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Copper has declined by more than 17 percent from its lifetime highs. Tepid demand from China, surging inventories in warehouses, and a strong US dollar have contributed to the bearish sentiment in prices. Copper inventory levels at different warehouses have reached multi-year highs. Latest London Metal Exchange (LME) data show that inventories in the LME-registered
Getty Images The August jobs report came in weaker than expected, and employment growth by different industries showed a mixed bag for the U.S. economy. The growth was led by leisure and hospitality and health care and social assistance, with each category adding more than 40,000 jobs, according to data from the Bureau of Labor
The NZD/JPY pair fell sharply on Friday and reaching a low of 87.85. The RSI has plunged to 36, indicating that the bears are in full control and the negative momentum is likely to persist. Bears have the 87.00 threshold on their sight. The NZD/JPY pair has maintained its bearish stance, extending the selloff that
Investors expressed clear dissatisfaction with last week’s US non-farm payroll report, not much due to a miss in job growth expectations, but data left the size of the upcoming Fed rate cut unsettled, raising fears that Fed’s indecisive stance could worsen the already fragile economic outlook. In response, US equity markets ended the week sharply
The NZDUSD has moved higher. It is now moving lower in volatile trading as it digests the US jobs report and comments from Fed officials this morning including Feds Waller, Feds Goolsby, and Feds Williams. Stocks are moving lower which is leading to some risk off in the NZDUSD as well. Technically, the pair is
On Friday, shares of Nvidia fell 4% and chipmakers dragged the Nasdaq to its lowest in the three weeks. One reason for the sell-off was a Goldman Sachs note from Peter Oppenheimer arguing that traffic to ChatGPT was plunging. Goldman published this chart, which was later widely circulated (including in the Financial Times). It showed
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
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