Category: Markets
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Consumers are adopting a “wait-and-see” approach says Jefferies By Investing.com
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Despite strong investor interest in AI-enabled smartphones, consumers are adopting a “wait and see” approach, Jefferies analysts said Thursday. The investment bank believes that consumers are not yet completely excited about AI features on smartphones, likely because they are unsure of what AI can offer, its cost, and ease of…
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3 Steps to Take When Pressing Your Forex Trades
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One of the most useful skills in forex trading is knowing when to press your advantage. This could be in the form of increasing reward-to-risk ratios by adding to winning positions or even just signing in more trades. Pressing your advantage is a good skill to have, but sometimes this…
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Canada May producer price index 0.0% versus 0.5% estimate
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Previous month 1.5% was revised to 1.4% Producer prices rose monthly by 0.0% versus expectations of 0.5%. Year-on-year producer prices rose 1.8% versus 1.4% last month and were revised to 1.3%. This was the largest year-on-year increase since January 2023. Raw material prices on a monthly basis -1.0% compared to…
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Used car retailer CarMax posts 33% drop in first-quarter profit By Reuters
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(Reuters) – CarMax reported a 33% drop in first-quarter profit on Friday, as lower profit margins on cars sold continued to weigh on the used car industry. Used car retailers have had a bumpy ride with profitability deteriorating over the past few years as new vehicle availability improves. Better offers…
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Dollar gains on hawkish Fed; sterling weakens after BOE meeting By Investing.com
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Investing.com – The US dollar rose to new highs on Friday as the Federal Reserve appeared more hawkish than its European peers, while the British pound continued to decline. At 05:00 EDT (09:00 GMT), the dollar index, which tracks the greenback against a basket of six other currencies, was up…
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SNB Surprised Markets with Another 0.25% Rate Cut in June Decision
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Contrary to consensus expectations of no policy change, the Swiss National Bank (SNB) delivered another surprise interest rate cut of 25 basis points in this week’s announcement. This follows a 0.25% interest rate cut in March, which was also mostly unexpected. In its June statement, the Swiss National Bank also…
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European markets lower after BOE holds interest rates steady
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Da-kook/E+ via Getty Images London (United Kingdom) -0.30% UK retail sales rose 2.9% in May Germany (DAX:IND) -0.35% Manufacturing and service activities in Germany declined in June France (CAC:IND) -0.34% Preliminary France PMI readings show manufacturing and services activity declined in June; France’s manufacturing climate index reached 99 in June…
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BOE Kept Interest Rates Unchanged in June, Says August Decision Is A ‘Live’ One
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As expected, the Bank of England (BOE) kept interest rates steady at 5.25% in a 7-2 vote of the Monetary Policy Committee last June. In its official statement, the Bank of England acknowledged that annual inflation fell to 2% in May, but also noted that the consumer price index is…
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PMIs back on the agenda in Europe today
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The dollar continues to remain somewhat resilient during the week, with major currencies not showing much appetite. USD/JPY remains outstanding, with the pair rising to 159.00 – its highest level since Japan’s intervention on April 29. There is nothing stopping traders from dancing to the beat there. In other markets,…
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SoftBank CEO talks up artificial super intelligence ambitions By Reuters
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TOKYO (Reuters) – SoftBank Group CEO Masayoshi Son said on Friday that the group’s mission is to help advance humanity by achieving super-artificial intelligence, which he said will exceed human capabilities by a factor of 10,000. “SoftBank Group (TYO:) has done many things so far that have all been a…
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Daily Broad Market Recap – June 20, 2024
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Market attention was focused on two major announcements from the central bank, one of which included a surprise interest rate cut. How did the rest of the asset classes perform? Titles: The People’s Bank of China kept interest rates on key one-year and five-year loans unchanged By 3.45% and 3.95%,…
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American Airlines, union fail to reach deal on new contract By Reuters
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(Reuters) – A union representing American Airlines Group flight attendants (NASDAQ: ) said on Thursday that the latest round of talks with the carrier did not lead to an agreement this week. The Association of Professional Flight Attendants (APFA), which represents about 28,000 flight attendants at American Airlines, said it…
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PBOC is expected to set the USD/CNY reference rate at 7.2698 – Reuters estimate
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The People’s Bank of China is scheduled to release the USD/CNY reference exchange rate at approximately 0115 GMT. The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as the renminbi or renminbi). The People’s Bank of China follows…
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California rejects AT&T bid to stop offering landline service in some areas By Reuters
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Written by David Shepardson (Reuters) – California has rejected AT&T’s (NYSE:) attempt to stop offering landline telephone and other services as a “carrier of last resort,” a government agency said on Thursday. Marin County said AT&T’s order filed in March 2023 would have ended services to more than 580,000 eligible…
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Exclusive-Boeing nearing deal with supplier Spirit Aero after months of talks, sources say By Reuters
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Written by Mike Stone, Alison Lambert, and Tim Heffer (Reuters) – Boeing Co (NYSE:) is close to reaching an agreement to buy back Spirit AeroSystems (NYSE:) after its former subsidiary made a breakthrough in separate talks with Airbus over the breakup of the troubled transatlantic supplier, people familiar with the…
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U.S. finds no currency manipulation in 2023, Japan added to monitoring list By Reuters
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WASHINGTON (Reuters) – The U.S. Treasury Department said on Thursday that no major trading partner appeared to have been manipulating its currency in the past year, but added Japan to a foreign exchange “watch list,” along with China, Vietnam, Taiwan, Malaysia, Singapore and Germany, which were on the previous list.…
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Seller in the GBPUSD are making a play
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GBPUSD sellers are in play The pound fell against the dollar earlier today. The Bank of England kept interest rates unchanged today. However, as Justin pointed out in his post-decision posts, the BoE’s latest statement contains subtle dovish hints pointing to possible interest rate cuts in the near future. “As…
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S&P 500 gives up gains after topping 5,500 for first time ever By Investing.com
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Investing.com – The S&P 500 fell after briefing broke the 5,500 mark for the first time ever on Thursday, as Nvidia gave up gains, dragging the broader technology sector lower. By 14:04 ET (18:04 GMT), the index was down 0.4% after earlier reaching an all-time high of 5,505.23. The index…
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Chart Art: Trend Correction Levels on Gold (XAU/USD)
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Gold has just broken through the consolidation zone, but the question now is whether this breakout is legitimate or an illusion in the making? Where could the market move next either way? Take a look at these nearby inflection points. Gold (XAU/USD) 4-Hour Frame Chart by TradingView Watch out, gold…