As reported by Reuters, US Federal Reserve chairman Jerome Powell is walking a careful line on foreign trade, opting to cautiously defer to the Trump administration, noting that it ultimately lands outside of the Fed’s responsibility. Key quotes “But in two days of congressional testimony and a broadcast interview last week the central banker also hinted the Fed may be more concerned about current trade tensions than it is letting on, as uncertainty reshapes business
FX today was seeing a mixed outcome for the greenback. There was a big disappointment in US housing starts, sparking profit-taking with G7s and commodities (commodity-FX also) bounced. FX today was seeing a mixed outcome for the greenback that ranged between 94.9580-95.4070, sliding to the lower end of the range in NY where there was a big disappointment in US housing starts, sparking profit-taking with G7s running into profit-taking levels. Powell also sounded a shade
Aussie employment report overview Early Thrusday sees the latest round of employment figures for the Australian economy, and markets are overall expecting a positive outcome, with the Aussie Unemployment Rate and Participation Rate to both remain steady at 5.4% and 65.5% respectively, while median market forecasts are calling for an increase in the Employment Change headline, with an expectation of 17 thousand new jobs added in June, compared to the previous month’s 12 thousand. Part-time positions
Michael Batnick This is what absolute dominance looks like. A picture is worth a thousand words but a pie chart may be more eloquent, especially when it comes to sizing up the giants of the tech industry. Michael Batnick, director of research at Ritholtz Wealth Management, on Wednesday tweeted out a chart that underscored how absolutely dominant tech companies have become in a world where size seems to increasingly matter. Batnick, in his tweet, noted
NEWS | 1 minutes ago By Joshua Gibson The Aussie surged against the safe-haven Yen late Wednesday as broader markets saw a recovery in risk appetite. The AUD, heavily tied to metals prices, is seeing support from commodities as markets adjust to the hawkish outlook provided by the US’ Fed head Powell. The AUD/JPY is approaching a common consolidation point on the Daily candles, traders should be on the lookout for a rollover into a
Gold has been stabilising at the 10-hr SMA in late NY and the early hours of Asia after supply left the bearish trend intact in the European session forcing the less committed bulls out of the way, with the price moving in below Dec 2017 lows down at $1,236.45/oz. Gold scored a low of $1,221/oz in European trade. However, DXY was closing in the lower end of the 94.9580-95.4070 range on Wednesday in NY.  Gold,
We recently released our 3Q forecasts for the British Pound in the DailyFX Trading Guides page US Session Developments – Oil, Stocks Up and USD Down The US Dollar, which rallied amidst British Pound weakness on weak UK inflation, found itself paring most if its gains during the second half of the day. There, a rise in stocks as sentiment improved dampened the appeal of haven assets, which the greenback is ubiquitous for given its
As reported by Reuters, US President Donald Trump is now saying that he holds Russian President Vladimir Putin “personally responsible” for election meddling in the US in 2016, walking back statements made at the recent Trump-Putin summit in Helsinki, and the White House administration has been struggling to contain the fallout of the meeting. Key quotes “Trump, facing a political uproar over his failure to confront Putin over Russia’s 2016 U.S. election meddling, adopted his
US Economic Adviser Larry Kudlow spoke at the CNBC Institutional Investor Delivering Alpha Conference, where he talked up the state of the US economy, and the on-going growth metrics looking forward. According to Larry Kudlow, “it’s possible that a real growth cycle is in front of us for the next four, five, or six years”, with the Trump administration’s head economic adviser continuing, “this recovery may not be so long in the tooth”. Kudlow’s calls
Much like Blanche DuBois in Tennessee Williams’ play “A Street Car Named Desire,” the U.S. has “always depended on the kindness of strangers,” or at least it has for quite a long time. That’s because foreigners have been big buyers of bonds issued by Americans. They’ve helped to finance the U.S. federal budget deficit. They’ve also bought lots of mortgage-backed and corporate bonds. President Donald Trump’s escalation of the trade war between the U.S. and