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Lower Open Anticipated For Singapore Stock Market

May 7, 2024 | 23:02 pm

The Singapore stock market has seen fluctuations over the last few days, with a dip in activity following a three-day streak of growth where it rose over 15 points or 0.5 percent. Currently the Straits Times Index finds itself hovering above the 3,300-point plateau, with an expectation that it may continue its downward trend.The international outlook for Asian markets, like the Singaporean one, is currently uncertain, reflecting the ambiguous state of interest rates. The American and European markets have shown mixed results, a pattern that Asian markets seem to be emulating.On Tuesday, the Singapore stock market closed marginally lower as a result of losses in the industrial and properties sectors, while the financial sector remained varied. Key movers were notable Singaporean companies such as CapitaLand Integrated Commercial Trust, which lost 0.52 percent, and CapitaLand Investment, which nose-dived by 1.89 percent.The Wall Street stock market's influence is unclear at this moment. The major stock market indices in the US opened strong, but later dissipated, ending with mixed results. The Dow Jones increased by 31.99 points or 0.08 percent, while the NASDAQ decreased marginally by 0.10 percent. The S&P 500, on the other hand, witnessed a nominal increase of 0.13 percent.The subtle recovery on Wall St has been credited to a resurgence of optimism with regard to interest rates. Comments by the Federal Reserve Chair, Jerome Powell, suggesting a hesitancy to increase rates, coupled with a weaker-than-expected job growth in April have dampened concerns related to rate hikes. However, any burgeoning investor enthusiasm was tempered by a later statement by Minneapolis Federal Reserve President Neel Kashkari, arguing that interest rates may have to remain at their current levels for the foreseeable future.In oil news, futures settled slightly lower on Tuesday due to concerns over the future global demand for oil. West Texas Intermediate Crude oil futures for June ended lower by $0.10 at $78.38 a barrel. This minor dip in oil futures only adds to the economic uncertainty currently witnessed in financial markets globally.The material has been provided by InstaForex Company - www.instaforex.com

Philippines Exports Plummet by 7.3% in March 2024

May 7, 2024 | 23:00 pm

In a recent economic update, it has been revealed that Philippines' exports took a significant hit in March 2024. The latest data shows that the country's exports decreased by 7.3% compared to the same period last year. This steep decline comes after a previous indicator showed a growth of 15.7% in February 2024. The shift in export numbers signals a challenging period for the Philippines economy, as global trade dynamics continue to evolve.The data, updated on May 8, 2024, highlights the importance of monitoring export trends in the Philippines. Export performance is a crucial factor in the country's economic growth and stability. As the situation unfolds, policymakers and businesses will need to closely monitor these developments and adapt strategies to navigate the changing landscape of international trade.The material has been provided by InstaForex Company - www.instaforex.com

Philippines Imports Plunge by 20% in March 2024

May 7, 2024 | 23:00 pm

In a significant economic shift, the Philippines experienced a sharp decline in imports during March 2024, with a staggering drop of 20% compared to the same period a year ago. This stark decrease comes after the previous month, February 2024, recorded a 6.3% growth in imports. The data, updated on 08 May 2024, highlights the economic challenges faced by the country in its trade activities.The Year-over-Year comparison indicates a notable reversal in the import trend for the Philippines, signaling potential implications for its economy. The abrupt drop in imports could have far-reaching consequences on various sectors and overall economic stability. With the decline in imports, policymakers and analysts may need to reassess strategies to address the implications of this significant change in trade dynamics for the country.The material has been provided by InstaForex Company - www.instaforex.com

Philippines Trade Balance Improves Significantly in March 2024

May 7, 2024 | 23:00 pm

The trade balance in the Philippines has shown a remarkable improvement in March 2024, with the country's deficit shrinking from -3.6 million in February 2024 to -3180.0 million. This substantial decrease indicates a positive shift in the country's trade situation, reflecting potential economic growth and stability. The latest data, updated on 8 May 2024, highlights the significant progress made within just a month. This improvement could have a favorable impact on the Philippine economy, potentially boosting investor confidence and stimulating further trade activities. Analysts will be closely monitoring future trade balance figures to assess the sustainability of this positive trend.The material has been provided by InstaForex Company - www.instaforex.com

Philippines Industrial Production Slumps by 7.4% Year-over-Year in May 2024

May 7, 2024 | 23:00 pm

In the Philippines, the latest data on industrial production shows a concerning decline. The year-over-year comparison indicates a significant slump, with the current indicator standing at -1.7%, down from the previous indicator of 5.7%. This drop of 7.4% reflects a downturn in industrial output and economic activity in the country. The data, updated on 08 May 2024, highlights the challenges faced by the Philippines' industrial sector, signaling potential broader impacts on the economy. As businesses navigate through these fluctuations, attention will be drawn to implementing measures to stimulate industrial growth and enhance economic resilience in the face of uncertainties.The material has been provided by InstaForex Company - www.instaforex.com

Malaysia Bourse May Give Up Support At 1,600 Points

May 7, 2024 | 22:32 pm

The Malaysian stock market is on an upward trend, having experienced four consecutive profitable sessions and accruing nearly 30 points or a 2 percent increase during this period. The Kuala Lumpur Composite Index currently lies just over the 1,605-point mark, though there's a possibility that this upward momentum might begin to wane on Wednesday.The global market forecast for Asia remains uncertain, with interest rates showing an equally unclear outlook. European markets have shown an increase whereas U.S markets showed mixed responses and remained mostly flat. It's expected that Asian markets will follow this pattern.On Tuesday, the Kuala Lumpur Composite Index (KLCI) reported a modest increase following gains in the financial sector, agricultural stocks, and telecommunications. On that day, the index gained 8.29 points or 0.52 percent, closing at the 1,605.68-point mark with trades fluctuating between 1,600.66 and 1,610.32 points.Key active entities included Axiata and CIMB Group, which respectively increased by 2.11 percent and retrieved 0.89 percent. IHH Healthcare, IOI Corporation, Kuala Lumpur Kepong, and Maxis also saw growths. Despite this overall positive trend, Celcomdigi and YTL Power experienced slight decreases.The Wall Street lead provides little guidance as major averages showed an initial increase that faded, resulting in a mixed finish with almost no change. The Dow saw a minuscule increase, adding just 31.99 points, whereas the NASDAQ slipped 16.69 points with the S&P 500 gaining a slight 6.96 points.This modest growth on Wall Street indicates continued optimism regarding the outlook for interest rates. Federal Reserve Chair Jerome Powell's comparatively dovish comments and weaker than expected job growth in April have largely put to bed the short-lived worries that the Fed would contemplate a rate hike.However, afternoon trading saw a decrease in buyer interest following Minneapolis Federal Reserve President Neel Kashkari's suggestion that interest rates might need to remain as they are for an extended time.Finally, West Texas Intermediate crude oil futures for June ended at a slightly lower $78.38 a barrel, a decrease of $0.10, due to concerns surrounding the global oil demand outlook.The material has been provided by InstaForex Company - www.instaforex.com

South Korea Bourse May Spin Its Wheels On Wednesday

May 7, 2024 | 22:02 pm

On Tuesday, the stock market in South Korea had ended a two-day losing streak, falling more than 15 points or 0.6%, putting the KOSPI just above the 2,730-point plateau. However, it is unclear how the market will progress on Wednesday.Projections for the Asian markets remain uncertain due to the global outlook for interest rates. European markets have seen a rise, whereas the U.S. stocks have shown a mixed and flat performance. It is likely that the Asian markets will follow a similar pattern.On Tuesday, the KOSPI sharply increased due largely to gains from technology stocks and industrials, while financial results were mixed. The index rallied 57.73 points or 2.16 percent to finish at a daily high of 2,734.36. The total volume of shares was 523 million, valued at 10.9 trillion won, with 582 gainers and 285 decliners.Key players include: Shinhan Financial which dropped by 0.43 percent, KB Financial rose by 0.27 percent, Hana Financial increased by 0.17 percent, Samsung Electronics surged 4.77 percent, and Samsung SDI dipped 0.68 percent. Other active stocks such as LG Electronics, SK Hynix, Naver, LG Chem, and Lotte Chemical too experienced various degrees of fluctuation.The U.S. stock market offers little direction as major averages opened higher but ended mixed. The Dow rose by 31.99 points or 0.08 percent, while the NASDAQ decreased by 16.69 points or 0.10 percent, and the S&P 500 grew by 6.96 points or 0.13 percent.The mild strength in US stocks stems from fresh optimism about the future of interest rates. Despite dovish comments from Federal Reserve Chair Jerome Powell and weaker-than-expected job growth in April, concerns about a potential Fed rate hike have mostly eased.However, this positive trend slowed in the afternoon after Minneapolis Federal Reserve President Neel Kashkari suggested interest rates may need to stay at their current levels for a prolonged period.The global outlook for oil demand continues to raise concerns as West Texas Intermediate Crude oil futures for June ended lower by $0.10 at $78.38 a barrel.The material has been provided by InstaForex Company - www.instaforex.com

Taiwan Trade Data Due On Wednesday

May 7, 2024 | 21:02 pm

On Wednesday, Taiwan is set to unveil its import, export, and trade balance data for April, underlining a subdued day in the Asia-Pacific economic calendar. The forecast predicts a 7.6% annual increase in imports, marginally higher than the 7.1% rise observed in March. Exports are projected to grow by 10.2% annually, a deceleration from the 18.9% surge in the preceding month. The trade surplus is anticipated to stand at $8.03 billion, slightly lower than the previous month's figure of $8.68 billion.The material has been provided by InstaForex Company - www.instaforex.com

Canadian Market Ends Higher After Lackluster Session

May 7, 2024 | 20:49 pm

The Canadian market ended its fourth consecutive day of gains on Tuesday, although the increase was slight as investors were cautious in making substantial moves. The S&P/TSX Composite Index saw a minor rise of 31.15 points or 0.14%, ending the day at 22,290.62. The index fluctuated within the range of 22,261.01 and 22,347.39 during the trading session.Finning International, an industrial equipment supplier, saw a rise of approximately 3.5% in its shares. The company reported a first-quarter net income of $121 million, which was lower than the $134 million reported in the same period last year. Other stocks that showed a rise were Calian Group, Nutrien, Celestica Inc., Cameco Corporation, Methanex Corporation, and Canadian Tire Corporation, each showing a 2-3% increase.Molson Coors Canada Inc., RB Global Inc., Cargojet, Teck Resources, Precision Drilling Corporation, and Canadian Natural Resources also climbed between 1-2%. However, Hut 8 Corp saw a nearly 7% decline. Additionally, Kinaxis Inc, Pet Valu Holdings, Wajax Corporation, Snc-Lavalin Group Inc, Badger Infrastructure Solutions, and WSP Global Inc each saw a decline between 2-4%.Food processing company, George Weston Ltd, reported a 10.6% increase in first-quarter adjusted net earnings for 2024; a rise of $30 million from the corresponding quarter of the previous year. This announcement caused a 0.8% rise in the company's stock.MEG Energy Corp also saw a slight increase in its shares. The oil and gas company reported a first-quarter net income of $98 million for 2024, which was up from $81 million in the same period of 2023. In contrast, CT Real Estate Investment Trust shares took a hit following the announcement of its first-quarter net income of C$1.01 billion, which was significantly higher than the C$70.5 million reported in the corresponding quarter of the previous year.In other news, the Ivey Purchasing Managers Index in Canada showed a promising rise, growing to 63 in April 2024 from 57.5 the previous month. This surpassed forecasts of 58.1 and marked the highest level in two years, reflecting the ninth consecutive monthly increase.The material has been provided by InstaForex Company - www.instaforex.com

Sturm Ruger & Co Inc Q1 Income Retreats

May 7, 2024 | 20:19 pm

Sturm Ruger & Co Inc (RGR) reported a profit for the first quarter that has seen a decline compared to the same period in the previous year.In this recent quarter, the company's earnings amounted to $7.08 million, equivalent to $0.40 per share. In comparison, the first quarter of the previous year had a stronger performance with earnings of $14.3 million or $0.81 per share.In terms of revenue for the quarter, the company suffered a downturn with a drop of 8.4%, resulting in $136.8 million from $149.4 million last year.Observing Sturm Ruger & Co Inc's earnings at a glance using Generally Accepted Accounting Principles (GAAP):- The earnings in Q1 are recorded at $7.08 million, considerably lower opposed to the $14.3 million during the same period last year.- The Earnings Per Share (EPS) in the first quarter were $0.40, against last year’s $0.81.- Revenue for Q1 of this year was $136.8 million, down from $149.4 million the previous year.The material has been provided by InstaForex Company - www.instaforex.com

Arista Networks, Inc. Q1 Profit Increases, beats estimates

May 7, 2024 | 20:08 pm

Arista Networks, Inc. recently announced an increase in their first quarter earnings compared to last year, surpassing Wall Street's predictions. The company's net income amounted to $637.69 million, which translates to $1.99 per share. This shows a noticeable uptick from the $436.47 million or $1.38 per share of the same period last year.When taking into account various factors, Arista Networks reported an adjusted earning of $637.72 million or $1.99 per share for the quarter. Analysts had anticipated the company to earn an average of $1.74 per share, based on data gathered by Thomson Reuters, which generally does not consider unique items.The company's quarter revenue saw a 16.3% rise, jumping from $1.35 million last year to reach $1.57 million.To summarize the performance of Arista Networks in the first quarter according to GAAP:Earnings rose from last year's $436.47 million to reach $637.69 million this year.Per share earnings increased from $1.38 last year to $1.99 this year.First quarter revenue hit $1.57 million, up from $1.35 million last year.The material has been provided by InstaForex Company - www.instaforex.com

Unisys Corp. Q1 Earnings Summary

May 7, 2024 | 20:05 pm

The following are the quarterly results highlights for Unisys Corp. (UIS):Unisys reported a net loss of $149.5 million for Q1, marking an improvement from the $175.4 million loss reported in the same quarter last year. The loss per share (EPS) was reported to be $2.18 for Q1, which is also an improvement from the $2.58 per share loss reported in Q1 of the previous year.However, after making adjustments for specific items, Unisys reported that their adjusted earnings stood at $2.7 million, which translates to $0.04 per share for the period.Analysts had previously projected a loss per share of $0.05.In terms of revenue, Unisys generated $487.8 million in the first quarter, as compared to the $516.4 million revenue generated in the same quarter of the previous year.The material has been provided by InstaForex Company - www.instaforex.com

ICU Medical Q1 Earnings Summary

May 7, 2024 | 19:55 pm

Here are the recent earnings highlights for healthcare company ICU Medical:In the first quarter, ICU Medical reported earnings of -$39.5 million, compared to -$9.8 million in the same period last year. The earnings per share (EPS) for this quarter was -$1.63, a drop from -$0.41 during the same period in the previous year. However, after making adjustments for certain items, ICU Medical disclosed an adjusted earning of $0.96 per share for this period.Contrary to analyst projections of $0.82 per share, the company exceeded expectations. However, the company's revenue showed a slight decrease, standing at $566.7 million in the first quarter compared to $568.6 million in the same period last year.The material has been provided by InstaForex Company - www.instaforex.com

Occidental Petroleum Corp. Q1 Profit Decreases, but beats estimates

May 7, 2024 | 19:55 pm

Occidental Petroleum Corporation has recently disclosed its earnings for the first quarter, which are lower than those from the same period last year. However, these figures exceeded the estimates made by Wall Street.The corporation made $718 million, equating to $.75 per share. This is lower than the profits made in last year's first quarter, which were $983 million, or $1 per share.After excluding unspecified items, Occidental Petroleum Corporation declared adjusted earnings of $604 million, or $0.63 per share.Before the report was published, on average, analysts anticipated the corporation would make around $0.60 per share, based on data collected by Thomson Reuters. These estimates generally do not consider special items.The corporation's revenue for the quarter dropped by 17.2%, from $7.26 billion the previous year, to $6.01 billion.To summarize, the company's first-quarter earnings conform to GAAP and are as follows:First Quarter Earnings stood at $718 million, compared to $983 million the prior year. The Earnings Per Share (EPS) for the first quarter were $0.75, which is lower than last year's $1.00. Additionally, the revenue for the first quarter was $6.01 billion, down from $7.26 billion the previous year.The material has been provided by InstaForex Company - www.instaforex.com

Adaptive Biotechnologies Q1 Loss decreases, beats estimates

May 7, 2024 | 19:53 pm

Adaptive Biotechnologies (ADPT) announced a reduced loss for the first quarter compared to the previous year, exceeding analyst's predictions.The company registered losses of $47.5 million, equivalent to -$0.33 per share, which is an improvement from last year's first quarter, when losses reached $57.7 million or -$0.40 per share.On average, analysts expected the company to record a loss of $0.34 per share, based on data gathered by Thomson Reuters. These estimates typically don't take into consideration extraordinary items.In terms of revenue, the biotech company enjoyed an 11.4% increase for the quarter, hitting $41.9 million compared to $37.6 million during the same period last year.To summarize, Adaptive Biotechnologies's financial performance for the first quarter is (in accordance with GAAP):- Earnings: -$47.5 million, an improvement from -$57.7 million in the previous year.- Earnings per Share (EPS): -$0.33, up from -$0.40 last year.- Revenue: $41.9 million, an increase from $37.6 million last year.The material has been provided by InstaForex Company - www.instaforex.com

Myriad Genetics Inc. Q1 Loss Decreases, beats estimates

May 7, 2024 | 19:50 pm

Myriad Genetics Inc. has reported a decrease in its first-quarter loss compared to the previous year, surpassing Wall Street expectations. The firm's net loss was $26.0 million, or $0.29 per share, which is significantly less compared with $54.7 million, or $0.67 per share, in the first quarter of the previous year.When special items are excluded, Myriad Genetics Inc. reported an adjusted loss of $0.5 million or $0.01 per share for the quarter. Analysts had anticipated the firm would record a loss of $0.10 per share, according to data compiled by Thomson Reuters. These estimates generally exclude special items.The company's revenue for the quarter increased by 11.6% to reach $202.2 million, up from the $181.2 million recorded last year.In summary, the GAAP earnings for Myriad Genetics Inc. are as follows:- Earnings for Q1: -$26.0 million compared to -$54.7 million last year.- Earnings per Share for Q1: -$0.29 compared to -$0.67 last year.- Revenue for Q1: $202.2 million versus $181.2 million last year.The guidance for the year predicts an Earnings Per Share (EPS) of between $0.00 and $0.05 and revenue projections of between $820 and $840 million.The material has been provided by InstaForex Company - www.instaforex.com

Power Integrations Inc. Q1 Profit Decreases, but beats estimates

May 7, 2024 | 19:24 pm

Power Integrations Inc. (POWI) has reported a decline in profits for the first quarter of the year compared to the same period last year, despite beating Street estimates.The company's profits were declared at $3.95 million, equivalent to $0.07 per share, which is less than last year's first-quarter earnings of $6.88 million or $0.12 per share.However, when certain items were excluded, Power Integrations Inc. registered an adjusted profit of $10.49 million or $0.18 per share.Analysts had anticipated a profit of $0.12 per share on average according to data collected by Thomson Reuters. Generally, analyst's predictions ignore special items.The company's quarterly revenue decreased by 13.7% from $106.30 million last year to $91.69 million this year.To compile the first-quarter financial performance of Power Integrations Inc. in terms of GAAP:- The earnings were $3.95 million, compared to $6.88 million last year.- The earnings per share (EPS) were $0.07, down from $0.12 last year.- The revenue was $91.69 million, a decrease from $106.30 million last year.The company's guidance for next quarter's revenue is estimated at $100 million to $110 million.The material has been provided by InstaForex Company - www.instaforex.com

McKesson Corp. Q4 Profit Increases, but misses estimates

May 7, 2024 | 19:17 pm

McKesson Corp. reported an increase in profits for its fourth quarter compared to the same period last year. However, its earnings did not meet analysts' predictions.The corporation reported a net profit of $791 million, or $6.02 per share, an increase compared to the fourth quarter of the previous year which saw $787 million, or $5.71 per share.When excluding particular items, the adjusted earnings of McKesson Corp., for this period were recorded at $813 million or $6.18 per share.On average, analysts had anticipated the company's earnings to reach $6.34 per share, according to data compiled by Thomson Reuters. The analysts' predictions typically exclude any special items.The quarterly revenue of McKesson Corp. saw an increase of 10.8%, rising to $76.36 billion from $68.91 billion the previous year.Here is a brief look at McKesson Corp.'s earnings for this period, according to General Accepted Accounting Principles (GAAP):- For the fourth quarter, earnings were $791 million, compared to $787 million the previous year.- Earnings per Share (EPS) for the fourth quarter were $6.02, compared to $5.71 the previous year.- Revenue for the fourth quarter was $76.36 billion, compared to $68.91 billion the previous year.The material has been provided by InstaForex Company - www.instaforex.com

Electronic Arts Inc Q4 Earnings Summary

May 7, 2024 | 19:15 pm

The earnings highlights for Electronic Arts Inc. (EA) are as follows:In the fourth quarter, the company reported earnings of $182 million. This was a substantial increase compared to the same quarter last year when EA reported a loss of $12 million. The Earnings Per Share (EPS) were $0.67 in the fourth quarter, a significant rise from a negative $0.04 registered in the corresponding period of the previous year. As for revenue, EA reported $1.78 billion in the fourth quarter, slightly lower than the $1.87 billion earned in the same period last year.Regarding future projections, EA expects its EPS to be between $0.73 and $0.90 for the next quarter. The company also provided revenue guidance for the next quarter, predicting it to be within the range of $1.575 to $1.675 billion.The material has been provided by InstaForex Company - www.instaforex.com

U.S. Stocks Close Little Changed But Dow Extends Winning Streak

May 7, 2024 | 19:15 pm

On Tuesday, stocks demonstrated a modicum of strength during much of the trading day but lost some ground in the afternoon, closing the market virtually unchanged. Nonetheless, for the fifth consecutive day, the Dow Jones saw a bump, registering its highest closing level in a month.The day ended with mild distinctions across the major averages. The Nasdaq went downwards slightly, by 16.69 points or 0.1 percent, finishing at 16,332.56. On the other hand, the Dow Jones incrementally rose by 31.99 points or 0.1 percent, culminating at 38,884.26, while the S&P 500 nudged upwards by 6.96 points or 0.1 percent and concluded at 5,187.70.The relative solid performance throughout most of the day was primarily due to renewed optimism about the future prospects of interest rates. Market interpretation of comments from Federal Reserve Chair Jerome Powell as more dovish coupled with weaker job growth in April have considerably assuaged fears the Fed might increase interest rates.Investors are rather growing more confident about a possible rate cut in the forthcoming months. According to data from CME Group's FedWatch Tool, the probability of lower rates by September is currently pegged at an impressive 89.1 percent.Nevertheless, in the afternoon, buyer enthusiasm simmered after Neel Kashkari, Minneapolis Federal Reserve President, implied interest rates may need to remain constant for a lengthy period. He stated that he would need several affirmative inflation figures affirming the disinflation process is on course before contemplating rate cuts.Despite the likelihood of rate cuts, Kashkari warned that we should not discount the possibility of the Fed raising the rates again in the future. Though he acknowledges the hurdle to increasing rates is high, he warned it isn't limitless.In relation to individual stocks, Disney shares (DIS) dipped significantly, despite the entertainment behemoth posting fiscal third-quarter earnings that exceeded expectations.In terms of sector news, majority of the sectors finished the day with minimal changes, contributing to the overall tepid market close. However, airline stocks took a significant hit, with the NYSE Arca Airline Index diving by 2.7 percent. Computer hardware stocks also experienced notable shortcomings, indicated by a 1.1 percent loss for the NYSE Arca Computer Hardware Index. Conversely, utilities stocks performed remarkably on the day, driving the Dow Jones Utility Average upward by 1.3 percent.In international markets, most stocks across Asia-Pacific posted encouraging results on Tuesday. Indices in Japan and South Korea rose by 1.6 percent and 2.2 percent, respectively, while the Shanghai Composite Index in China marginally increased by 0.2 percent.European markets also recorded gains. The German DAX Index soared 1.4 percent, the UK's FTSE 100 Index went up 1.2 percent and the French CAC 40 Index advanced 1.0 percent.Meanwhile, in the bond market, treasuries made modest gains, extending the upward trend witnessed over the previous sessions. As a consequence, the yield on the benchmark ten-year note dipped 2.6 basis points to 4.463 percent.The market's direction on Wednesday may be influenced by the reaction to the latest earnings news, with several well-known companies due to announce their quarterly results.The material has been provided by InstaForex Company - www.instaforex.com

US API Weekly Crude Oil Stock Shows Significant Decrease Last Week

May 7, 2024 | 18:30 pm

The latest data on the US API Weekly Crude Oil Stock indicates a substantial drop from the previous week. The previous indicator, which stood at 4.906 million barrels, has significantly decreased to 0.509 million barrels in the most recent update. This decrease suggests a significant change in the crude oil inventory levels in the US market. The data was last updated on May 7, 2024, and is likely to have an impact on oil prices and market sentiments in the coming days.The material has been provided by InstaForex Company - www.instaforex.com

PBoC sets USD/CNY reference rate at 7.1016 vs 7.1002 previous

May 7, 2024 | 18:28 pm

The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Wednesday at 7.1016 as compared to the previous day's fix of 7.1002 and 7.2202 Reuters estimates.

Amazon To Pump $9 Bln Investment Into Singapore's Cloud Infrastructure

May 7, 2024 | 18:25 pm

Amazon Web Services (AWS), a subsidiary of Amazon.com (AMZN), is set to invest around $9 billion (equivalent to 12 billion Singapore dollars) into developing Singapore's cloud computing infrastructure. The project, scheduled for the next four years, is predicted to stimulate economic growth and increase the uptake of cloud technology.Priscilla Chong, AWS country manager for Singapore, suggests the investment will not only meet a burgeoning demand for cloud computing services but also boost digitalization and the application of artificial intelligence (AI) throughout the country.Announced at the AWS ASEAN Summit, the investment plan could also create an estimated 12,300 full-time jobs annually, and promote special workshops aimed at encouraging businesses to adopt AI and cloud computing.Chong emphasized AWS's ongoing commitment to the ASEAN region since its initial investment in Singapore in 2010. Key to this engagement has been the promotion of digital skills, along with a secure and resilient digital infrastructure for the entire region.Since 2017, AWS has provided cloud computing training to over 400,000 individuals in Singapore with the intent to continue investing in skills development and productivity enhancement for years to come.Senior Minister of State at Singapore's Ministry of Communications and Information, Tan Kiat How, spoke positively about AWS's investment. He highlighted the vital role of service providers such as AWS in enhancing the digital economy ecosystem. He added that, beyond providing fundamental digital infrastructure, cloud service providers enable businesses to effortlessly access digital resources, including storage and advanced capabilities like AI.Beyond Singapore, AWS plans to contribute roughly $35 billion in resources across multiple countries, including Japan, Saudi Arabia, and Mexico. According to Bloomberg, the company is also planning to build data centers in Malaysia and Thailand.The material has been provided by InstaForex Company - www.instaforex.com

Treasuries Move Modestly Higher, Extending Upward Trend

May 7, 2024 | 18:22 pm

Treasuries continued to trend upwards for several sessions, making modest gains during Tuesday's trading. Despite an early advance, bond prices retraced slightly, but still stayed in the positive territory. Consequently, the benchmark ten-year note's yield, which inversely correlates with its price, fell by 2.6 basis points to 4.463 percent.The ten-year yield's closing level was the lowest in nearly a month, marking its fifth consecutive session of decline. The sustained upward trajectory of treasuries was spurred by renewed optimism regarding the future of interest rates.Indications toward a more dovish stance from Federal Reserve Chair Jerome Powell and weaker-than-anticipated job growth in April have largely quelled concerns about a potential rate hike by the Fed. Investors have grown increasingly positive about a rate decrease in the upcoming months. This includes a current 81.5 percent chance of lower rates by September, based on data from the CME Group's FedWatch Tool.However, afternoon trading saw bond prices losing some ground after an assertion by Minneapolis Federal Reserve President Neel Kashkari suggested that interest rates might need to stay at their current levels for an extended duration."I would require multiple positive inflation readings indicating that the disinflation process is on course before considering rate cuts," Kashkari stated at the Milken Institute 2024 Global Conference.He also didn't rule out the possibility of the Fed hiking rates in the future, noting that while the threshold for such a move is quite high, it isn't limitless.In the coming days, the Treasury is set to announce the results of this month's auctions of ten-year notes estimated to be worth $42 billion.The material has been provided by InstaForex Company - www.instaforex.com

Tesla's Latest Layoffs Is In Software, Service, And Engineering Teams

May 7, 2024 | 18:20 pm

Tesla, the renowned manufacturer of electric vehicles, has been catching headlines following its continuous wave of layoffs that have now entered their fourth week.Informed sources as reported by Electrek indicate that employees from an array of departments including software, service, and engineering have experienced disturbing employment status alerts over the last Friday to Sunday.The layoffs began the previous month as Tesla kicked off the termination of what was perceived to be 10 percent of the company's global workforce consisting of 140,000 individuals. Among the affected included Rebecca Tinucci, Tesla's head of EV charging, and her entire 500 employee team. Daniel Ho, Tesla's manager of the new vehicles program, also figured in the layoffs.A Tesla worker expressed on LinkedIn, "After seeing my team size gradually decrease week after week since mid-April, I received the dreaded 'Hello Employee' email this last Sunday afternoon." The worker voiced anxiety about the layoffs and fear for the future, particularly amid Tesla's decreasing electric vehicle demand.In an internal staff email, Tesla's CEO Elon Musk highlighted the significance of the cuts, providing that workers under executives failing to meet the required standard would face job termination. Another anonymous Tesla staff expressed worry about the absence of resolution, stating, "I am waiting for another message from Elon indicating that the layoffs have concluded. We need some sort of closure or sign that we can stop fearing job loss."The recent layoffs have influenced Tesla's employees across varying departments, eliciting feelings of trepidation and uncertainty among the workforce. While Tesla grapples with the decreasing demand for its electric vehicles, how the company would overcome this challenging phase remains a question.The material has been provided by InstaForex Company - www.instaforex.com

FAA Launches New Investigation Into Boeing 787 Dreamliner Production Line

May 7, 2024 | 18:19 pm

The US Federal Aviation Administration (FAA) has initiated an investigation into Boeing following revelations of potential inspection lapses on the wings of some 787 Dreamliner aircraft. The inquiry evolved from an alert by a staff member notifying Boeing's management of these discrepancies, subsequently leading Boeing to inform the FAA.According to the FAA, in April, Boeing reported that some vital inspections might have been overlooked. These mandatory checks are essential to ensure proper bonding and grounding at the junction where the wing meets the fuselage in certain 787 Dreamliner aircraft.The FAA is also scrutinizing if Boeing carried out all requisite inspections and whether any aircraft records were falsified by personnel. In response, Boeing has undertaken re-inspections across every 787 aircraft still in production and is formulating a plan for addressing the operational fleet.The Guardian sourced an internal memo from Boeing executive Scott Stocker, who supervises the 787 program. It indicated that a staff member had flagged up the issue citing 'misconduct', though this doesn't pose a direct flight safety hazard. Regardless, Boeing is taking the issue seriously while acknowledging the whistle-blower's contribution. The memo further exposed that some employees bypassed a vital test, falsely recording it as completed.Scrutiny was heaped on Boeing earlier this year following an emergency landing by an Alaska Airlines 737 Max 9 aircraft due to an in-flight door plug detachment. The engineering team classified this misconduct as posing no immediate danger to flight safety, but the skipped inspection will affect Boeing's customers and factory staff as the test must now be conducted out of sequence on the production line.The material has been provided by InstaForex Company - www.instaforex.com

WTI remains on the defensive around $78.00 amid signs of easing supply tightness, stronger US Dollar

May 7, 2024 | 18:13 pm

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.00 on Wednesday.

EUR/USD edges lower to near 1.0750 after hawkish remarks from a Fed official

May 7, 2024 | 17:52 pm

EUR/USD extends its losses for the second successive session, trading around 1.0750 during the Asian session on Wednesday.

BoJ’s Ueda: Monetary policy does seek not to control forex rates

May 7, 2024 | 17:27 pm

Bank of Japan (BoJ) Governor Kazuo Ueda spoke in the Japanese parliament on Tuesday.

Japan’s Suzuki: Watching FX movement with a sense of urgency

May 7, 2024 | 17:14 pm

Japanese Finance Minister Shunichi Suzuki said on Wednesday that he will closely monitors currency fluctuations with a sense of urgency.

AUD slides following dovish RBA commentary

May 7, 2024 | 17:00 pm

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

USD/JPY extends recovery above 154.50 amid firmer US Dollar

May 7, 2024 | 16:52 pm

The USD/JPY pair trades in positive territory for the third consecutive day around 154.75 during the early Asian session on Wednesday.

Oil price dip & the US is back on the bid to buy oil for Strategic Petroleum Reserve (SPR)

May 7, 2024 | 16:43 pm

The U.S. Department of Energy’s (DOE) Office of Petroleum Reserves has announced:a solicitation for up to 3.3 million barrels of oil for delivery to the Strategic Petroleum Reserve (SPR) in OctoberYep, the US is back on the bid for oil to further replenish Reserve stocks. The DoE says:purchasing oil ... (at) a price around $79 dollars per barrel or below (is) far less than the average of about $95 per barrel DOE received for 2022 emergency SPR sales DOE has already purchased a total of 32.3 million barrels of oil for an average price of $76.98***SPR stockpiles have increased in each of the past six months. In April, though, the Department cancelled planned purchases of 1.5mn barrels each for August and September when prices jumped above the cap. This article was written by Eamonn Sheridan at www.forexlive.com.

Gold wanes as US Dollar soars, unfazed by lower US yields

May 7, 2024 | 16:19 pm

Gold price slipped during the North American session, dropping around 0.4% amid a strong US Dollar and falling US Treasury bond yields.

AUD/USD dips below 0.6600 following RBA’s decision

May 7, 2024 | 16:17 pm

The Australian Dollar registered losses of around 0.42% against the US Dollar on Tuesday, following the Reserve Bank of Australia’s (RBA) monetary policy decision to keep rates unchanged.

GBP/USD hovers around 1.2500 on the stronger US Dollar, focus on BoE rate decision

May 7, 2024 | 16:12 pm

The GBP/USD pair trades on a softer note around 1.2500 on Wednesday during the early Asian session.

Silver Price Analysis: XAG/USD retreats amid strong US Dollar

May 7, 2024 | 15:23 pm

Silver price slid late in the North American session due to overall US Dollar strength across the board amid falling US Treasury yields.

EUR/USD lacks momentum, churns near 1.0750

May 7, 2024 | 15:14 pm

EUR/USD cycled familiar levels again on Tuesday, testing the waters near 1.0750 as broader markets look for signals to push in either direction.

NZD/USD Price Analysis: Bearish momentum escalates, buyers struggle to hold ground

May 7, 2024 | 15:04 pm

The NZD/USD stands at 0.6005 seeing mild losses in Tuesday’s session.

US Dollar picks up gains at the start of the week on Fed speakers remarks

May 7, 2024 | 14:57 pm

The US Dollar Index (DXY) is trading at 105, registering mild gains.

Forexlive Americas FX news wrap 7 May: The USD is the strongest of the major currencies.

May 7, 2024 | 14:16 pm

A mixed close for US stock indices todayCrude oil futures settle at $78.38S&P index tops out at 5200 and reverses lowerFed's Kashkari: Too soon to declare we are stalled out on inflationRussia's Novak: There are no discussions about oil output increases at OPEC+US sells 3-year notes at 4.605% vs 4.608% WIEuropean indices close the day with solid gains. A snapshot of the markets as Europe exitsECBs Nagel: ECB cannot be lenient with structural inflationary forcesMinneapolis Fed Pres. Kashkari: The most likely outlook is the Fed stands put on ratesCanada Ivey PMI for April rises to 63.0 vs 57.5 last monthMinneapolis Fed Pres. Kashkari: housing market is proving more resilient to tighter policyKickstart your FX trading for May 7 w/ a technical look at the EURUSD, USDJPY and GBPUSDAs the North American session begins, the USD is the strongest and the JPY is the weakestLegendary Investor Stanley Druckenmiller cut his stake in NvidiaForexLive European FX news wrap: Aussie dips slightly as RBA keeps policy unchangedThe US session was void of any US data today. The only economic report was the Ivey PMI index out of Canada which came out stronger than expected. Despite the gains, the CAD weakened and was one of the weakest of the major currencies. The USD today, was the strongest of the major currencies, and that came despite rates moving lower on the day. Admittedly, the US rates did come off its low levels and the 2-year is near unchanged, but the benchmark 10 year yields are still down -3 basis points on the day. Today, the US treasury did auction $58 billion of three year notes with a negative tail of -0.3 basis points and a solid bid-to-cover at 2.63X (vs 6-month average of 2.57X). Those results compare favorably to last month when the issue sold with a +2.0 basis point tail with a much lower bid-to-cover of 2.50X. Tomorrow, the 2nd leg of the coupon auction this week will occur at 1 PM with the sale of 10-year notes. On Thursday, the treasry will complete the coupon auctions with the sale of 30-year bonds. The weakest currency for the day was the JPY for the 2nd consecutive day.Fed's Kashkari did release his monthly "essay" and also conducted a Q&A event. Below is a summary of his comments. Federal Reserve official Neel Kashkari commented on the resilience of the housing market to tight monetary policy, suggesting that this resilience might indicate a temporary increase in the neutral rate, which he has modestly adjusted to 2.5% from 2%. Despite progress on inflation in the latter half of 2023, this progress has since stalled, raising questions about the ongoing effectiveness and restrictiveness of current policy measures. The underlying economic demand remains robust, evidenced by recent GDP data affected primarily by changes in inventories and net exports, rather than a slowdown in consumer or business activities. Kashkari noted concerns with a recent soft jobs report and an uptick in new rent rates, which may signal underlying inflation pressures. Although not ruling out further rate hikes if necessary, Kashkari believes the most likely scenario is that the Fed will maintain current rates, with potential cuts contingent on sustained disinflation. He emphasized that the Federal Reserve's decisions will remain data-driven and not influenced by external factors such as elections, committing firmly to the 2% inflation target and expressing a need for patience in monetary policy, suggesting that rates may be held steady longer than the public anticipates.In the US stock market today, the major indices were mixed but little changed. Dow Industrial Average average rose 0.08%S&P index rose 0.13%NASDAQ index fell -0.10%The small-cap Russell 2000 rose by 0.19%.In the US debt market:two year yield 4.830%, +0.8 basis points5-year yield 4.472%, -1.0 basis points10 year yield 4.461%, -2.8 basis points30-year yield 4.602%, -4.0 basis pointsDespite increased geopolitical tensions out of Israel, crude oil is trading at $78.31, down -$0.17 on the day.The price of bitcoin traded within a fairly narrow range of $62,818 and $64,389.Gold fell -$11.87 or -0.51% at $2313.90. This article was written by Greg Michalowski at www.forexlive.com.

Oil - private survey of inventory shows a headline crude oil build vs. draw expected

May 7, 2024 | 14:09 pm

The numbers via oilprice.com on Twitter:--Expectations I had seen centred on:Headline crude -1.1 mn barrelsDistillates +1.7 mn bblsGasoline +1.5 mn---This data point is from a privately-conducted survey by the American Petroleum Institute (API).It's a survey of oil storage facilities and companiesThe official report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the previous week's levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.the EIA report is held to be more accurate and comprehensive than the survey from the API This article was written by Eamonn Sheridan at www.forexlive.com.

United States API Weekly Crude Oil Stock meets forecasts (-1.43M) in May 3

May 7, 2024 | 13:49 pm

United States API Weekly Crude Oil Stock meets forecasts (-1.43M) in May 3

A mixed close for US stock indices today

May 7, 2024 | 13:26 pm

The major US stock indices are closing with mixed results. The Nasdaq index close modestly lower, the Dow and the S&P closed with modest gains on the day. A summary of the closing levels shows:Dow Industrial Average average rose 31.99 points or 0.08% at 38884.27S&P index rose 6.8 points or 0.13% have 5187.71NASDAQ index fell -16.69 points or -0.10% at 16332.56The small-cap Russell 2000 gain 3.97 points for 0.19% at 2064.64.Nvidia shares fell -$15.86 or -1.72% to $905.54 as investors reacted to potential competition from Apple in chip-making. Apple shares edged higher by $0.69 or 0.38% at $182.40Meta Platforms shares rose $2.56 or 0.55% at 468.24Alphabet shares rose $3.15 or 1.87% at $171.25Tesla shares fell $-6.95 or -3.76% at $177.81.After the close:Lyft reported earnings of $0.15 better than the $0.03 estimate. Revenues also beat expectations at $1.28 billion versus expected $1.16 billion. Shares are currently up $0.46 or 2.77% at $17.10.Wynn resorts reported EPS of $1.59 versus $1.27 expected. Revenues also beat $1.86 billion versus $1.79 billion expected. Shares of Wynn are trading up $2.33 or 2.40%.Rivian reported earnings-per-share $-1.24 versus expected $-1.17. Revenues came in and $1.2 billion versus $1.18 billion. Shares are trading down $0.18 or -1.76% This article was written by Greg Michalowski at www.forexlive.com.

Canadian Dollar backslides on Tuesday despite upbeat Ivey PMI

May 7, 2024 | 13:18 pm

The Canadian Dollar (CAD) was broadly softer on Tuesday but stuck close to near-term technical levels as CAD markets shrugged off better-than-expected Ivey Purchasing Managers Index (PMI) figures from Canada.

Dow Jones Industrial Average struggles to find gains as Fedspeak trips up rate cut hopes

May 7, 2024 | 13:17 pm

The Dow Jones Industrial Average (DJIA) finds thin gains on Tuesday, climbing around a tenth of a percent halfway through the American market session.

Mexican Peso falters after rally spooked by Fed’s Kashkari comments

May 7, 2024 | 13:07 pm

The Mexican Peso erased some of its earlier gains against the US Dollar on Tuesday, snapping four days of consecutive gains.

EUR/JPY Price Analysis: Bears lose ground and bulls reclaim the 20-day SMA

May 7, 2024 | 13:06 pm

On Tuesday, the EURJPY rose by 0.36% to 166.35, and successfully secured a position above the key 20-day Simple Moving Average (SMA), alluding to the prevailing power of the bulls in the current market.

USD/JPY Price Analysis: Eyes 155.00 after brief dip below 152.00

May 7, 2024 | 13:05 pm

The USD/JPY climbs late in the North American session, up by more than 0.40%, exchanging hands at 154.66 after bouncing off daily lows of 153.86.

Trade ideas thread - Wednesday, 8 May, insightful charts, technical analysis, ideas

May 7, 2024 | 12:59 pm

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

Economic calendar in Asia for Wednesday 08 May 2024 is empty

May 7, 2024 | 12:59 pm

Perhaps we get some intervention, maybe just verbal, from Japan today given the continued ticking higher for USD/JPY. This article was written by Eamonn Sheridan at www.forexlive.com.

GBP/JPY stuck below 194.00 as markets look ahead to BoE

May 7, 2024 | 12:52 pm

GBP/JPY flubbed a bullish run at the 194.00 handle, floundering in recent technical congestion as the pair struggles to develop momentum.

Argentina Tax Revenue (MoM) down to 625.034B in April from previous 7726B

May 7, 2024 | 12:25 pm

Argentina Tax Revenue (MoM) down to 625.034B in April from previous 7726B

Argentina Tax Revenue (MoM) fell from previous 7726B to 625.03B in April

May 7, 2024 | 12:25 pm

Argentina Tax Revenue (MoM) fell from previous 7726B to 625.03B in April

Crude oil futures settle at $78.38

May 7, 2024 | 12:10 pm

Crude all futures are settling at $78.38. That is down $-0.10 or -0.13%.The high price today reached $79.13. The low price was at $78.58. At the session low,, the price briefly moved below the 50% midpoint of the move up from the December low to the April 2024 high at $77.67. The bounce back higher was able to get back above its 100-day moving average at $78.15. Staying above both the 50% midpoint in the 100 day moving average would give the buyers more of an advantage at least in the short term. On the top side, it would take a move back above its 200-day moving average at $80.07 (and staying above) to increase the bullish bias from a technical perspective. This article was written by Greg Michalowski at www.forexlive.com.

United States Consumer Credit Change came in at $6.27B below forecasts ($15B) in March

May 7, 2024 | 12:01 pm

United States Consumer Credit Change came in at $6.27B below forecasts ($15B) in March

Forex Today: Focus stays on Fedspeak amidst broad-based consolidation

May 7, 2024 | 11:37 am

The Greenback traded with decent gains against the backdrop of a generalized consolidative phase in the global markets, as the FX universe slowly shifted its attention to the release of US CPI next week.

USD/NOK gains ground as markets digest Fed official's words, Eurozone outlook

May 7, 2024 | 11:25 am

The USD/NOK pair is currently trading with 0.60% gains on Tuesday, despite broad market predictions of a softened US monetary policy.

Rivan Earnings Preview: RIVN stock caves after early Tuesday surge

May 7, 2024 | 10:53 am

Rivian (RIVN) stock couldn’t hold onto bulls’ initial buying spree on Tuesday ahead of its quarterly earnings call after the close.

Fed's Kashkari: Fed will hold rates where they are if we need to

May 7, 2024 | 10:31 am

Federal Reserve (Fed) of Minneapolis President Neel Kashkari hit newswires for the second time on Tuesday as the Fed official weighs in on the Fed's inflation and interest rate outlook for the rest of the year.

United States 3-Year Note Auction climbed from previous 4.548% to 4.605%

May 7, 2024 | 10:25 am

United States 3-Year Note Auction climbed from previous 4.548% to 4.605%

Russia's Novak: There are no discussions about oil output increases at OPEC+

May 7, 2024 | 10:07 am

I won't trust anything until the OPEC+ decision on June 1 but this is a decent sign.WTI crude is up 24-cents to $78.71 today after falling as low as $77.55. This article was written by Adam Button at www.forexlive.com.

US sells 3-year notes at 4.605% vs 4.608% WI

May 7, 2024 | 10:02 am

Prior was 4.548%Bid to cover 2.63 vs 2.50 priorThis is a good sign for the bond market, which has been doing better since the FOMC and non-farm payrolls. This article was written by Adam Button at www.forexlive.com.

US treasury to auction off $58 billion of 3-year notes at the top of the hour

May 7, 2024 | 09:53 am

The U.S. Treasury will auction off $58 billion of 3-notes at the top of the hour. The results will be compared to the six month averages of the major components to gauge overall demand. The major components and their six-month averages and shows:Tail: 6- month average 0.1 basis points. Previous auction 2.0 basis pointsBid to cover: 6-month average 2.57X. Previous auction 2.50XDirect (a measure of domestic demand): 6-month average 18.7%. Previous auction 20.4%Indirects (a measure of international demand): 6-month average 63.0%. Previous 60.3%.Dealers: 6-month average 18.3%. Previous auction 19.3%At the last auction, the high-yield came in at 4.548%. The current 3-year yield is at 4.616%. This article was written by Greg Michalowski at www.forexlive.com.

Altimeter's Brad Gerstner: Taking a little off with the risks makes sense

May 7, 2024 | 09:25 am

Altimeter's Brad Gerstner on CNBC:We have down exposure by adding shorts and reducing some positionsGone from 80% net long to 60% net longI think it makes sense to trim a little. I don't think it's a market that will treat all stocks equallyThe market is driven by technology with the reacceleration caused by AIIf you are not beating your numbers or elevated guidance you may sufferWe want to be in the names of companies that are accelerating like Nvidia, Amazon, Meta Platforms..The NASDAQ index is trading of 38.82 points or 0.24%. The S&P indexes string up 0.31%. This article was written by Greg Michalowski at www.forexlive.com.

European indices close the day with solid gains. A snapshot of the markets as Europe exits

May 7, 2024 | 09:10 am

Major European indices are closing with solid gains. Traders in the UK returned from the weekend holiday and push the UK FTSE 100 to new record levels. Spain's Ibex rises 1.5% followed closely by German DAX.The final numbers are showing:German DAX +1.40%France CAC, +0.99%UK FTSE 100, +1.22%Spain's Ibex, +1.50%Italy's FTSE MIB, +0.75%In the European debt market, benchmark 10 year yields moved lower:Germany 2.425%, -4.0 basis pointsFrance 2.97%, -4.9 basis pointsUK 4.132%, -8.9 basis pointsSpain 3.208%, -2.6 basis pointsItaly 3.767%, -2.1 basis pointsAs European/London traders put eggs, US stocks are marginally higher:Dow Industrial Average average up 60 points or 0.15% at 38912.20.S&P index up 16.00 points or 0.31% at 5196.69.NASDAQ index up 44.52 points or 0.27% at 16393.36.The small-cap Russell 2000 is also higher and leading the way with a gain of 16.97 points or 0.82% at 2077.66.In the US debt market, yields are lower ahead of the coupon auctions starting with the three year note auction at 1 PM ET. Tomorrow the U.S. Treasury will auction off 10-year notes and on Thursday, they will auction off 30 year bonds.2-year yield 4.805%, -1.7 basis points5-year yield 4.442%, -4.0 basis points10 year yield 4.432%, -5.6 basis points30-year yield 4.579%, -6.3 basis pointsIin other markets:Crude oil is trading up $0.30 at $78.78.Gold is trading down $12.50 or -0.54% at $2313.65.Bitcoin is trading fairly steady from early New York levels at $63,827A snapshot of the Forex market shows the NZD is the strongest and the JPY is the weakest. This article was written by Greg Michalowski at www.forexlive.com.

Rafah operation will continue until Hamas eliminated or 1st hostage returned

May 7, 2024 | 08:55 am

Israel defense minister Gallant speaking and says:Rafah operation will continue until Hamas is eliminated or the first hostage returns.Earlier Israel's Netanyahu said that:Hamas proposal falls far short of Israel's essential demandsUsing crossing in Rafah is a very significant step toward destruction of remaining military capabilities of HamasMilitary pressure on Hamas is a necessary condition for the return of our captives This article was written by Greg Michalowski at www.forexlive.com.

Pound Sterling range bound around 200-DMA, awaiting BoE’s decision

May 7, 2024 | 08:39 am

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New Zealand GDT Price Index rose from previous 0.1% to 1.8%

May 7, 2024 | 08:00 am

New Zealand GDT Price Index rose from previous 0.1% to 1.8%

Summary of press release from Apple on the new iPad launch.

May 7, 2024 | 07:43 am

The Apple press release is now out. Below are the highlights from that report:New iPad Air ModelsIntroduction of New Sizes: Apple introduces a redesigned 11-inch and a new 13-inch iPad Air, both powered by the M2 chip.Enhancements: Enhanced CPU, GPU, and Neural Engine for improved performance. Features like the landscape-oriented Ultra Wide 12MP front camera with Center Stage, faster Wi-Fi, 5G in cellular models, and all-day battery life.Display: Liquid Retina display supporting P3 wide color with anti-reflective coating and True Tone technology.Pricing and Availability: Starting at $599 for the 11-inch and $799 for the 13-inch model, available for order today with availability beginning May 15.Camera and AudioFront Camera: Landscape Ultra Wide 12MP front camera with Center Stage.Back Camera: 12MP Wide back camera supports high-resolution photos, detailed 4K video, and 240-fps slo-mo.Audio: Dual microphones and landscape stereo speakers with Spatial Audio, enhanced bass in the 13-inch model.Performance and AI CapabilitiesM2 Chip: Includes a faster 8-core CPU and 10-core GPU, providing significant performance enhancements over previous models.AI Performance: 16-core Neural Engine for advanced AI capabilities like Visual Look Up, Subject Lift, and Live Text.ConnectivityWi-Fi 6E and 5G: Improved connectivity speeds with support for Wi-Fi 6E and 5G. Cellular models include eSIM technology.AccessoriesApple Pencil Pro: New interactive features like squeeze, barrel roll, haptic feedback, and support for Find My.Magic Keyboard: Floating design with built-in trackpad and backlit keyboard. Compatible with both 11-inch and 13-inch models.Smart Folio: New adjustable angles, available in multiple colors.Software and EcosystemiPadOS 17: Offers new levels of personalization and versatility, with features like customizable Lock Screens, interactive widgets, and enhanced FaceTime and Messages.Built-in Apps: Includes Freeform, Notes, iMovie, GarageBand, Photos, Pages, Numbers, and Keynote.Logic Pro and Final Cut Pro: Available with new features, supporting professional audio and video editing.Environmental CommitmentSustainability: Features 100% recycled aluminum, rare earth elements, and gold plating. Packaging is 100% fiber-based, aiming for plastic-free packaging by 2025.Financial Options and PromotionsPricing for Education and General Market: Special pricing for educational purposes. Apple Card users can benefit from monthly installments at 0% APR and 3% Daily Cash back.Trade-in and Savings Programs: Options for trading in current iPads for credit towards new purchases.Shares of Apple are trading up $0.76 or 0.42% at $182.47.The major indices are mixed with the Dow Industrial Average average up 79 points or 0.20% at 38933. The S&P index is up 7.15 points or 0.14%. The NASDAQ index is down -6.5 points or -0.04%. This article was written by Greg Michalowski at www.forexlive.com.

If there is no progress in Cairo talks, we will move to second phase of Rafah operation

May 7, 2024 | 07:35 am

Al Arabiay is reporting that:if there is no progress in Cairo talks, we will move to second phase of Rafah operation.It seems that Hama and Palestinians cannot reach requirements of an agreement with Isreal. Isreal wants Hamas eliminated. I may be misguided but hopes for peace seems elusive. This article was written by Greg Michalowski at www.forexlive.com.

Apple iPad event in process. What about the technicals for Apple

May 7, 2024 | 07:29 am

The Apple iPad event is ongoing with the company announcing a new iPad air, including first larger version. The new iPad air is 50% faster and has an M2 chip. The price starts at $799.Other products will also be announced.What about the price action and the technicals?Looking at the daily chart above, the price of stock in December reached just short of $200 level and started to rotate to the downside. The low price was then reached on April 19 at $164.08 after taking out the October 26 low at $165.67. Bearish. However, momentum failed and that failure gave the buyers something to lean against. The price started to rotate to the upside.The earnings from last week (and massive/record $110 buyback announcement) helped to propel the stock sharply to the upside (gapped above those MAs). In the move, the price extended back above its falling 100 and 200 day moving averages (blue and green lines on the chart above). Those levels, in at $180.56 and $181.09 currently Those two moving averages are now key barometers for both buyers and sellers technically. Staying above those moving averages keeps the buyers more in control from a technical perspective. The low price yesterday dipped at $180.42 (just below the moving averages) before bouncing and closing at $181.71. Moving below (and closing below) would tilt the bias back to the downside and likely disappoint the buyers. Conversely, staying above, opens the door for continued upside momentum. Traders cannot ignore that possibility over time. The good news is that the support is clear from a technical perspective. Traders can lean against those MA levels. That limits the risk.for traders from a technical perspective. This article was written by Greg Michalowski at www.forexlive.com.

Canada Ivey PMI for April rises to 63.0 vs 57.5 last month

May 7, 2024 | 07:01 am

Prior 57.5Ivey PMI rises to 63.0 seasonally adjustedIvey PMI index Not seasonally adjusted 65.7 versus 63.0 last month.Looking at the USDCAD, the price is testing the 100 and 200-hour moving averages which are both converged at 1.36896. Key barometer for both buyers and sellers. Yesterday, the low price stall against its rising 200 bar moving average, igniting the upside momentum. This article was written by Greg Michalowski at www.forexlive.com.

Major US stock indices open higher

May 7, 2024 | 06:34 am

The major US indices are opening modestly higher:Dow Industrial Average average is trading up 50 points or +0.13% at 38902.25. S&P index up 11.16 points or 0.22% at 5191.89.NASDAQ index up 25.71 points or 0.16% at 16374.96.The small-cap Russell 2000 index is trading up 4.50 points or 0.22% at 2065.17.Looking at some of the favorite stocks:Palantir is trading down -10.47% after for guidance disappointed.Disney shares are trading down -8.21% at $106.88 after disappointing revenuesTesla shares are down -2.61%. China EV sales were disappointing overnight.Nvidia shares are trading down $-11 or -1.21% at $910.75Apple shares are trading up 1.06%Celcius shares are trading down -6.67% after disappointing revenues due to inventory issues.Looking at the US yield curve, yields are lower especially out the curve ahead of the coupon auctions over the next three trading days. Today the U.S. Treasury will auction off three-year notes, tomorrow 10 year note, and on Thursday 30 year bonds:2-year yield 4.815%, -0.6 basis points5-year yield 4.555%, -2.8 basis points10 year yield 4.446%, -4.2 basis points30-year yield 4.594%, -4.8 basis points This article was written by Greg Michalowski at www.forexlive.com.

US stocks set to open mixed

May 7, 2024 | 06:22 am

As US stock trading moves toward the opening at the bottom of the hour, the major indices are trading mostly higher:Dow Industrial Average average are trading up 72 pointsS&P index are trading up eight pointsNASDAQ index are trading down -3.25 points.US yields are trading lower with buyers in the 10 year sector being touted. The 10 year yield is currently down 4.4 basis points at 4.44% (that's a lot of 4s).Disney reported disappointing earnings and its shares are down -7.28% in premarket trading.Nvidia shares are also lower in premarket trading despite Goldman Sachs upping its projection for the stock to $1100 from $1000. Shares are trading down -0.94% at $912.75.. There was a report that Apple was developing its own chips run artificial intelligence software in data centers. Apple shares are up 1%. Apple will have an iPad event starting at 10 AM ETPalantir shares are down -12.34% after eating EPS and revenues but disappointed on annual revenue forecasts. This article was written by Greg Michalowski at www.forexlive.com.

Israeli government spokesman: Objective is still to destroy Hamas

May 7, 2024 | 05:51 am

An Israeli spokesman is saying:calls on international organizations to a evacuate Rafah regions where military is operatingNegotiators will leave for Cairo shortlyIsrael's objective is still to destroy HamasAid continues to flow into Gaza, says where there is hunger in Gaza it is orchestrated by Hamasmeanwhile in the US:US has made its use clear to Israel on a major ground invasion of Rafah stateUS continues to believe hostage deal is in best interest of Israel, PalestiniansUS remains engaged with partners to work out agreement for enduring peace. This article was written by Greg Michalowski at www.forexlive.com.

Legendary Investor Stanley Druckenmiller cut his stake in Nvidia

May 7, 2024 | 05:04 am

Speaking to CNBC's "Squawk Box", Stanley Druckenmiller revealed that he cut his stake in Nvidia and a lot of other positions in March after riding the stock from $150 to $900. The reason is mostly due to some profit-taking as he admitted that "AI might be a little overhyped now" and a lot of what he recognized has become recognized by the marketplace. Nevertheless, he remains bullish on AI in the long term.Here's the link for the article. This article was written by Giuseppe Dellamotta at www.forexlive.com.

ForexLive European FX news wrap: Aussie dips slightly as RBA keeps policy unchanged

May 7, 2024 | 04:45 am

Headlines:A slight setback for the aussie on the RBA decisionRBA leaves cash rate unchanged at 4.35%, as expectedRBA's Bullock: Rates are at the right level to get inflation back to targetRBA's Bullock: We might have to hike rates if inflation takes markedly longer to fallBOJ governor Ueda says had regular exchange of views with Japan PM KishidaJapan business federation chairman says USD/JPY above 150 is too muchEurozone March retail sales +0.8% vs +0.7% m/m expectedGermany March industrial orders -0.4% vs +0.4% m/m expectedGermany March trade balance €22.3 billion vs €22.2 billion expectedGermany April construction PMI 37.5 vs 38.3 priorFrance March trade balance -€5.5 billion vs -€5.2 billion priorUK April construction PMI 53.0 vs 50.2 expectedUK April Halifax house prices +0.1% vs -1.0% m/m priorMarkets:NZD and USD lead, JPY lags on the dayEuropean equities higher; S&P 500 futures flatUS 10-ear yields down 2.6 bps to 4.463%Gold down 0.3% to $2,315.42WTI crude down 0.3% to $78.24Bitcoin up 0.9% to $63,848The RBA policy decision was the main highlight in the handover from Asia to Europe today. The central bank did not produce a hawkish tilt, keeping a more or less similar stance to March. They did continue to leave the door open for rate hikes though, so that is limiting any major fallout in the aussie.AUD/USD fell from 0.6625 to 0.6600 on the decision before easing slightly more to 0.6590 amid a steadier dollar. But the pair is now trading back to 0.6605, down 0.3% on the day.Meanwhile, USD/JPY was hovering around 154.60 after rising in Asia trading before slipping to 154.00 during the session. The pair did bounce back though, now seen around 154.40-50 levels - up 0.4% on the day.Besides that, the dollar held steadier in general throughout with little else to work with. EUR/USD is stuck within a 20 pips range, keeping little changed at 1.0760 levels mostly. Then, GBP/USD is down 0.2% to 1.2540 and USD/CAD up 0.1% to 1.3680 on the day.In the equities space, European stocks are benefiting further from the Wall Street rally yesterday. But US futures are more muted, keeping flattish as we look towards US trading later.In other markets, bond yields are staying in retreat while gold is also marked down slightly amid more of a push and pull this week for the precious metal. This article was written by Justin Low at www.forexlive.com.

Bond yields stay in retreat mode to start the month

May 7, 2024 | 03:42 am

The turnaround came as traders are starting to digest a more dovish Fed outlook since last week. We've gone from seven rate cuts priced in to start the year down to one rate cut, before moving towards two rate cuts now. To be more exact, Fed funds futures are reflecting ~45 bps worth of rate cuts currently for 2024. It was roughly 31 bps just at the start of last week.And that has helped to keep a modest bid in bonds, with Treasury yields now down to its lowest in a month. So, have we reached the peak in yields for this year?Well, higher yields wasn't supposed to be part of the script to begin with. So, to see 10-year yields hit 4.70% at the end of last month was already a big win for bond sellers. But not everyone is abandoning that view as of yet, even with the recent poor US data. The bond king himself is arguing for yields to move to 5% next, rather than 4%.That being said, there's a good argument as well that we could see yields cool in the months ahead.As things stand, economic data is paramount and is a key driver of market sentiment. We've already got a taste of how quickly things can change from the softer US data last week. And if that keeps up, especially with softer labour market conditions, it could compel traders to consider more rate cuts so long as inflation doesn't run much hotter from here.That said, the oversupply in Treasuries was already a key factor driving yields higher last year. And that might come into play again, should we see economic data take more of a backseat that is. This article was written by Justin Low at www.forexlive.com.

There's not much to work on this week

May 7, 2024 | 02:26 am

This is clearly one of the most boring weeks so far as the lack of key economic data is keeping the FX markets in tight ranges. The only notable releases will be the US jobless claims on Thursday and the University of Michigan consumer sentiment survey on Friday, but they are unlikely to change anything for the market unless we see big surprises. We have also many Fed speakers throughout the week but again they are unlikely to change the market's pricing, on the contrary, they might tone down their language after the recent US NFP report. This leaves us waiting for the US CPI report next week which is going to be a big market-mover. There is no consensus at the moment but a miss will likely trigger a bigger reaction than a beat in light of the recent softening in the labour market data. In fact, now that is pretty clear that the bar for a rate hike is VERY high, the market will probably need something more than just a high CPI print. Falling wage growth and softening labour market shouldn't lead to a sustained re-acceleration in inflation, although it might remain higher for longer, in which case the Fed looks to be comfortable to just hold rates steady. Moreover, higher input price inflation as seen in the ISM PMIs could have the reverse effect this time and instead of being passed on to consumers, businesses might find other ways to decrease costs, which could translate in more layoffs. Some leading labour market indicators like the Conference Board Employment Trends Index (ETI) have been signalling softening in the labour market for quite some time. We had some fun trading the repricing in interest rates expectations in Q1 2024 as the market went too far with the seven rate cuts expected for 2024 at the beginning of the year. Now that we reached kind of a balance between two and one rate cut, we will need something more to trigger another sustained trend. This article was written by Giuseppe Dellamotta at www.forexlive.com.

Eurozone March retail sales +0.8% vs +0.7% m/m expected

May 7, 2024 | 02:00 am

Prior -0.5%; revised to -0.3%Euro area retail sales edged higher in March, following a better revision in February as well. Looking at the details, here is the breakdown for the month:Food, drinks, tobacco +1.2%Non-food products 0.0%Automotive fuel +2.0%The year-on-year reading also moves back up to positive territory, seen at +0.7%. But this is very much a lagging data point after we already got the Q1 GDP numbers last week. This article was written by Justin Low at www.forexlive.com.

Forex Today: RBA Holds Rates, Warns on Recession - 07 May 2024

May 6, 2024 | 22:44 pm

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

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

May 6, 2024 | 17:00 pm

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

Forex Today: Japanese Yen Sells Off Again

May 5, 2024 | 23:15 pm

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

Aussie dollar trades above US$0.66

May 5, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback currently trading at 0.6606 at the time of writing. The Aussie dollar continued its winning streak for the third successive session on Friday. The hawkish sentiment surrounding the Reserve Bank of Australia (RBA) bolsters the strength of the Aussie dollar and underpinning the AUD/USD pair. On the data front this week Australia’s central bank is expected to maintain its key policy rate at 4.35% for a fourth consecutive meeting on Tuesday, and likely until the end of September. Inflation has come in higher than expected during the March quarter, dampening expectations of interest rate cuts later in the year. The latest Consumer Price Index data from the Australian Bureau of Statistics showed prices increased by 1 per cent during the March quarter, leaving the annual inflation rate at 3.6 per cent. Economists had expected inflation to increase by 0.8 per cent in the March quarter, and by 3.5 per cent annually. Key Movers In the United States last week we saw the releases of the US Nonfarm Payrolls (NFP) and Unemployment Rate for April on Friday. Nonfarm Payrolls (NFP) in the US rose 175,000 in April, the US Bureau of Labor Statistics (BLS) reported on Friday. This reading followed the 315,000 increase (revised from 303,000) recorded in March and came in below the market expectation of 243,000. Further details of the jobs report showed that the Unemployment Rate edged higher to 3.9% from 3.8%, while the Labor Force Participation Rate held steady at 62.7%. Additionally, wage inflation, as measured by the change in the Average Hourly Earnings, declined to 3.9% on a yearly basis from 4.1%. Federal Reserve (Fed) Chair Jerome Powell remains cautious about inflation's uncertain trajectory, emphasizing that restrictive monetary policy has curtailed economic overheating. Market predictions for a Fed rate reduction by September have intensified due to the weak labor market figures. US Treasury bond yields plunged with the 2-year yield at 4.80%, while the 5-year and 10-year yields declined to 4.50% and 4.58%, respectively. Expected RangesAUD/USD: 0.6500 - 0.6700 ▲AUD/EUR: 0.6030 - 0.6230 ▲GBP/AUD: 1.8830 - 1.9030 ▼AUD/NZD: 1.0900 - 1.1100 ▲AUD/CAD: 0.8930 - 0.9130 ▲

AUD buoyed by Bank of Japan intervention

May 2, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning having edged back above US$0.6550 amid a weaker USD and stronger Japanese yen. Markets extended the post FOMC trend. With US treasury yields moving down and risk assets edging higher the USD fell, allowing the AUD to consolidate a break above US$0.65. The AUD extended gains toward US$0.6570 following more official intervention in Japan. The Ministry of Finance directed the Bank of Japan to defend the beleaguered yen, pushing the USD lower and spilling over to drive gains across other Asian currencies. With speculators forced to the sidelines, support for the yen has driven support for the Chinese yuan and run into support for the AUD. If the signals sent this week by the Bank of Japan and MoF suggest we have seen a low for the yen, we have removed a headwind for the AUD moving forward and could see an extended break higher if resistance at 0.6580/0.6620 is breached. Having edged above 104 against the yen, the AUD is now trading back below 101. While we continue to monitor JPY performance and interventionist moves, our attentions today turn to US non-farm payrolls data for direction into the weekly close. Key Movers After the flurry of activity that followed the Fed policy meeting on Wednesday, price action through trade on Thursday settled into a more measured pattern, though continued to trend in the same direction. The USD is weaker, while the euro and GBP were flat overnight. The big mover again was the Japanese yen. With US treasury yields trending lower, the yen found support, while another round of intervention forced the USD toward 153. Japan’s Ministry of Finance directed the Bank of Japan to intervene and support the beleaguered yen, extending yesterday’s move and the correction off 160. Increased volatility in yen will make it more and more difficult for speculators to hold positions, forcing analysts to sideline major bets and driving more near-term volatility as existing positions are unwound. With treasury yields lower, equities and risk assets edged higher on the day and our attentions turn now to US employment data. We expect non-farm payroll to show a moderate increase in April, ensuring the unemployment rate remains steady at 3.8%, while wage inflation will be keenly monitored as a critical marker for future inflation trends. Expected RangesAUD/USD: 0.6480 - 0.6620 ▲AUD/EUR: 0.6050 - 0.6150 ▲GBP/AUD: 1.9000 - 1.9300 ▼AUD/NZD: 1.0950 - 1.1050 ▲AUD/CAD: 0.8930 - 0.9030 ▲

United States Federal Reserve Leaves Rates Unchanged

May 2, 2024 | 03:30 am

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

Forex Today: Powell Downplays Rate Hike Chances

May 1, 2024 | 23:25 pm

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

Aussie dollars rebounds back above US$0.65 after Fed chair issues dovish statement

May 1, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar traded back above US$0.65 on Wednesday following the Federal Open Market Committee (FOMC) policy meeting and accompanying policy statement. With little of note on the domestic ticket, the AUD tracked sideways through the local session before pitching back above US$0.65 and toward intraday highs at US$0.6540 after Federal Reserve Chair, Jerome Powell failed to match markets' Hawkish expectations, all but quashing calls for one final rate hike. With US rates and treasuries on the back foot, the AUD benefited, consolidating and settling near US$0.6520 leading into this morning’s opening. Our attentions now turn to Australian trade data and March building approvals for direction through the local session while Bank of Japan minutes and Eurozone PMIs dominate the offshore docket ahead of tomorrow’s all-important US non-farm payroll print. Key Movers The US dollar opened lower this morning as markets reacted to the FOMC policy meeting and comments from Fed Chair Jerome Powell. As anticipated, committee members opted to leave rates on hold and proffered few changes in the official statement to that issued last month. While policymakers acknowledged the lack of progress toward the 2% target, the introduction of new language was largely in line with recent Fed commentary and had little market impact. Cue, Fed Chair Jerome Powell’s press conference. Markets were expecting a hawkish bias given the persistence of price pressures and wage inflation yet Fed Chair, Powell offered a dovish statement suggesting the Fed was looking for reasons to cut rates and it was “unlikely the next policy move will be a hike”. US treasury yields and rates fell, dragging the USD lower. The Euro has punched back above 1.07, while sterling trades above 1.25 and the Yen is markedly stronger following further suspected intervention from the Ministry of Finance and Bank of Japan. Following Powell’s press conference, the USD fell from 157.60 to 153 before settling around 155. Interestingly and unlike Monday’s suspected intervention following the move to 160 this recent adjustment came during a period of relative stability suggesting “excessive market movements” may not be the sole catalyst for intervention. Instead, it looks like currency officials may adopt a more opportunistic approach to intervention, keeping markets on edge. Our attentions now turn to the Bank of Japan's March meeting minutes and Eurozone PMIs for April as the headline items on the docket through Thursday. Expected RangesAUD/USD: 0.6450 - 0.6580 ▲AUD/EUR: 0.6020 - 0.6120 ▲GBP/AUD: 1.9100 - 1.9400 ▼AUD/NZD: 1.0950 - 1.1050 ▲AUD/CAD: 0.8900 - 0.9000 ▲

Forex Today: Stocks Bearish as Markets Await Fed Meeting

Apr 30, 2024 | 23:22 pm

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

Forex Today: Markets Weigh Suspected BoJ Yen Intervention

Apr 29, 2024 | 23:45 pm

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

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

Apr 18, 2024 | 00:27 am

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

Bitcoin Halving: Will it Trigger a Market Frenzy?

Apr 17, 2024 | 04:41 am

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

Forex Today: US Yields Rise on Powell Cut Delay Signal

Apr 17, 2024 | 02:00 am

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

Forex Today: Stock Markets See Strong Selling

Apr 15, 2024 | 23:10 pm

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

Forex Today: Risk Sentiment Improves as Mideast Tension Lowers

Apr 15, 2024 | 00:51 am

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

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

Apr 10, 2024 | 23:28 pm

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

US Inflation Higher Than Expected, Accelerates to 3.5%

Apr 10, 2024 | 09:37 am

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

Forex Today: US CPI Expected to Show Slower Monthly Increase

Apr 9, 2024 | 23:43 pm

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

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

Apr 7, 2024 | 23:24 pm

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

Forex Today: Gold Beats $2,300

Apr 4, 2024 | 00:08 am

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

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

Apr 2, 2024 | 22:27 pm

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

German Inflation Eases to 3-Year Low

Apr 2, 2024 | 07:54 am

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

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

Apr 1, 2024 | 23:20 pm

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

Forex Today: Gold Hits $2265 Per Ounce

Mar 31, 2024 | 23:13 pm

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

United States GDP Expanded in Fourth Quarter by 3.4%

Mar 28, 2024 | 07:44 am

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

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

Mar 28, 2024 | 01:25 am

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

Forex Today: Japanese Yen Hits 34-Year Low

Mar 27, 2024 | 00:13 am

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

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

Mar 26, 2024 | 00:38 am

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

United States Federal Reserve Holds Interest Rates, Remains Cautious

Mar 21, 2024 | 04:26 am

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

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

Mar 21, 2024 | 00:07 am

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

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.

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