Renault announced Friday, October 21, that its sales rose to 9.8 billion euros ($9.57 billion) in the third quarter, in line with analyst expectations, as price increases allowed the company to achieve revenue growth despite a decline in car sales from the previous year. The French automaker said overall revenue …
Read More »Yuan slips near 14-year lows against the dollar
The Chinese yuan fell during Friday’s trading, near its lowest level in 14 years against the dollar, bringing its losses this year to 12.3%. And according to Bloomberg, market watchers expect further yuan weakness after the Communist Party congress ends this weekend, with the central bank loosening its grip on …
Read More »European stocks fall as inflation and slowdown fears dominate the markets
European shares fell on Friday, amid fears that major central banks will stick to raising interest rates to curb prices, while investors assessed mixed earnings reports that did little to allay fears of an economic slowdown. A slew of inflation reports and data pointing to the strength of the US …
Read More »Market Drivers – US Session 20/10/2022
Soaring treasury yields managed to save the US dollar on Thursday. The American currency started the trading day with negative performance, but later was able to trim intraday losses and finished the day little changed against most major rival currencies.The yield on the 10-year US Treasury note picked at 4.23%, …
Read More »Gold struggles amid hawkish signals
The gold price has moved back to flat position on the day to print around $1,629.25 after moving between the $1,622.54 low and the $1,628.93 high for most of the session, reversing two losing sessions as the US dollar eased. At the time of writing the precious metal is trading …
Read More »EUR/USD surges on stronger dollar
The EUR/USD pair is trading at 0.9783 at the time of writing versus Wednesday’s 0.97815 level. The pair edged up into the close on Wall Street by 0.12% as the US dollar pauses the soaring US yield environment and despite markets pricing in the Federal Reserve’s terminal rate of around …
Read More »UK Bond traders warn against anything but tightening
Traders in UK government bonds were unintentionally contributing to toppling Liz Truss from the premier position. So, what could be the next goal? Perhaps the logical next goal is to ensure that the successor of Truss will stick to the fiscal discipline required to prop up the UK’s fragile financial …
Read More »Fed’s Cook, Harker Still Support Aggressive Stance
On Thursday, Federal Reserve Governor Lisa Cook said that inflation in the US is still remains unacceptably high and interest rates will need to keep rising to get it under control.According to Cook, “Inflation is too high, it must come down and we will keep at it until the job …
Read More »Sterling rallies on November hike bets, Liz Truss Departure
The British Pound rallied on Thursday and investors reined in their bets on a big Bank of England interest rate hike in November as UK Prime Minister Liz Truss announced her resignation just six weeks after she was appointed.At the time of writing the GBP/USD pair is trading at 1.129 …
Read More »Liz Truss to quit as prime minister
Liz Truss is to issue a statement resigning as prime minister after just 45 days, following the near-complete evaporation of her political authority, a process begun by last month’s disastrous mini-budget. “It’s over,” a source said. Truss, who would become the shortest-serving prime minister in UK history, has been under …
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