Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019. Ann Saphir | Reuters Federal Reserve Governor Michelle Bowman said Saturday she supports the central bank’s recent big interest rate increases and thinks they are likely to
Month: August 2022
A BP gas station in Madrid, Spain. Sopa Images | Lightrocket | Getty Images LONDON — U.K. oil giant BP on Tuesday raised its dividend and boosted share buybacks after tripling second-quarter profits on robust refining margins and trading. The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net
At its latest meeting, the Reserve Bank of Australia (RBA) raised the key interest rate by 50 basis points to 1.85%. According to analysts at Wells Fargo, the RBA will likely raise again in September but with a 25 bps rate hike. They see the rate peak at 3.10% by early next year. Key Quotes:
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USD/JPY longs have been the trade-of-the-year in the FX market in 2022 and today’s strong jobs numbers make it more likely the trend isn’t over yet. The pair is up a whopping 220 pips today to 135.06. The gain wipes out much of a brutal four-day drop in the pair. Technically, it cracks the 61.8%
In a market environment where bad news is good news, 528K new jobs (vs 250K estimate), unemployment rate of 3.5% vs. 3.6% estimate, average hourly earnings 0.5% vs. 0.3% estimate (and a revision to the priro month to 0.4% from 0.3%), average workweek 34.6% vs. 34.5% estimates, that is not exactly bad news. In fact
NEW DELHI: Gold prices were trading flat, steady near a one-month high on Friday, thanks to a fall in the US dollar and weak US treasury yields. Traders awaited the US jobs data amid the growing recession fears boosted safe-haven demand and kept bullion on track for its third straight weekly rise. The market’s focus
The currency markets are quiet overall as focus now turns to US job data. The post BoE selloff in Sterling didn’t last long. Meanwhile, Dollar is still range bound against Euro and Yen. The greenback’s rally attempt against Swiss Franc also faltered rather quickly. Commodity currencies are steady. Most major pairs and crosses are stuck
A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story. There is no historical precedent to indicate that an
In this article UBER Uber reported a second-quarter loss on Tuesday but beat analyst estimates for revenue and posted $382 million in free cash flow for the first time ever. Shares of Uber closed the day up 18.9%. Here are the key numbers: Loss per share: $1.33, not comparable to estimates. Revenue: $8.07 billion vs.
Gold price extends its gains to three straight weeks, up 0.54%. Stellar US jobs data exerts further pressure on the Fed, as next week CPI is eyed. US-China tussles add further uncertainty to the global economic outlook. Gold price remained on the defensive late during the New York session after an early US employment report
Crypto mining firm Core Scientific reported its operations produced 1,221 Bitcoin (BTC) in July even as the company powered down several times in response to demand on the Texas power grid. In a Friday announcement, Core Scientific said its month-over-month Bitcoin production had increased from 1,106 in June to 1,221 in July — roughly 10.4%. The firm
The US 10 year yield is moving to a new high at 2.869%. The current yield is at 2.853% as I type. 10 year yield That high has taken the yield to a new high for the week surpassing the 2.849% level reached on Wednesday. The high yield reached 2.869%. The current yield is trading
MUFG Research recommends buying USD/CAD in its weekly top FX pick. The firms says to buy the pair at spot with a target of 1.3420 and a stop at 1.2600. “We are recommending a long USD/CAD trade idea to reflect our view that the USD will extend its rebound in the coming weeks, ” MUFG
Gold in the national capital on Friday was marginally down by Rs 9 to Rs 52,592 per 10 grams, according to HDFC Securities. The yellow metal had closed at Rs 52,601 per 10 grams in the previous trade. Silver also declined by Rs 487 to Rs 58,477 per kg from Rs 58,964 per kg in
Dollar soars broadly, together with benchmark treasury yields, after an all around strong non-farm payroll report. At the same times US futures tumble, apparently on expectations Fed’s tightening pace will continue with such healthy job market. The greenback is now the strongest one for the week and the question is, whether it could break through
Commuters arrive at Grand Central station during morning rush hour in New York, Nov. 18, 2021. Jeenah Moon | Bloomberg | Getty Images The U.S. job market posted strong growth and a decline in unemployment in July, but unemployment ticked higher among Black workers, further underscoring the ongoing discrepancies within the job market. Friday’s data
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