Gold touched $2015 per ounce earlier on Friday, supported by the softer US dollar and rising US Treasury yields in the face of ongoing inflationary signals. The price of an ounce of the precious metal is $2012.51 at the time of writing.US PPI and Core PPI beat estimates, suggesting persistent …
Read More »BoE’s Pill: Weak UK activity puts no significant pressure on inflation
Bank of England Chief Economist and Monetary Policy Committee member Huw Pill gave talking points while participating in a panel discussion at the Annual National Association for Business Economics Economic Policy Conference, in Washington DC late Friday. Key Quotes UK labour market remains tight, driven by both weak supply and …
Read More »GBP/USD surges on strong UK data despite mixed US data
Amid evident US data volatility, the GBP/USD pair is rising on the strength of strong UK retail sales data that is above expectations. The US PPI increased more than predicted, pointing to continuous inflation; the UK’s sales boom indicates consumer optimism.A cautious stance on inflation by the Fed weakens the …
Read More »S&P 500 is trying for sixth-straight winning week
US Stocks are little changed on Friday after another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year. The S&P 500 and Dow Jones Industrial Average teetered around the flatline, while the Nasdaq Composite slid 0.2%. The producer price index …
Read More »Fed’s Bostic: Expecting two rate cuts in 2024
Federal Reserve Bank of Atlanta President Raphael Bostic told CNBC on Friday that his outlook is for a reduction in policy rate in the summer time, per Reuters.The US Dollar Index showed no immediate reaction to these remarks and was last seen posting small daily gains at 104.33.Bostic noted that …
Read More »EUR/USD falls as PPI signals policy tightening
The EUR/USD pair has fallen to 1.0759 as US inflation data surpasses expectations, indicating sustained Fed attentiveness. January’s Producer Price Index (PPI) increased 0.3% MoM, exceeding estimates, while the core PPI also beat forecasts, jumping sharply to 0.5% MoM from -0.1% in December. The ECB’s cautious approach to rate cuts …
Read More »Market Drivers – US Session, February 15
The Atlanta Fed GDPNow estimates for first-quarter growth dipped to 2.9% from 3.4%. Atlanta Fed GDPNow’s report reads as follows: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on February 15, down from 3.4 percent on February …
Read More »S&P 500 hits record high in late session rally
All three main indices finished Thursday’s trading day in the green territory, recovering from sharp losses earlier in the week. The S&P 500 closed at a new record high. As of now this year, the 500-stock benchmark has closed on 11 consecutive record highs.The Nasdaq Composite gained 0.30% to conclude …
Read More »Gold marks beginning bullish reversal on mixed US data
Gold prices have been trading at $2,003.70 per ounce, up 0.73% since yesterday’s price and down 3.03% from the beginning of the year. At the time of writing, gold is trading at $2004.44 per ounce, up +0.63%. Mixed US economic data has impacted the US Dollar, with US Treasury yields …
Read More »Fed’s Powell prepares for congressional testimony in early March
Fed Chair Jerome Powell is set to give the Senate banking committee its biannual monetary policy update on March 7. The House Financial Services Committee is expected to host Powell at a hearing at least a day earlier, based on past practice. Investors will be keenly interested in Powell’s congressional …
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