The U.S. dollar eased back from a 10-week peak versus major peers on Tuesday, even as Treasury yields marched to fresh post-financial crisis highs, as traders awaited a potentially crucial speech from Federal Reserve Chair Jerome Powell later this week. The yen pulled away from a nine-month trough after Bank of Japan Governor Kazuo Ueda met with the prime minister, although he said exchange-rate volatility was not discussed. China’s yuan briefly popped to a one-week high as the central bank again tried to bolster the currency by setting a much stronger-than-anticipated daily mid-point, but those gains fizzled out quickly. The…
Author: Saeed
Oil edged lower on Tuesday as the market waited to see if Iraqi oil exports resume, which could ease the supply tightness caused by the OPEC+ cut, while a faltering Chinese economy continued to undercut the global demand outlook. Brent crude was down 8 cents at $84.38 a barrel and U.S. West Texas Intermediate crude was trading 7 cents lower at $80.65 a barrel at 0241 GMT. WTI’s contract with September expiry slipped 8 cents at $80.04 a barrel. “Crude oil struggled to keep its head above water on signs of supply tightness easing,” said Brian Martin and Daniel Hynes,…
America’s mom and pop bitcoin buffs have a shiny new derivatives playground that cryptocurrency analysts hope will fire up a moribund market. Their new platform is cryptocurrency exchange Coinbase (NASDAQ:COIN) Global, which on Aug. 16 became the first crypto-focused firm to win approval to offer cryptocurrency futures to U.S. retail customers. It’s early days. But crypto markets are excited by the possibility that the first regulated and listed crypto firm to offer futures trading to U.S. retail investors might revive a shrinking $2 trillion cryptocurrency derivatives market. “Coinbase’s approval to offer U.S. futures has the potential to rekindle hope and…
European stock markets are expected to open largely higher Tuesday with sentiment boosted by a tech-led surge on Wall Street overnight, but gains are likely to be limited as investors prepare for the U.S. Federal Reserve’s annual Jackson Hole gathering later in the week. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.4% higher, CAC 40 futures in France climbed 0.4%, while the FTSE 100 futures contract in the U.K. fell 0.1%. Tech-led Wall Street gains to boost sentimentEuropean stock indices are likely to receive a boost from the resilience seen on Wall Street Monday in…
European stock markets are expected to open in a muted fashion Monday following China’s smaller-than-expected rate cut, while investors digested German inflation data ahead of the U.S. Federal Reserve’s annual Jackson Hole get-together. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.2% lower, CAC 40 futures in France dropped 0.1% and the FTSE 100 futures contract in the U.K. fell 0.1%. China’s small rate cut disappointsThe People’s Bank of China announced earlier Monday that it was cutting its one-year loan prime rate by 10 basis points, to 3.45% from 3.55%, while keeping five-year rates unchanged at…
The 6th edition of the largest trading gathering for Financial Enthusiasts, Forex Expo Dubai (FED) will be held at World Trade Centre, Dubai on 26-27 September 2023, featuring more than 130 sponsors exhibiting their services. Forex Expo has grown significantly with Dubai-based event organizer, HQMENA. Aiming to provide the most comprehensive insights into the trading market and the latest trends in the industry. FED 2023 is a Premium Financial Exhibition and Conference featuring more than 1200+ Financial Brokers, 5000+ Investors, 6000+ Traders, 3000+ IB and Affiliates, and 300+ B2B & Technology Providers, and expecting over 12,000 visitors. The Expo will…
Most Asian currencies fell on Monday, with China’s yuan leading losses after a smaller-than-expected cut from the People’s Bank, while anticipation of more U.S. monetary policy cues kept the dollar steady. The yuan was among the worst performers for the day after the PBOC disappointed markets with cuts to the loan prime rate (LPR). The move raised questions over just how much headroom China has to keep loosening policy, amid worsening economic conditions. Persistent concerns over higher U.S. rates also weighed on sentiment, ahead of the Jackson Hole Symposium later this week. The dollar steadied after strong gains in the…
Asian stocks stumbled on Monday after China delivered a smaller cut to lending rates than markets had counted on, continuing Beijing’s run of disappointingly frugal stimulus steps. China’s central bank trimmed its one-year lending rate by 10 basis points and left its five-year rate unmoved, a surprise to analysts who had expected cuts of 15 basis points to both. Disappointment at the meagre move saw Chinese blue chips ease 0.4% to the lowest in almost nine months, while the Australian dollar took a brief dip as a proxy for China risk. Investors have been hoping for a repeat of the…
The dollar barely budged on Wednesday as investors shrugged off Fitch’s U.S. credit rating downgrade, while the yen made up ground as traders assessed the Bank of Japan’s approach to monetary policy. The agency on Tuesday downgraded the United States to AA+ from AAA in a move that drew an angry response from the White House and surprised investors, coming despite the resolution two months ago of a debt ceiling crisis. It cited likely fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills. There was little reaction…
The S&P 500 fell to start August, as investors navigated a raft of corporate earnings reports and assessed a fresh batch of economic data. The broad-based index lost 0.27% to finish at 4,576.73, while the Nasdaq Composite dropped 0.43% to end at 14,283.91. The Dow Jones Industrial Average added 71.15 points, or 0.2%, to settle at 35,630.68. Earlier in the session, the Dow touched its highest level since February 2022. Pharmaceutical giant Merck pulled back 1.3% even after reporting a smaller-than-expected loss and revenue that exceeded expectations, thanks to strong Keytruda sales. Caterpillar posted strong results, boosting shares 8.9%. Pfizer…
