AUD/USD has remained muted despite the release of the Aussie PMI data. Manufacturing PMI has released at 53.9 vs. estimates of 54.0 while Services PMI has landed at 50.4 vs. 47.7. The DXY could witness a momentum loss ahead of US PMI numbers. The AUD/USD pair has not responded effectively to the release of the
Extreme volatility was seen in the markets in the past 24 hours. Yen rebounds broadly today after Japan confirmed that “decisive” currency intervention was made. That came after BoJ stood pat and pledged to keep rate at low level. Swiss Franc was sold off sharply after SNB hiked 75bps, but hinted at the possibility of
According to local news outlet mk.co.kr, the South Korean government has seized over 260 billion Korean won ($180 million) worth of cryptocurrencies in the past two years due to tax arrears. The country’s politicians enacted regulations allowing for the seizure of digital currencies for tax delinquencies and began enforcing them last year. One individual living
USDCAD corrects to an old swing area The USDCAD has been on a run to the upside with the pair up 6 of the last 8 trading days (with modest declines on the 2 down days). The price has moved from a low on September 13 at 1.2953. The high price today reached 1.3543 for
Bonds are blowing up today and none worse than gilts. New chancellor Kwasi Kwarteng today rolled back a 1.25 percentage point increase in payroll tax that came into effect earlier this year. He also said that a planned dividend tax would be scrapped from April 2023. At the same time, he said promised spending increases
In this article DRI Follow your favorite stocksCREATE FREE ACCOUNT An order of breadsticks from a Darden Restaurants Inc. Olive Garden Getty Images Darden Restaurants on Thursday reported mixed quarterly results but stood by its outlook for fiscal 2023, predicting that inflation will cool in coming quarters. The parent company of Olive Garden and LongHorn
Gold price in the national capital rose by Rs 442 to Rs 50,399 per 10 grams on Thursday amid a rise in international precious metal prices and sharp rupee depreciation, according to Securities. In the previous trade, the yellow metal had closed at Rs 49,957 per 10 grams. Silver also climbed by Rs 558 to
The Bank of England warned that the U.K. will enter recession later this year. The expected recession is forecast to be the longest since the global financial crisis. Vuk Valcic | SOPA Images | LightRocket | Getty Images LONDON — The Bank of England voted to raise its base rate to 2.25% from 1.75% Thursday,
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“British Prime Minister Liz Truss has agreed with her Irish counterpart Micheal Martin that an opportunity remains for a negotiated outcome to issues around the Northern Ireland protocol,” Reuters quotes Irish broadcaster RTE TV during the weekend. The news also mentioned that an Irish government spokesperson declined to comment on what was discussed at the
The stronger than expected consumer inflation data from the US basically sealed the case for a 75bps hike by Fed next. Dollar ended as the strongest one last week, as supported by risk aversion too. But the greenback could only close above prior week’s high against Canadian and New Zealand Dollar, suggesting that momentum was
USDCHF stalls at the 200 hour MA The USDCHF has chopped higher in trading today. The pair started the day near a swing area at 0.9591 to 0.9606 after breaking back above the 100 hour MA yesterday and closing above. The low in the Asian session stalled the fall in the 0.9591 to 0.9606, moved
A Goldman Sachs note from later Friday (info via Reuters) has analysts at the bank making more pessimistic forecasts ahead due to a more aggressive Federal Reserve tightening policy through the rest of this year: “higher rates path combined with recent tightening in financial conditions implies a somewhat worse outlook for growth and employment next
In this article FDX Shares of FedEx closed down more than 21% Friday after the company posted bleak preliminary earnings, citing weakening demand in global shipment volumes. The shipping giant late Thursday also withdrew its full-year guidance and announced significant cost-cutting measures. The drop in its share price wiped around $11 billion off the company’s
From a macro perspective, hawkish comments from Fed Chair and other US Fed officials at the Jackson Hole meeting have been keeping upside limited in base metals. The recent inflation data unexpectedly beat market expectations and renewed fears that the markets could witness a hefty rate hike in September has also been pressurizing markets. At
In this article WFC Huntstock | Disabilityimages | Getty Images Turbulent times may be ahead for Hispanic workers, a new report from Wells Fargo found. The firm expects Latino workers to take an outsized hit if a mild recession happens in 2023, like it is projecting. “The Hispanic unemployment rate tends to rise disproportionately higher
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