Gold climbed to its highest level since November at $1,853 on Wednesday but ended up losing more than 3% from that level to end the week deep in the negative territory below $1,800. Nonfarm Payrolls are forecast to rise by 238000 in January. The low bar suggests that there is …
Read More »UoM Consumer Sentiment Index Falls Below Expectations In December
The University of Michigan Consumer Sentiment fell to 67.2 from the flash estimate of 68.7, its lowest reading since 2011. The University of Michigan’s (UoM) final estimate of the Consumer Sentiment Index came in at 67.2 in December, below the flash estimate of 68.7 released earlier in the month, and …
Read More »Fed’s Kashkari Expects Fed To Raise Rates at March Meeting
Federal Reserve Bank of Minneapolis President Neel Kashkari said on Friday that he expects the Fed to raise rates at the March meeting.With inflation higher and lasting longer than expected, the Federal Reserve needs to take its foot off the monetary gas pedal “a little bit” to address imbalances between …
Read More »Oil is on Track For a Sixth Week of Gains Amid Supply Concerns
Oil prices rose on Friday, set for a sixth straight week of gains as geopolitical tensions continued to fuel supply concerns. Brent crude futures rose 63 cents, or 0.7 percent, to $89.97 a barrel by 1013 GMT, after reaching $91.04 on Thursday, the highest level since October 2014. West Texas …
Read More »European Shares Slip on Interest Rate Hike Expectations
European shares fell on Friday amid risk aversion on interest rate hike expectations and geopolitical tension in Ukraine, but some strong business results capped losses. The pan-European Stoxx 600 index fell 0.8 percent, heading for its fourth consecutive weekly decline. Auto and chemical stocks were the top losers. But luxury …
Read More »The Dollar is Heading For The Largest Weekly Gain in 7 Months
The dollar consolidated its gains on Friday and is heading for the largest weekly increase in seven months, as the greenback’s gains against other major currencies are supported by expectations of an interest rate hike. With financial markets factoring in an expected 30 basis point interest rate hike in March …
Read More »German Preliminary GDP Contracts by 0.7% in Q4 vs. -0.3% Expected
The German economy shrunk by 0.7% inter-quarter in the fourth quarter of 2021 when compared to the expectations of -0.3% and 1.7% booked in Q3, the preliminary report published by Destatis showed on Friday. Meanwhile, the annualized GDP rate dropped to 1.4% in Q4 against the previous reading of 2.5% …
Read More »Apple’s Sales And Profits Exceed Expectations as The Chip Shortage Eases
Apple reported record sales in the fourth quarter of 2021, the holiday season, with profits that beat expectations while overcoming an expensive global shortage of computer chips. Analysts said the iPhone maker, the world’s largest by market value, has handled supply chain challenges such as factory closures and shipping delays …
Read More »Nikkei Records The Worst Weekly Performance in Two Months
Japan’s Nikkei index recovered on Friday after falling to a 14-week low, and although it was supported by strong gains in Apple Inc, it recorded its biggest weekly decline in two months. The Nikkei stuck to the gains it recorded in the morning and did not witness any fluctuations after …
Read More »Market Drivers – US Session – 27 January 2022
Although traders are still digesting Fed’s policy statement, Thursday’s US session closed on a positive note for both US stocks and the US dollar, seen rising at the same time.The interest rate policy statement and the remarks by Fed Chairman, Jerome Powell, were among the most important factors that continued …
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