Easing Off Recent Highs The dollar took a step back on Wednesday, relinquishing some of its recent gains against the euro, as US bond yields softened, adding pressure on the greenback. Technical Corrections The reversal in the dollar’s trajectory was largely attributed to technical factors, following a two-day surge against …
Read More »US dollar slides on profit taking, Mester’s comments
The Dollar Index temporarily dipped below 104.20 on Tuesday, one day after reaching its best level in nearly three months on good economic data and the Fed’s hawkish stance on interest rates, with the US service sector exhibiting resilience, prompting markets to disregard an interest rate cut in March. Loretta …
Read More »FOMC Minutes: Policymakers saw rate cuts likely, path highly uncertain
According to meeting minutes made public on Wednesday, Federal Reserve policymakers agreed in December that interest rate reductions are probably going to happen in 2024, although they didn’t seem to specify when.A number of FOMC members stated that when bank reserves “are somewhat above the level judged consistent with ample,” …
Read More »American Fed government posts $314 billion deficit in November
The US government recorded a $314 billion budget deficit in November, which was higher than the expected $301 deficit. The Treasury Department reported $275 billion in receipts and $589 billion in outlays. It compares to a $248 billion deficit in the same month last year.According to the Treasury Department, the …
Read More »Yellen sees US economy heading toward soft landing
United States Treasury Secretary Janet Yellen said on Tuesday that she sees no reason why inflation should not come down to the Federal Reserve’s target. The US Dollar Index is falling modestly on Tuesday but is off lows. It recovered ground following US inflation data and is hovering around 104.00. …
Read More »Dow closes a strong November rally, rises to a new high for 2023
The Dow Jones Industrial Average has celebrated its best month since October 2022 on Thursday, when gain has hit a new high for the year thanks to Salesforce’s earnings and declining inflation data. The Dow of 30 stocks rose 291 points, or almost 0.8%, above its previous peak set in …
Read More »US Dollar peaks on Chicago PMI reading
The US dollar trades in the green against all major currencies. US traders are seeing PCE confirming sticky pace of inflation. The US Dollar Index climbs above 103 and could still flip this week’s overall performance into positive territory. The dollar bulls are being back by Wednesday and Thursday’s data …
Read More »EUR/USD boosted by softer US dollar, retreating US yields
Profiting from the declining value of the US dollar, the EUR/USD pair keeps rising, currently trading at 1.0942. One major factor supporting the strength of the Euro and weakening the dollar is the decline in US Treasury bond yields.The likelihood of a rate cut by the Federal Reserve supports the …
Read More »Wall Street rallies on easing Treasury yields
The S&P 500 is expected to close the week higher than 4,400, despite a decline in consumer confidence. Meanwhile, US Treasury bond rates have stabilised after rising more than 10 basis points over the course of the entire yield curve on Thursday. S&P 500 breaks 4,400 as Wall Street closes …
Read More »US Dollar reacts to Powell’s hawkish remarks, technical outlook uncertain
Traders were taken by surprise as Federal Reserve Chairman Jerome Powell delivered unexpectedly hawkish remarks, causing the US Dollar (USD) to initially surge, but subsequently ease during European trading on Friday. Powell’s comments deviated from market expectations of upcoming rate cuts, creating a contrasting picture to earlier dovish statements made …
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