The Canadian dollar is at an interesting spot on the global spectrum of risk assets at the moment. Domestically, it’s been a good year with strong GDP growth as the economy reopened from covid. Commodity investment has picked up and terms of trade have improved. For much of the year, that kept the loonie neck-and-neck
Month: September 2022
Gold prices hovered near a two-year low on Friday and were set for a weekly fall as an elevated dollar and prospects of aggressive U.S. rate hikes dented bullion’s appeal. FUNDAMENTALS * Spot gold was unchanged at $1,664.48 per ounce, as of 0030 GMT, and was down 3% for the week so far. Prices hit
Selloff in Pound catches most currency related headlines today, as it slumped to a 37-year low against Dollar. The decline came after data showed retail sales contracted in both volume and value term in August, indicating that inflation was already biting into spending. In the background, the UK economic is already in recession. Still for
In this article WFC Huntstock | Disabilityimages | Getty Images Turbulent times may be ahead for Hispanic workers, a new report from Wells Fargo found. The firm expects Latino workers to take an outsized hit if a mild recession happens in 2023, like it is projecting. “The Hispanic unemployment rate tends to rise disproportionately higher
Silver price is erasing Thursday’s losses up by almost 2% on Friday. September’s US economic data justifies the Fed’s 75 bps rate hike. The US Consumer Sentiment improved, showing US citizens resilience despite a worsening economic outlook. The silver price climbed as the Wall Street close looms, gaining 1.85% during the day, caused by a
After Ethereum’s long-awaited Merge, it’s an ideal time to think about how we can also improve smart contracts. Essentially apps that run on blockchains, smart contracts are a vital component of our Web3 applications. But interacting with them remains quite dangerous, especially for non-developers. Many of the incidents where users lose their crypto assets are
EURUSD consoldates and awaits the next shove The EURUSD is mired in at 62 pip trading range for the day. The high extended to 1.0017. The low reached 0.99551. On the topside, the high stalled ahead of the low of a swing area (see red numbered circles) betweeen 1.00226 and 1.00328. On the downside, the
The always awesome US Market Open roundup via Newsquawk Full Note – incl Podcast Euro-bourses see the deepest losses whilst the FTSE 100 is cushioned by the slide in the Pound GBP extended losses in wake of significantly weaker than forecast ONS retail sales data, with Cable sliding to the lowest level since 1985 10yr
NEW DELHI: Gold prices continued to bleed on Friday tracking the trend in global markets. Prospects of aggressive rate hikes by the US Federal Reserve lifted bond yields and took the shine off bullion. Markets are pricing in a 75-basis-point rate hike by the US central bank. Gold futures on were trading lower by 0.18
Overall, Dollar remains the strongest one for the week, followed by Swiss Franc and then Yen. Risk aversion support these currencies, on the expectation of another jumbo rate hike by Fed next week. Commodity currencies are the worst performers with Kiwi having an underhand. Euro and Sterling are mixed for now, with Euro having a
The U.S. economy is teetering on the brink of a serious downturn if the Federal Reserve doesn’t pump the brakes on its rate hikes, billionaire CEO Barry Sternlicht said. The central bank has already raised interest rates four times this year and is widely expected to hike them by 75 basis points next week in
Silver drifts lower for the second straight day and drops to a fresh weekly low. Break below 50 DMA and the $19.00 mark supports prospects for further losses. A breakout through a descending trend-line is needed to negate the negative bias. Silver remains under some selling pressure for the second straight day on Friday and
USDCAD trades the highest level since November 2020 The USDCAD has moved to a new session high and in the process has taken out the high from July at 1.3322 (the high for the year). That takes the price to the highest level since November 2020. Looking at the 4 hour chart, the area between
AUD/USD has hit its lowest since the middle of July NZD/USD is faring relatively worse, hitting its lowest since May of 2020. — ANZ on the Australian vs the New Zealand dollar: Markets are factoring in military gains by Ukraine and putting UK political uncertainty behind them, and the AUD is rising to the fore
Gold prices inched lower on Thursday, as a firmer dollar and expectations of big interest rate hikes from the U.S. Federal Reserve diminished the metal’s appeal. FUNDAMENTALS Spot gold fell 0.1% to $1,693.81 per ounce, as of 0110 GMT. U.S. gold futures were down 0.3% at $1,704.4. The dollar index edged 0.1% higher towards recent
Dollar is staying largely in range after mixed retail sales data from the US. Today’s focus turns to selloff in Sterling, in particular against Swiss Franc and Euro. Yen weakens mildly after yesterday’s rebound quickly lost momentum. Commodity currencies are trading on the soft side. In other markets, major European indexes are mixed while US
Retail sales numbers were better than expected in August as price increases across a multitude of sectors offset a considerable drop in gas station receipts, the Census Bureau reported Thursday. Advance retail sales for the month increased 0.3% from July, better than the Dow Jones estimate for no change. The total is not adjusted for
In this article FDX Getty Images FedEx on Thursday withdrew its full-year guidance and announced significant cost-cutting measures following what it called softness in global volume of shipments. “Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.,” CEO Raj Subramaniam said in the release. “While this
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