Category: Markets
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FX Watch: EUR/JPY Resistance Levels Ahead of ECB’s Decision
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The rise of EUR/JPY from the support area has me looking at potential resistance levels ahead of the European Central Bank (ECB) policy decision! Earlier this week, the Japanese yen got a boost from talks that the Bank of Japan may discuss slowing its bond purchases as early as next…
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Spain May services PMI 56.9 vs 56.4 expected
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Once again, Spain remains the bright spot in the Eurozone. This represents the largest increase in activity in more than a year. HCOB notes that: “In May, Spain’s services sector continued to expand. Both activity and new business saw significant growth, with the Services PMI business activity index rising to…
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Swiss Finance Minister flags legal risks to winding up global banks By Reuters
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ZURICH (Reuters) – International financial authorities must take into account the legal risks surrounding the potential liquidation of global banks, Swiss Finance Minister Karin Keller-Sutter said on Wednesday. In an interview with the Frankfurter Allgemeine Zeitung newspaper, Keller Sutter was asked whether the rules for dealing with banks deemed “too…
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Tradeweb Integrates Repurchase Agreements and Interest Rate Swaps
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Tradeweb Markets has launched a new feature to connect repo and interest rate swaps (IRS) to enhance execution workflow in these markets. Electronic marketplaces for interest rates, credit, stocks and money markets promised to drive efficiency in how institutional clients navigate these markets through the new offering. Connecting repo markets…
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Banking and Financial Markets CEOs are betting on generative AI to stay competitive, yet workforce and culture challenges persist By Investing.com
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Two-thirds (66%) of banking and financial markets CEOs surveyed said that the potential productivity gains from AI and automation are so great that they must accept risks to remain competitive. 65% of financial leaders say success with AI will depend more on people adopting it than on the technology itself,…
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Asia FX weakens as dollar recoups some losses, Indian rupee tests record lows By Investing.com
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Investing.com — Most Asian currencies fell slightly on Wednesday as the dollar recovered from two-month lows, while the Indian rupee tested record lows after 2024 general election results showed the ruling Bharatiya Janata Party did not sweep as expected. Broader risk appetite improved somewhat, as weak US data fueled bets…
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Daily Broad Market Recap – June 4, 2024
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Concerns about the US economy encouraged a risk-off trading environment and pushed the US dollar higher against its “riskier” counterparts. Meanwhile, crude oil continued its downward trends, spot gold pulled back from highs at $2,350, and Fed bets on lower interest rates sent US bond yields lower. Titles: Switzerland CPI…
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US ISM Services PMI for May due Wednesday, the ranges of estimates (ADP jobs number too)
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The average consensus estimate for the US ISM Services PMI is 50.5, as can be seen in the screenshot below, from the ForexLive Economic Data Calendar, Access it here. I saw Reuters with its forecast at 50.8. Data outcomes that fall outside of market low and high expectations tend to…
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BlackRock, Citadel-backed group to start new national stock exchange in Texas, WSJ reports By Reuters
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(Reuters) – A group backed by BlackRock Inc (NYSE:) and Citadel Securities Inc. plans to start a new national securities exchange in Texas, the Wall Street Journal reported on Tuesday. The Texas Stock Exchange, which has raised about $120 million, plans to file registration documents with the Securities and Exchange…
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FTX Settles $24 Billion Tax Dispute with Internal Revenue Service
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FTX has reached a settlement with its largest creditor, the Internal Revenue Service (IRS). This agreement resolves a major $24 billion tax dispute that has been looming over the stock exchange’s restructuring process. Initially, the IRS claimed that FTX owed more than $44 billion in taxes, but that amount was…
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Reserve Bank of Australia Governor Bullock says she expects Q1 GDP growth to be low
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Reserve Bank of Australia Governor Bullock reads the writing on the wall for Australia’s economic growth: Australia’s very weak economic growth outlook has been cut even further Reserve Bank of Australia Governor Bullock and Assistant Governor (Financial Markets) Kent appear before the Australian Parliament Before the Senate Economic Legislation Committee…
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Euro Nears 1.10 as Market Awaits ECB Meeting and US Jobs Data By Investing.com
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Investing.com – The Euro (EUR) saw a slight rise on Monday, crossing the 1.09 mark against the US Dollar (USD), as traders anticipate potential catalysts that could lead to further rises. Despite the lack of enthusiasm in the FX options market, with one-month implied volatility still at a low of…
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Cannabis producer Green Thumb explores merger with Boston Beer, letter shows By Reuters
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(Reuters) – Cannabis producer Green Thumb Industries (OTC:) is ready to submit an offer for a potential merger deal with US-based brewer Boston Beer (NYSE:), according to a letter seen by Reuters. The merger will allow the cannabis production company, currently listed in Canada, to also be listed on a…
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Monex USA Integrates with Payments Exchange from Fiserv for Wire Transfer
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Monex USA, which specializes in global payment services, corporate foreign exchange and currency risk hedging services, has announced plans to integrate with Payments Exchange from Fiserv, a global payments and fintech provider. Integration of bank transfers This collaboration will enable financial institutions using Payments Exchange to deal directly with Monex…
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US dollar rebounds from multi-month lows, yen rallies By Reuters
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By Gertrude Chavez-Dreyfus and Harry Robertson NEW YORK/LONDON (Reuters) – The U.S. dollar rose on Tuesday after falling overnight to its lowest levels against the euro, sterling and Swiss franc since mid-March, as investors consolidated gains in other currencies ahead of a key nonfarm payrolls report later this week. .…
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U.S. ISM Manufacturing PMI Surprised With a Deeper Contraction in May
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The latest round of US manufacturing PMI releases showed a mixed picture, with S&P Global revising its preliminary readings higher while the closely watched ISM PMI showed a deeper contraction than markets expected: S&P Global’s final manufacturing PMI jumped from 50.0 to 51.3 in May (vs. initial 50.9 reading) ISM…
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Wall Street set to open lower as fears of sluggish growth increase By Reuters
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By Lisa Pauline Mattkal and Johan M. Cherian (Reuters) – U.S. stock futures fell on Tuesday as investors grew more concerned about the strength of the world’s largest economy, even as they awaited a slew of reports this week to gauge the extent of slowing growth. Data on Monday showed…
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FMevents Announces Official Partnership with Emirates Airline for Upcoming Summit FMPS:24
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FMevents unveiled a new strategic partnership with Emirates Airlines ahead of its launch Finance Magnates Pacific Summit (FMPS:24) August 27-29 in Sydney, Australia. As the official airline partner of the event, Emirates will offer exclusively discounted fares to all attendees. Accessing FMPS:24 is easier than ever with Emirates. This includes…