Gold price (XAU/USD) rebounds to $2,400 in Wednesday’s early American session.
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Gold price rises as investors digest Fed Powell’s hawkish guidance
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FOREX NEWS & BLOG
Economic calendar for the week 22.04.2024 – 28.04.2024
The dollar has maintained its position on the foreign exchange market after the publication of inflation data in the United States indicating its acceleration. Macro data published last week, in particular the data on retail sales volumes, also turned out to be positive, and the rhetoric of statements made by representatives of the Fed continues to remain moderately tough. Now, many economists believe that the Fed may even postpone the interest rate cut until next year if the next inflation data, which will be released in mid-May, confirms the acceleration of inflation in the United States. In the week of… Read full author’s opinion and review in blog of #LiteFinance
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US major stock indices giving up their gains
The gains in the major US stock indices have been whittled away. The NASDAQ index is now in negative territory. The Dow Industrial Average S&P index are holding onto small gains.
- Dow Industrial Average is up 30 points or 0.08%
- S&P is up 6.5 points or 0.13%
- NASDAQ index is down -3.20 points or -0.03%
The small-cap Russell 2000 is up 1.5 points or 0.8%.
Small changes in the major indices but off their highest levels of the day.
The U.S. Treasury will auction off 20-year bonds at 1 PM ET.
The Federal Reserve will release their Beige Book at 2 PM ET ahead of the FOMC rate decision on May 1.
Other events today include:
- ECBs Schnabel scheduled to speak at a 2024 EU-US symposium at 1:30 PM ET
- Later at at 5:30 PM ET, Cleveland Fed Pres. Mester is scheduled to speak
- BOE’s Baily is also scheduled to speak at 5:30 PM ET
- Fed Gov. Bowman is scheduled to speak at 7:15 PM ET
Fedspeak will go quiet at the close of business on Friday ahead of the May 1 rate decision
UPDATE: Stocks are coming under more pressure with the NASDAQ index now down -72 points or -0.46%. The S&P is down -11.09 points or -0.22%.
Yields remain lower with the 10-year down -3.1 basis points. The 2-year is down -1.3 basis points
This article was written by Greg Michalowski at www.forexlive.com.
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ECBs Nagel: Price pressure in the euro zone could continue for some time
ECBs Nagel is speaking and says:
- Price pressure in euro zone could continue for some time.
- Is not completely clear if inflation rate will reach 4% target next year and stay at that level.
- Expect slight growth in the German economy in 2024
The EURUSD is trading to a new high and in the process moved up to test the falling 100 hour MA at 1.0652. There is also a swing area between 1.0655 and 1.0675. It will take a move above each to give the buyers more confidence (and disappoint the sellers).
This article was written by Greg Michalowski at www.forexlive.com.
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The NZD is the strongest, and the USD is the reduced as the NA session begins
The NZD is the strongest and the USD is the weakest as the North Ameican session begins.
Yesterday, Chair Powell (and Fed Gov. Jefferson) declined to state that rate cuts were likely to be appropriate this year (omitting is just as good as saying it), which was a shift in the mindset of the Fed. The Chair and Vice Chair stated that inflation was not showing improvement. The market now has September as the month that the Fed may cut rates.
In the European morning session today, the U.K.’s consumer price inflation fell to 3.2% YoY, marking the lowest rate in over two years, and lower than February’s 3.4%. The reduction was primarily due to a slower rise in food prices compared to the previous year. However, fuel prices did increase. Core inflation also declined to 4.2% from February’s 4.5%. Earlier this week, employment data showed a slowdown in core wage growth. The Bank of England has kept its interest rates at their highest since 2008. BOEs Bailey recently said that the U.K. economy is nearing a stage where interest rates could begin to be reduced, observing strong signs of disinflation at full employment.
The weekly US mortgage data was released. Applications (and all of the other components) rose despite higher rates:.
- Mortgage Refinance Index: Increased to 500.7 from 498.3 (Stronger)
- Purchase Index: Rose to 145.6 from 138.7 (Stronger)
- US Mortgage Market Index: Grew to 202.1 from 195.7 (Stronger)
- Mortgage Applications: Jumped to 3.3% from 0.1% (Significantly stronger)
- 30-Year Mortgage Rate: Increased to 7.13% from 7.01%
Affordability is at its lowest level since 1980.
US stocks are higher. US yield are little changed.
In Israel, there was quiet. Yesterday, threats were made by Israel of a retaliatory strike in some form or fashion against Iran.
Crude oil today is lower. The private inventory data released late yesterday showed a stronger than expected builder 4.09M barrels, but gasoline and distilates both showed declines. The EIA will release their inventory data at 10:30 AM with expectations of a buildup of 1.373M crude oil stocks. Gasoline is expected to show a drawdown of -0.889M. The private data yesterday came at:
A snapshot of the other markets as the North American session begins currently shows.:
- Crude oil is trading down $0.57 or -0.67% at $84.80. At this time yesterday, the price was at a $84.96
- Gold is trading up $5.16 or 0.21% at $2387.80. At this time yesterday, the price was $2372.82
- Silver is trading up $0.40 or 1.41% at $28.46. At this time yesterday, the price was at $28.26.
- Bitcoin currently trades at $62,846 – not far off of the level at this time yesterday. At this time yesterday, the price was trading at $62,980
In the premarket, the major indices are trading higher:
- Dow Industrial Average futures are implying a gain of 85.03 points. Yesterday, the index gained 63.86 points or 0.17% at 37798.98 (thanks to a 6% gain in UnitedHealth).
- S&P futures are implying a gain of 15.34 points. Yesterday, the index fell minus 10.41.4 -0.21% at 505140
- Nasdaq futures are implying a gain of 45.10 points. Yesterday, the index fell -19.77 points or -0.12% at 15865.25
The European indices are trading higher:
- German DAX, +0.47%
- France CAC , +1.29%
- UK FTSE 100, was 0.66%
- Spain’s Ibex, +1.34%
- Italy’s FTSE MIB, +1.07% (delayed 10 minutes)
Shares in the Asian Pacific markets were mostly lower:
- Japan’s Nikkei 225, but is 1.32%
- China’s Shanghai Composite Index, +2.14%
- Hong Kong’s Hang Seng index, +0.02%
- Australia S&P/ASX index, -0.09%
Looking at the US debt market, yields are marginally higher. Yesterday yields moved higher on the back of flight to safety flows reversal, and then stronger retail sales
- 2-year yield 4.964%, unchanged. At this time Friday, the yield was at 4.944%
- 5-year yield 4.674%, -0.7 basis points. At this time Friday, the yield was at 4.658%
- 10-year yield 4.651%, -0.6 basis points. At this time Friday, the yield was at 4.682%
- 30-year yield 4.757% unchanged. At this time Friday, the yield was at 4.752%
Looking at the treasury yield curve spreads, the yield curve statement over the last 24 hours:
- The 2-10 year spread is at -31.1 basis points. At this time Friday, the spread was at -30.1 basis points
- The 2-30 year spread is at -20.8 basis points. At this time Friday, the spread was at -19.2 basis points
European benchmark 10-year yields are higher:
This article was written by Greg Michalowski at www.forexlive.com.
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Warren, Behnam, Bankman-Fried: An Uncomfortable Probe
CFTC Chair Rostin Behnam is potentially in big trouble as questions are
being asked of his relationship with everyone’s favorite crypto celeb /
jailbird Sam Bankman-Fried.
Warren vs. Behnam
In a recent spectacular display of drama that could rival any
high-stakes poker game, the CFTC Chair Rostin Behnam finds himself in the hot
seat. Senators Elizabeth Warren and Chuck Grassley have thrown a spotlight onto
Behnam’s chummy interactions with none other than the notorious crypto kingpin
and lover
of kippers, Sam Bankman-Fried, who’s just started a 25-year residency in
federal prison. The question on everyone’s lips: How deep does this rabbit hole
go?
🚨 Senators Warren & Grassley press CFTC Chair Behnam on ties with ex-FTX CEO Sam Bankman-Fried, demanding full disclosure as scrutiny over regulatory-industry links intensifies. Read more👇🔗 #FTXhttps://t.co/t6EqGqGGz6
— CCN (@CCNDotComNews) April 16, 2024
A Penchant for Probes
It’s no secret that Warren has a particular fondness for stirring the
regulatory pot, especially when it involves cryptic crypto dealings that could
fill a season of “Billions“.
With Bankman-Fried’s downfall having headlined the financial pages of every “newspaper”
from here to … well, anywhere, Warren, alongside her congressional cohort,
Grassley, has zeroed in on Behnam. They’re demanding an exhaustive rundown of
all the dealings between the CFTC Chair and Bankman-Fried. The aim? To unearth
whether these tête-à-têtes had any role in the catastrophic $8 billion FTX
implosion.
“We just received these letters, so we will work with the office to get them the information they need,” said Steven Adamske, a spokesman for the CFTC.
The Behnam Chronicles
Before FTX’s house of cards collapsed, Behnam boasted to the Senate
Agriculture Committee about his not-so-covert rendezvous with Bankman-Fried.
Apparently, the duo enjoyed no less than ten cozy get-togethers at the CFTC’s
lavish digs, supplemented by a cascade of digital chatter over 14 months. As
the plot thickens, one can’t help but wonder if Behnam was swapping crypto tips
instead of sipping bureaucratic coffee during these meetings.
Benham and Sam Bankman-Fried
As the deadline looms closer, with Behnam required to spill the beans
by April 29, the pressure mounts. The Senators’ letter slices through the
formalities, demanding clear answers about the frequency and content of these
interactions. Was Behnam, perhaps unwittingly, a character in Bankman-Fried’s
elaborate financial fiasco? Or just another spectator caught in the whirlwind
of crypto chaos?
Financial Fallout
While Behnam scrambles to compile his communications, Warren continues
her crusade to cleanse the crypto world of its sins. Her relentless pursuit has
sparked inquiries into Silvergate
Bank‘s shady maneuvers and vociferous
calls for purging crypto from the banking sphere. As regulators scramble to
shut the stable door long after the horse has bolted, the financial landscape
remains littered with the debris of lost billions and shattered trust.
You can read the full letter that Warren and Grassley sent to Behnam here.
But, as a little TLDR, it ends with “We appreciate your assistance as we work
to protect American investors and look forward to working with you to provide a
transparent market,” I rather imagine Senator Warren smiling as she dictated
that.
A Crypto Conundrum Wrapped in an Enigma
As the saga unfolds, the trading community watches from the sidelines.
Will Behnam emerge unscathed, or will he be another casualty in the ongoing war
against crypto malfeasance? The answers, though currently mired in a murky
swamp of meetings and messages, promise to be as revealing as they are
disruptive. Stay tuned, as this story is far from over.
For more tales of probes, kippers and other finance-adjacent stories,
follow our Trending
section.
This article was written by Louis Parks at www.financemagnates.com.
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Visa Expands Connectivity Options to Support Merchant Needs
Merchants are adapting to the commerce landscape
where digital and physical retail converge, facing technological complexities
to ensure smooth payment processes. Visa has unveiled a suite of enhancements
tailored to support merchants of varying sizes, keeping pace with these
demands.
Enhanced Integration and Redesigned SMB platform
The introduction of Developer Assist within the Visa
Acceptance Platform aims to simplify the integration process for partners,
leveraging AI to facilitate the development of sophisticated payment flows.
This platform, utilized by over 450 payment service providers and connecting to
numerous independent software vendors, serves a vast network of merchants
globally.
Authorize.net has revamped its user interface to prioritize
data visibility and streamline day-to-day business operations. The new
interface brings forth benefits for both partners and merchants, featuring
updated dashboards, workspaces, and smart search functionalities.
Tap to Phone, a solution enabling contactless payments via
certified smartphones, has gained traction in 121 countries. With over 6.7
million active terminals and significant payment volume, Visa is exploring applications of contactless technology, as demonstrated by
recent pilots in Latin America and the Caribbean.
Visa Reimagines Payment Acceptance for the ‘Click-and-Mortar’ Era https://t.co/RgJNiYT2kt pic.twitter.com/z05AjA24gy
— Latest News from Business Wire (@NewsFromBW) April 17, 2024
Bridging Digital and Physical Retail for Business Growth
Visa’s suite of solutions, encapsulated under the umbrella
of Visa Acceptance Solutions, underscores the significance of integrating
digital and physical retail environments. These offerings provide businesses
with a level of connectivity and flexibility that would be challenging to
achieve independently, highlighting the value of cloud-ready solutions such as
the Visa Acceptance Platform and Tap to Phone in facilitating business
scalability and customization to meet consumer preferences.
“The payments sector has made significant strides in
simplifying the consumer shopping experience. In doing so, the payments
ecosystem has become more complex and fragmented for sellers, but it doesn’t
have to be this way,” said Rob Cameron, the Global Head of Acceptance Solutions,
Visa. “Visa Acceptance Solutions allows businesses worldwide to offer their
customers best-in-class payment options without over-indexing on complexity for
themselves.”
This article was written by Tareq Sikder at www.financemagnates.com.
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BoE’s Greene: Worried about what energy price shock might do to inflation expectations
“Achieving inflation target has been a bumpy ride, it was always going to be and that last mile is the hardest work,”Bank of England (BoE) Monetary Policy Committee (MPC) member Megan Greene said on Wednesday.
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Euro Price Forecast: EU Inflation Data Bolsters Case for June Rate Cut
Final inflation data for the eurozone supports the growing calls for a first rate cut in June
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A Forex Trader’s Guide to Sharing Trade Ideas
A way to speed up your trading development is through bouncing setups around with other traders. Here are some DOs and DON’Ts when sharing trade ideas.
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FMAS:24 – Build Relationships with Brokers and Traders
Traders,
brokers, and industry enthusiasts from across Africa and the global trading
community are gearing up for the highly anticipated Finance Magnates Africa
Summit (FMAS:24). The premium event will be taking place on May 20-22 in Sandton
City, South Africa, promising to be
a pivotal platform for fostering relationships between brokers and traders
across the continent.
FMAS:24 is in
its second year, having gained prominence for its role in facilitating
networking opportunities and showcasing the latest trends in the financial
industry. With a focus on establishing connections within the African financial
ecosystem, attendees can expect a wide range of insightful discussions,
engaging workshops, and networking sessions.
With
nearly one month to go the time to reserve your seat for FMAS:24 is now! Simply
head over to the event site and sign-up today to make sure to skip any queues
on-site.
FMAS:24 –
Scaling Up
This
year’s summit will constitute the largest event of the year in Africa. Participants
can expect the event to set new records in attendance, sessions, engagement,
and more. This includes over 3,000 attendees, 120 exhibitors, 150 speakers, part
of an ongoing effort to bridge the B2C and B2B community in Africa.
Of course, one
of the primary objectives of FMAS:24 is to provide a conducive environment for
brokers and traders to forge meaningful relationships. Collaboration and
partnership are crucial for sustainable growth and success, especially in
Africa. By bringing together key talent, brands, and a pool of traders under
one roof, FMAS:24 aims to foster dialogue, exchange ideas, and explore
potential synergies.
This May
will see the unveiling of the new Trader Zone, the event’s
newest addition and nod to a growing demographic of retail traders in
attendance. This innovative hub is the perfect forum from which two days of
sessions, panels, workshops and more will be taking place.
Additionally, FMAS:24
will feature panel discussions and keynote speeches from renowned experts and
thought leaders in the field of finance. Topics such as regulatory challenges,
market trends, risk management strategies, and technological advancements will
take center stage, providing attendees with actionable insights to achieve or
sustain success in the retail trading sphere.
FMAS:24 will
also offer a unique opportunity for participants to stay on top of emerging
market opportunities and potential investment avenues across the continent.
With Africa being hailed as a hub for economic growth and development,
understanding the intricacies of local markets is paramount for success.
Networking
in Focus
Networking as
expected will be a key cornerstone of FMAS:24 with ample opportunities for
attendees to connect with industry peers, establish new contacts, and explore
potential collaborations. Whether you’re a veteran professional or a new trader
looking to start a trading journey, the summit provides a conducive environment
for fostering meaningful relationships and expanding your professional network.
Register Today for the Biggest Event
of the Year in Africa!
Beyond
networking opportunities, FMAS:24 will also feature practical workshops and
training sessions designed to enhance participants’ skills and knowledge. From
technical analysis to risk management strategies, attendees can choose from a
wide range of topics tailored to their specific interests and expertise.
In conclusion,
the Finance Magnates Africa Summit presents a unique opportunity for brokers
and traders to come together, exchange ideas, and build lasting relationships.
With a diverse range of topics, engaging sessions, and ample networking
opportunities, the summit is poised to be a catalyst for driving positive
change and innovation in Africa’s financial sector.
This article was written by Jeff Patterson at www.forexlive.com.
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How to Trade Nike After Fiscal Q3 2024 Performance
Nike released its fiscal third-quarter 2024 earnings. Learn more about the report and what analysts forecast for the stock.
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