Category: Markets
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USDJPY Technical Analysis – The bullish bias remains intact
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Basic Overview The US dollar fell broadly last Friday after the release of the weak US non-farm payrolls report. The data showed further slowdown in the labor market with the unemployment rate rising and wage growth declining. Basically we have an economy that is slowing but still growing. The market…
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BHP to suspend Western Australia nickel operations By Reuters
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MELBOURNE (Reuters) – Australian miner BHP Group said on Thursday it would temporarily suspend operations at its Nickel West and West Musgrave projects from October as it grapples with a sharp drop in metals prices and oversupply in the global market. The world’s largest listed miner is set to review…
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Asia FX rises as dollar loses ground before CPI report By Investing.com
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Most Asian currencies rose on Thursday as the dollar weakened after comments from Federal Reserve Chairman Jerome Powell raised optimism about interest rate cuts, putting upcoming inflation data in focus. Regional currencies regained some ground against the dollar as traders largely stuck to their bets on a Federal Reserve rate…
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Chart Art: USD/CAD’s Area Of Interest Near 1.3600
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The USD/CAD pair is testing a key area of interest before the US releases its June inflation reports. Will the pair stay within its current range? Or is it ready to go? USD/CAD currency pair on 4-hour chart Chart by TradingView The US dollar has been losing ground against its…
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US inflation to hog the spotlight in trading today
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US Consumer Price Index YoY (%) This will keep markets on tenterhooks until we get to the release later today. Headline annual inflation is forecast to slow to 3.1%. Meanwhile, core annual inflation is expected to remain at 3.4% – unchanged from May. Either way, the details will be as…
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Donald Trump to address Bitcoin 2024 conference on July 27 By Reuters
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Written by Kanishka Singh WASHINGTON (Reuters) – Former U.S. President and current Republican presidential candidate Donald Trump will speak at the 2024 convention in Nashville, Tennessee, on July 27, convention organizers said on Wednesday. Why is this important? Trump, who is running against Democratic President Joe Biden in the US…
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Daily Broad Market Recap – July 10, 2024
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Risk-on sentiment appears to be in place in financial markets, with stocks and commodities closing higher while bond yields and the dollar took a hit. What is driving these asset classes lately? Here are the market updates you need to know: headlines: China’s core CPI slowed to 0.2% in June…
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Bank Korea drops phrase ‘upside risks to inflation forecasts have increased’ from statemt
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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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US regulators fine Citi $136 million for failing to fix longstanding data issues By Reuters
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By Michelle Price, Beth Schroeder, and Tatiana Bautzer WASHINGTON (Reuters) – U.S. banking regulators have fined Citigroup Inc $136 million for making “insufficient progress” in fixing data management issues identified in 2020 and required the bank to demonstrate it is devoting sufficient resources to the effort. The U.S. Federal Reserve…
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London leads Europe on new FDI while much of UK sees drop, survey shows By Reuters
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LONDON (Reuters) – London overtook Paris last year to become the biggest region in Europe for new foreign direct investment but many other parts of the United Kingdom saw FDI fall, according to data that highlights the challenge facing the new government in spreading development across the country. Accountancy firm…
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TA of the Day: XAU/USD Minor Pullback?
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Is gold (XAU/USD) Just a slight decline or will it continue to decline? you welcome in Teaching Assistant for Today (Tauted)! Here is the 1 hour chart: XAU/USD 1 hour Chart by TradingView Using pure technical analysis, let’s analyze gold. Technical analysis of XAU/USD (Gold) on the hourly chart Exponential…
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BNZ forecast a November rate cut from the RBNZ (previously February)
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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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CNN to cut 100 jobs in major overhaul to focus on digital, memo shows By Reuters
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Written by Yuvraj Malik (Reuters) – CNN plans to cut about 100 jobs as part of a plan to consolidate its news operations and strengthen its digital business, according to an internal memo seen by Reuters on Wednesday. CNN International CEO Mark Thompson said in a memo to employees that…
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Crude oil futures settled at $82.10
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West Texas Intermediate crude futures settled at $82.10, up $0.69, or 0.85%. The gains come after three straight sessions of losses, and were driven by positive demand expectations from OPEC and a large drawdown in U.S. inventories. The US Energy Information Administration announced that US oil inventories fell by 3.4…
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S&P 500 in fresh record high after scaling 5,600 mark for first time By Investing.com
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The S&P 500 rose above 5,600 for the first time on Wednesday, led by the technology sector and continued hopes for an interest rate hike sooner, as Federal Reserve Chairman Jerome Powell gave a second day of testimony to Congress, a day before fresh inflation data. At 13:56 ET (17:56…
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Dollar steady ahead of Powell Mark II; euro looks to French politics By Investing.com
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The U.S. dollar was steady in early European trading on Wednesday, remaining near a three-week low, after the first day of Federal Reserve Chairman Jerome Powell’s two-day testimony on Capitol Hill, while the euro held steady amid political uncertainty. At 05:25 ET (09:25 GMT), the dollar index, which tracks the…
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European major indices rebound higher in trading today
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Major European indices closed higher on the day, recovering from yesterday’s declines. A screenshot of the final levels shows: German DAX, +0.99% French CAC index, +0.86% FTSE 100 +0.66% Spain’s IBEX rises 1.59% Italy’s FTSE MIB rises 1.31% As European traders head for the exits, US stocks are trading back…
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ADM names 3M’s Patolawala as its CFO amid US government investigation By Reuters
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Manufacturing giant 3M said Wednesday that Chief Financial Officer Monish Batulawalla will leave the company at the end of this month, before moving to Archer Daniels Midland as the grain trading company’s new chief financial officer. The company said on Wednesday that Batolawala’s appointment as CEO will take effect on…
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BofA sees EUR/USD parity as a rare event, ‘unlikely’ to happen By Investing.com
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Analysts at Bank of America noted that while some market watchers continue to speculate that the exchange rate could reach parity, such an event is considered rare and short-lived historically. They pointed to a chart showing that, with the exception of the dot-com bubble burst, the probability of a currency…
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CIBC boosts gold price forecasts. Says Trump Presidency would be more-bullish for bullion
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Amnesty International Image In a report released late yesterday, CIBC raised its gold price forecasts significantly, predicting a more bullish outlook for bullion, especially in the event of a Trump presidency. Main points: gold: 2024The new forecast is $2,290 per ounce, up from $2,100 per ounce previously. 2025The new forecast…