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Natural Gas Storage in the United States Reaches 92B, Surpassing Previous Levels

Apr 25, 2024 | 12:30 pm

In a significant development for the energy market, the natural gas storage levels in the United States have surged to 92 billion cubic feet, surpassing the previous indicator of 50 billion cubic feet. The data, last updated on 25 April 2024, indicates an increase in the stockpiles of natural gas, pointing towards a potential oversupply in the market.The rise in natural gas storage levels can impact prices and trading activities in the energy sector. With higher inventories, there could be downward pressure on prices as supply outstrips demand. Traders and analysts will closely monitor the situation to assess the implications on the market dynamics and adjust their strategies accordingly.Investors in the energy market will need to stay informed about the developments in natural gas storage levels, as it can have a direct impact on their portfolios. The current increase highlights the importance of keeping track of such fundamental data to make informed decisions in the ever-changing world of commodities trading.The material has been provided by InstaForex Company - www.instaforex.com

OSI Systems Q3 Results Top Estimates; Boosts FY24 Adj. EPS Growth Outlook

Apr 25, 2024 | 12:21 pm

OSI Systems, Inc. announced a significant rise in net income for the third quarter, moving from $21.81 million or $1.27 per share this period last year to $34.04 million or $1.95 per share this year.When discounting specific items, the adjusted earnings increased to $2.16 per share, in contrast to last year's third quarter which was $1.49 per share. According to a consensus from four analysts from Thomson Reuters, they expected the company's report to show earnings of $2.10 per share for this quarter. It's common for these kind of estimates to not take into account special items.In regards to total net revenues, there has been considerable growth. This year's third quarter saw $405.41 million, an increase from the prior year's $302.89 million during the same period. Predictions for this quarter's revenues were slightly lower, at $403.46 million.OSI Systems has updated their forecast for fiscal 2024, anticipating their adjusted earnings per share to increase by more than 30 percent, a bump from the previous prediction of more than 29 percent growth. They are still estimating over 19 percent in revenue growth.For the year, Wall Street is projecting earnings of $8.02 per share, with a revenue increase of 18.90 percent, which would total $1.52 billion.The material has been provided by InstaForex Company - www.instaforex.com

Cullen/Frost Bankers Q1 Net Income Declines

Apr 25, 2024 | 12:20 pm

Cullen/Frost Bankers, Inc. (CFR) disclosed a net income of $134.0 million available to common shareholders for the first quarter. This signifies a drop from the previous year's $175.98 million. If we omit particular items, the net income would be approximately $140.1 million, a decline of 20.4 percent compared to the first quarter of 2023. The per-share net income available to common shareholders was $2.06, as opposed to the previous year's $2.70. If the impact of the FDIC special assessment accrual isn't considered for the first quarter, the per-share earnings would have been $2.15, indicating a decrease of 20.4 percent compared to the first quarter of 2023. An average poll by Thomson Reuters of 16 analysts anticipated the company would have a per-share profit of $2.12 for the quarter, with special items generally excluded from such estimates.Implementing a taxable-equivalent basis, the net interest income for the first quarter of 2024 was $411.4 million, showing a decline of 3.4 percent when compared to the corresponding quarter in 2023. Conversely, total non-interest income saw an increase, rising to $111.38 million from 2023's $105.27 million. On average, revenue was estimated to be $515.99 million, according to analysts.The material has been provided by InstaForex Company - www.instaforex.com

KKR To Buy Student Housing Properties For Around $1.64 Bln From BREIT

Apr 25, 2024 | 12:14 pm

Investment giant KKR & Co. Inc. (KKR) has announced a deal with Blackstone Real Estate Income Trust, Inc. (BREIT) whereby KKR-managed funds will acquire a collection of 19 purpose-built student housing properties from BREIT, at an approximate cost of $1.64 billion.The purchase is to be principally backed by the KKR Real Estate Partners Americas III Fund. The properties in question comprise of 19 premium, purpose-built student accommodations, which together offer over 10,000 beds. These properties are scattered across ten states, predominantly around 14 prominent four-year public universities.Following the deal’s conclusion, anticipated for the third quarter, the portfolio will be overseen by KKR’s University Partners, a US-based student housing owner and operator. After the acquisition, University Partners will own and manage over 25,000 beds, corresponding to nearly $4 billion of property value collectively invested by KKR and other stakeholders.Emphasizing the strategic benefits of the transaction, Travis Roberts, CEO of University Partners, stated that approximately half of the acquired portfolio is located in areas where they already have operational experience. This deal will enable University Partners to broaden their reach into several lucrative new markets. Mr. Roberts further expressed his belief in the continued growth and demand for student housing, particularly in top university markets, attributable to robust enrollment growth and structural constraints on new supply.It is noteworthy that BREIT originally acquired this property portfolio in 2018, in collaboration with Greystar Real Estate Partners, LLC.The material has been provided by InstaForex Company - www.instaforex.com

PHINIA Reaffirms FY24 Outlook - Update

Apr 25, 2024 | 12:11 pm

PHINIA Inc. (PHIN) reaffirmed its financial outlook for fiscal year 2024 during its first quarter results announcement on Thursday. This projection includes net earnings of approximately $125 million to $160 million, and net sales in the region of $3.42 billion to $3.58 billion.Market analysts from Thomson Reuters had predicted that the company would have earnings per share of $4.15, on a total revenue of $3.48 billion for the year. Commonly, these estimated figures do not account for any unique, non-recurring items.The material has been provided by InstaForex Company - www.instaforex.com

US Pending Home Sales Rise by 3.4% in March, Surpassing Previous Month's 1.6% Increase

Apr 25, 2024 | 12:00 pm

In a positive turn of events for the United States real estate market, pending home sales saw a notable rise of 3.4% in March 2024. This growth surpassed the previous month's increase of 1.6%. The data, updated on April 25, 2024, indicates a promising trend in the housing sector.The month-over-month comparison reveals a significant improvement in the number of homes under contract for sale. This increase suggests growing confidence among homebuyers and indicates a potentially strong market ahead. With the housing market being an integral part of the country's economy, this surge in pending home sales bodes well for future economic outlooks. Investors and industry experts will be closely monitoring these developments in the coming months to gauge the sustainability of this positive trajectory.The material has been provided by InstaForex Company - www.instaforex.com

Pending Home Sales Index Rises to 78.2 in March, Reflecting Optimism in US Housing Market

Apr 25, 2024 | 12:00 pm

The Pending Home Sales Index in the United States has shown a positive trend, rising to 78.2 in March 2024, up from 75.6 in February 2024. This increase indicates growing optimism in the US housing market. The data, updated on April 25, 2024, reveals a promising outlook for the real estate sector, suggesting that more homes are likely to be sold in the coming months.The rise in the Pending Home Sales Index could be attributed to factors such as low mortgage rates, a strong job market, and overall economic stability. With more Americans feeling confident about their financial situations, the demand for housing is expected to remain robust. This upward trend in pending home sales bodes well for the broader economy, as real estate activity often correlates with consumer spending and economic growth. As we move forward, analysts will be closely monitoring the housing market for further insights into the state of the US economy.The material has been provided by InstaForex Company - www.instaforex.com

Lagardere Q1 Revenue Climbs

Apr 25, 2024 | 11:55 am

Lagardere SA, the renowned French travel and publishing company, released its first-quarter revenue report on Thursday. The report revealed that the company's revenues had surged by 12.4%, from 1.68 billion euros last year to 1.88 billion euros this year. Moreover, the sales displayed an impressive growth of 8.9% on a like-for-like basis.At the year's start, the company reported a sturdy performance across all its divisions. Lagardere Publishing saw its revenues grow by 1.1% from the previous year, amounting to 576 million euros. Contrarily, Lagardere Travel Retail revenues witnessed an even larger increase of 18.7%, totaling at 1.24 billion euros.Arnaud Lagardere, the Chairman and Chief Executive Officer of Lagardere, shared his thoughts on the company's robust first-quarter growth. He said, "In 2024's first quarter, the Lagardere group reported an 8.9 percent growth, illustrating a commendable performance by our divisions. Subsequent to the resumption of global air traffic at pre-pandemic levels, Lagardere Travel Retail observed a rise in revenue in the majority of its operating regions, endorsing its growth model."On the trading front, Lagardere stocks within Paris had a value of 20.70 euros, marking an increase of 0.98%.The material has been provided by InstaForex Company - www.instaforex.com

Asbury Automotive Group Inc. Reports Retreat In Q1 Bottom Line, misses estimates

Apr 25, 2024 | 11:52 am

Asbury Automotive Group Inc. reported a decrease in earnings for the first quarter compared to the same period in the previous year. Additionally, the earnings reported fell short of estimated figures predicted by experts.The company announced an earning of $147.1 million, equating to $7.21 per share. This represents a decline when compared to the $181.4 million, or $8.37 per share, reported in the first quarter of the previous year.Industry analysts, on average, had predicted that the company would earn $7.76 per share, according to data collected by Thomson Reuters. It's important to note that these estimates typically do not account for special items.Despite the drop in earnings, Asbury's revenue for the quarter saw an increase of 17.3%, rising to $4.20 billion from $3.58 billion in the same period last year.In summary, Asbury Automotive Group's earnings report shows (according to GAAP standards):- A decrease in earnings for Q1, down to $147.1 million from $181.4 million last year.- A decrease in earnings per share (EPS) for Q1, down to $7.21 from $8.37 last year.- An increase in revenue for Q1, up to $4.20 billion from $3.58 billion last year.The material has been provided by InstaForex Company - www.instaforex.com

Futures Pointing To Sharply Lower Open On Wall Street

Apr 25, 2024 | 11:50 am

U.S. major index futures suggest a sharp drop in the opening of the stock market this Thursday, continuing the lackluster trend observed in the previous session. Meta Platforms, Facebook's parent company, reported first quarter earnings exceeded forecasts but not its Q2 revenue guidance, contributing to a likely 15.5% drop in pre-market trading stocks.Similarly, IBM Corp struggled after reporting Q1 revenue fell short of expectations. Adding to these developments, IBM announced its acquisition of HashiCorp, valued at $6.4 billion, at a price of $35 per share in cash. Contrarily, Dow components Merck and Honeywell are showing pre-market strength having reported first quarter results exceeding analyst estimates. A recent report from the U.S. Commerce Department also served as a blow to the futures market, revealing the U.S. economic growth to be slower than expected in Q1 2024.The Gross Domestic Product (GDP) increased by 1.6% in the first quarter, a noticeable slowdown compared to the 3.4% surge in Q4 2023. The expected GDP jump was 2.5%. The significant deceleration in the GDP growth rate was largely driven by a slowdown in consumer spending, exports, state and local government expenditure, and a decrease in federal government spending.Throughout Wednesday's trading session, stocks exhibited a mediocre performance following the week's strong kickoff. The major averages fluctuated throughout the day around the unchanged line before closing narrowly mixed. The Dow dropped slightly, the S&P 500 rose less than a tenth of a percent, while the Nasdaq marginally ascended.The boost in Wall Street stocks, following last week's considerable weakness, was initially attributed to positive reactions to the latest corporate earnings reports. Despite reporting weaker than expected Q1 results, shares of Tesla spiked by 12.1% after CEO Elon Musk announced plans to start production of a new affordable model by early 2025. Also, Texas Instruments showed significant strength after topping Q1 expectations.Meanwhile, Visa and Mattel shares rose, having reported better than anticipated quarterly results. Despite the initial trades enthusiasm, buying interest quickly faded, with traders expressing concerns over the interest rates outlook ahead of the upcoming Federal Reserve meeting. Though no changes are expected to the interest rates, traders are eager for potential clues about future rate cuts.As the week progresses, the Commerce Department is set to release a report on personal income and spending, including inflation readings that the Federal Reserve favors. Additionally, traders appear hesitant to make significant moves before upcoming big tech earnings report announcements.On another note, a recent report from the Commerce Department revealed that the new orders for U.S. manufactured durable goods surged unexpectedly in March. Substantial movements were also observed in the transportation sector, contributing to a 2.3% decline in the Dow Jones Transportation Average. Significant losses were also witnessed in the housing, pharmaceutical, and retail sectors, while semiconductor stocks performed strongly, following Texas Instruments' upbeat results.Crude oil futures have risen to $83.26 a barrel, a $0.45 increase, after experiencing a $0.55 decrease to $82.81 a barrel. Gold futures, on the other hand, are slightly descending, with a $1 decline to $2,337.40 an ounce, following a $3.70 drop to $2,338.40 in the previous session.In currency exchange, the U.S. dollar is currently valued at 155.63 yen, a slight increase compared to its 155.35 yen value at the close of New York trading on Wednesday. Against the euro, the dollar is worth $1.0695, a small decrease from yesterday's $1.0699.Asian stocks witnessed a dip in holiday trading on Thursday, with both the Australian and New Zealand markets closed for Anzac Day. Investors seemed cautious as Meta Platforms, Facebook's parent company, noted that their expenses would likely increase this year due to substantial investments in artificial intelligence (AI). Investors are also awaiting the release of the U.S. GDP data for Q1 and earnings reports from major companies such as Intel, Microsoft, and Alphabet.Despite the overall decline, Chinese stocks experienced a minor increase, with the Shanghai Composite Index rising by 0.3% to 3,052.90. The Hang Seng Index in Hong Kong also grew by 0.5% to 17,284.54, attributing the growth to global funds increasing their allocation in China based on economic recovery expectations.In contrast, Japanese markets experienced a significant drop as the yen fell beyond 155 per dollar for the first time in over three decades, prompting speculations about possible Bank of Japan intervention. The Nikkei 225 Index plummeted 2.2% to 37,628.48, as top Tech stocks and exporters lost ground.South Korean stocks also dipped, with the Kospi average down 1.8% ending at 2,628.62, despite SK Hynix, an Nvidia supplier, returning to profit in the first quarter.European stocks offered a mixed performance with the U.K. stocks outpacing Germany's DAX Index and France's CAC 40 Index due to strong earnings reports and a takeover proposal for Anglo American by mining giant BHP Group.There were strong performances from Delivery Hero after it reported robust first-quarter results and lifted its full-year revenue outlook, and from Barclays which reported a smaller-than-expected drop in profit for the first quarter. Unilever also performed well, beating first-quarter sales estimates and maintaining its full-year guidance.Despite positive profit growth in the first quarter, shares of Deutsche Bank fell. The stocks of French spirits maker Pernod Ricard and software maker Dassault Systemes experienced a drop as well, with the former reporting underwhelming fiscal third quarter sales, and the latter despite solid Q1 results.Consumer confidence in Germany is expected to rise again in May, according to a survey conducted by the market research group GfK and the Nuremberg Institute for Market Decisions.In April, the confidence in French manufacturing declined considerably, mainly owing to deteriorating order books. This was revealed in a monthly survey conducted by the statistical office INSEE. The drop was more than expected, with the manufacturing confidence index decreasing to 100 in April, down from a revised 103 in March. Analysts had predicted a score of 102.As for the U.S. economic reports, a surprising decline was reported in the first-time claims for U.S. unemployment benefits for the week ending April 20th. The Labour Department stated that initial jobless claims went down to 207,000, a 5,000 decrease from the preceding[…]

U.S. Stocks May Fall Sharply On Disappointing Earnings, GDP Data

Apr 25, 2024 | 11:48 am

After a less than impressive session previously, stock predictions suggest a dip in early trading on Thursday. Indications point to a major drop, with the S&P 500 futures decreasing by approximately 1.1 percent.Earnings reports from Meta Platforms, the parent company of Facebook, have generated a negative reaction on Wall Street, as stocks plummeted by 15.5 percent during pre-market trading. Despite surpassing first-quarter estimates, Meta Platforms’ lower-than-expected revenue guidance for the second quarter has contributed to investor concern.IBM Corp, a tech heavyweight, may also experience pushback following weaker than expected revenues for their first quarter. Furthermore, IBM announced a plan to purchase HashiCorp for $35 per share in cash, which equates to an enterprise value of around $6.4 billion.However, not all Dow components are following the same trajectory. Both Merck and Honeywell are enjoying a pre-market surge after their first quarter results exceeded market predictions.After the Commerce Department released a report showing a smaller than predicted growth for the U.S. economy in the first quarter of 2024, further declines in futures were observed. The report pointed out a 1.6 percent increase in the gross domestic product, following a 3.4 percent surge in the final quarter of 2023, despite analysts predicting a 2.5 percent rise.The significant dip in GDP growth can be attributed to a slowdown in consumer spending, exports, and government spending at state and local levels, coupled with a decrease in federal government spending.In contrast, a Labor Department report revealed an unexpected drop in first-time unemployment benefit claims for the week ending April 20th. The number of initial jobless claims decreased to 207,000, a 5,000 dip from the previous week - surprising economists who had predicted an increase to 214,000.Following a cautious trading performance on Wednesday, we observed a mixed response among major markets. While the Dow dipped slightly, the S&P 500 saw a tiny increase and the Nasdaq ended on a marginal rise.Thursday's trading session witnessed mixed performance across the Asia-Pacific, with Japan's Nikkei 225 Index plummeting by 2.2 percent while Hong Kong's Hang Seng Index rose by 0.5 percent.European markets also displayed a mixed bag of results - the U.K.'s FTSE 100 Index rose by 0.7 percent whilst the German DAX Index and the French CAC 40 Index fell by 0.5 percent and 0.8 percent respectively.In commodity trading, crude oil futures are exhibiting an upward curve after a decrease on Wednesday, while gold futures are slightly down. On the currency front, the U.S. dollar has a higher value against the yen and approximately holds its value against the euro.The material has been provided by InstaForex Company - www.instaforex.com

Old Republic Q1 Profit Jumps

Apr 25, 2024 | 11:22 am

On Thursday, Old Republic International Corporation (ORI) announced a significant increase in net income for the first quarter, totaling $316.7 million or $1.15 per share. This marked an appreciable rise from the $199.8 million or $0.68 per share reported in the same period last year. The substantial increase can be attributed mainly to the company's investment gains of $132 million in the recent quarter.Excluding these investment gains, the net income rose to $184.7 million or $0.67 per share, a modest increase from the previous year's $179.2 million or $0.61 per share.In terms of projected profit, the company's performance exceeded the predictions of the average estimate by four analysts polled by Thomson-Reuters. They had expected ORI to report profit earnings of $0.65 per share. It's worth mentioning that analysts' predictions ordinarily exclude extraordinary items.The company also reported an increase in revenue for the quarter, rising to $1.849 billion from $1.732 billion the previous year.Old Republic International Corporation recorded a 19.1 percent increase in net investment income, totalling $164.1 million. This surge was spurred by higher investment yields. The company's net premiums and fees earned amounted to $1.643 billion, showing a 5.6 percent year-on-year increase.The material has been provided by InstaForex Company - www.instaforex.com

Nasdaq Q1 Adj. EPS Misses Estimates, But Revenues Top

Apr 25, 2024 | 11:22 am

Nasdaq Inc. recently announced a decrease in its net income for the first quarter, falling to $234 million or $0.40 per share. This is a marked drop from the same period last year when the net income stood at $302 million or $0.61 per share.Taking into account various adjustments, the net income for the quarter was $367 million or $0.63 per share, slightly more than the $339 million or $0.69 per share recorded in the same quarter of the preceding year.According to a poll of 14 analysts conducted by Thomson Reuters, the predicted earnings for the company for the quarter was $0.65 per share. It's important to note that these predictions usually disregard unusual items.There was however an increase in net revenues for the quarter, even after deducting transaction-based expenses. It rose 22 percent to $1.12 billion, up from $914 million in the previous year. Viewing from an organic growth perspective, that’s a 6 percent increase. It is worth noting that the revenues surpassed the analysts' expectation of $1.11 billion for the quarter.The material has been provided by InstaForex Company - www.instaforex.com

Tractor Supply Reiterates FY24 Financial Outlook

Apr 25, 2024 | 11:20 am

Tractor Supply Company has revealed its financial projections for fiscal 2024, expecting earnings per share to fall between $9.85 and $10.50, and net sales to range from $14.7 billion to $15.1 billion. The company also outlined their 2024 capital plans, which includes the launch of around 80 new stores, the progression of the Project Fusion redesign, transformation of garden centers, the opening of their 10th distribution center, and the establishment of 10 to 15 Petsense by Tractor Supply stores.In the first quarter, the company's net income saw an increase of 8.2%, rising from $183.1 million in the previous year to $198.2 million. Earnings per share also increased by 10.9%, from $1.65 to $1.83, which surpassed analysts' average prediction of $1.72 per share, as compiled by Thomson Reuters. However, it should be noted that analysts usually exclude special items from their estimates.Net sales in the first quarter also experienced an upward trend, with a 2.9% increase, reaching a record of $3.39 billion. According to the company, this boost can be credited to the opening of new stores and an increase in comparable store sales, which saw a rise of 1.1% for this quarter.The material has been provided by InstaForex Company - www.instaforex.com

Sanofi Q1 Profit Weak, But Sales Rise; Backs FY24 View; Stock Up

Apr 25, 2024 | 11:11 am

Sanofi, a leading French pharmaceutical company, reported a decrease in profit for the first quarter, even though it experienced an increase in net sales. Despite the weaker profit performance, the company kept its financial outlook for 2024 steady. The company's shares experienced a roughly 4% growth during pre-market trading on the Nasriq and in Paris."We've made an impressive start to 2024," commented Paul Hudson, the Chief Executive Officer for the company. "Our focus is on transforming our portfolio of medicines and vaccines, becoming a tech-driven, development-focused biopharmaceutical company set on serving our patients and fostering growth." Hudson highlighted the well-performed sales growth achieved by Dupixent and their new product launches, which resulted in a seven percent increase. He reaffirmed the company's financial guidance for 2024, buoyed by the solid progression in portfolio transformation.For 2024, Sanofi anticipates the business earnings per share to hold consistent, not including the anticipated elevation in effective tax rate to 21 percent. A low single-digit decline, including the higher expected tax rate, is anticipated.Sanofi is set to hit a target of around 13 billion euros in Dupixent sales by 2024, already seeing an increase of 24.9% in the first quarter.In the first quarter, the net income assigned to equity holders, based on IFRS basis, was 1.13 billion euros. This showcases a 43.2% drop from last year's 2 billion euros. Earnings per share also decreased, from 1.60 euros a year ago to 0.91 euro, a fall of 43.1%.On the other hand, business net income was reported at 2.22 billion euros, a decrease from 2.70 billion euros last year, while business earnings per share were 1.78 euros, a downfall from 2.16 euros from last year.The first quarter also saw IFRS net sales grow to 10.46 billion euros, a 2.4% increase from the previous year's 10.22 billion euros. This growth of 6.7% was driven by new product launches at constant exchange rates.Quarterly sales of Dupixent were up by 24.9% to 2.84 billion euros. Leading pharmaceutical launches experienced an upward trajectory of 90.5%, hitting 606 million euros, with Nexviazyme and ALTUVIIIO taking the front seat.Sales of vaccines saw a 5.6% growth, propelled by Beyfortus, and Consumer Healthcare sales increased by 9%, aided by the acquisition of Qunol in Physical and Mental Wellness and the solid performance of Digestive Wellness.Sanofi shares in Paris were traded for 91.19 euros, experiencing a 4% increase while pre-market activity on the Nasdaq saw an approximate 4.7% increase, bringing the trade value to $48.78.The material has been provided by InstaForex Company - www.instaforex.com

Russia's Central Bank Reserves Reach 603.2 Billion USD by April 2024

Apr 25, 2024 | 11:00 am

In the latest data update on April 25, 2024, Russia's central bank reserves have increased to 603.2 billion USD, surpassing the previous indicator of 600.7 billion USD. The reserve levels play a crucial role in a country's economic stability, as they represent the foreign currency holdings and gold reserves of the central bank. This increase in reserves could indicate a boost in Russia's ability to weather economic uncertainties or fluctuations in the global financial markets. It will be interesting to see how Russia strategically manages and utilizes these growing reserves in the coming months to support its economy and financial stability amidst a changing economic landscape.The material has been provided by InstaForex Company - www.instaforex.com

Union Pacific Corp. Profit Advances In Q1, Beats estimates

Apr 25, 2024 | 10:54 am

Union Pacific Corp. (UNP) has posted an increase in its earnings for the first quarter, surpassing last year's figures as well as outperforming market predictions.The company's net income reached $1.64 billion, equivalent to $2.69 per share. The previous year, during the same quarter, the company recorded a net income of $1.63 billion, or $2.67 per share.An average prediction by market analysts, collated by Thomson Reuters, had forecast earnings of $2.52 per share. Notably, such expectations usually exclude any special items.Despite this positive outcome, the company’s revenue for the quarter experienced a slight dip of 0.5%, falling to $6.03 billion from $6.06 billion last year.To summarize, Union Pacific Corp.'s earning report (GAAP) indicates:- Earnings for Q1: Reaching $1.64 billion, compared to $1.63 billion in the previous year.- EPS for Q1: Standing at $2.69, relative to $2.67 in the comparatively prior year.- Revenue for Q1: Totaling $6.03 billion, a slight drop from $6.06 billion last year.The material has been provided by InstaForex Company - www.instaforex.com

Kirby Corp Q1 Income Advances, Beats estimates

Apr 25, 2024 | 10:48 am

Kirby Corporation (KEX) has announced its first quarter profits, showing a substantial increase from last year and exceeding Wall Street forecasts.The company reported earnings of $70.068 million, or $1.19 per share, a significant improvement on last year's first quarter earnings of $40.698 million, or $0.68 per share.Wall Street analysts had predicted earnings of $0.98 per share, according to data consolidated by Thomson Reuters, suggesting that Kirby Corporation surpassed anticipations. It should be noted that such forecasts typically do not take into account extraordinary items.For the first quarter, the company's revenue climbed by 7.7% to $808.022 million, up from $750.444 million last year.A quick overview of Kirby Corp's earnings in accordance with Generally Accepted Accounting Principles (GAAP):- First Quarter Earnings: $70.068 million, up from $40.698 million last year.- Earnings Per Share for the First Quarter: $1.19, up from $0.68 last year.- First Quarter Revenue: $808.022 million, increased from $750.444 million last year.The material has been provided by InstaForex Company - www.instaforex.com

American Airlines Slips To Q1 Loss, Sees Adj. Profit In Q2; Backs FY24 View; Stock Up In Pre-market

Apr 25, 2024 | 10:44 am

On Thursday, American Airlines Group Inc. (AAL) presented an insightful earnings outlook for the second quarter, having reported a larger-than-anticipated loss in its first quarter. Despite this, the company was able to leverage higher revenues. Additionally, they have sustained their fiscal projections until the year 2024.In the early pre-market trading on Nasdaq, shares of American Airlines were up by approximately 4.7%, trading at $14.60.The company predicts its adjusted earnings per share for the second quarter will range from $1.15 to $1.45. According to data gathered by Thomson Reuters, the average prediction among analysts is that the company will report earnings of $1.18 per share for the second quarter. These estimates usually exclude any extraordinary items.This forecast was based on current demand trends and the existing fuel price prediction.Moving forward into fiscal 2024, American Airlines continues to foresee its adjusted earnings per share ranging between $2.25 and $3.25. Analysts expect that the company will report earnings of $2.35 per share.Reflecting on the first quarter, the net loss amounted to $312 million, compared to the previous year's profit of $10 million. Losses per share were at $0.48, a significant change compared to a profit of $0.02 the previous year.After adjusting for certain factors, the first quarter's net loss was $226 million or $0.34 per share, as opposed to the prior year's profit of $33 million or $0.05 per share.Nevertheless, total operating revenues saw an increase of 3.1% to reach $12.57 billion, up from last year's $12.19 billion.Forecasts had estimated a loss of $0.29 per share on revenues of $12.6 billion for the quarter.The material has been provided by InstaForex Company - www.instaforex.com

Bristol Myers Squibb Posts Loss In Q1; Updates 2024 Non-GAAP EPS Guidance

Apr 25, 2024 | 10:41 am

Bristol Myers Squibb (BMY) suffered a net loss of $11.9 billion, equivalent to $5.89 per share, during the first quarter, deviating significantly from a profitable position last year when it recorded a net income of $2.3 billion or $1.07 per share. Even when you discount for unusual transactions, the company still posted a net loss of $8.9 billion or $4.40 per share, compared to a net profit of $4.3 billion or $2.05 per share during the same period in the previous year. This loss was more considerable than the $4.44 per share estimated loss projected by a 17-analyst survey conducted by Thomson Reuters.On the brighter side, Bristol Myers Squibb's total product sales showed a slight increase, rising from $11.05 billion last year to $11.56 billion for the reviewed quarter. Overall revenues rose by 5% to $11.9 billion—an improvement of 6% after adjusting for foreign exchange impacts. This increase was primarily due to successful product turnover in Eliquis, Reblozyl, and Opdualag. However, this achievement was slightly dwarfed by lower returns from Opdivo and Revlimid. Despite these setbacks, the company's revenues outperformed analyst average projections of $11.46 billion. Sales within the U.S market surged 7% up to $8.5 billion.The company has had to readjust some of its 2024 targets, including the non-GAAP earnings per share (EPS) guidance, due to recent transactions. The overall impact of these deals was about $6.73. Consequently, the newly revised non-GAAP EPS guidance stands between $0.40 and $0.70. Analysts project the company's profit per share at about $0.65.The material has been provided by InstaForex Company - www.instaforex.com

US Real Consumer Spending Decreases to 2.5% in the First Quarter of 2024

Apr 25, 2024 | 10:30 am

According to the latest data released on April 25, 2024, real consumer spending in the United States has decreased to 2.5% in the first quarter of 2024, down from 3.3% in the fourth quarter of 2023. This indicates a slowdown in consumer expenditure during the period. While the previous indicator showed a positive trend, the current data reflects a dip in consumer confidence or purchasing power. The updated figures suggest a shift in consumer behavior that could potentially impact economic growth in the upcoming months. Analysts will be closely monitoring this trend to assess its broader implications on the US economy.The material has been provided by InstaForex Company - www.instaforex.com

US Retail Inventories Ex Auto Decrease Slightly in March 2024

Apr 25, 2024 | 10:30 am

According to data released by the United States Department of Commerce, retail inventories excluding automobiles experienced a slight decrease in March 2024. The indicator, which excludes the volatile auto sector, dropped by 0.1% compared to the previous month. In February 2024, the indicator had shown an increase of 0.4%.The latest figures suggest a potential slowdown in consumer spending or inventory management by businesses. The data, updated on 25 April 2024, provides insights into the state of the retail sector in the US economy. Economists will be closely monitoring future trends in retail inventories to assess the overall health of the consumer market and its impact on economic growth.The material has been provided by InstaForex Company - www.instaforex.com

US Jobless Claims Decline to 1781K, Breaking Previous Record

Apr 25, 2024 | 10:30 am

In a positive turn of events, the continuing jobless claims in the United States have decreased to 1781K, surpassing the previous figure of 1812K. This new data indicates a decline in the number of individuals filing for unemployment benefits, which suggests a possible improvement in the job market. The most recent update on this economic indicator was made on 25th April 2024. The decrease in jobless claims could potentially signal a strengthening economy and provide hope for those seeking employment opportunities in the US. Experts are optimistic about this downward trend and will be closely monitoring future data to gauge the overall health of the labor market.The material has been provided by InstaForex Company - www.instaforex.com

US Jobless Claims 4-Week Avg. Drop Slightly to 213.25K

Apr 25, 2024 | 10:30 am

In the United States, the latest data shows that the 4-week average of jobless claims has decreased slightly to 213.25K, down from the previous figure of 214.5K. This indicates a modest improvement in the labor market as fewer individuals are filing for unemployment benefits. The most recent update on this economic indicator was provided on April 25, 2024. While the decrease is a positive sign, economists continue to monitor the job market closely for any fluctuations that could impact overall economic stability. Stay tuned for more updates on jobless claims in the US and their implications on the economy.The material has been provided by InstaForex Company - www.instaforex.com

Average Weekly Earnings in Canada Rise by 4.53% Year-Over-Year in February 2024

Apr 25, 2024 | 10:30 am

According to the latest data released on April 25, 2024, the average weekly earnings in Canada for the month of February 2024 showed a significant increase of 4.53% compared to the same month a year ago. This rise marks a positive trend in the Canadian economy, indicating growth in wages for workers over the past year.In January 2024, the previous indicator stood at 3.74%, showing a considerable improvement in February. The year-over-year comparison reflects the ongoing progress in earnings for Canadians, highlighting a steady rise in income levels in the country.The increase in average weekly earnings is a promising sign for the labor market and the overall economic landscape in Canada, suggesting potential benefits for workers and contributing to a more stable financial outlook moving forward.The material has been provided by InstaForex Company - www.instaforex.com

EUR/JPY Price Analysis: Rallies to almost 16-year high, buyers eye 167.00

Apr 25, 2024 | 07:46 am

The Euro rallied to a near 16-year high against the Japanese Yen, hitting levels last seen in August 2008, with the latter remaining the laggard in the FX space.

Gold price steadies while high US Q1 GDP Inflation dents Fed rate cut hopes

Apr 25, 2024 | 07:36 am

Gold price (XAU/USD) sustains above the crucial support of $2,300 in Thursday’s early New York session.

Israel has increased airstrikes on the Rafah area

Apr 25, 2024 | 07:36 am

Israel has increased airstrikes on the Rafah area.The price of crude oil is still trading lower on a day at $82.20 that down around $-0.60 on the day..Earlier today, Hamas official Abu Zuhri said:Hamas will not be swayed by US pressure on issue of Gaza hostages.Firm on demand that Israel and the Gaza war as part of any deal to release hostages.The wonder is how many hostages are there to release?Spot gold is a 1%, and in the process is extending back above its 100 hour moving average at $2335.14 This article was written by Greg Michalowski at www.forexlive.com.

United States EIA Natural Gas Storage Change registered at 92B above expectations (87B) in April 19

Apr 25, 2024 | 07:30 am

United States EIA Natural Gas Storage Change registered at 92B above expectations (87B) in April 19

Mexican Peso weakens against USD after release of US GDP data

Apr 25, 2024 | 07:28 am

The Mexican Peso (MXN), which is especially sensitive to risk aversion, trades overall lower on Thursday after weakening on souring market sentiment and rising geopolitical tensions.

Pound Sterling steadies while US Dollar rises on persistent price pressures

Apr 25, 2024 | 07:26 am

The Pound Sterling (GBP) aims to hold strength near the psychological resistance of 1.2500 against the US Dollar (USD) in Thursday’s early American session.

Goldman Sachs: The composition of the GDP report was not as soft as it looked

Apr 25, 2024 | 07:22 am

The fallout from today's first look at Q1 GDP continues to reverberate with the US dollar stronger and equities weaker because of hot inflation numbers.Goldman Sachs highlights that the composition of growth wasn't as soft as the headlines (+1.6% vs +2.4% exp)."The contribution from inventories (-0.4pp vs. GS +0.2pp) and foreign trade (-0.9pp vs. -0.4pp) accounted for the bulk of the miss," economists at Goldman write. "Indeed, domestic demand growth proceeded at a strong pace of +2.8% annualized. This reflected a double- digit pace of residential investment growth (+13.9%) and solid growth in consumption (+2.5%) and business fixed investment (+2.9%), the latter reflecting gains in two of the three capex subcategories (equipment +2.1%, intellectual property +5.4%, structures -0.1%)."Goldman also highlights that government spending slowed more than they expected with federal spending contributing negatively to GDP.However it was the pricing numbers in the PCE report that caught the market most off guard. The WSJ's Nick Timiraos calculates that it implies +0.48% core PCE in tomorrow's report versus the +0.3% consensus. Goldman Sachs doesn't appear to be convinced as they only boosted their core estimate to +0.33% from 0.30%. That would put core at 2.84% y/y, compared to the 2.7% consensus.The numbers are due out Friday at 8:30 am ET. This article was written by Adam Button at www.forexlive.com.

EUR/USD down sharply after US GDP data

Apr 25, 2024 | 07:20 am

EUR/USD sherpa-treks higher on Thursday, with a foothold now above 1.0700 as it continues its labored recovery from the 1.0601 April lows.

AUD/USD ends its winning streak after release of US GDP data

Apr 25, 2024 | 07:09 am

AUD/USD trades back below 0.6500 on Thursday, after peaking at 0.6539 earlier in the day.

United States Pending Home Sales (YoY) climbed from previous -7% to 0.1% in March

Apr 25, 2024 | 07:02 am

United States Pending Home Sales (YoY) climbed from previous -7% to 0.1% in March

Oil retreats with rates higher for longer bad for growth

Apr 25, 2024 | 07:02 am

Oil prices edge up on Thursday as traders digest the US Crude Inventory release, which was taken as bullish for near-term prices. Overall, the release showed a chunky draw of 6.368 million barrels, which puts the US inventory at its lowest level since

United States Pending Home Sales (MoM) came in at 3.4%, above forecasts (0.3%) in March

Apr 25, 2024 | 07:00 am

United States Pending Home Sales (MoM) came in at 3.4%, above forecasts (0.3%) in March

US Treas Secretary Yellen: GDP data shows straight a consumer investment spending

Apr 25, 2024 | 07:00 am

US Treasury Secretary Yellen in a interview with Reuters says:GDP data shows straight in consumer investment spending.US economy shows robust growth, firing on all cylindersThere could be revisions to GDP data.I still see in underlying core drivers of economic activity considerable strength.We are on downward path for inflation.Rents have stabilized, but a lot of people still experiencing the upward adjustment to higher levels.I have no doubt that housing's contribution to inflation will be coming down this year.Not seen that wage pressures are a source of inflationCertainly don't see the economy as overheated.We've got a good strong US economy, lifting growth all around the world.Fed wants to see additional evidence of a sustainable decline in inflation.Methods are concerned with high cost-of-living.Biden's top priority is to address high cost of healthcare, bring down drug prices.Feds first priority is to set monetary policy to be consistent with price stabilityDollar has been strong, there are divergences with other countries.Key factor in dollars valuation is strength in the US economy, level of rates.My position has been that currency intervention is acceptable only in very rare and exceptional circumstances.We do have to have sustainable fiscal pathWe have enacted some deficit reduction despite divisions in Congress.Consumer spending in China is incredibly low.China exporting its way to full employment is not acceptable to the rest of the world.US experience China shock after China's export surged to the US following its admittance to WTOChina shock was a huge loss of manufacturing jobs in parts of the US that have not recovered.Part of the US have really been left behind, free trade has to be something that benefits people throughout the country.We would be prepared to use authority to sanction Chinese banks if necessary.With the Fed in the quiet period of their interest-rate decision on May 1, the ex-chair of the Federal Reserve will have to do. However, her hat as change to one of "Independent" Fed official to a political appointment from the Biden administration on This article was written by Greg Michalowski at www.forexlive.com.

US pending home sales for March 3.4% versus 0.8% estimate

Apr 25, 2024 | 07:00 am

Prior month 1.6%Pending home sales month on month change +0.4% versus 0.8% expectedPending home sales index 78.2 vs 75.6 last monthPending home sales +0.1% from March 2023 This article was written by Greg Michalowski at www.forexlive.com.

US Dollar heads back to flat as dust settles over US GDP and PCE print

Apr 25, 2024 | 06:50 am

The US Dollar (USD) is retreating from its earlier peak after upbeat Personal Consumption Expenditures (PCE) print and upbeat Price Index numbers under the umbrella of the Gross Domestic Product (GDP) release. These elements ahead of the US PCE

FTSE 100 outperforms as US GDP disappoints

Apr 25, 2024 | 06:46 am

It’s been a surprising week for the markets. Firstly, the US tech giants did not impact the markets as a unified block with the market favouring Tesla’s results over those from Meta, which is on track to record a deep decline on Thursday.

US stocks open sharply lower on inflation/low growth concerns

Apr 25, 2024 | 06:35 am

Meta-announcer earnings after the close yesterday and warned about higher expenses due to AI buildout investment. Caterpillar revenues missed as well. IBM is also getting hit in premarket trading after they announced their earnings. So some earnings misses. pressured stocks coming into the day. The US GDP then added another layer of negativity after it showed lower growth and higher inflation (stagflation). The markets do not like that word. The core PCE data for the current month will be released tomorrow at 8:30 AM ET with expectations of 0.48% MoM now being touted by some analysts.A snapshot of the market currently shows:Dow Industrial Average average -500 points or -1.31% at 37958S&P index -70.83 points or -1.40% at 5000.34NASDAQ index -350.0-2.25% at 15258The small-cap Russell 2000 is also lower by -25 points or -1.27% at 1970.10Looking at some individual stocks:IBM -8.6%Meta Platforms, -15.3%ServiceNow -5.6%Amazon -4.8%Caterpillar -7.43%Microsoft -4.30%Alphabet -4.11%Microsoft, Alphabet, Intel, T-Mobile, Gilead all report after the close today.Looking at the US yields, they are sharply higher with the 2-year yield trading above 5%:2-year yield 5.018%, +8.1 basis points5-year yield 4.745%, +8.7 basis points10-year yield 4.733%, +7.7 basis points30-year yield 4.838%, +5.5 basis pointsCrude oil is trading down $0.20 at $82.61.Bitcoin is moving lower on risk off (?) flows (I never know). The current price is trading at $63,262. The high-price today was at $64,708. The low price was $62,785. This article was written by Greg Michalowski at www.forexlive.com.

Silver Price Analysis: Silver price could be forming a Bear Flag price pattern

Apr 25, 2024 | 06:35 am

Silver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart which bodes ill for the precious metal’s price going forward.

US yields move to new session highs. The 2 &10 year yields at highest level since November

Apr 25, 2024 | 06:21 am

US yields are moving to new session highs with the 2-year yield now back above 5.0% as traders price out rate cuts in 2024 even more. The 2-year yield is trading at its highest level since November 14, 2023. The high-yield in 2023 for the two-year note reached 5.259%.The 10 year yield is at its highest level since November 1, 2023. The high yield for the 10-year bond in 2023 reached 5.021%.2-year yield 5.018%, plus a .1 basis points5-year yield 4.745%, plus a .7 basis points10 year yield 4.731%, +7.7 voice points30-year yield 4.840%, +5.6 basis pointsStocks continue to get hit with the NASDAQ leading the way:Dow Industrial Average average -474.0 or -1.23%S&P index -70 points or -1.39%NASDAQ index -320 points or -1.82% This article was written by Greg Michalowski at www.forexlive.com.

Russia Central Bank Reserves $: $603.2B vs $600.7B

Apr 25, 2024 | 06:00 am

Russia Central Bank Reserves $: $603.2B vs $600.7B

US GDP expands less that expected in Q1

Apr 25, 2024 | 05:59 am

The US Bureau of Economic Analysis (BEA) will publish the first estimate of the US Gross Domestic Product (GDP) for the January-March period on Thursday.

US weekly Initial Jobless Claims decline 207K vs. 214K expected

Apr 25, 2024 | 05:53 am

There were 207,000 initial jobless claims in the week ending April 20, the weekly data published by the US Department of Labor (DOL) showed on Thursday.

Stocks/bonds don't like GDP inflation numbers.Stocks lower. Yield higher. US dollar higher

Apr 25, 2024 | 05:46 am

US stocks have added another like to that outside after US GDP came in weaker but the inflation measures were higher. The core PCE prices for the quarter rose 3.7% higher than the 3.4% estimate. That has investors worried about lower growth/ higher prices. Not good.In premarket trading:Dow Industrial Average -436 pointsS&P index -56.3 pointNASDAQ index -249 pointLooking at the US debt market, yields are higher as well:2 year yield 4.987%, +5.0 basis points5-year yield 4.710%, +5.1 basis points10 year yield 4.697%, plus or .4 basis points30-year yield 4.812%, +2.9 basis pointsThe US dollar has moved higher as well:EURUSD is trading back below the 1.0700 level at 1.0685. 100-day moving average comes at 1.06779 and is the next target on the downside.GBPUSD was trading above it 100-day moving average on a 4-hour chart at 1.25149. The current price is trading at 1.2476. The broken 38.2% retracement of the April trading range is below at 1.2455. Earlier today, the price based against that level before moving higher.USDJPY is moving back to the upside and trading at 155.64 after reaching a low of 155.30 on the initial reaction to the lower GDP. The bounce back off of the higher inflation, as a person back toward the high for the day near 155.734. That high represents the highest level since 1990.The markets are now discounting around 35 basis points of cuts between now and the end of the year. That compares to 42 basis points prior to the data dump today. This article was written by Greg Michalowski at www.forexlive.com.

Canada Feb average weekly earnings 4.53% vs 3.88% prior

Apr 25, 2024 | 05:37 am

Prior was 3.88% (revised to +3.74%) This article was written by Adam Button at www.forexlive.com.

US March wholesale inventory advanced -0.4% versus 0.4% (revised from 0.5%) last month

Apr 25, 2024 | 05:36 am

Wholesale inventories prior month +0.5% revised to 0.4%. Retail inventory ex air prior month +0.4% revised to +0.3%Advance Wholesale Inventories -0.4%Wholesale inventories were $896.2 billion, a decrease of -0.4% from February 2024.Year-over-year, wholesale inventories were down by -2.1% from March 2023.The monthly change from January to February 2024 was revised slightly from a 0.5% increase to a 0.4% increase.Advance Retail Inventories ex air -0.1%advance retail sales ex air -0.1% versus +.3% last monthRetail inventories were $788.1 billion, an increase of 0.3% from February 2024.Year-over-year, retail inventories were up by 4.4% from March 2023.The monthly change from January to February 2024 remained unrevised at a 0.5% increase. This article was written by Greg Michalowski at www.forexlive.com.

United States Gross Domestic Product Annualized registered at 1.6%, below expectations (2.5%) in 1Q

Apr 25, 2024 | 05:31 am

United States Gross Domestic Product Annualized registered at 1.6%, below expectations (2.5%) in 1Q

United States Gross Domestic Product Price Index climbed from previous 1.7% to 3.1% in 1Q

Apr 25, 2024 | 05:31 am

United States Gross Domestic Product Price Index climbed from previous 1.7% to 3.1% in 1Q

United States Core Personal Consumption Expenditures (QoQ) above expectations (3.4%) in 1Q: Actual (3.7%)

Apr 25, 2024 | 05:31 am

United States Core Personal Consumption Expenditures (QoQ) above expectations (3.4%) in 1Q: Actual (3.7%)

United States Personal Consumption Expenditures Prices (QoQ) increased to 3.4% in 1Q from previous 1.8%

Apr 25, 2024 | 05:31 am

United States Personal Consumption Expenditures Prices (QoQ) increased to 3.4% in 1Q from previous 1.8%

US March advanced goods trade balance $-91.83 billion versus $-91.1 billion estimate

Apr 25, 2024 | 05:30 am

Prior month $-90.3 billionInternational Trade in Goods:The international trade deficit increased by $1.5 billion to $91.8 billion.Exports decreased by $6.1 billion to $169.2 billion.Imports decreased by $4.6 billion to $261.0 billion. This article was written by Greg Michalowski at www.forexlive.com.

United States Initial Jobless Claims 4-week average down to 213.25K in April 19 from previous 214.5K

Apr 25, 2024 | 05:30 am

United States Initial Jobless Claims 4-week average down to 213.25K in April 19 from previous 214.5K

United States Goods Trade Balance came in at $-91.8B below forecasts ($-91.2B) in March

Apr 25, 2024 | 05:30 am

United States Goods Trade Balance came in at $-91.8B below forecasts ($-91.2B) in March

United States Continuing Jobless Claims below forecasts (1.81M) in April 12: Actual (1.781M)

Apr 25, 2024 | 05:30 am

United States Continuing Jobless Claims below forecasts (1.81M) in April 12: Actual (1.781M)

United States Initial Jobless Claims came in at 207K, below expectations (214K) in April 19

Apr 25, 2024 | 05:30 am

United States Initial Jobless Claims came in at 207K, below expectations (214K) in April 19

United States Wholesale Inventories registered at -0.4%, below expectations (0.2%) in March

Apr 25, 2024 | 05:30 am

United States Wholesale Inventories registered at -0.4%, below expectations (0.2%) in March

US initial jobless claims 207K versus 215K estimate

Apr 25, 2024 | 05:30 am

Prior week initial jobless claims 212Kinitial jobless claims 207K vs 215K estimate4-week moving average initial jobless claims 213.25K vs. 214.50K last weekPrior week continuing claims 1.812M revised to 1.796MContinuing claims 1.781M vs. 1.805M estimate4- week MA of continuing claims1.794M vs 1.802.25 last weekContinuing claims fell and was revised lower. Initial jobless claims was lower as well indicative of a solid job market This article was written by Greg Michalowski at www.forexlive.com.

US Q1 advance GDP +1.6% vs +2.4% expected

Apr 25, 2024 | 05:30 am

Weakest since Q1 2023Final Q4 reading was +3.3% annualized (revised to +3.4%)Q3 was +4.9% annualizedDetails:Consumer spending +2.5% vs +3.3% priorConsumer spending on durables -2.1% vs +3.2% priorGDP final sales 2.0% vs +3.9% priorGDP deflator 3.1% vs 3.0% expected (1.7% prior)Core PCE +3.7% vs +3.4% expected (+2.0% prior)Business investment +3.2% vs +0.7% priorPercentage point changes:Net trade pp -0.86 vs +0.32 pp prior Inventories -0.37 pp vs -0.47 pp priorGovt +0.21pp vs +0.79 pp priorThe market was pricing in 41.5 bps of Fed rate cuts this year with the July meeting priced roughly 50/50 ahead of the data. The market is focused on the hotter PCE numbers in the report afterwards and priced in a more-hawkish Fed at 36.5 bps. It's notable that tomorrow we get the PCE report and the market is adjusting to price in something a tad hotter.As for GDP itself, inventories may help to explain some of the delta as the March wholesale inventory data released alongside this report fell 0.4%. Ultimately though, you take it at face value at 1.6% annualized growth isn't the kind of thing that's going to spur demand-driven inflation. With that, I think the market is too focused on tomorrow's PCE report here and no focused enough on a slowing economy and what it will mean for PCE report in the months beyond.When you go through a lot of the details, it's healthcare spending (that's the USA) and non-residential fixed investment (IRA and CHIPS Act). Goods spending subtracted 0.09 pp from GDP. This article was written by Adam Button at www.forexlive.com.

The first look at Q1 US GDP is coming up next

Apr 25, 2024 | 05:19 am

It's a busy slate on the US economic calendar today with Q1 GDP kicking things off along with initial jobless claims, advance goods trade balance for March, wholesale inventories and Canadian average weekly earnings.The consensus on GDP is 2.4% while the Atlanta Fed tracker was at 2.7%. The high estimate is Goldman Sachs at 3.1% while Julius Baer is at 1.5%. The Q4 'final' reading was 3.3% but that could be revised as well.The broader market is in a bad mood and the US dollar is moderate lower. Shares of META are down 16% in the premarket. This article was written by Adam Button at www.forexlive.com.

ForexLive European FX news wrap: Dollar, stocks down awaiting US GDP data

Apr 25, 2024 | 04:54 am

Headlines:US data comes into focus in the second half of the weekThe line in the sand is shiftingJapan's economy minister to attend BOJ policy meeting tomorrowECB's Schnabel says may be facing a bumpy last mile on disinflationGermany May GfK consumer sentiment -24.2 vs -26.0 expectedFrance April business confidence 99 vs 100 priorUK April CBI retailing reported sales -44 vs 2 priorMarkets:AUD leads, JPY lags on the dayEuropean equities lower; S&P 500 futures down 0.6%US 10-year yields down 0.4 bps to 4.650%Gold up 0.6% to $2,329.53WTI crude up 0.1% to $82.22Bitcoin down 0.1% to $63,955There wasn't too much action in European trading today as the market moves were rather straightforward during the session.The dollar is seen down slightly ahead of the US Q1 advance GDP data coming up later. The greenback is lagging across the board, as we get close to some key technical levels on the charts.Of note, GBP/USD is up to a two-week high above 1.2500 but faces up against its 38.2 Fib retracement level at 1.2526. Meanwhile, AUD/USD is also running up against its 200-day moving average at 0.6526 on the day. Besides that, EUR/USD is up 0.2% to 1.0720 while USD/CAD is down 0.2% to 1.3670 currently.As for USD/JPY, it continues to hold above the 155.00 mark and hovering around 155.50-70 mostly during the session.In the equities space, Meta's earnings disappointment is reverberating and spooking investors. It's dragging down tech shares but also weighing on broader sentiment as well. European stocks are mostly down as such while S&P 500 futures are lower by 0.6%.It's now over to the slew of US data later and how traders will take to that, putting everything into the mix on the Fed outlook again. This article was written by Justin Low at www.forexlive.com.

USD/JPY climbs relentlessly ahead of BoJ meeting

Apr 25, 2024 | 04:19 am

The USD/JPY trades higher on Thursday, rising into the mid 155.00s, on the back of a recent step-rise in US Treasury Bond yields as the pair shrugs off yet more verbal intervention from the Japanese Finance Minister (MOF) Sunichi Suzuki.

Pound Sterling looks to push higher after rising above key hurdle [Video]

Apr 25, 2024 | 04:16 am

After closing the second consecutive day in positive territory on Wednesday, GBP/USD gathered bullish momentum and climbed above 1.2500 for the first time in nearly two weeks on Thursday.

NZD/USD Price Analysis: Extends winning spell to 0.5960

Apr 25, 2024 | 04:10 am

The NZD/USD pair extends its winning streak for the fourth trading session on Thursday.

The Nasdaq 100 might retreat to 16,800

Apr 25, 2024 | 04:05 am

Change in the Nasdaq100. The selling on the Nasdaq100 from 12 to 19 April, which sent the index down more than 7%, has stimulated buying interest this week.

China stocks are finally recovering

Apr 25, 2024 | 03:43 am

We already talked about China stocks at the beginning of 2024, where we mentioned and highlighted strong support on Chinese stock market index Hang Seng with ticker HSI.

Japan's economy minister to attend BOJ policy meeting tomorrow

Apr 25, 2024 | 03:37 am

It is not commonplace for government officials to attend any central bank meeting, so this is definitely a peculiar one. But I guess it speaks to the delicate situation regarding the Japanese yen at the moment. The last time this happened was back in December last year, and before that was all the way back in April 2020 during the pandemic. If there is no firm pushback by Ueda tomorrow, traders might take that as a green light to sell the yen further. USD/JPY is relatively unfazed by the headline for now, staying underpinned at 155.60 currently. This article was written by Justin Low at www.forexlive.com.

UK April CBI retailing reported sales -44 vs 2 prior

Apr 25, 2024 | 03:01 am

Prior 2This was the worst April performance for retail sales since 2020, although CBI says that the earlier timing of Easter may have something to do with it. The expected retail sales for May isn't any better either, with the reading coming in at -19. In the month before, the expected retail sales for April was -25. This article was written by Justin Low at www.forexlive.com.

Stocks stay on the cautious side so far on the day

Apr 25, 2024 | 02:38 am

The softer mood overall is also permeating in Europe, as investors are spooked by Meta's earnings disappointment. As such, tech shares are the ones leading the downside so far on the day. It sets up for a pullback after the decent showing over the last few days. The focus will now turn towards the US Q1 advance GDP data later, then the US PCE price index tomorrow.Eurostoxx -0.5%Germany DAX -0.5%France CAC 40 -0.5%UK FTSE +0.6%S&P 500 futures -0.5%Nasdaq futures -0.8%Dow futures -0.3% This article was written by Justin Low at www.forexlive.com.

GBP/USD bounces to two-week high, what levels to watch out for?

Apr 25, 2024 | 01:55 am

It has been quite the bounce in cable this week, after the poor showing on Monday especially. The pair moved down to test 1.2300 before rebounding by over 200 pips now to 1.2520 levels. Of note, buyers have turned the near-term bias in their favour and things might yet continue in the sessions ahead.So, what are the key levels to be mindful of should the bounce this week extend?First up is the 38.2 Fib retracement level at 1.2526, offering some minor resistance for now. Above that is the 200-day moving average (blue line) at 1.2559 and that is a more pivotal level to be wary of. Sellers will look to lean on that to quell any further upside momentum, so that will be one to watch in the days to come.Looking over to the fundamentals, a key catalyst for any moves this week will be US data as outlined here. The dollar is ceding some ground after a good showing in early April and the data in the next two days might go some ways in deciding its overall fate on the month.The BOE looks slated for an August rate hike and traders were punished for trying to sneak in a June move in the last few weeks. For now, the odds of an August move are ~90% priced in. So, unless traders are going to switch back to thinking about June, the pound's downside on this front might be more limited. That especially since the BOE has also made clear that they aren't quite favouring a move as early as two months from now.Meanwhile, the Fed pricing shows ~96% odds of a rate cut in September. That comes after some hotter US data in early April, but there seems to be a bit of a rethink again after some cooler ones lately. It's all about moving with the data flow and if we do get some softer US data in the next two weeks, a July move (50% priced in now) might even be on the table.As such, the balance of risks appear to have shifted a bit for GBP/USD. That as well considering the technical momentum to the downside has been arrested earlier this week. This article was written by Justin Low at www.forexlive.com.

AUD/USD nudges higher to test key technical resistance again

Apr 25, 2024 | 01:27 am

And that is seeing AUD/USD buyers capitalise a little in pushing price back towards the 200-day moving average (blue line), seen at 0.6526 on the day. The pair saw price movement capped by the key technical level yesterday and here we are testing it again. As much as buyers look to be trying, they'd need confirmation from US data in the next two days to solidify any convictions.But for now at least, there is some decent momentum being held following the stronger Australia CPI data this week.Besides the 200-day moving average, there is also the 61.8 Fib retracement level (red) at 0.6536 to offer some added resistance. But I'd wager a break of the former to give buyers more momentum overall. That might even allow for a push to the 100-day moving average (red line) next. That is should the data today and tomorrow conform to the technical momentum. This article was written by Justin Low at www.forexlive.com.

A more mixed market mood greets European traders to start the session

Apr 25, 2024 | 00:33 am

USD/JPY is still doing its thing as buyers are gradually pushing the limit above 155.00 ahead of the BOJ tomorrow. The pair is up 0.2% to 155.63 currently, with the line in the sand starting to shift. Elsewhere, the dollar is slightly lower but nothing too outstanding so far today. GBP/USD is up 0.3% to test familiar resistance at 1.2500 though, so that is one notable technical development at least:The pair is seeing price action keep above both the 100 (red line) and 200-hour (blue line) moving averages, reaffirming a more bullish near-term bias at least. But buyers are not exactly running away with it, with the dollar still up on the month after the early gains in the weeks before.It is a similar case across most dollar pairs, even with EUR/USD which is up 0.2% to 1.0715 currently. USD/CAD is down marginally by 0.1% to 1.3688 while AUD/USD is up 0.2% to 0.6513 with the 200-day moving average at 0.6526 still limiting gains as seen here yesterday.The dollar's marginally softer showing comes despite equities being on the retreat, with tech shares lagging in particular. Meta's earnings disappointment is renewing concerns on big tech and that is weighing on the mood. S&P 500 futures are down 0.7% while Nasdaq futures are down 1.3% currently.In the bond market, 10-year Treasury yields are down just 0.8 bps to 4.646% - not much changed on the week.All eyes will be on US data over the next two days. So, that will likely help set the tone for the remainder of the week alongside the BOJ tomorrow. This article was written by Justin Low at www.forexlive.com.

European equities more mixed at the open today

Apr 25, 2024 | 00:08 am

Eurostoxx -0.1%Germany DAX -0.2%France CAC 40 flatUK FTSE +0.5%Spain IBEX +0.3%Italy FTSE MIB flatIt's a mixed bag but I would say that sentiment is a touch nervy at the balance. Spanish stocks are keeping steadier even as PM Sanchez suspends public duties though. But the fall in tech shares is the most notable thing here and that's affecting US futures more. S&P 500 futures are down 0.6% while Nasdaq futures are down 1.2% on the day. This article was written by Justin Low at www.forexlive.com.

France April business confidence 99 vs 100 prior

Apr 24, 2024 | 23:45 pm

Prior 100Manufacturing confidence 100Prior 102; revised to 103Services confidence 100Prior 102; revised to 103The drop in business sentiment owes to a fall in both manufacturing and services confidence on the month. But at least employment conditions are seen improving, with the reading up to 102 from 101 in March. This article was written by Justin Low at www.forexlive.com.

Eurostoxx futures -0.2% in early European trading

Apr 24, 2024 | 23:06 pm

German DAX futures -0.2%UK FTSE futures -0.1%European indices are not tech-heavy so the drag isn't as bad here. It mirrors the slightly softer mood overall, with Dow futures also marked down by 0.2%. Tech shares are the major laggard though following Meta's earnings disappointment. S&P 500 futures are down 0.7% while Nasdaq futures are down 1.3% as concerns surrounding big tech start to grow. This article was written by Justin Low at www.forexlive.com.

Germany May GfK consumer sentiment -24.2 vs -26.0 expected

Apr 24, 2024 | 23:00 pm

Prior -27.4; revised to -27.3German consumer sentiment is set to rise in the month ahead, backed mostly by an improvement in income expectations. The reading above is a two-year high but compared to historical levels, is still rather depressed. The breakdown shows that:Willingness to buy -12.6 (previously -15.3)Income expectations 10.7 (previously -1.5)Business cycle expectations 0.7 (previously -3.1) This article was written by Justin Low at www.forexlive.com.

Not much on the data docket in European trading today

Apr 24, 2024 | 21:57 pm

On the two related focus points:The line in the sand is shiftingUS data comes into focus in the second half of the weekAs such, European trading today might not offer too much if Tokyo decides to let things be. USD/JPY is at 155.52 currently as buyers are slowly pushing the limit but the rest of the major currencies bloc is rather muted.That will keep things more interesting ahead of the US Q1 advance GDP data later.In other markets, equities are down after a more mixed performance yesterday. Meta earnings disappointed and are sparking renewed concern among investors, with tech shares leading the downside. S&P 500 futures are down 0.6% currently. So far, that's not leading to any broader risk off mood in markets just yet though.Looking to the session ahead, there isn't much on the data docket to really influence things. So, the spotlight will continue to stay on the above developments for the most part.0600 GMT - Germany May GfK consumer sentiment0645 GMT - France April business confidence1000 GMT - UK April CBI retailing reported salesThat'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 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 ▼

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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