On Thursday, Treasury Secretary Janet Yellen pledged to pursue tax increases for high earning Americans to keep US finances robust, as she gave a speech in Michigan on the Biden administration’s economic policies.“To ensure our long-term economic stability, we must keep our public finances on sound footing,” Yellen said. Emerging …
Read More »Gold price pressured at $1707, but eying $1,730
Gold prices are down on the day after heavily falling from a high of $1,728.23 to a low of $1,704.00. The precious metal is trading around $1,707.33 at the time of writing and lower by 0.5%. The US dollar index and shorter-dated US Treasury yields rose on Thursday following Fed …
Read More »Fed’s Evans prefers to rate hike pause
Federal Reserve Bank of Chicago President Charles Evans said, on Thursday, that policymakers could deliver a third straight jumbo increase in interest ratesat the next FOMC meeting on September 20-21, but he is opened minded between a 50 or 75 basis point hike. The US dollar index and shorter-dated US …
Read More »Sterling snaps losses versus US dollar on Queen Elizabeth’s death
Reuters reported that the British Pound has trimmed losses against the US dollar on Thursday after Queen Elizabeth, Britain’s longest-reigning monarch and the nation’s figurehead for seven decades, died.Sterling was last down 0.2% at $1.1511 . It hit as high as $1.1516 following the news.“The Queen died peacefully at Balmoral …
Read More »BoC’s Rogers comments on best way to soft landing
Bank of Canada senior deputy governor Carolyn Rogers says bank has seen early signs monetary policy is working.Key Quotes”We’re not where we were in July, but we’re a long way from where we need to be.””The bank still sees a path to a stop to a soft landing, that’s still …
Read More »Wall Street on track for weekly gains
US Stocks abandoned an early stumble and rose in morning trading on Wall Street Thursday, keeping the market on track to break a three week losing streak.The Dow Jones Industrial Average rose 133 points, or 0.4%, to 31,720 and the Nasdaq rose 0.6%.The S&P 500 rose 0.5% as of 10:58 …
Read More »EUR/USD’s other declines possible in the near term
The European Central Bank raised key interest rates by 75 basis points on Thursday, in line with market expectations. The statement and Lagarde’s comments suggested more rate hikes ahead. The euro lost ground across the board after the meeting while the dollar rose boosted by Fed’s Powell remarks. Analysts believe …
Read More »USD/CAD hovers around 1.3110s after Powell’s speech
The Canadian dollar was weakened following Fed Chair Jerome Powell’s speech that indicated Fed’s commitment to fight inflation. The market’s reaction has sent the US dollar higher, while the US 2-year yield, the most sensitive to interest rate increases, climbed.The USD/CAD pair is trimming some of Wednesday’s losses, climbing towards …
Read More »ECB could slow policy tightening in coming months
The European Central Bank raised interest rates by 75 basis points on Thursday as expected. According to analysts, the ECB is to hike 50bps in October, and 25bps at each of the three meetings from December to March, reaching a terminal of 2.00% at that meeting.Today’s decision suggests that the …
Read More »US: Weekly Initial Jobless Claims decline to 222K
here were 222,000 initial jobless claims in the week ending September 3, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week’s print of 228,000 (revised from 232,000) and came in better than the market expectation of 240,000. Further details …
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