Forex News
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One evening in March — at 8:41 p.m. Chicago time to be exact — internal warnings flashed within Walmart Inc. about a curious thing happening at hundreds of its stores across the US. Shoppers scanning certain items at self-checkout stands were seeing the wrong prices. Some prices were lower than listed. Others were higher. Unbeknownst to those buying food, ...
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A global malware network responsible for the theft of $5.9 billion in Covid relief funds and tied to other crimes like child exploitation and bomb threats has been shut down, Department of Justice officials announced Wednesday. The DOJ arrested 35-year-old YunHe Wang, a Chinese national who was charged with creating the “botnet,” a kind of malware that ...
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Inflation and wages are kind of a chicken or egg issue. Do higher prices cause higher wages or do higher wages cause higher prices? I suppose it’s probably a little of both. There is an obvious relationship when you look at the data. Here’s a look at year-over-year wage growth versus trailing twelve-month inflation going back to 1965: chart Wages grow ...
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Fifth District manufacturing activity improved but remained sluggish in May, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite manufacturing index increased from -7 in April to 0 in May. Of its three component indexes, shipments increased from -10 to 13, new orders increased from -9 to -6, and employment fell from ...
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National economic activity continued to expand from early April to mid-May; however, conditions varied across industries and Districts. Most Districts reported slight or modest growth, while two noted no change in activity. Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers. Auto sales were roughly flat, with a few Districts noting that manufacturers were offering incentives to spur sales. Travel and tourism strengthened across much of the country, boosted by increased leisure and business travel, but hospitality contacts were mixed in their outlooks for the summer season. Demand for nonfinancial services rose, and activity in transportation services was mixed, as port and rail activity increased whereas reports of trucking and freight demand varied. Nonprofits and community organizations cited continued solid demand for their services, and manufacturing activity was widely characterized as flat to up, though two Districts cited declines. Tight credit standards and high interest rates continued to constrain lending growth. Housing demand rose modestly, and single-family construction increased, though there were reports of rising rates impacting sales activity. Conditions in the commercial real estate sector softened amid supply concerns, tight credit conditions, and elevated borrowing costs. Energy activity was largely stable, whereas agricultural reports were mixed, as drought conditions eased in some Districts, but farm finances/incomes remained a concern. Overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks post: FED BEIGE BOOK: PRICES INCREASED AT A MODEST PACE OVER THE REPORTING PERIOD. post: FED BEIGE BOOK: OVERALL OUTLOOKS GREW SOMEWHAT MORE PESSIMISTIC AMID REPORTS OF RISING UNCERTAINTY AND GREATER DOWNSIDE RISKS. post: FED BEIGE BOOK: NATIONAL ECONOMIC ACTIVITY CONTINUED TO EXPAND FROM EARLY APRIL TO MID-MAY. HOWEVER, CONDITIONS VARIED ACROSS INDUSTRIES AND DISTRICTS. post: FED'S BEIGE BOOK: EMPLOYMENT ROSE AT A SLIGHT PACE OVERALL. EIGHT DISTRICTS REPORTED NEGLIGIBLE TO MODEST JOB GAINS,AND THE REMAINING FOUR DISTRICTS REPORTED NO CHANGES IN EMPLOYMENT.
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The USD/JPY is nearing intervention territory as it climbs above 157.00. Are we going to see a re-test of 160.00? The US dollar has been strengthening again, following a surprise rise in US consumer confidence for May, strengthening bond yields, and ongoing Fed hawkishness. Our short-term USD/JPY forecast remains bullish amid the BoJ’s current policy ...
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Global central banks and finance ministries held nearly $12 trillion of foreign exchange reserves as of the end of 2023, with nearly $7 trillion composed of U.S. dollar assets. ...
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Today marked the start of the two-day process in which the EuroZone updates the markets on its April inflation reading. The final number will be available on Friday, after major ...
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European Central Bank Governing Council member Klaas Knot said it would “soon” be time to ease monetary policy in the region, but cautioned that the process would need to be done ...
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National economic activity continued to expand from early April to mid-May; however, conditions varied across industries and Districts. Most Districts reported slight or modest growth, while two noted no change in activity. Retail spending was flat to up slightly, reflecting lower discretionary spending and heightened price sensitivity among consumers. Auto sales were roughly flat, with a few Districts noting that manufacturers were offering incentives to spur sales. Travel and tourism strengthened across much of the country, boosted by increased leisure and business travel, but hospitality contacts were mixed in their outlooks for the summer season. Demand for nonfinancial services rose, and activity in transportation services was mixed, as port and rail activity increased whereas reports of trucking and freight demand varied. Nonprofits and community organizations cited continued solid demand for their services, and manufacturing activity was widely characterized as flat to up, though two Districts cited declines. Tight credit standards and high interest rates continued to constrain lending growth. Housing demand rose modestly, and single-family construction increased, though there were reports of rising rates impacting sales activity. Conditions in the commercial real estate sector softened amid supply concerns, tight credit conditions, and elevated borrowing costs. Energy activity was largely stable, whereas agricultural reports were mixed, as drought conditions eased in some Districts, but farm finances/incomes remained a concern. Overall outlooks grew somewhat more pessimistic amid reports of rising uncertainty and greater downside risks post: FED BEIGE BOOK: PRICES INCREASED AT A MODEST PACE OVER THE REPORTING PERIOD. post: FED BEIGE BOOK: OVERALL OUTLOOKS GREW SOMEWHAT MORE PESSIMISTIC AMID REPORTS OF RISING UNCERTAINTY AND GREATER DOWNSIDE RISKS. post: FED BEIGE BOOK: NATIONAL ECONOMIC ACTIVITY CONTINUED TO EXPAND FROM EARLY APRIL TO MID-MAY. HOWEVER, CONDITIONS VARIED ACROSS INDUSTRIES AND DISTRICTS. post: FED'S BEIGE BOOK: EMPLOYMENT ROSE AT A SLIGHT PACE OVERALL. EIGHT DISTRICTS REPORTED NEGLIGIBLE TO MODEST JOB GAINS,AND THE REMAINING FOUR DISTRICTS REPORTED NO CHANGES IN EMPLOYMENT.
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Fifth District manufacturing activity improved but remained sluggish in May, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite ...
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The Conference Board Consumer Confidence Index® rose in May to 102.0 (1985=100) from 97.5 in April (a slight upward revision). The Present Situation Index—based on consumers' ...
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Weak demand for US 7-year treasuries sent Wall Street indices lower on Wednesday, on concerns that funding the US deficit will drive up yields alongside ‘higher for longer’ Fed rates. And that manifested with a higher US yields curve and a stronger USD, which enjoyed at strongest daily performance in over a month. This week I have warned of a potential ...
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The British Pound surged more than 4% off the yearly lows registered last month with GBP/USD now testing major technical resistance near the yearly highs. The immediate focus is on a reaction into this threshold with the bulls vulnerable sub-1.28. These are the updated targets and invalidation levels that matter on the GBP/USD weekly chart heading into June ...
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Although South Korea is one of the more developed financial markets, the operating hours for its foreign exchange (FX) market have been quite limited. Until now, the Korean won trading has only been active for 6.5 hours, but it will soon be significantly prolonged. This change will be groundbreaking, extending the official session to 17 hours. According to ...