Dow is up 396 points at session high The US stock markets rolled over into the close with the Nasdaq leading the declines. The S&P winning streak of 3 days was snapped. The Dow closed higher but gave up nearly all of its close to 400 point gain at the session highs. The final numbers are showing: S&P index -15.71
NZD/USD keeps the post-Fed recovery despite shrugging off New Zealand (NZ) GDP data. New Zealand’s second-quarter (Q2) GDP shrank 12.2% QoQ versus -12.8% forecast. US Federal Reserve struck mildly hawkish tone despite showing readiness to pump the markets for longer. Aussie employment data will be the key ahead of the next week’s RBNZ. NZD/USD remains
Trump speaking at a campaign event from the White House Says the thinks distribution of a vaccine could start in October or a little later Says the US could distribute at least 100m doses by the end of 2020 Markets have been lapping up positive vaccine stories even from such very unreliable sources. Treat with
NEW YORK: Oil prices jumped more than 4% on Wednesday, following a drawdown in US crude and gasoline inventories and as Hurricane Sally forced a swath of US offshore production to shut. Brent crude rose $1.64, or 4.1%, to $42.17 a barrel by 12:51 p.m. EDT (1651 GMT), while US crude gained $1.85, or 4.8%,
Yen rises broadly today as markets are awaiting Fed policy decision. The strength in Yen since last week seems to be related to inflation expectations. It first followed comments from an ECB official that the pandemic impact impact would eventually be demand dominate, and thus deflationary. Such view could be reflected in today’s Fed projections
U.S. consumer spending appeared to slow in August as extended unemployment benefits were cut for millions of Americans, offering more evidence that the economic recovery from the Covid-19 recession was faltering. Core retail sales, which correspond most closely with the consumer spending component of gross domestic product, fell 0.1% last month after a downwardly revised
Characters at the Berkshire Hathaway company Kraft Heinz booth pose with a reporter at the shareholder shopping day as part of the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, May 5, 2017. Rick Wilking | Reuters Kraft Heinz on Tuesday told investors it would cut $2 billion in costs through 2024 as part of its
Back in 2013, Michael Saylor, CEO of business intelligence giant MicroStrategy, posted a tweet against Bitcoin (BTC), forecasting a grim future for the asset. Fast-forward to 2020, during which Saylor’s company now holds a major bullish position in BTC. #Bitcoin days are numbered. It seems like just a matter of time before it suffers the same
Less than 25 minutes to go Tomorrow is FOMC day. The Fed is expected to extend the time for the next move given the Chair Powell’s announcement at Jackson Hole virtual summit that the Fed would be using an average of the inflation rate going forward (vs the more static 2% target). The US stocks
AUD/USD posts modest daily gains above 0.7300 on Wednesday. USD struggles to find demand ahead of FOMC’s policy announcements. Labour market data from Australia will be released on Thursday. The AUD/USD pair closed the first two days of the week modestly higher and preserved its bullish momentum on Wednesday. As of writing, the pair was
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Gold prices eased on Wednesday, retreating from a near two-week high hit in the previous session, as the dollar gained ahead of a U.S. Federal Reserve policy decision due later in the day. FUNDAMENTALS Spot gold was down 0.2% to $1,952.15 per ounce by 0026 GMT, after hitting its highest since Sept. 2 at $1,971.71
Dollar trades generally soft in Asian session but losses are so far limited. The greenback is actually still staying above last week’s low against all but Yen and Kiwi. Major focus will turn to FOMC today and traders could finally commit to a direction, after getting Fed’s new economic projections. As for today, euro is
Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020. Mandel Ngan | AFP | Getty Images While committed to keeping interest rates low for the next several years, the Federal Reserve still has plenty of work to
A FedEx worker unloads packages from his delivery truck on March 31, 2020 in Washington, DC. Drew Angerer | Getty Images News U.S. delivery firm FedEx reported a bigger-than-expected quarterly profit on Tuesday, after price hikes, lower fuel costs and efficiency gains countered negative impacts associated with a pandemic-fueled surge in e-commerce shipments. Shares in
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