The dollar edged lower on Monday, with U.S. markets closed for a holiday, as investors weighed U.S. jobs data that showed some signs of cooling, boosting bets the Federal Reserve could be at the end of its monetary tightening cycle. Against a basket of currencies, the dollar inched 0.1% lower to 104.14 but remained close to the two-month peak of 104.44 it touched on Aug. 25. The index gained 1.7% in August, snapping its two-month losing streak. Data on Friday showed U.S. job growth picked up in August, but the unemployment rate jumped to 3.8%, while wage gains moderated. The…
Author: Saeed
The euro rose against the dollar on Friday and euro zone bonds yields fell after data showed a big increase in the U.S. unemployment rate in August, supporting the view that Federal Reserve might be finished with interest rate rises. Data from the U.S. Labor Department showed the unemployment rate rose by more than expected in August to 3.8% from 3.5%, its highest since February 2022. Figures showed 187,000 jobs were created last month, above expectations for an increase of 170,000. July’s figure was downwardly revised to 157,000 from 187,000. The euro gained against a softer dollar and was last…
Chinese shares jump as traders bet that recent U.S. unemployment figures may convince officials at the Federal Reserve to keep interest rates steady this month, while markets awaited more possible stimulus measures from Beijing. Elsewhere, international leaders prepare to attend the G20 summit in India later this week, although the gathering will not feature Chinese President Xi Jinping. Chinese stocks surge Shares in China rallied on Monday, buoyed by a slow drip of stimulus measures by Beijing and U.S. labor market figures which bolstered predictions that the Federal Reserve will not raise interest rates at its next policy meeting. The…
The U.S. dollar edged lower in early European trade Monday, in thin holiday-affected volumes as traders continued to digest last week’s mixed U.S. jobs report and the possible impact on thinking at the Federal Reserve ahead of this month’s policy-setting meeting. At 02:55 ET (06:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 104.075, remaining close to last week’s two-month peak of 104.44. Jobs report adds to ‘soft landing’ narrativeFriday’s jobs report offered up a mixed picture – job growth picked up more than expected in August, but the…
The U.S. dollar edged lower in early European trade Tuesday, retreating from near three-month highs ahead of the release of a slew of key economic data this week. At 03:10 ET (07:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 103.907, after slipping 0.2% on Monday. Dollar slips ahead of data dumpTraders appear to have decided to book some gains at the start of a week that includes the release of several key economic data points, culminating on Friday with the widely-watched monthly employment report. U.S. consumer confidence data…
European shares hit two-week highs on Tuesday as mining stocks led gains tracking strength in metal prices and NN (NASDAQ:NNBR) Group jumped after reporting first-half results. The pan-European STOXX 600 gained as much as 0.6% to 458.0 points. NN Group advanced 10.4% to the top of the STOXX 600 and a near six-month high after the Dutch insurer said its capital position had improved in the first six months of 2023. European miners climbed 1.4% as copper prices rose on a softer dollar. Top-consumer China’s recent policy support, halving stamp duty on stock trades, also continued to buoy sentiment. “The…
Oil prices were little changed on Tuesday as investors weighed the enduring possibility of another U.S. interest rate hike undercutting demand against supply concerns emanating from a hurricane hurtling towards the U.S. gulf coast. Brent crude edged 28 cents higher at $84.70 a barrel by 0820 GMT, while U.S. West Texas Intermediate crude ticked up 25 cents to $80.35 a barrel. While OPEC+ driven supply cuts bolstered prices by about 12% and 13% for Brent and WTI respectively, since the start of the third quarter global oil demand worries from the world’s two biggest economies – the U.S. and China…
U.S. Commerce Secretary Gina Raimondo met China’s Premier Li Qiang in Beijing on Tuesday, her second full day of talks with top Chinese leaders on balancing business ties and national security concerns. Raimondo is the latest Biden administration official to visit China in a bid to strengthen communications, particularly on economy and defense, as friction between the world’s two largest economies threatens to shake commercial ties. Earlier on Tuesday, Raimondo told China’s economy tsar and her direct counterpart, He Lifeng, that the U.S. does not seek to decouple from its geopolitical rival. “While we will never compromise in protecting our…
The dollar slid from a 12-week peak on Monday after Federal Reserve Chair Jerome Powell left open the possibility of further rate hikes, while the China-sensitive euro edged up in the wake of Beijing halving its stamp duty on stock trading. The dollar index, which measures the U.S. currency against six peers, edged 0.06% lower at 104.11, after hitting its highest since early June on Friday. The index is up over 2% in August and set to snap a two-month losing streak. In an eagerly awaited speech at the annual Jackson Hole Economic Policy Symposium, Powell promised on Friday to…
Most Asian currencies moved little on Monday as markets weighed hawkish yet somewhat reiterative comments on monetary policy from the Federal Reserve, while the dollar retained recent gains and came close to a three-month high. Fed Chair Jerome Powell on Friday warned that U.S. interest rates could still rise further to curb sticky inflation, reiterating a similar warning he had offered during the Fed’s last meeting. His comments saw the dollar appreciate sharply against a basket of currencies, while U.S. Treasury yields also shot up. Most Asian units had retreated after his comments, and were nursing steep losses for the…
