The EUR/GBP cross has been gaining ground around 0.8450 in Thursday’s early European session, showing a 0.35% increase on the day. The expectations for a rate cut by the Bank of England (BoE) seem to be divided, with market players unsure about the direction the central bank will take. The uncertainty surrounding the BoE’s interest
Selling
The NZD/USD pair has been trading on a stronger note around 0.5915 in Wednesday’s Asian session, up 0.17% on the day. This increase in strength can be attributed to the better-than-expected Chinese Manufacturing Purchasing Managers’ Index (PMI) data for July. The Chinese PMI for July came in at 49.4, beating expectations of 49.3, while the
It seems that Warren Buffett’s Berkshire Hathaway is on a selling streak when it comes to its big Bank of America stake. Over the past nine trading sessions, Berkshire has sold a total of 71.2 million shares of the bank, amounting to over $3 billion in sales. This indicates that the conglomerate is not just
The USD/JPY pair has experienced a significant decline, falling below key support levels on the 4-hour chart. The 100 simple moving average and the 200 simple moving average were both breached as the pair dropped below 155.50. Although a recovery wave was initiated, the pair faces strong resistance at the 154.20 level. Further hurdles lie
Sotheby’s, the renowned auction house, is venturing into a new kind of selling in Hong Kong with the opening of its first retail outlet. This innovative concept will offer a wide range of items, from collectible trainers to dinosaur fossils, with prices starting at several hundred dollars. This move comes at a time when luxury
The gold price (XAU/USD) has been facing significant selling pressure for the second consecutive day, resulting in a drop to a two-week low. This downward trend can be attributed to technical selling activities. However, the decline is expected to be limited due to certain supporting factors in the market. One such factor is the growing
The EUR/USD pair has been struggling to clear the 1.0950 resistance level and has subsequently declined against the US Dollar. Despite some attempts to break above this level, the pair failed to do so and started a fresh decline below the 1.0900 support. This downward movement led to a breach below the 1.0875 support and
Berkshire Hathaway recently made a strategic move by trimming its gigantic Bank of America holding for the first time in 4½ years. This decision came after Bank of America’s strong 2024 run, where Warren Buffett’s conglomerate sold 33.9 million shares of Bank of America for almost $1.5 billion in separate sales. This marked a significant
The NZD/USD pair is currently facing a substantial downturn, hovering around 0.5996. This decline can be attributed to a multitude of factors, including recent global political developments and domestic monetary policy expectations. The surprising announcement by US President Joe Biden that he will not be seeking re-election in 2024 has unexpectedly boosted the US dollar.
The EUR/USD pair edged higher to 1.0895 in Monday’s early Asian session, up 0.12% on the day. This increase can be attributed to Fed’s Williams statement that the US central bank is “getting us closer to a disinflationary trend that it’s looking for.” The rising bets on the Federal Reserve rate cut in September and
Recently, Nataxis Asia Pacific Chief Economist Alicia Garcia Herrero expressed disappointment in China’s industrial policies following the Third Plenum. She noted a lack of significant change in direction towards consumption-led growth or market forces. Economists are predicting an increase in the Chicago Fed National Activity Index from 0.18 in May to 0.30 in June. This
The second-quarter results of U.S. banks have revealed a concerning trend of increased provisions for credit losses, driven by deteriorating commercial real estate (CRE) loans and high-interest rates. In response to this, regional lenders like M&T Bank are gradually reducing their exposure to the troubled CRE sector and repositioning their balance sheets to concentrate on
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