Bank of England Chief Economist Huw Pill recently addressed the possibility of an August interest rate cut, dampening expectations due to strong price pressures in Britain’s economy. This has led to uncertainty surrounding the timing of such a move, as Pill emphasized the “uncomfortable strength” of services inflation and wage growth. Despite headline inflation falling
services
Following Federal Reserve Chair, Jerome Powell’s cautious stance during his appearance before the House Financial Services Committee, the US Dollar experienced a slight decline. Despite indications of disinflation in the US economic outlook and market expectations of a rate cut in September, Powell emphasized the Fed’s data-dependent decisions over immediate actions, keeping investors uncertain. Importance
The EUR/USD pair has been steadily climbing for the past six days, reaching around 1.0830 during the Asian session on Tuesday. This upward trend comes as a surprise to many, especially after France’s election results. A leftist alliance unexpectedly took the lead, preventing Marine Le Pen’s far-right party from dominating the leadership race. This unexpected
A rally in chip stocks recently lifted the Nasdaq and S&P 500 to record highs. Companies like Nvidia, Super Micro Computer, and Intel saw significant gains in their stock prices. Nvidia jumped 2.5%, while Super Micro Computer, a company that makes AI-optimized servers using Nvidia’s chips, rallied almost 9%. Intel also rallied almost 6%. This
The US Dollar experienced a decline of 0.80% last week, reaching its lowest level since mid-June. The upcoming release of the June inflation figures and Federal Reserve talks have created a sense of anticipation in the market. While there is a price in less than 10% probability of a rate cut in July, the odds
The U.S. job market is expected to have experienced slower growth in June, with the unemployment rate holding steady at 4%. While the economy continues to expand, the pace of job creation is likely to have cooled off. This slowdown in job growth may indicate that the Federal Reserve will be able to control inflation
The UK’s Labour Party, under the leadership of Keir Starmer, is projected to secure a significant majority in the upcoming 2024 election, according to an exit poll. This forecast suggests that Labour could potentially claim around 410 seats in the 650-seat House of Commons, while the Conservatives are estimated to only secure 131 seats. This
The Australian Trade Balance has been facing a deteriorating trend due to various economic factors. China’s lackluster demand, the collapse of the real estate market, and the slump in iron ore prices in the first half of 2024 have all contributed to this downward trend. Additionally, trade tensions between Australia and China, as well as
EUR/JPY is currently trading around 173.80 during the early European session, up by 0.20% for the day. The weakening of the Japanese Yen can be attributed to the recent data showing contractionary business activity in Japan during June. The final reading of Japan’s Services PMI fell to 49.4 in June from 49.8 in May, marking
The recent discussions by Federal Reserve (Fed) Chairman Jerome Powell and European Central Bank (ECB) President Christine Lagarde shed light on the current monetary policy outlook. Powell emphasized the stickiness of services inflation, indicating a potential challenge for policymakers. He also mentioned that wage increases are moderating towards sustainable levels, but still remain above equilibrium.
Gabriel Makhlouf, a European Central Bank policymaker, expressed his comfort with the possibility of just one more interest rate cut this year. Despite market expectations of further rate reductions, Makhlouf emphasized the need for more time to build confidence in the trajectory of inflation towards the ECB’s 2% target. During an interview at the ECB’s
Recently, exit polls revealed that Marine Le Pen’s far-right party, the National Rally (RN), emerged victorious in the first round of parliamentary elections in France. This political development had an immediate impact on the financial markets, particularly on the euro’s exchange rate against other currencies. In response to the RN’s win, the EUR/USD rate experienced
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