The WSJ reports that Walmart has tweaked its pay structure so some new hires get less. Under the new structure most new hires will make the lowest possible hourly wage for that store. In the past, some new hires, such as those who collect items for online orders, would have made slightly more than other
Sterling is under pronounced pressure in forex markets, trailing as the day’s worst performer. This wave of selloff initiated yesterday following BoE Governor Andrew Bailey’s articulation to the parliament, hinting that UK is “much nearer” to hitting the terminal interest rates. Further aggravating the downfall, a BoE survey rolled out today unveiled a stark decline
Share: EUR/USD fades bounce off three-month low, renews intraday bottom of late. Divergence between Eurozone and US data joins stark difference of ECB vs. Fed talks to weigh on Euro pair. German Industrial Production, Final readings of EU Q2 GDP and mid-tier US employment data will decorate calendar. Fed talks will be in the spotlight
It’s been a one-way trade in the US stock market since the strong ISM services reading and it’s continuing. Last week, I highlighted the possibility of a head-and-shoulders pattern shaping up on the S&P 500 and today’s drop adds to the case. We’re still a long ways from breaking the neckline but I suspect the
Gold fell on Thursday led by steady dollar amid concerns of inflation and likelihood of further interest rate hike by the US Federal Reserve. At 104.86, the dollar index (DXY) was hovering just shy of 105 against a basket of six major currencies which lent weakness to the yellow metal. It was also the greenback’s
Agricultural Bank of China and Bank of China have announced they are adjusting rates for some existing first-home mortgages. There has been a wave of supportive moves such as this after instructions were given by authorities in the country. The property sector has been slow under the debt implosion, relief measures are ongoing.
Forex markets have found a moment of stability in today’s Asian trading session, with Dollar taking a breather as it looks for fresh catalysts to continue this week’s rally. All eyes are now on the upcoming ISM Services data, which could prove pivotal for Dollar’s trajectory. Services sector has emerged as the main engine of
Share: USD/CHF rose to monthly highs since July, towards 0.8920. ISM Services PMI from the US rose sharply in August. Hawkish bets on the Fed and rising US yields make the USD gain appeal. The USD/CHF’s bulls continue to gain momentum and rose towards the 0.8930 area, it highest level since early July. The USD
Base network’s “Onchain Summer” promotion in August resulted in over 700,000 non-fungible tokens (NFTs) minted by over 268,000 unique wallets, according to a Sept. 6 announcement from the team. Coinbase launched Base, its Ethereum layer-2, on Aug. 9. To spur adoption, the network’s team implemented a month-long launch event. It partnered with over 50 companies,
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Last week, Bitcoin jumped following the news that Greyscale won the lawsuit against the SEC as the D.C. court ruled that the SEC improperly rejected the Bitcoin spot ETF. This was seen as a positive news as Greyscale will have to reapply for a spot ETF but that an ETF is actually coming. The news
Gold price declined by Rs 100 to Rs 60,200 per 10 gram in the national capital on Wednesday amid weak cues in overseas markets, according to HDFC Securities. In the previous trade, the yellow metal had ended at Rs 60,300 per 10 gram. “Gold extended its fall on Wednesday, with spot gold prices (24 carats)
US ISM Services PMI Details: employment index 54.7 versus 50.7 prior new orders index 57.5 versus 55.0 prior prices paid index 58.9 versus 56.8 prior new export orders 62.1 versus 61.1 prior imports 52.3 versus 52.3 prior backlog of orders 41.8 versus 52.1 prior inventories 57.7 versus 50.4 prior supplier deliveries 48.5 versus 48.1 prior
Dollar is enjoying another rally, further solidifying its position as the strongest currency for the week so far, following an upbeat ISM Services report that well exceeded market expectations. The data affirms services sector’s dominant role in driving US economy. Additionally, it highlighted a robust uptick in both employment and prices, arguing the specter of
Share: GBP/JPY loses momentum, snaps two-day winning streak on Wednesday. UK S&P Global/CIPS Composite PMI fell to 48.6 in August vs. 50.8 prior. Japanese policymakers will closely monitor FX movements with a sense of urgency. The attention will shift to Japan’s Gross Domestic Product (GDP) due on Friday. The GBP/JPY cross struggles to gain and
US: The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. Inflation measures since then showed further disinflation. The labour market displayed signs of softening although it remains fairly tight. Overall, the economic data