Category: Markets
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PBOC is expected to set the USD/CNY reference rate at 7.1226 – Reuters estimate
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The People’s Bank of China is scheduled to set the exchange rate of the US dollar against the Chinese yuan at around 0115 GMT. The People’s Bank of China, the central bank of China, is responsible for setting the daily midpoint of the yuan (also known as the renminbi or…
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Explainer-Big Tech wants AI to be regulated. Why do they oppose a California AI bill? By Reuters
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By Greg Bensinger SAN FRANCISCO (Reuters) – California lawmakers are set to vote on a bill this week that would broadly regulate how artificial intelligence is developed and deployed in California even as a number of tech giants voice widespread opposition. Here’s some background on the bill, known as SB…
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Japanese rates could trail yen, stock market ahead of Ueda’s testimony By Investing.com
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Bank of Japan Governor Kazuo Ueda is scheduled to speak to parliament on Friday, facing the delicate task of informing policymakers of possible future monetary policy amid current market volatility. Japanese stock markets have been steadily rising recently, with the index hitting an all-time high, while the yen fell to…
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Japanese rates could trail yen, stock market ahead of Ueda’s testimony By Investing.com
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Bank of Japan Governor Kazuo Ueda is scheduled to speak to parliament on Friday, facing the delicate task of informing policymakers of possible future monetary policy amid current market volatility. Japanese stock markets have been steadily rising recently, with the index hitting an all-time high, while the yen fell to…
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TA of the Day: Gold Surges to New Highs! Is a Reversal in Sight?
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Gold diggers – literally and figuratively – should be in high spirits right now! ? Gold continues to hit new record highs, rising above $2,500, driven by a weaker US dollar and expectations of a Federal Reserve rate cut in September. With its reputation as a stable investment during turbulent…
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Forexlive Americas FX news wrap: Non-farm payrolls revisions cut 818,000 jobs
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Markets: Gold falls $2 to $2511 The yield on the 10-year US Treasury note fell 2 basis points to 3.79%. West Texas Intermediate crude fell $1.26 to $71.92. S&P 500 rises 0.4% Sterling advances, dollar lags The weaker dollar was the main theme again, this time with some support as…
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Stocks Up as September Fed Cut Seen as ‘Done Deal’: Markets Wrap
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(Bloomberg) — Stocks rose and bond yields fell as the Federal Reserve’s latest minutes and a big downward revision to U.S. payrolls bolstered bets that officials will cut interest rates in September. Most Read from Bloomberg The S&P 500 is nearing record highs. Treasuries are higher across the curve, driven…
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Helicopter of Iran’s late President Raisi crashed due to weather, Fars says By Reuters
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DUBAI (Reuters) – The helicopter crash that killed late Iranian President Ebrahim Raisi in May was caused by weather conditions and the aircraft’s inability to handle the weight it was carrying, a semi-official Iranian news agency reported on Wednesday, citing a security source familiar with the final results of the…
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Dollar has more downside as Fed cuts approach
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Investing.com – The U.S. dollar has had a tough summer so far, and Capital Economics expects further declines over the next two years, citing unfavorable interest rate differentials and continued strong risk appetite. The dollar index, which measures the greenback against a basket of six other currencies, has fallen about…
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Pound approaches the 2023 high in fifth straight day of gains
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We have reached the point where we need to zoom out to paint a clear picture of the forex market. A great example of this is Cable, where the daily chart shows that we are only 60 pips away from the July 2023 high. GBPUSD Daily If this is broken,…
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Analysis-Euro, now a safer bet, emerges a winner from market turmoil By Reuters
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Written by Sruthi Shankar and Alun John (Reuters) – The euro is trading at its highest level this year against the dollar, emerging as a clear winner from recent turmoil in global currency markets that has destabilized the strong dollar and halted a sustained slide in the Japanese yen. After…
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Waiting on non-farm payrolls benchmark revisions but a separate report sheds some light
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The U.S. Bureau of Labor Statistics was scheduled to release benchmark revisions to nonfarm payrolls at 10 a.m. ET here: https://www.bls.gov/web/empsit/cesprelbmk.htm This has not been updated but we are monitoring it closely. It is rare for a release schedule to be disrupted, so it is not clear what is happening.…
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Stellantis CEO visits US to create plan to reverse lagging profit, sources say By Reuters
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By Giulio Piovaccari, Gilles Guillaume and Nora Eckert DETROIT (Reuters) – Stellantis Chief Executive Carlos Tavares has begun a three-day visit to Detroit where he will seek to develop a strategy to overhaul the European automaker’s troubled North American operations and reassure employees and investors, two people familiar with the…
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Lower oil, Fed easing would support EM FX in hard landing: BofA By Investing.com
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Emerging market foreign exchange markets are expected to perform better in a potential hard landing scenario than in previous similar episodes, analysts at Bank of America Securities said in a note dated Tuesday. The note outlines the key shifts in the drivers of emerging market FX since the Covid-19 pandemic,…
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NZDUSD Technical Analysis – The Kiwi benefits from the USD weakness
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Basic Overview The US dollar remains under pressure amid positive risk sentiment and an impending rate cut by the Fed that should help global growth. These factors are generally bearish drivers for the US dollar. In fact, the recent strong rally in the New Zealand dollar has been driven mostly…
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NZDUSD Technical Analysis – The Kiwi benefits from the USD weakness
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Basic Overview The US dollar remains under pressure amid positive risk sentiment and an impending rate cut by the Fed that should help global growth. These factors are generally bearish drivers for the US dollar. In fact, the recent strong rally in the New Zealand dollar has been driven mostly…
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US stock futures edge higher ahead of key payroll revisions, Fed minutes By Investing.com
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U.S. stock index futures were slightly higher on Wednesday, as investors were cautious ahead of initial revisions to U.S. jobs data and the release of minutes from the Federal Reserve’s latest policy meeting. At 06:20 ET (10:20 GMT), Apple Business Insider stock was up 32 points, or 0.1%, gaining 3…
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Dollar hits year low versus euro as traders await data and Powell By Reuters
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By Kevin Buckland TOKYO (Reuters) – The dollar fell to its lowest level this year against the euro on Wednesday as traders braced for potentially crucial revisions to U.S. jobs data later in the day, ahead of a speech by Federal Reserve Chairman Jerome Powell at the end of the…
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Canada’s July Headline CPI Fell to Its Slowest Pace In Three Years at 2.5%
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As widely expected, most inflation measures in Canada’s July CPI report reflected a slowdown in price pressures during the month. While the headline CPI showed a 0.4% monthly rebound as expected, the annual reading fell from a 2.7% year-on-year increase in June to just 2.5% in July — its lowest…