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Pound Sterling (GBP) Analysis UK PMI in focus as stagflation risks threaten to weigh on…
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CryptocurrencyICONews
South Korea’s ‘Kimchi Premium’ Evaporates; Major Cryptos Tumble on Fed Minutes, Continued Global Uncertainty
by adminIn an interview with CoinDesk TV’s “First Mover” program, Scott Freeman, co-founder and partner of…
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U.N. Chief Warns of ‘Catastrophe’ With Continued Use of Fossil Fuels
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Avalanche, an Ethereum-rivaling smart contract blockchain, is adding a native version of USDC – the…
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The dollar index (DXY00) on Wednesday fell -0.472 (-0.49%). The dollar index on Wednesday fell to a 4-session low after a rally in the S&P 500 to a 2-week high reduced the liquidity demand for the dollar. Strength in the yuan also weighed on the dollar after the yuan on Wednesday jumped to a 3-1/2 year high of 6.3443 yuan/USD on optimism that supportive steps taken by the Chinese government will boost economic growth and that the omicron variant will have a limited impact on the global recovery. EUR/USD (^EURUSD) on Wednesday rose +0.0083 (+0.74%). EUR/USD on Wednesday pushed up to a 1-week high on weakness in the dollar and the British pound. GBP/EUR retreated Wednesday after the Financial Times reported that the UK is close to announcing new Covid restrictions, including vaccine passports for large venues and an order to work from home. ECB comments on Wednesday also sparked short-covering in EUR/USD when ECB Governing Council member Kazaks said the omicron variant of Covid must inflict significant damage on the Eurozone economy before he would back additional stimulus measures. Also, ECB Vice President Guindos said, "we might see some growth deceleration in the short-run" from the new omicron variant, but then a "strong recovery in the medium-term." USD/JPY (^USDJPY) on Wednesday rose +0.04 (+0.04%). USD/JPY on Wednesday extended this week’s gains up to a 1-week high. Strength in stocks curbed the safe-haven demand for the yen after the Nikkei Stock Index rallied +1.4% Wednesday to a 1-1/2 week high. Also, a jump in T-note yields on Wednesday weighed on the yen. Finally, weaker-than-expected Japanese economic data was bearish for the yen after Japan Q3 GDP was revised downward to -3.6% (q/q annualized) from -3.0%, weaker than expectations of -3.1%. Wednesday’s U.S. economic data was bullish for the dollar. U.S. Oct JOLTS job openings rose +431,000 to a 3-month high of 11.033 million, showing a stronger labor market than expectations of 10.469 million. February gold (GCG22) on Wednesday closed up +0.80 (+0.04%), and March silver (SIH22) closed down -0.091 (-0.40%). Precious metals prices on Wednesday settled mixed. A weaker dollar on Wednesday was supportive of precious metals. However, gains in metals were limited due to higher T-note yields and mostly higher stocks that reduced the safe-haven demand for precious metals. The dollar and gold have continued safe-haven support from the negative impact of the worldwide spread of the delta and omicron Covid variants on the global economic recovery.
by adminThe dollar index (DXY00) on Wednesday fell -0.472 (-0.49%). The dollar index on Wednesday fell…
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This episode is sponsored by NYDIG. Download this episode In today’s Long Reads Sunday, NLW…
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Copper, Commodities, Inflation, US Dollar, Federal Reserve – Talking Points Copper plunges through 200-day moving…
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Biden, Granholm Signal Continued Rise In Gas Price At The Pump
by adminPresident Joe Biden, right, greets Energy Secretary Jennifer Granholm, left, and Interior Secretary … [+]…
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BusinessHealth CareNews
The dollar index (DXY00) on Wednesday fell mildly by -0.147 (-0.16%). The main bearish factor was Wednesday’s sharp decline in U.S. T-note yields, which reduces the dollar’s interest rate differentials. The 10-year T-note yield on Wednesday fell by -7 bp to a 2-week low of 1.54%. T-note yields fell on a -2 bp decline in the 10-year breakeven inflation expectations rate and on long liquidation pressure as next week’s expected QE tapering by the Fed seems to already be baked into the market. The dollar saw some support from Wednesday’s better-than-expected U.S. durable goods orders report. U.S. Sep durable goods orders fell by only -0.4% m/m, which was better than expectations for a -1.1% decline. Sep durable orders ex-transportation rose +0.4%, which was in line with market expectations. Sep core capital goods orders (ex defense and aircraft) rose +0.8% m/m, which was better than expectations of +0.5% and was a positive sign for capital spending. EUR/USD (^EURUSD) rose by +0.07%. The ECB at its meeting on Thursday is expected to leave its policy unchanged but may provide indications it is willing to extend the part of its QE program that expires early next year. USD/JPY (^USDJPY) fell -0.31%. December gold (GCZ21) on Wednesday closed +5.40 (+0.30%), and Dec silver (SIZ21) closed +0.103 (+0.43%). Precious metals saw support from the mildly weaker dollar, lower T-note yields, and some increased safe-haven demand after crypto assets fell sharply. The dollar and gold have continued safe-haven support from concern the worldwide spread of the delta Covid variant will crimp the global economic recovery. However, the pandemic in the U.S. has improved after the 7-day average of new U.S. Covid infections on Tuesday fell to a 3-month low of 68,274.
by adminThe dollar index (DXY00) on Wednesday fell mildly by -0.147 (-0.16%). The main bearish factor…