Oil prices rebounded from $1 down to $1 up in trading on Thursday, after a Russian ban on fuel exports snapped focus away from Western economic headwinds and back to throttled crude supply to the end of 2023. Brent futures for November delivery were up $1.02, or 1.09%, to $94.55 a barrel by 1348 GMT.
Month: September 2023
The US House representatives lost the most recent rules vote on defense appropriations bill. House Speaker Kevin McCarthy is struggling to unite his Republican colleagues around a temporary funding bill to prevent a federal government shutdown at the end of the month. Despite ongoing negotiations, McCarthy is running out of options as the deadline approaches.
The currency markets faced significant shifts today, notably with Sterling and Swiss Franc, which are enduring considerable selloffs. Both BoE and SNB opted to maintain their current interest rates, prompting speculation that these institutions might have peaked in their tightening cycles. However, Australian Dollar bore the brunt of today’s market sentiment, emerging as the day’s
In this article DRI Follow your favorite stocksCREATE FREE ACCOUNT A customer carries an Olive Garden shopping bag in Pittsburg, California, US, on Friday, Dec. 9, 2022. David Paul Morris | Bloomberg | Getty Images Darden Restaurants on Thursday reported earnings and revenue that topped analysts’ expectations in its first quarter as the owner of Ruth’s
Share: The Euro adds to the weekly retracement against the US Dollar. Stocks in Europe accelerate their losses on Thursday. EUR/USD meets initial support around 1.0615. The USD Index (DXY) clings to its daily gains near 105.50. The Fed left the door open to another 25 bps rate hike before year-end. Weekly Initial Jobless Claims, Philly Fed
Yesterday, the Fed left interest rates unchanged at 5.25-5.50% as expected but revised its outlook on the more hawkish side. In fact, the Fed not only sees another rate hike by the end of the year but also much less rate cuts in 2024 as they revised it from 4.6% seen in June to 5.1%
Gold traded in the red on Thursday amid a stronger dollar index (DXY) which shot up to 105.63 against six major currencies, up 0.43% after US Federal Reserve Chair Jerome Powell hinted of another rate hike this year while maintaining that the high interest rate regime is there to stay longer. The MCX October gold
EUR/USD daily chart The fact that the Fed managed to convince markets that they can stick with the narrative of higher rates for longer is a win in itself for the dollar. I mean, if you look elsewhere, the case is definitely less compelling for the likes of the ECB and BOE should the latter
Fed’s decisively hawkish stance overnight propelled both Dollar and yields upwards, albeit dampening the stock market. Majority of FOMC members maintained projections of another interest rate hike within the year, with a tempered pace of rate cuts anticipated for the forthcoming year. Fed’s message resounded in the markets as we witnessed a significant leap in
Adult content creators have continued to shift towards decentralized versions of OnlyFans and Patreon, after recent payment difficulties and the ever-present threat of being de-platformed. Leon Lee, founder and CEO of Only1 — a decentralized version of OnlyFans — tells Cointelegraph there has been a recent power shift from intermediaries to content creators, thanks to
Share: NZD/USD edges higher to 0.5940 after an upbeat growth number. The Federal Reserve (Fed) maintained interest rates unchanged at 5.25-5.50% range at its September meeting. New Zealand economy expanded 0.9% in Q2 vs. 0% in Q1. The NZD/USD pair recovers its recent losses around 0.5937 during the early Asian session on Thursday. The US Dollar
The initial reactions in the market were for the US dollar to move higher, yields to move higher, and stocks to move lower. EURUSD: The EURUSD moved from around 1.0725 through the 200 hour moving average 1.0702 and down to the 100 hour moving average 1.06749. The low price reached just below the 100-hour moving
Gold was little changed on Wednesday as investors braced for updated interest rate projections and remarks from Chair Jerome Powell following the Federal Reserve‘s monetary policy meeting. Spot gold was steady at $1,931.20 per ounce at 1127 GMT, holding below its highest level since Sept. 5 reached on Tuesday. U.S. gold futures eased 0.1% to
The major European stock indices are closing higher on the day. The indices are encouraged by the lower than expected UK CPI inflation data today. That has traders paring back expectations for the BOE rate hike tomorrow. The expectations are now 50-50 for a rate hike. The final numbers are showing: German DaX +110.66 points
Dollar is slightly softer today as the financial world holds its breath for FOMC rate decision. With the market strongly anticipating a hold, eyes will turn to the dot plot for insights. The pivotal question remains: Will there be hints of another rate hike slated for this year? Furthermore, how the dot plot for 2024
An eagle sculpture stands on the facade of the Marriner S. Eccles Federal Reserve building in Washington, D.C. Andrew Harrer | Bloomberg | Getty Images A looming government shutdown could prevent the Federal Reserve from raising rates in November, but not for the reason you might think, according to Bank of America. Not only would
Share: Markets have already written the script for the Fed today: a hawkish hold, and an unchanged 2023 dot plot. Any FX action would depend on potential revisions to the 2024 dots, economists at ING report. FOMC not a huge event for the Dollar The overall message by the Fed should be supportive of the
Crude Oil surged to new highs as the supply side got squeezed even more by resilient demand and more production cuts. In fact, the OPEC continues to forecast robust growth for oil demand in 2023 and 2024 while keeping supplies tight as Saudi Arabia and Russia extended their voluntary production cuts. Moreover, we got some
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