Category: Markets
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Yen jumps on possible intervention, sterling hits one-year high By Reuters
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By Chuck Mikolajczak NEW YORK (Reuters) – The yen rose sharply on Wednesday in a move suspected to be the result of another intervention by Japanese officials to support the currency, which has been battered by a multi-decade low. The yen has made several big moves in recent days, rising…
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U.K. CPI Rate Held Steady in June but Services Price Growth Rate Remains Elevated
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As widely expected, UK annual inflation has decided to take a breather this summer, with the consumer price index (CPI) growth rate remaining unchanged at 2.0% year-on-year in June 2024, according to the latest figures from the Office for National Statistics. Link to UK Consumer Price Inflation: June 2024 the…
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US treasury auctions off $13 billion of 20 year bonds at a high yield of 4.466%
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High return 4.466% (last month was slightly lower at 4.452%) WI level at auction time 4.467% Tail -0.1 bp vs 6-month average -0.6 bp Coverage offered at 2.68X vs. 6-month average of 2.63X Traders 8.47% vs. 6-month average 12.1% Directed 14.32% vs. 6-month average of 18.2% Indirect 77.2% vs. 6-month…
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Exclusive-Apax, Bain and CVC exploring potential bids for SoftwareOne, sources say By Reuters
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By Amy Jo Crowley and Oliver Hirt LONDON (Reuters) – Apax Partners, Bain Capital and CVC are each considering potential bids for Swiss software company Software One, three months after the company’s board was ousted, two people familiar with the situation said. Talks with interested funds are ongoing, one of…
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Japan’s Kanda says officials need to respond if speculators cause excessive FX moves, Kyodo reports By Reuters
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Written by Satoshi Sugiyama TOKYO (Reuters) – Japan’s top currency diplomat Masato Kanda said on Wednesday he would have to respond if speculators caused excessive moves in the currency market and there was no limit to the number of times authorities could intervene, Kyodo News reported. “I have no choice…
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3 Tips to Help You Trade Larger Positions
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Whether we were playing around with our demo accounts or playing with a few dollars in our live accounts, it was never far from our minds that our accounts would be a huge success in the future. Unfortunately, many traders find it difficult to take the next step and trade…
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The rotation trade continues to bite with chipmakers on the defensive
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This is one of the most unusual periods the markets have ever seen. It’s hard to pinpoint what’s happening, but consider the following: The Russell 2000 rose 12% in five days. According to John Authers, this move in the past 30 years has been surpassed only by the sudden spikes…
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Health insurer Elevance beats profit estimates on lower medical costs By Reuters
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By Sriparna Roy and Bhuyan Singh (Reuters) – Elevance Health Inc beat Wall Street estimates for quarterly profit on Wednesday as the company spent less than expected on covering medical costs for its members. Strength in the Carelon Healthcare Services unit, higher premiums and membership growth in Obamacare and commercial…
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Dollar slips, while yen soars on intervention talk, sterling gains after UK CPI By Investing.com
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Investing.com – The U.S. dollar fell to multi-month lows on Wednesday, while the Japanese yen rose sharply and sterling climbed to a one-year high after better-than-expected U.K. inflation data. At 05:40 ET (09:40 GMT), the dollar index, which tracks the greenback against a basket of six other currencies, was down…
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U.S. Retail Sales Take a Breather But Still Up 2.3% From Last Year
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The latest preliminary estimates from the U.S. Census Bureau show that U.S. retail and food service sales decided to take a short breather in June 2024, remaining virtually unchanged from May at $704.3 billion. But wait, sales are still up 2.3% compared to June 2023, so it’s not all doom…
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AUDUSD Technical Analysis – The pair bounced from the key support
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Basic Overview The US dollar remains in a bearish mood as US data points to continued strong growth with low inflation. Yesterday, we got a good US retail sales report which suggests that stories of deteriorating consumer spending are overblown. Overall, this should support a soft bearish narrative and be…
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Reckitt’s baby formula sales to take hit after tornado destroys warehouse By Reuters
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Written by Richa Naidu and Yadarisa Shabong Reckitt Plc said Wednesday that short-term sales of some of its Mead Johnson infant formula products are likely to be affected after a tornado hit a third-party warehouse in Indiana, causing extensive damage. The Mount Vernon warehouse, which is currently out of operation…
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Daily Broad Market Recap – July 16, 2024
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Major assets posted mixed results as markets priced in a strong US economy and increased chances of a Federal Reserve rate cut. Spot gold, bitcoin and US stocks rose, while US bond yields and the US dollar fell. We have the headlines you need to know about yesterday’s price action!…
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Inflation data stays in focus in the session ahead
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The UK release will be the key release to watch, especially as a BoE rate cut in August remains a close possibility. Headline annual inflation is forecast to ease to 1.9%, but core annual inflation is expected to hold steady at 3.5%. Services inflation is holding steady and policymakers will…
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Asian stocks dip on tech losses, Trump comments rattle Taiwan, China markets By Investing.com
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Most Asian stocks fell on Wednesday, with losses centered around Taiwan and China after Republican presidential candidate Donald Trump said Taiwan should pay the United States for defense. However, broader losses were limited by a strong lead from Wall Street, with the Dow Jones rising about 2% to record highs,…
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New Zealand’s Inflation Slowed In Q2 But Caused A Bullish Reaction For NZD
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New Zealand just released inflation data for Q2 2024! The report showed consumer prices rose by 0.4%, which is less than the expected increase of 0.6%. In fact, it is the lowest reading since the second quarter of 2020! The annual reading of the Consumer Price Index also indicated a…
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Financial Times: Donald Trump warns US Fed chair not to cut rates before the election
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…
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With Trump VP pick J.D. Vance, Silicon Valley conservatives land a ‘tech bro’ on the ticket By Reuters
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By Alexandra Ulmer and Don Chmielewski MILWAUKEE (Reuters) – Donald Trump’s pick of J.D. Vance as his running mate raised hopes among Silicon Valley conservatives on Tuesday that they might benefit from having a fellow tech entrepreneur within reach of the White House for the first time. “We have a…
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New Zealand CPI eases more than expected in Q2, pushes RBNZ rate cut bets By Investing.com
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New Zealand’s consumer price inflation rate fell more than expected in the second quarter, boosting bets that the economy is slowing at a pace that could prompt an interest rate cut by the Reserve Bank. China’s gross domestic product grew 3.3% year-on-year in the three months to June 30, government…
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Daily FX Market Review: Cha-Ching! Retail Sales Surprise Sends Dollar Higher
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The US dollar rose for the second day in a row due to stronger-than-expected US retail sales. While overall retail sales remained unchanged.Retail sales excluding automobiles U.S. retail prices rose 0.4% in June. Yes, American shoppers were back on track in June, spending more on everything except cars. This rapid…