The Reserve Bank of Australia (RBA) has been under scrutiny for its stance on returning inflation to target levels. Investors are closely watching the RBA Meeting Minutes for any hints of a rate hike, especially in light of a deteriorating labor market and macroeconomic conditions. The possibility of an August rate hike raises concerns about
Forecasts
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The finalized S&P Global Manufacturing PMI numbers for June have been released, showing a slight increase from the preliminary survey. This could potentially influence market sentiment toward the US economy. The initial survey indicated a rise from 51.3 to 51.7, suggesting a positive trend in the manufacturing sector. However, changes to these numbers may still
Japan’s household spending has been a key factor influencing the USD/JPY pairing. Beyond just the numbers, investors need to closely monitor threats of intervention and commentary from the Bank of Japan (BoJ). The concern about the impact of a weak Yen on the Japanese economy has the potential to sway both government and BoJ decisions.
The S&P 500 futures saw an increase on Friday as traders awaited the release of crucial inflation data. The first half of the year has been particularly strong with the Nasdaq leading gains in June by a significant 6%. On the other hand, the S&P 500 and Dow also saw gains of over 3% and
The eurozone has been experiencing a lackluster economic performance in recent years. However, the latest data revealing a 0.3% quarterly growth in GDP suggests that the bloc is currently not in a technical recession. Despite this seemingly positive development, there is still a looming possibility of a recession later in the year, albeit minimal. The
The US Personal Income and Outlays report is set to be released, and it is expected to play a crucial role in determining the prospects of a September Fed rate cut. Economists are predicting that the Core PCE Price Index will increase by 2.6% year-on-year, a slight decrease from the 2.8% reported in April. If
The Australian economy is closely tied to economic indicators from China, given that China accounts for one-third of Australian exports. As investors analyze the implications of the Australian inflation numbers on the RBA rate path, attention is also turning to Chinese industrial profit numbers and their potential influence on buyer appetite for the Aussie dollar.
The ASX 200 experienced a 1.01% decline on Wednesday due to hotter-than-expected Australian inflation numbers. The Monthly CPI Indicator rose from 3.6% to 4.0% in May, surpassing economists’ forecast of 3.8%. ABS Head of Price Statistics Michelle Marquardt highlighted that items like Automotive fuel, Fruit and vegetables, and Holiday travel influenced CPI inflation. Excluding these
The Deputy Governor Ryozo Himino of the Bank of Japan has highlighted the significant impact of exchange rate fluctuations on economic activity. These fluctuations not only affect inflation through direct impact on import prices, but also have broader and sustained implications. While the Bank of Japan aims to cap the upside through intervention threats, a
The Jibun Bank Services PMI unexpectedly fell to 49.8 in June, marking the first contraction since August 2022. This decline, coupled with a slowdown in output price inflation, has raised concerns about the strength of the Japanese economy. As a result, the Bank of Japan may need to reassess its monetary policy approach and place
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