On Friday, spot gold was highly choppy and volatile in reaction to the US nonfarm payroll report (August) as the report sent mixed signals on the possible pace of rate cuts that are likely to begin at the September FOMC meeting to be concluded on September 18. Fed officials’ comments on the US monetary policy
Month: September 2024
The European Union has successfully avoided the “terrible prophecies” that threatened its economy in recent years, but must still contend with Russia’s war in Ukraine and a tenuous trade relationship with China, outgoing European Commissioner for Economy Paolo Gentiloni said Saturday. The bloc’s economy underwent “overall a weak growth, but nothing of the terrible prophecies
Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Friday that Fed officials are finally beginning to catch up with the broader market’s view that the time has come for movement from the US central bank on policy rates, but downplayed discussion of a larger opening cut in September. Key highlights The job
AUD/USD daily The Australian dollar chart has caught my attention today as it falls 76 pips, or 1.1%. It’s the underperformer today as the US dollar strengthens broadly and risk trades are beaten up. A week ago, it looked like it could be breaking out as it touched the highest since January but the market
Markets: Gold down $20 to $2496 US 10-year yields down 1.4 bps to 3.72%, 2-year yields down 9.3 bps to 3.65% WTI crude oil down $1.07 to $68.08 S&P 500 down 1.7% JPY leads, AUD lags Non-farm payrolls Friday lived up to the hype, though it wasn’t exactly straightforward. The kneejerk reaction to the report
China’s central bank held back on buying gold for its reserves for a fourth straight month in August, official data showed on Saturday. China’s gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves, however, rose to $182.98 billion compared with $176.64 billion at
Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, March 22, 2024. A trio of central bank decisions this week sent a clear message to markets that officials are preparing to loosen monetary policy, reigniting investor appetite for risk. Bloomberg | Bloomberg | Getty Images
US Dollar recovers ground after mixed August Nonfarm Payrolls data. Fed official downplayed discussions of a larger rate cut in September than 25 bps. Markets are seeing 40% odds of a 50 bps cut in the next Fed meeting. The US Dollar Index (DXY), a measure of the US Dollar against a basket of six
The August US non-farm payroll report has been interpreted as largely dovish by the markets. Job growth showed clear signs of slowing, but the slight decrease in the unemployment rate has helped ease immediate recession fears. As a result, market expectations for a 50 bps rate cut by Fed this month have now risen above
The USDJPY has seen up and down volatility after the US jobs report and subsequent market volatility. The tumble in US stocks and move lower in yields may have an influence as well as sellers pushed the price lower. Technically however, the low price today at 141.75, 10 apex of the low price from August
WTI crude is still clinging to support but the picture is looking increasingly dire for brent. The global benchmark closed today at the lowest since December 2021. There have been a series of daily lows right around these levels and there are intraday lows that are worse since 2021 but this is the lowest daily
Oil pared gains on Friday after data showed U.S. employment increased less than expected in August, and was on track for a heavy weekly loss as demand concerns outweighed a delay to supply increases by OPEC+ producers. Brent crude futures rose 29 cents, or 0.4%, to $72.98 a barrel by 1320 GMT. U.S. West Texas
An attendee takes information about a California State job at a City Career Fair hiring event in Sacramento, California, US, on Wednesday, June 5, 2024. David Paul Morris | Bloomberg | Getty Images The unemployment rate for Black Americans fell in August, according to data released Friday by the Department of Labor. In August, Black
In this article AVGO Follow your favorite stocksCREATE FREE ACCOUNT Broadcom CEO Hock Tan. Lucas Jackson | Reuters Broadcom reported fiscal third-quarter results on Thursday that beat Wall Street expectations for revenue and earnings. Broadcom shares fell 5% in extended trading. Here is how the chipmaking conglomerate did versus LSEG consensus estimates for the quarter
The Bank of Canada delivered a widely expected 25bp rate cut on Wednesday. The BoC event did not move markets significantly, and the USD/CAD dive shortly after the announcement was instead mostly due to soft US JOLT figures, ING’s FX strategist Francesco Pesole notes. NFP can have a larger impact on USD/CAD than Canadian payrolls “Today, Canada
The financial markets are in a state of heightened anticipation as the much-awaited US non-farm payroll report is set to release today. This key data set will be critical in assessing whether the US economy is veering towards a recession, following the jump in the unemployment rate in July. For Fed, the NFP data will
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