Dollar softens broadly today, as it seems traders are exercising caution, pivoting their focus towards forthcoming heavy-weight economic data releases from the US in the second half of the week. The greenback’s pull back also extends following much weaker than expected ADP private job data. Interestingly, this “bad news is good news” effect is also
Private payroll growth tailed off sharply in September, according to an ADP report Wednesday that provides a counterweight to other signs that the labor market is still running strong. The payroll processing firm said job growth totaled just 89,000 for the month, down from an upwardly revised 180,000 in August and below the 160,000 estimate
Bitcoin (BTC) stayed glued to $27,500 at the Oct. 4 Wall Street open as attention continued to focus on rampant United States yields. BTC/USD 1-hour chart. Source: TradingView Analysis: $27,000 now “key” for BTC price Data from Cointelegraph Markets Pro and TradingView showed a calm day for BTC price action while U.S. dollar volatility ruled.
Share: Economists at Rabobank are not convinced that the recent rise in USD/MXN marks the start of a new trend of Peso weakness. USD/MXN set to turn back lower when the pace of rising US yields slows While we do think USD/MXN has likely traded the lows of this trend in the 16.60s, we don’t
UK: The BoE kept interest rates unchanged at the last meeting. The central bank is leaning more towards keeping interest rates “higher for longer” but it kept a door open for further tightening if inflationary pressures were to be more persistent. Key economic data like the latest employment report showed a very high wage growth
The greenback is sitting lower on the balance of things now, with EUR/USD up 0.3% to 1.0500 and GBP/USD up 0.4% to 1.2125 on the day. It comes as the bond rout is seen cooling in European trading, with 10-year Treasury yields now at 4.81% after having touched 4.88% at the start of the session.
oil trading at $100-a-barrel next year? Because a triple-digit price tag wouldn’t just mean elevated energy prices — it would also turbocharge the dollar. The combination of expensive barrels and a rampaging greenback could make crude a wrecking ball in 2024 that keeps inflation high enough to destroy growth around the world. The more oil
Dollar is finding strength amidst an atmosphere of palpable anxiety in the financial markets, stemming from a continuation of the risk-off mood from US into Asian session. This prevailing anxiety in the markets has been heightened by the pronounced drop in US stocks overnight, coupled with a surge in long-end treasury yields. Adding to the
Share: EUR/JPY recovers from a two-day losing streak despite BoJ’s verbal interventions. The risk-off sentiment could limit the potential of the cross-pair. Differences of opinion among ECB officials reflect the complex situation surrounding the Eurozone economy. EUR/JPY recovers from the two-day losses, trading higher around 156.20 during the Asian session on Wednesday. The cross pair receives
Major stock indices fell sharply today as yields continued their march higher. The 10 year yield rose 11.7 basis points to 4.799%. The 30-year is approaching 5% at 4.927%. Much stronger JOLTs job openings data was the catalyst for higher rates: Dow industrial average had its worst trading day since March 22 NASDAQ index equaled
Gold price tumbled by Rs 650 to Rs 57,550 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 58,200 per 10 grams. Silver also nosedived Rs 1,800 to Rs 71,500 per kilogramme. Gold and silver prices
In the spotlight today are the developments within the treasury markets. US 10-year yields have soared, reaching their highest point since 2007. This surge is largely attributed to expectations that Fed will keep high interest rates for longer, if not push them even higher. Fed hawks have been vocal this week, indicating the plausible scenario
U.S. Treasury Secretary Janet Yellen said that the United States has become overly dependent on China for critical supply chains. Yellen was speaking at a Fortune CEO event in Washington. Adding: the US does not want to decouple economically from China US would face national security concerns without a robust semiconductor sector of its own
Members of the crypto community have rallied behind a post on X calling for Elon Musk to remove the profile on the platform that has been claiming to be the fabled creator of Bitcoin (BTC) Satoshi Nakamoto. On Oct. 3 the X profile Pledditor posted saying both the account claiming to be Satoshi Nakamoto and
Share: Silver price falls back as US Job Openings data outperformed expectations. Upbeat job openings data indicate that labor demand by US employers improves. Silver price delivered a breakdown of the H&S chart pattern, which resulted in a vertical sell-off. Sliver price (XAG/USD) resumes its downside journey as the United States Bureau of Labor Statistics
US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed
Gold continued its slide on Tuesday, clocking its longest losing streak since Aug. 2022 in the last session as Federal Reserve officials underscored the likelihood interest rates will stay high, with U.S. job openings data expected later in the day. FUNDAMENTALS Spot gold was down 0.2% at $1,824.10 per ounce by 0057 GMT, falling for
Australian Dollar is facing heavy downward pressure, emerging as the most underperforming currency this week so far. The weak under tone is maintained following RBA’s decision to hold interest rates steady. Both Aussie and Kiwi have relinquished the gains made the previous week, a reversal exacerbated by an evident risk aversion in Asia. Significant decline