Markets expect core PCE inflation, which excludes volatile food and energy prices, to rise 0.3% on a monthly basis and forecast the annual rate to decline to 4.4% from 4.7% in November. If the awaited reading meets the said estimates, it would be the lowest since October 2021 but still …
Read More »Solid US GDP data drag gold below $1930s as traders await PCE
Gold price drops more than 0.60% due to profit-taking as well as the positive US economic data. US Gross Domestic Product for Q4 has beat markets’ estimates, while jobless claims retreated. Durable Good Orders jumped while new orders shrank. Gold price retreats after hitting a nine-month high of $1949.16 and …
Read More »Market Drivers – US Session 25/01/2023
Hopes for a dovish stance by the Fed are widespread across financial markets as they are heading towards the end of the month and the FOMC policy decision on February 1. ECB policy decision is also awaited for direction. Investors and traders are closely watching Thursday’s GDP data in the …
Read More »Could US Gross Domestic Product Push Gold Up?
Gold price has taken off to renew nine-month high, up for the fourth consecutive trading day. The weaker US dollar reinforces the Gold Index’s upside while a cautious mood prevails most financial markets ahead of the key United States Gross Domestic Product.Dovish bias surrounding the Fed’s intention contrasts with the …
Read More »AUD/USD hit 5-month on CPI data
The Australian dollar surged to a fresh five-month high at 0.7122 against the US dollar on Wednesday, after the Australian inflation data that paved the way for additional policy tightening by the Reserve Bank of Australia. Except for the Australian dollar, risk aversion keeps high beta currencies pressured. Hence, the …
Read More »Before crucial US data, US dollar nearing its breaking point.
Bulls in the US dollar are hiding at a key support level.In the following few days, the Dollar is expected to encounter weekly negative mood resulting in a bullish correction with the 38.2% Fibonacci target positioned around 103.10.The Fed’s intentions and awaited US data will be crucial in determining the …
Read More »No easy way out from US debt ceiling noise
Republicans are still divided over to what extent they should adopt hardline stance on the US debt ceiling, but the significant development is that they were united on Wednesday in one remarkable thing; namely their uniform demand that the Democratic President Joe Biden should agree to negotiate on spending as …
Read More »Dow falls for the first time in four sessions amid earnings season
US stocks fell on Wednesday after the latest corporate earnings that fueled existing concerns that some of the most outstanding US companies are struggling amid successive rate hikes and recession concerns.The Dow Jones Industrial Average snapped three days of gains, last down 80 points, or 0.24%. The Nasdaq Composite retreated …
Read More »What could Boeing earnings mean to stock markets?
Boeing stock is trading lower on Wednesday as the aerospace and defense company reported a fourth-quarter revenue miss and surprise earnings per share loss. For the quarter, Boeing delivered 152 airplanes in its commercial division, a jump of over 50% compared to a year ago. Boeing’s 110 737 planes were …
Read More »BOC’s Macklem: Time to pause, assess whether policy is sufficiently restrictive
Following the Bank of Canada’s decision to raise the policy rate by 25 basis points to 4.5%, Bank of Canada (BoC) Governor Tiff Macklem delivers his remarks on the policy outlook and responds to questions. Key Remarks “Bank of Canada has raised rates rapidly, now it’s time to pause and …
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