggest no change from the annual rate of 2.1%.The material has been provided by InstaForex Company - www.instaforex.com

New Zealand's Exports Surge to 6.5 Billion in March 2024

Apr 23, 2024 | 20:45 pm

New Zealand's export sector experienced a significant boost in March 2024, with exports reaching an impressive 6.5 billion. This marks a substantial increase from the previous month when exports were recorded at 5.79 billion in February 2024. The latest data update on 23rd April 2024 indicates the positive growth trajectory of New Zealand's exports, reflecting a promising outlook for the country's economy.The surge in exports is a positive sign for New Zealand's economic landscape, indicating a strong performance in international trade. As the country continues to strengthen its presence in global markets, the increase in export figures is a testament to the resilience and competitiveness of New Zealand's export industry. With exports on the rise, New Zealand is poised to capitalize on opportunities for further growth and development in the months to come.The material has been provided by InstaForex Company - www.instaforex.com

New Zealand's Trade Balance Surges in March 2024

Apr 23, 2024 | 20:45 pm

New Zealand's trade balance witnessed a significant surge in March 2024, according to the latest data released on April 23, 2024. The current indicator for March stood at 588 million, marking a notable increase compared to the previous reading of -218 million in February 2024.The month-over-month comparison reveals a substantial improvement in New Zealand's trade balance, reflecting positive growth in the country's trade activities in March. This turnaround indicates a strengthening trade position for New Zealand in the global market, potentially contributing to its economic stability and growth prospects moving forward.Market analysts and policymakers will likely closely monitor these developments to assess the ongoing impact on New Zealand's economy and trade relations with its global partners in the coming months. The surge in the trade balance could have implications for various sectors and may influence future policy decisions aimed at sustaining this positive momentum.The material has been provided by InstaForex Company - www.instaforex.com

New Zealand Trade Balance Improves in March 2024

Apr 23, 2024 | 20:45 pm

In the latest economic update from New Zealand, the country's trade balance showed improvement in March 2024. According to the data released on 23 April 2024, the previous trade balance indicator for February 2024 was at -11990 million, while the current indicator for March 2024 has improved to -9870 million. This indicates a positive change in the trade balance.The comparison, which is year-over-year, shows how the trade balance has evolved compared to the same month a year ago. This improvement is a positive sign for the New Zealand economy, indicating potentially increased exports or reduced imports. The data suggests a step in the right direction for the country's trade position and will likely be welcomed by policymakers and market participants alike.The material has been provided by InstaForex Company - www.instaforex.com

New Zealand's Imports Decrease Slightly to $5.91B in March 2024

Apr 23, 2024 | 20:45 pm

In March 2024, New Zealand's imports experienced a slight decrease to $5.91 billion, down from $6.11 billion in February 2024. The updated data, released on April 23, 2024, indicates a minor shift in the country's import activity. This change in the import figures could reflect fluctuating trends in the global market, impacting the flow of goods into New Zealand. As the country closely monitors its trade data, stakeholders and analysts will be keeping a close eye on future developments to understand the implications of this slight decline in imports.The material has been provided by InstaForex Company - www.instaforex.com

TSX Ends Higher For 5th Straight Day

Apr 23, 2024 | 20:40 pm

On Tuesday, the Canadian market made gains for the fifth consecutive day. This trend was a result of investors taking advantage of easing geopolitical anxieties and a positive lead from Wall Street.The weak U.S. Purchasing Managers’ Index (PMI) data sparked anticipation that the central bank of the United States may be on the brink of reducing rates.In particular, technology stocks showed strength, mirroring the Nasdaq's performance. Other sectors such as healthcare, communications, consumer discretionary and industrials were also in demand. Additionally, selected stocks from the fields of energy, consumer staples, finance and materials made significant strides.The S&P/TSX Composite Index, Canada's prime market indicator, peaked at 22,051.15 during the day and ended with a gain of 139.76 points, or 0.64%, to close at 22,011.72.In the tech sector, shares in Shopify Inc and Hut 8 Corp both marked substantial rises, of 4.6% and 4.3% respectively. Other companies such as BlackBerry, Tecsys Inc, Lightspeed Commerce, Bitfarms, and Descartes Systems Group also gained between 2% and 3.4%.In the healthcare sector, Tilray Inc shares jumped by over 7%, while Bausch Health Companies concluded the day up by 0.7%.SNC-Lavalin Group, now known as AtkinsRéalis, saw an increase of 3.7% after they announced bagging a contract from Groupe Heritage Ile-d'Orleans aimed at developing the new Ile d'Orleans Bridge over the St. Lawrence River in Quebec.Other companies such as Cargojet, Precision Drilling Corporation, Premium Brands Holdings Corporation, Stantec Inc, and Onex Corporation ended the day with a gain between 2% and 4.6%.On a contrasting note, Ivanhoe Mines shares fell by 4.7%. Similarly, Lundin Mining Corporation shares decreased by 3.4%. Other notable losses came from companies like Boyd Group Services, Morguard Corporation, Teck Resources, Stelco Holdings, and Sprott Inc.The material has been provided by InstaForex Company - www.instaforex.com

CoStar Group, Inc. Q1 Profit Decreases, but beats estimates

Apr 23, 2024 | 19:55 pm

CoStar Group, Inc.'s recent earnings report for the first quarter revealed a decrease in profits compared to the previous year, however, it exceeded the expectations of Wall Street analysts. The leading real estate data company reported a profit of $6.7 million or $0.02 per share, a dip from last year's first quarter earnings of $87.1 million or $0.21 per share.However, when excluding certain factors, the adjusted earnings of the CoStar Group, Inc was reported to be $41.7 million or $0.10 per share for the specified quarter. In contrast, the average prediction from analysts, as per data collected by Thomson Reuters, anticipated the company to generate earnings of $0.07 per share, typically leaving out unique items from their forecasts.On the revenues front, the company saw a 12.3% increase for the quarter, with total earnings amounting to $656.4 million, a jump from $584.4 million in the previous year. The GAAP results overview for the CoStar Group, Inc showed a first quarter net profit of $6.7 million, compared to $87.1 million last year, a per-share earnings of $0.02 versus $0.21 from the previous year, and a revenue jump to $656.4 million versus $584.4 million from last year.The material has been provided by InstaForex Company - www.instaforex.com

Range Resources Corp. Q1 Profit Decreases, but beats estimates

Apr 23, 2024 | 19:50 pm

Range Resources Corp. (RRC) has reported a profit for its first quarter that, while lower than last year's, surpassed Wall Street projections.The company's net income was $92.14 million, equivalent to $0.38 per share, in comparison to the $481.45 million, or $1.95 per share earned in last year's first quarter.When excluding certain items, Range Resources Corp.'s adjusted earnings were $166.92 million, or $0.69 per share for the period.On average, analysts had anticipated the company's earnings to be $0.57 per share, according to data compiled by Thomson Reuters. These estimates usually do not include special items.The revenue for the company declined 45.8% in the quarter, falling to $645.37 million from $1.19 billion in the same period last year.To provide a snapshot of Range Resources Corp.'s earnings (in GAAP terms):- The earnings for the first quarter were $92.14 million, a decrease from $481.45 million last year.- The earnings per share (EPS) for the first quarter stood at $0.38, lesser than last year’s $1.95.- The revenue for the first quarter was $645.37 million, compared to last year's $1.19 billion.The material has been provided by InstaForex Company - www.instaforex.com

Stocks Close On Firm Note For 2nd Straight Day On Earnings Hopes

Apr 23, 2024 | 19:47 pm

On Tuesday, U.S. stocks closed strongly, continuing their gains from the previous session, with tech shares leading among other sectors, due to positive expectations around earnings. Rising sentiment was fueled by encouraging earnings updates and a slight easing of concerns about the outlook for interest rates.The main averages all closed significantly higher. The Dow gained 263.71 points or 0.69 percent, closing at 38,503.69, while the S&P 500 advanced by 59.95 points or 1.2 percent to 5,070.55 and the Nasdaq added 245.33 points or 1.59 percent, finishing at 15,696.64.Several tech giants, including Microsoft, Alphabet, and Meta Platforms, are set to announce their quarterly earnings this week. Other notable firms, such as Boeing, Intel, American Airlines, Chevron, and Exxon Mobil, are also expected to report their quarterly earnings.Shares of Verizon increased about 3.5 percent, whereas those of American Express grew 2.5 percent. Stocks of Caterpillar, Goldman Sachs, Walt Disney, Microsoft, JPMorgan Chase, and IBM performed well too, rising between 1.3 to 2 percent. Netflix, Palo Alto Networks, Nvidia, Illumina, Moderna, and Microchip Technology also closed significantly higher.After the closing bell, Tesla Inc. reported its total earnings of $1.13 billion, or $0.34 per share in the first quarter, in comparison to $2.51 billion, or $0.73 per share, in last year's first quarter. After adjusting for certain items, Tesla Inc.'s earnings stood at $1.54 billion or $0.45 per share for the period.Among the top gainers in the S&P 500 index was Globe Life, soaring 13.5 percent. Danaher and GE Aerospace saw a surge due to strong results. Kimberly-Clark and General Motors also ended significantly higher.On the other hand, Walmart saw a decrease of 2.3 percent, while Boeing dropped almost 1 percent. Invesco and Pepsico also closed substantially lower, with the latter being impacted by slightly disappointing quarterly results.In economic news, the S&P Global US Composite PMI fell to 50.9 in April, indicating only a slight expansion in the country's private sector, the weakest since December. New home sales spiked by 8.8 percent to an annual rate of 693,000 in March, outperforming economists' expectations.The market now awaits more economic data this week, including the release of first-quarter U.S. GDP data and the core personal-consumption expenditures price index, the Federal Reserve's preferred measure of inflation.In international trading, Asian and European stock markets had a mixed performance on Tuesday. The major European markets closed higher. Crude oil futures for June ended higher by $1.46 or 1.78% at $83.36 a barrel while gold futures for April ended down by $4.50 or about 0.19% at $2,327.70 an ounce. Concerning the currency front, the U.S. dollar traded at 154.82 yen and 1.0704 against the euro.The material has been provided by InstaForex Company - www.instaforex.com

Seagate Technology PLC Q3 Earnings Summary

Apr 23, 2024 | 19:46 pm

Here are the recent earnings highlights for Seagate Technology PLC (STX):In the third quarter, Seagate Technology PLC posted earnings of $25 million, marking a significant improvement from the $433 million loss reported in the same period the previous year. The company reported an Earnings Per Share (EPS) of $0.12 for the quarter, a stark contrast to the -$2.09 reported during the equivalent quarter in the preceding year.When excluding certain items, Seagate Technology PLC's adjusted earnings stood at $71 million, or $0.33 per share. This exceeded analyst projections, which anticipated $0.29 per share. However, the company experienced a drop in revenue, generating $1.66 billion in the third quarter compared to $1.86 billion in the same quarter last year.Looking ahead, Seagate Technology PLC's guidance for the next quarter sets the EPS within the range of $0.50 to $0.90. Revenue is projected to land between $1.70 and $2.00 billion.The material has been provided by InstaForex Company - www.instaforex.com

East West Bancorp Q1 Profit Decreases, but beats estimates

Apr 23, 2024 | 19:20 pm

East West Bancorp (EWBC) has reported a decrease in first quarter profits from last year, despite beating Street's estimates. The bank's total net income amounted to $285.08 million or $2.03 per share, compared to last year's first quarter of $322.44 million or $2.27 per share.After accounting for certain items, East West Bancorp confirmed adjusted earnings of $292.33 million or $2.08 per share for the period. On average, analysts had predicted the company to register earnings of $2.00 per share, a forecast compiled by Thomson Reuters, which predominantly excludes special items.The bank's revenue for the quarter has seen a 3.8% decrease, standing at $644.13 million as compared to last year's $669.84 million.To summarize on a GAAP basis, the East West Bancorp's earnings for the first quarter are:- Net income: $285.08 million, down from $322.44 million last year- Earnings per share: $2.03, down from $2.27 last year- Revenue: $644.13 million, down from $669.84 million last year.The material has been provided by InstaForex Company - www.instaforex.com

Tesla Inc. Q1 Profit Decreases, misses estimates

Apr 23, 2024 | 19:15 pm

Tesla Inc. has reported a decline in profit for the first quarter compared to the same period from the previous year, falling short of Wall Street's expectations. The electric vehicle and clean energy company's earnings amounted to $1.13 billion, translating to $0.34 per share. This shows a decrease from last year's first quarter when it earned $2.51 billion, or $0.73 per share.When excluding particular items, Tesla Inc. presented adjusted earnings of $1.54 billion or $0.45 per share for the period. According to data compiled by Thomson Reuters, average analyst predictions had anticipated the company to earn $0.47 per share. These estimates traditionally exclude unique items.As for the company's revenue, there was a drop of 8.7% in the quarter, sliding down to $21.30 billion from last year's $23.33 billion.To summarize Tesla Inc.'s earnings using Generally Accepted Accounting Principles (GAAP):- Net Income for Q1: $1.13 billion, compared to $2.51 billion last year.- Earnings Per Share for Q1: $0.34, as opposed to $0.73 last year.- Revenue for Q1: $21.30 billion, a decrease from last year's $23.33 billion.The material has been provided by InstaForex Company - www.instaforex.com

Visa Inc. Q2 Profit Increases, beats estimates

Apr 23, 2024 | 19:13 pm

Visa Inc. (V) recently reported that their profit for the second quarter was up from the same period in the previous year, surpassing market expectations.Visa reported earnings of $4.66 billion, equating to $2.29 per share. For context, this is an increase from the second quarter of last year, when earnings stood at $4.26 billion or $2.03 per share.In terms of adjusted earnings, Visa reported $5.12 billion or $2.51 per share for the period, once specific items had been taken into account.Industry analysts had predicted that Visa would generate earnings of around $2.29 per share, these projections were collected by Thomson Reuters and typically exclude any special items.Visa's revenue for the quarter showed a healthy increase of 9.9%, rising to $8.78 billion from the $7.99 billion seen last year.Here's a quick snapshot of Visa's earnings (on a GAAP basis):- Earnings for Q2 were $4.66 billion, up from $4.26 billion last year.- Earnings per share (EPS) for Q2 stood at $2.29, compared with $2.03 the previous year.- Revenue for Q2 was $8.78 billion, a rise from $7.99 billion last year.The material has been provided by InstaForex Company - www.instaforex.com

Mattel Inc. Q1 Loss Decreases, beats estimates

Apr 23, 2024 | 19:09 pm

Mattel Inc. announced a smaller loss for the first quarter compared to the same time last year, successfully exceeding market predictions. The company reported a loss of $28.3 million, equating to a loss of $0.08 per share. This is significantly less than the same quarter of the previous year when the company experienced a loss of $106.5 million or $0.30 per share.When factoring out special items, Mattel Inc.'s adjusted earnings for the period was a loss of $0.05 per share. This outperformed the average analyst prediction of a loss of $0.12 per share, as collected by Thomson Reuters.However, the company did experience a slight decline in revenue for this quarter, with a decrease of 0.6% to $809.5 million, down from $814.6 million in the same quarter of the previous year.At a quick glance, Mattel Inc.'s earnings, as per Generally Accepted Accounting Principles (GAAP):- Earnings (Q1): -$28.3 million vs. -$106.5 million last year.- Earnings per share (Q1): -$0.08 vs. -$0.30 last year.- Revenue (Q1): $809.5 million vs. $814.6 million last year.Concerning guidance, the company predicts full-year earnings per share to range from $1.35 to $1.45.The material has been provided by InstaForex Company - www.instaforex.com

South Korea's Consumer Confidence Stays Stable in April 2024

Apr 23, 2024 | 19:00 pm

According to the latest data released on 23 April 2024, South Korea's consumer confidence remained stable in April, with the indicator holding at 100.7, the same as the previous month. This marks a steady consumer sentiment in the country despite global economic uncertainties. In March 2024, the consumer confidence index also stood at 100.7, showing resilience in the face of changing economic conditions.Consumers' confidence is a key factor in determining their willingness to spend, which in turn affects the overall economic growth of a country. The stable consumer confidence in South Korea indicates that despite challenges, consumers remain optimistic about the economic outlook. This consistent sentiment is crucial for sustaining economic stability and growth in the region.The material has been provided by InstaForex Company - www.instaforex.com

United States Reports a Decrease in API Weekly Crude Oil Stock

Apr 23, 2024 | 18:30 pm

In the latest update on the API Weekly Crude Oil Stock in the United States, it has been reported that there has been a significant decrease. The previous indicator had shown a surplus of 4.09 million barrels, but the most recent data reveals a notable dip, with a deficit of 3.23 million barrels. This shift in the crude oil stock indicates a potential change in the supply and demand dynamics in the oil market.Investors and analysts will be closely monitoring this development as it may impact oil prices and trading activities. The updated data was released on 23 April 2024, providing stakeholders in the energy sector with valuable insights into the current state of the oil market in the United States. As global economic conditions continue to evolve, fluctuations in crude oil stocks play a crucial role in shaping market trends and influencing investment decisions.The material has been provided by InstaForex Company - www.instaforex.com

Amazon Introduces Enhanced Grocery Delivery Subscription For Prime Members And EBT Users

Apr 23, 2024 | 17:37 pm

Amazon has unveiled a restructured grocery delivery subscription service that can be accessed by Prime members as well as those using Electronic Benefit Transfer (EBT) throughout more than 3,500 cities and towns in the United States.For Prime members, the monthly subscription fee will be $9.99 and it will provide unlimited grocery delivery for orders over $35. The service will source products from various suppliers, including Amazon Fresh, Whole Foods Market, and a wide array of local grocery stores and specialty retailers listed on Amazon website.Tony Hoggett, Amazon's Senior Vice President of Worldwide Grocery Stores, highlighted the significant benefits of this revamped service saying that it offers even greater savings on delivery fees for customers placing regular orders through Amazon Fresh, Whole Foods Market, and a range of local providers via Amazon's website.However, this service isn't exclusive to Prime members: individuals who possess a registered EBT card can also access the same features at a reduced monthly rate of $4.99, without requiring a Prime membership.As an additional benefit, Amazon is proposing a free 30-day trial to allow potential customers to appreciate the convenience of the service.The material has been provided by InstaForex Company - www.instaforex.com

U.S. Stocks Set To End On Firm Note Again

Apr 23, 2024 | 17:08 pm

On Tuesday afternoon, U.S. stocks are seeing considerable growth across various sectors due to the expectation of robust earnings from leading technology companies. Key players in the technology sector, including Microsoft, Alphabet, and Meta Platforms, are set to announce their quarterly earnings this week. In addition, other prominent companies like Tesla, Boeing, Intel, American Airlines, Chevron, and Exxon Mobil are also scheduled to reveal their quarterly financial results this week.The leading averages are making remarkable gains, with Dow Jones rising about 0.8 percent or 303.77 points to 38,543.72. The S&P 500 experienced an increase of 62.80 points, representing a 1.25 percent rise to 5,073.60, while the Nasdaq surged 253.64 points or 1.64 percent to 15,704.94.Companies like Goldman Sachs, JPMorgan Chase, Procter & Gamble, Amazon, McDonald's, Salesforce.com, Chevron, and Amgen are seeing increases of 1 to 2 percent. Danaher, with a rise of 6.6 percent, is leading the S&P 500. General Motors, Super Micro Computer, GE Aerospace, United Rentals, and Verizon are all seeing gains of 3 to 5 percent. Stocks in Illumina, Netflix, Microchip Technology, and Micron Technology are notably surging.In contrast, Invesco's value declined by 4.8 percent, and Walmart's value also dropped by over 2 percent. Companies like Pepsico and Cadence Design Systems are observing notable decreases too.The Commerce Department reports a significant growth in new home sales across the U.S. in March. New home sales rose by 8.8 percent to an annual rate of 693,000 after a 5.1 percent decline to 637,000 in February. The projected rate of 668,000 for the new home sales went beyond the initial 662,000 estimated for the previous month.However, building permits fell by 3.7 percent to a seasonally adjusted rate of 1.467 million in March 2024, an adjustment from the earlier estimate of 1.458 million. This comes after a 2.3 percent increase in February.April 2024 saw the S&P Global US Composite PMI decreasing to 50.9 from 52.1 in the previous month, marking a modest expansion in the nation's private sector, the slowest since December.In international markets, Asian-Pacific region stocks exhibited a mixed performance on Tuesday. Japan's Nikkei 225 Index rose by 0.3 percent while China's Shanghai Composite Index dropped by 0.7 percent.European markets ended the day with growth. The German DAX Index surged by 1.55 percent, France's CAC 40 rose by 0.81 percent, and the U.K.'s FTSE 100 closed with a 0.26 percent increase.The material has been provided by InstaForex Company - www.instaforex.com

Argentina's Economic Activity Shows Improvement in February 2024

Apr 23, 2024 | 17:00 pm

Argentina's economic activity showed signs of improvement in February 2024 compared to the previous month. According to the latest data updated on April 23, 2024, the current indicator for February reached -3.2%, an improvement from the previous indicator in January 2024, which was at -4.3%.The comparison, done on a Year-over-Year basis, indicates that despite the challenges faced by the Argentine economy, there has been a slight improvement in economic activity. This improvement could be seen as a positive sign for the country's economic recovery efforts. As Argentina continues to navigate through economic uncertainties, monitoring these indicators provides valuable insights into the country's economic performance.The material has been provided by InstaForex Company - www.instaforex.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 ▼

Australia CPI Forecast: Inflation expected to make further progress toward RBA target band

Apr 23, 2024 | 16:30 pm

An Australian inflation update takes the spotlight this week ahead of critical United States (US) macroeconomic data.

Gold price cautios despite weaker US Dollar and falling US yields

Apr 23, 2024 | 16:26 pm

Gold price posted modest losses late Tuesday in the North American session after reaching a high of $2,334, sponsored by a weaker-than-expected S&P Global Purchasing Managers Index (PMI) report.

GBP/USD posts modest gains above 1.2450, BoE policymaker dampens hopes of summer rates cut

Apr 23, 2024 | 16:14 pm

The GBP/USD pair recovers to 1.2450 on Wednesday during the early Asian session.

Swiss Market Ends On Bright Note

Apr 23, 2024 | 16:03 pm

Swiss stocks delivered an impressive performance on Tuesday, driven by positive performance indicators from other key markets in the region. This was coupled with expectations that major central banks would eventually reduce interest rates.The Swiss Market Index (SMI), stayed robust throughout the trading day, ending with a gain of 141.38 points, or 1.25%, at 11,469.15. Despite reaching an early afternoon high of 11,515.09, it did recede slightly as the day unfolded.Among the high performers, Lonza Group surged close to 4%. Partners Group made gains of approximately 3.25%, while VAT Group, Swiss Re, Roche Holdings, and Julius Baer saw increases between 2.1% and 2.7%.Pharmaceutical company Novartis went up by 1.81% after announcing updated full-year guidance, which reflects the current progress and outlook of the company. Novartis is forecasting a net sales growth in the high-single to low-double-digit range, marking an improvement from the previous mid-single-digit growth projection.Other companies that observed increased share prices range from 1.3% to 2%, including Swiss Life Holding, Holcim, Richemont, Lindt Sprungli, UBS Group, Geberit, and Straumann Holding.Relatively moderate gains were observed in Logitech International, ABB, Schindler Ps, Givaudan, Alcon, SIG Group and Sonova.Contrarily, transport company Kuehne & Nagel saw its stock fall close to 5% following a reported 40% deduction in its first-quarter earnings.Additionally, Sandoz Group saw a decrease of 1.4%, while SGS and Swisscom shares dropped by 0.9% and 0.77% respectively.The material has been provided by InstaForex Company - www.instaforex.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's annualized Trade Balance declines $-9.87 billion after a rise in MoM Exports

Apr 23, 2024 | 15:54 pm

New Zealand's Trade Balance in NZD terms fell $-9.87 billion through the year ended in March, slightly less than the previous YoY period, which declined $-12.06 billion, a slight downside revision from the initial print of $-11.99 billion.

New Zealand Imports dipped from previous $6.11B to $5.91B in March

Apr 23, 2024 | 15:46 pm

New Zealand Imports dipped from previous $6.11B to $5.91B in March

New Zealand Trade Balance NZD (YoY) rose from previous $-11.99B to $-9.87B in March

Apr 23, 2024 | 15:46 pm

New Zealand Trade Balance NZD (YoY) rose from previous $-11.99B to $-9.87B in March

New Zealand Trade Balance NZD (MoM) increased to $588M in March from previous $-218M

Apr 23, 2024 | 15:45 pm

New Zealand Trade Balance NZD (MoM) increased to $588M in March from previous $-218M

New Zealand Exports climbed from previous $5.89B to $6.5B in March

Apr 23, 2024 | 15:45 pm

New Zealand Exports climbed from previous $5.89B to $6.5B in March

European Stocks Close Notably Higher On Encouraging Data, Rate Cut Hopes

Apr 23, 2024 | 15:45 pm

European stocks closed at a high on Tuesday, with several markets reaching significant multi-year or multi-month highs. Among these, the U.K.'s FTSE 100 hit a new all-time high. Positive regional economic data, along with the anticipation of earnings and economic updates from the U.S., boosted investor confidence.The geopolitical landscape, which had previously caused concern, was relatively calm. This, coupled with the expectation of rate cuts from the European Central Bank and several other European central banks, also contributed to the market's buoyant mood.The pan-European Stoxx 600 climbed 1.09%. The U.K.'s FTSE 100, despite coming off the day's high, still ended 0.26% up. Germany's DAX had a major surge of 1.55%, while France's CAC 40 saw a comfortable increment of 0.81%. Switzerland's SMI settled with a gain of 1.25%.Several other European markets, including Austria, Belgium, Denmark, Greece, Netherlands, Portugal, Spain, and Sweden, closed notably higher, while Poland, Russia, and Turkey performed weakly. Norway, however, remained flat.In the UK, Associated British Foods, owner of Primark, saw near 9% surge after it revised its annual profit guidance upwards, following a 39% hike in its first-half profits. Meanwhile, Ocado Group and JD Sports Fashion witnessed increments of about 5.4% and 4% respectively. JD Sports Fashion proposed to acquire Hibbett for $1.08 billion.On the other hand, Anglo American Plc fell by nearly 2.5% after it revised its diamond production guidance downwards.Germany's response was encouraging, with Sartorius rallying 6.7% following Danaher's stronger-than-expected quarterly sales and earnings. SAP, the software maker, gained more than 5% after it confirmed its 2024 outlook.France also saw gains with BNP Paribas, Publicis Groupe, among others, ending the day with increments between 1.5 to 2.5%.In terms of economic activity, the euro area's private sector expanded the most in nearly a year in April, according to S&P Global flash surveys. This was a result of strength in the service sector offsetting a continuing downturn in the manufacturing activity. Business expectations about the coming twelve months cooled slightly but remained second-highest in last 14 months.In France, April saw the private sector nearing stabilization, while Germany's private sector expanded for the first time in ten months driven by solid services activity increase.In the UK, private sector economy saw rapid growth in April, largely due to robust growth in the service sector. However, the manufacturing sector turned to contraction in April.The material has been provided by InstaForex Company - www.instaforex.com

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

Apr 23, 2024 | 15:45 pm

Exports rose from February but imports fell. 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.

AUD/USD rises to two-day high ahead of Aussie CPI

Apr 23, 2024 | 15:33 pm

The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected.

Tesla’s stock price surges, as new model launch excites the market

Apr 23, 2024 | 15:25 pm

Everyone knew that Tesla earnings for Q1 would be bad, and indeed they were.

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.

United States 2-Year Note Auction Shows Increase to 4.898%

Apr 23, 2024 | 15:00 pm

The 2-Year Note Auction in the United States has shown a significant increase, reaching a rate of 4.898%. This marks a notable rise from the previous indicator, which stood at 4.595%. The data was last updated on April 23, 2024, indicating the latest shift in the market for these short-term securities. Investors and analysts will be closely monitoring this development to assess its implications for the broader economic landscape.The uptick in the 2-Year Note Auction rate suggests a shift in investor sentiment or market conditions that could impact borrowing costs and overall market performance. As short-term yields trend higher, it may reflect expectations of future interest rate changes by the Federal Reserve or evolving economic conditions. Market participants will be watching closely for further developments and the potential effects on various asset classes and investment strategies.The material has been provided by InstaForex Company - www.instaforex.com

Canadian Market Rises Again; Technology Stocks Rally

Apr 23, 2024 | 14:57 pm

The Canadian stock market saw a rise just before noon on Tuesday, primarily driven by advancements in the technology and healthcare sectors. There was also a significant increase in stocks from the consumer discretionary, consumer staples, and industrial sectors.Only a few minutes before noon, the benchmark S&P/TSX Composite Index escalated by 122.44 points or 0.56%, reaching 21,994.40. The Information Technology Capped Index also saw an approximate increase of 2%. Notable growth was presented by Hut 8 Corp and Shopify Inc, both surging by 4.8% and 4.5% respectively. Several other corporations, including Descartes Systems Group, Alithya Group, Bitfarms, Celestica Inc, Tecsys, Enghouse Systems, Lightspeed Commerce, and BlackBerry, saw gains ranging from 1.8% to 3.6%.Healthcare stock Tilray also boosted by 5.2%, while Sienna Senior Living, Bausch Health Companies, and Chartwell Retirement Residences saw considerable gains as well.In the broader market, ATS Corporation, Winpak, and Bombardier Inc climbed 3.5 to 4.2%. The SNC-Lavalin Group, now trading as AtkinsRéalis, surged by 3.3% following their announcement of a new contract with the Groupe Heritage Ile-d'Orleans to aid in the development of the Ile d'Orleans Bridge spanning the St. Lawrence River in Quebec.Other companies that experienced gains between 1% to 2% include TFI International, Onex Corporation, Cargojet, WSP Global and Canadian Tire Corporation.The material has been provided by InstaForex Company - www.instaforex.com

NZD/USD Price Analysis: Slight bullish momentum noted, long-term bearish bias intact

Apr 23, 2024 | 14:47 pm

The NZD/USD trades rose to 0.5930 in Tuesday’s session, marking a slight increase with gains of 0.17%.

WTI back over $83 as Crude Oil sees additional volatility

Apr 23, 2024 | 14:27 pm

West Texas Intermediate (WTI) US Crude Oil started Tuesday on the low side, falling below $81.00 per barrel before a broad-market recovery in risk appetite dragged barrel bids into a fresh high above $83.00.

United States API Weekly Crude Oil Stock came in at -3.23M below forecasts (1.8M) in April 19

Apr 23, 2024 | 14:25 pm

United States API Weekly Crude Oil Stock came in at -3.23M below forecasts (1.8M) in April 19

Earnings deliver in spades

Apr 23, 2024 | 14:19 pm

Stocks ripped higher for a second consecutive day on Tuesday, buoyed by robust corporate earnings that helped alleviate fears surrounding higher for longer evolving narrative.

Canadian Dollar finds higher ground against Greenback on Tuesday after US PMI miss sparks rate cut hopes

Apr 23, 2024 | 14:18 pm

The Canadian Dollar (CAD) stepped higher against the US Dollar (USD) after US Purchasing Managers Index (PMI) figures came in softer than expected.

US Dollar takes a hit as S&P PMI data disappoints

Apr 23, 2024 | 14:17 pm

The US Dollar Index (DXY) is trading softly at 105.70 tallying daily losses on Tuesday's session.

Dow Jones Industrial Average bolstered after soft US PMI ignites risk appetite, tests 38,500

Apr 23, 2024 | 14:15 pm

The Dow Jones Industrial Average (DJIA) climbed on Tuesday after US Purchasing Managers Index (PMI) figures softened unexpectedly, bringing broad-market hopes for an earlier-than-expected rate cut from the US Federal Reserve (Fed) back to the forefront.

South Korea Consumer Sentiment Index: 100.7 (April)

Apr 23, 2024 | 14:00 pm

South Korea Consumer Sentiment Index: 100.7 (April)

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.

U.S. New Home Sales Surge Much More Than Expected In March

Apr 23, 2024 | 13:35 pm

On Tuesday, the US Commerce Department published a report revealing a significant rise in new home sales in March.According to the report, there was an 8.8% surge in new home sales, reaching an annual rate of 693,000, compared to February's revised rate of 637,000 after a 5.1% drop. The upswing surpassed economists' forecasts, who had anticipated a rise to an annual rate of 668,000 from the 662,000 initially recorded in the previous month.The sharp increase in sales was spearheaded by the Northeast, which saw an annual rate of 46,000, going up by 27.8%. The West and South also experienced significant sales increases, with growth rates of 8.6% and 7.7% respectively. Moreover, new home sales in the Midwest surged by 5.3%.The report also indicated a 1.9% decrease in the median sales price for new houses sold in March. The price was $430,700, down from $438,900 in the same period last year.As of the end of March, the estimated new houses readily available for sale were 477,000. This figure equates to a supply of 8.3 months at the current sales rate.In contrast, a report by the National Association of Realtors released last Thursday indicated a sharp decrease in existing homes sales in the US in March. The association's report showed a downturn of 4.3% to an annual rate of 4.19 million, following February's surge of 9.5% to a rate of 4.38 million. Economists had projected the sales of existing homes to slump to a rate of 4.20 million.The material has been provided by InstaForex Company - www.instaforex.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.

Tesla Q1 Earnings: What you need to know

Apr 23, 2024 | 13:29 pm

As soon as the closing bell rang on Tuesday, Tesla (TSLA) was out with its first-quarter results.

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.

South Africa Leading Index Rises In February

Apr 23, 2024 | 13:15 pm

The South African Reserve Bank reports that for the first time in three months, South Africa's comprehensive key economic indicator has displayed an improvement. According to the data collected, the comprehensive economic indicator rose by 1.7 percent on a monthly basis to a level of 112.8 in February from its previous level of 110.9 in January.However, while it might look improved from a monthly perspective, the indicator fell by 0.9 percent compared to its level last year. This decline is less than January's drop of 2.9 percent.In the month of February, the data showed a positive side as half of the ten component time series showed an upward movement, compensating for the decrease in the remaining five components. The most significant positive contributors were the accelerated growth in job advertisements over six months and an increase in the approval of residential building plans.The coincident economic indicator, however, showed a slight dip to 92.8 in January from its previous level of 93.0. Along with this, the lagging economic indicator, which trails behind the overall economic activity, also saw an increase to 108.7 in January over 107.3 in the previous month.The material has been provided by InstaForex Company - www.instaforex.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.

Mexican Peso posts solid session, capitalize on soft US PMIs ahead of inflation data

Apr 23, 2024 | 13:03 pm

The Mexican Peso stages a comeback and rallies against the US Dollar in early trading during Tuesday’s North American session.

Trade ideas thread - Wednesday, 24 April, insightful charts, technical analysis, ideas

Apr 23, 2024 | 12:58 pm

Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so: This article was written by Eamonn Sheridan at www.forexlive.com.

Economic calendar in Asia Wednesday, 24 April 2024 - Australian inflation data

Apr 23, 2024 | 12:58 pm

New Zealand trade data kicks off the agenda, with Japanese services PPI to follow and then Australian CPI data for both the March month and Q1.Eyes will be mainly on the quarterly inflation data, which is expected to rise from 0.6% q/q in Q4 2023 to 0.8% q/q for Q1 of 2024. This will keep the RBA on alert and the cash rate sitting here it is for now. The y/y is expected to drop, both for the headline and core (trimmed mean). This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most column are GMT.The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected. This article was written by Eamonn Sheridan at www.forexlive.com.

NZD/JPY Price Analysis: Bullish strength persists, additional corrective pullbacks are possible

Apr 23, 2024 | 12:44 pm

The NZD/JPY tallied daily gains on Tuesday’s session and rose to 91.78.

Tesla earnings will be released after the close

Apr 23, 2024 | 12:40 pm

The first Magnificent 7 stock will report their earnings after the close. Tesla which has been "not so magnificent" in 2024. IN fact it has been pretty horrible. Nevertheless, it is the first of the a number of big-cap "name" stocks to report this week. What is expected?Here's a summary of Tesla's anticipated financial performance in bullet format, including expectations versus prior results:Earnings Expectation: Tesla is projected to report adjusted earnings per share (EPS) of $0.51. Last year this time they did $0.85. Not good. Last quarter EPS was at $0.71.Revenue Expectation: Anticipated top-line revenue of $22.31 billion, marking the first revenue drop in four years.A year ago revenues were at $23.329B. Last quarter Revenues came in at $25.167 billionOperating Profit: Expected to be $1.49 billion, a 40% decrease from the previous year.Other items of interest:Q1 Deliveries: Reported at 386,810 vehicles, significantly below the estimate of 449,080.Q1 Production: Recorded at 433,371 vehicles, also below the estimate of 452,976.Sales vs Production: The gap of sales to production of about 46,500 fewer vehicles increases concerns about decreasing global demand for Tesla vehicles.The stock is trading today up $3 or 2.09% at $145.06. Yesterday, the price moved to the lowest level going back to January 2023. That comes after reaching a high of nearly $300 on July 19, 2023. The low price in 2023 reached $101.81.IN 2023, the closing level at the end-of-the -year was at $248.48. At current levels, the price is down close to 42% on the year. The high for the year was on the first trading day of the year. Upside targets come in at $152.37, $160.51, and then near the broken 61.8% and 50 day MA near $176. Move below the low from yesterday, and the price can ultimately look toward the low from 2023 at $101.80 over time. In between,,targets at $124.31, $115.60 before the low price at $101.81 (see chart below).Other earnings after the close include Visa, Texas Instruments, ChubbLater this week other big names include:Wednesday: AT&T, Boeing, Ford, IBM, Meta PlatformsThursday: Caterpillar, Comcast, Alphabet, Microsoft, IntelFriday: Chevron, ExxonMobil, AutoNation This article was written by Greg Michalowski at www.forexlive.com.

Oil climbs to $1.46 to settle at $83.36

Apr 23, 2024 | 11:37 am

Oil has passed its first test of $80.WTI trade as low as $80.88 earlier but reversed to settle near the highs of the day at $83.34. It was helped along by improving risk appetite, a softer US dollar and the threat of more sanctions on Iran.Private oil inventory is due after the US close with the consensus at a build of 1.8 million barrels of oil along with draws of 1.4m barrels of gasoline and 900k barrels of distillates. There is some late talk of a 4mbpd draw of crude so that could also explain some of the enthusiasm. This article was written by Adam Button at www.forexlive.com.

GBP/JPY climbs towards 192.80 after UK Services PMI hit 11-month high

Apr 23, 2024 | 11:14 am

The GBP/JPY pair extended gains on Tuesday, climbing towards 192.80 after an upside beat to the UK Services Purchasing Managers Index (PMI) earlier in the session.

EUR/JPY Price Analysis: Bullish momentum prevails, reaches its highest since 2008

Apr 23, 2024 | 11:08 am

The EUR/JPY rose towards 165.64 on Tuesday’s session, its highest level since 2008, showcasing clear bullish signals that point to further gains.

EUR/USD climbs above 1.0700 on soft US Dollar on weak US PMIs

Apr 23, 2024 | 11:00 am

During Tuesday's North American session, the Euro appreciated against the US Dollar, up by more than 0.40%, and exchanged hands above a key resistance level.

Pound Sterling bulls stepped in as ‘morning star’ chart pattern looms

Apr 23, 2024 | 10:54 am

GBP/USD Price Analysis: Bulls stepped in as ‘morning star’ chart pattern looms The Pound Sterling rallied early in the North American session, gaining more than 0.65% against the US Dollar after softer-than-expected data from the United States (US), which could spur the Federal Reserve to begin to ease policy faster than expected.

S&P 500 stretches to a fresh session high, up 1.25%

Apr 23, 2024 | 10:49 am

Imagine what will happen if/when we get a weak non-farm payrolls or CPI report?Today's weaker US PMI from S&P Global was a taste of what's to come when the data eventually softens, whenever that might be. The 50.9 reading in the services PMI compared to 52.0 expected certainly wasn't a big miss but it cracked the door back open to rate cuts and that was all the market needed.The S&P 500 is up 62 points to 5072 now and the two days of gains have erased the four days of selling that preceded them.Looking ahead, this rally will depend on what happens with earnings. Tesla reports after the bell, though I wouldn't classify it as meaningful for the broader market. The bigger signal will come from Visa and whatever is says about the health of the global consumer and spending. Later this week, we will get reports from Meta, Microsoft and Alphabet. This article was written by Adam Button at www.forexlive.com.

Forex Today: Improved risk appetite hurt the Dollar

Apr 23, 2024 | 10:43 am

Increasing appetite for the risk-linked space weighed further on the US Dollar, while disheartening US PMIs also kept the currency depressed.

The three major pillars keeping the dollar strong unlikely to change - Deutsche Bank

Apr 23, 2024 | 10:33 am

Deutsche Bank has been bullish on the US dollar since the start of the year and sees no reason to pivot in light of three driving factors of US outperformance.1) US fiscal deficitsThe US passed a budget deficit of 5-6% of GDP for the fifth year in a row and DB now calls overspending 'a grand coalition' among Republicans and Democrats and includes "war-time deficit at full employment". Contrast that with the lower spending in Europe and elsewhere and you have a looming fiscal problem but strong growth and USD strength in the meantime.2) The dollar's safe-haven statusThe dollar can get away with high fiscal deficits because the domestic private sector is fully funding public sector spending. Secondly, with the Fed maintaining inflation credibility, it means that Treasury rates will have to be higher. Finally, they tout the dollar's reserve status, which looks invincible. They also note that there is nothing unusual about the US dollar and gold rallying at the same time.3) China's deflation"Nowhere is dollar dominance more apparent than the continued upside pressure on USDCNY. Given China's huge external surpluses this is indicative of persistent capital flight and entirely aligned with the combined rally of gold and the dollar this year."Finally, they note that intervention threats from Japan "are not credible" because the weakness in the yen is driven by flows into carry trades. This article was written by Adam Button at www.forexlive.com.

United States 2-Year Note Auction rose from previous 4.595% to 4.898%

Apr 23, 2024 | 10:09 am

United States 2-Year Note Auction rose from previous 4.595% to 4.898%

US sells 2-year notes at 4.898% vs 4.904% WI

Apr 23, 2024 | 10:01 am

Earlier today it looked like these notes could sell above 5% but some strong bids arrived in the fixed income market after today's weaker US PMIs from S&P Global.Bid to cover at 2.66 vs 2.62 priorPrior sale was 4.595%USD/JPY has slumped back lower on the heels of the auction. This article was written by Adam Button at www.forexlive.com.

US treasury to auction $69 billion of two-year notes at the top of the hour

Apr 23, 2024 | 09:56 am

The U.S. Treasury is to auction $69B of 2-year notes at the top of the hour. The markets will measure the success or failure of the auction versus the 6-month averages of the major components. Below is a summary of the components, the previous auction results and 6-month averages:High Yield: Prev. 4.595%, six-auction average 4.651%Tail (the difference between the high yield and the WI level at the time of the auction): Prev. 0.5 bps, six-auction avg. 0.2 bpsBid-to-Cover (number of bids vs the auction amount): Prev. 2.62x, six-auction avg. 2.59xDealers: Prev. 13.4%, six-auction avg. 16.3%Directs (a measure of domestic buyers/demand): Prev. 20.9%, six-auction avg. 20.5%Indirects (a measure of international buyers/demand): Prev. 65.8%, six-auction avg. 62.9% This article was written by Greg Michalowski at www.forexlive.com.

Coach Dale explores the current rebound in stocks [Video]

Apr 23, 2024 | 09:46 am

In today's TradeGATEHub Live Trading session, Coach Dale explores the current rebound in stocks, questioning the duration and extent of the recovery.

JPMorgan CEO Dimon: There is a chance stagflation could happen again

Apr 23, 2024 | 09:20 am

JPMorgan Chase CEO Dimon is on the wires saying:There is a chance stagflation could happen againThe US economy is unbelievable and booming.Even if we go into a recession, the US consumer is in good shapeThe comments are in contrast to the data seen today that showed S&P Global manufacturing and service PMI's lower. The Richmond Fed manufacturing index was also on the weak side.US stocks remain reported with the S&P index up 1.13% and the NASDAQ up 1.50%. This article was written by Greg Michalowski at www.forexlive.com.

European stocks end the day on the highs

Apr 23, 2024 | 08:45 am

The UK FTSE 100 hit a record high again today but it was the laggard in the big picture as strong risk appetite drove gains:Stoxx 600 +1.1%German DAX +1.6UK FTSE 100 +0.2%French CAC +0.9%Italy MIB +1.9%Spain IBEX +1.7% This article was written by Adam Button at www.forexlive.com.

USD/JPY dip buyers don't hesitate

Apr 23, 2024 | 08:26 am

Today's price action highlights how big of a problem that Japanese authorities have on their hand. Even with a broader US dollar selloff on weaker economic data and dipping Treasury yields, USD/JPY barely blinked.The pair fell to 154.58 and that 20-pip decline was plenty for the aggressive buyers of the pair who are betting the MOF won't intervene. Moreover, it highlights that fundamentals are backing the pair and will make it very tough for anyone to block the path above 155.Now I think that eventually the US economy will cool and the Fed will cut but it's going to take more than today's soft-ish S&P Global PMI. This article was written by Adam Button at www.forexlive.com.

GBP/USD Price Analysis: Bulls stepped in as ‘morning star’ chart pattern looms

Apr 23, 2024 | 08:10 am

The Pound Sterling rallied early in the North American session, gaining more than 0.65% against the US Dollar after softer-than-expected data from the United States (US), which could spur the Federal Reserve to begin to ease policy faster than expected.

MUFG: Increased risk of imminent yen intervention as USD/JPY nears 155

Apr 23, 2024 | 07:58 am

Mitsubishi UFJ Financial Group highlights the rising likelihood of intervention by Japanese authorities to support the yen, following strong signals from Japan’s Finance Minister and recent currency trends. The USD/JPY has been hovering just below the crucial 155 level, intensifying intervention expectations ahead of the Bank of Japan’s policy meeting on Wednesday.Key Points:Finance Minister's Warning: Japan’s Finance Minister, Suzuki, has issued a potent warning, indicating that the government is closer to intervening in the forex market to support the yen. This follows a tripartite agreement between Japan, South Korea, and the US acknowledging concerns over the recent weakness of the yen and South Korean won.Market Conditions and Intervention Readiness: Suzuki’s statements suggest that the conditions for intervention are primed, marking a significant shift in Japan's stance towards more direct action against excessive volatility in the yen exchange rate.Speculative Trading and Yen Weakness: The latest IMM report reveals a continued increase in speculative short positions on the yen, reaching the highest levels since November 2017. This trend underscores the market's bearish outlook on the yen, contributing to its depreciation.Concerns Over Economic Fundamentals: Japanese officials are worried that the yen’s recent movements do not reflect the country's economic fundamentals, especially since significant policy changes in March when Japan exited negative interest rates and yield curve control.Timing and Effectiveness of Intervention: There is a concern that intervening to support the yen might be less effective if U.S. yields keep rising, potentially strengthening the dollar further. This scenario could diminish the impact of any Japanese efforts to stabilize or strengthen the yen.Conclusion:As the USD/JPY approaches the sensitive 155 level, MUFG underscores the heightened risk of intervention from Japan to support the yen. With the backing of recent agreements and the clearest indication yet from Japan’s Finance Minister, markets are on high alert for potential actions that could influence currency dynamics significantly.For bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here This article was written by Adam Button at www.forexlive.com.

The intensity of the US dollar reaction to the PMI is instructive

Apr 23, 2024 | 07:47 am

This is a market that's been desperately searching for signs of a cooling economy and it's treating today's S&P Global US PMI like an oasis in the desert.It's similar in FX, where we are getting a round of US dollar selling that's lifted the euro by 40 pips and the pound by 60 pips. I wrote yesterday about how I thought we had hit the point of maximum pain in bonds. We may get a better signal in today's whopping $69 billion sale of 2s but with a 3 bps decline today, a sale at 5% is looking less likely.The S&P Global services PMI doesn't have a perfect record but it's a forward-looking indicator and cracks the door open to some cooling in the economy -- and the rate cuts the market wants with it.The combination of the six-day rout in stocks and the pain trade all year long in bonds could mean a rapid re-evaluation of the path of the economy. Many forget that the US is running a deficit close to 7% of GDP. Once that's removed in 2026 (depending on the election results), the economy will need lower rates to grow, similar to what we're seeing elsewhere. This article was written by Adam Button at www.forexlive.com.

Gold price weakens as Middle East tensions ease, weak US PMI provides some relief

Apr 23, 2024 | 07:46 am

Gold price (XAU/USD) finds support after slipping below the crucial support of $2,300 in Tuesday’s early American session.

Yields moving lower. Dollar lower. Stocks higher after some sluggish data.

Apr 23, 2024 | 07:22 am

The sluggish flash PMI data and Richmond Fed data, has yields moving lower, the dollar lower and stocks higher. Looking at the yield curve, the shorter end is lower as traders adjust to the surprise weakness and ponder does this ease the Feds (and the markets) anxiety about growth/inflation, just when things were tilting the other way?.2 year yield 4.918%, -5.3 basis points. The high reached 5.00% earlier today5-year 4.603%, -5.7 basis points. The high reached 4.692%10 year 4.573%, -4.9 basis points. The high-yield reach 4.652%30-year 4.696%, -2.8 basis points. The high-yield reach 4.756%Looking at the major indices:Dow Industrial Average is up 0.43%S&P index is up 0.89%NASDAQ index is up 1.23%.The small-cap Russell 2000 is leading the way with a gain of 4.63%In a Forex:EURUSD is above the February low at 1.06942 and looks toward a test of the 38.2% retracement of the move down from the April high to the April low at 1.0709. A move above that level would have traders targeting the 100 bar moving average on the four hour chart of 1.07315. USDJPY: The USDJPY is moved down to test its 100-hour moving average at 154.569 (blue line in the chart below). Moving below would give the sellers more control. GBPUSD: The GBPUSD moved above both its 100 and 200 hour MAs (blue and green lines on the chart below) at 1.2406 and 1.2448 respectively. The 38.2% of the April trading range is at 1.2455 and the next upside target needed to get to and through to increase the bullish bias. This article was written by Greg Michalowski at www.forexlive.com.

US March new home sales 0.693m vs 0.670m expected

Apr 23, 2024 | 07:00 am

Best reading since SeptPrior was 0.662 million (revised to 0.637m)Sales +8.8% vs -0.3% priorSupply at 8.3 months vs 8.8 months priorMedian price $437,700, down 1.9% y/yI don't find this terribly surprising. There are plenty of reports in the home building industry that consumers are turning to new homes rather than existing homes because builders are offering rate buy-downs (essentially below-market interest rates for a few years). They've found that to be a winning combination and the latest numbers from a handful of big US builders were strong. This article was written by Adam Button 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 ▼

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

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 ▲

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

Forex Today: Markets Await FOMC Meeting

Mar 20, 2024 | 00:06 am

FOMC Expected to Leave Rate at 5.50%; Japanese Yen Continues to Fall After BoJ; Bitcoin Weaker; Markets Await UK Inflation Data, New Zealand GDP

Forex Today: Bank of Japan Ends Negative Interest Rates

Mar 19, 2024 | 00:26 am

BoJ Makes First Rate Hike Since 2007, Japanese Stocks Rally, Yen Weakens; RBA Leaves Rates at 4.35%; Cocoa Futures Slightly Lower After Record High Yesterday; Bitcoin Weaker; Markets Await Canadian Inflation Data

Forex Today: Markets Expecting First BoJ Rate Hike in 17 Years

Mar 18, 2024 | 00:19 am

90% Expect BoJ to Ditch Negative Rates Policy Tuesday, Japanese Stocks Rallying; Bitcoin Rising After Another Record High Thursday; Cocoa Futures Roar Ahead With Dramatic Gains

Forex Today: Markets Await US PPI

Mar 14, 2024 | 00:24 am

US PPI Expected at 0.2%; Bitcoin Makes Another Record High Above $73,000; Cocoa Futures Roar Ahead.

Forex Today: US Inflation Ticks Higher to 3.2%

Mar 12, 2024 | 23:29 pm

US CPI Rises Unexpectedly; S&P 500 Makes Record High Close; Bitcoin Makes All-Time High Above $73,000

US Inflation Rises Unexpectedly to 3.2%

Mar 12, 2024 | 07:02 am

The US consumer price index (CPI) climbed 3.2% year-on-year in February, up from 3.1% in January and above the market estimate of 3.1%.

Forex Today: Markets Expecting Unchanged US Inflation Data

Mar 12, 2024 | 01:03 am

US CPI Seen at 3.1%; Bitcoin Hits New Record Below $73,000; Gold’s Bullish Momentum Starts to Pause

Forex Today: Gold, Bitcoin Looking Bullish Near Friday’s Record Highs

Mar 11, 2024 | 00:17 am

Gold, Bitcoin Advancing Again; Yen Higher on Japanese Rate Hike Bets and GDP Growth

ECB Maintains Interest Rates, Revises Lower Inflation Forecast

Mar 7, 2024 | 14:06 pm

The European Central Bank (ECB) maintained its deposit rate at a record high of 4.00% at today’s policy meeting. This decision was widely expected, and the Euro’s response has been muted.

Forex Today: Gold Makes New Record High Above $2161

Mar 6, 2024 | 23:41 pm

Gold Powers to New All-Time High; Powell Says Inflation Progress Not Assured; Japanese Rate Hike Seen Likely as Wages Rise; Bank of Canada Holds Rates; Markets Await ECB Meeting

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