A representative speaks with a jobseeker at a job fair at Brunswick Community College in Bolivia, North Carolina, on April 11, 2024. Allison Joyce | Bloomberg | Getty Images The unemployment rate for white Americans held steady from April to May, bucking the trend for all other racial groups, according to data released Friday by
Month: June 2024
USD maintains its momentum, rising by more than 0.70% on Friday. US Nonfarm Payrolls exceeded market expectations in May, showing a robust recovery in the labor market. September odds fall for a Fed rate cut as positive economic signals abound. On Friday, the US Dollar Index (DXY) expanded its winning streak following stronger-than-forecasted labor market
The AUD is one of the weakets of the major currencies (along with the NZD). Commodities are sharply lower on the back of the higher dollar/higher rates/a more stubborn Fed. Technically, the price has moved lower to test a cluster of support including the 38.2% retracement at 0.6579, a swing area between 0.6579 to 0.6585.
The US jobs report came in stronger, but then again there was some ambiguous/less strong components. Non-farm payroll rose 272K vs 185K estimate. Private payrolls rose 229K vs 170K estimate Average hourly earnings rose 0.4% vs 0.3% expected Average earnings YoY rose 4.1% vs 3.9% expected Those were the stronger-than-expected pieces of the report. The
Oil prices rose on Friday, continuing to climb after OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements and as an interest rate cut in Europe raised the prospect of a similar U.S. move. Brent crude futures rose 16 cents or 0.2% to $80.03 per barrel and U.S. West Texas
Forex markets remain directionless as the week’s highly anticipated central bank activities. The rate cuts by both BoC and ECB failed to provide the expected catalysts for significant currency movements. Neither Canadian Dollar nor Euro managed to break out of their recent trading ranges following these policy adjustments. Similarly, Dollar continues to gyrate within its
Traders work on the floor of the New York Stock Exchange during afternoon trading on June 03, 2024 in New York City. Michael M. Santiago | Getty Images May’s surprising pace of job growth and wage rise added to the conviction that the Federal Reserve will stay on hold through this summer and possibly beyond.
Traders walk the floor during morning trading at the New York Stock Exchange (NYSE) on May 14, 2024 in New York City. Spencer Platt | Getty Images GameStop, the video game retailer currently riding another wave of trading enthusiasm spurred on by the meme trader “Roaring Kitty,” showed no signs of an operational turnaround in
EUR/USD declines from 1.0900 as upbeat US NFP report for May boosts US Dollar’s appeal. The US NFP report suggests that labor market conditions have tightened further. The ECB commenced its policy easing campaign but refrained from committing to a predefined interest-rate path. EUR/USD witnesses an intense sell-off and drops to near 1.0820 in Friday’s New York session as the
The strongest to the weakest of the major currencies As the North American session begins, the JPY is the strongest and the NZD is the weakest of the major currencies the USD is in the middle little changed with gains vs the CHF, CAD, AUD and NZD and declines vs the EUR, GBP, and JPY.
US jobs report for May 2024 Prior month: 175K revised 165K Details of the May 2024 jobs report: non-farm payroll for May 272K vs 185K estimate. Two-month net revision -15K vs -22K prior Unemployment rate 4.0% vs 3.9% expected Prior unemployment rate 3.9% Participation rate 62.5 % vs 62.7% prior U6 underemployment rate and blood
Gold prices fell by Rs 1,200 per 10 gram on Friday reacting to sudden halt in gold buying by the Chinese central bank, which came on the back of spot gold prices hitting record highs that People’s Bank of China (PBOC) stopped gold purchases to its reserves in May. The move came after 18 months
Dollar rebounds broadly in early US session following stronger-than-expected employment data. Despite a slight uptick in unemployment rate, robust headline job growth and wage increases highlighted the US job market’s continued tightness. This suggests that Fed should remain cautious about premature policy easing. In reaction to the data, US futures tumbled significantly, pointing to a
Russian President Vladimir Putin is seen while visiting the Lakhta Center on June 5, 2024, in Saint Petersburg, Russia. Vladimir Putin visited a newly built Lakhta Center, a skyscraper of Gazprom, prior to his meetings at the Saint Petersburg International Economic Forum SPIEF 2024. Contributor | Getty Images News | Getty Images Russia’s annual economic
The Australian Dollar remains steady ahead of a speech from RBA Deputy Governor Andrew Hauser on the economic outlook. The Australian equity market appreciates with higher mining and energy stocks due to stronger commodity prices. China’s Trade Balance could slightly increase to $73.00 billion in May, from the previous balance of $72.35 billion. The US
Crude oil futures are settling at $75.55. That is up $1.48 or 2.0%. The high price today reached $75.79. The low price was at $74.06. The price bottom this week at $72.48 on Tuesday. For the trading week the price is still down -1.9% or $-1.46, but well off the low of $-4.51. Crude oil
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Oil rose in early Asian trading on Thursday on rising expectations the Federal Reserve will cut interest rates in September, and as the market rebounded from a selloff related to growing U.S. inventories and an OPEC+ plan to increase supply. Brent crude futures rose 27 cents, or 0.34%, to $78.68 a barrel by 0103 GMT,
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