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Norges Bank Keeps Policy Rate Steady At 4.50%
The Norwegian central bank maintained its key interest rate for the third straight decision on Friday, as the current stance is needed for some time ahead in order to bring inflation back to the target within a reasonable time horizon. The Monetary Policy and Financial Stability Committee, headed by
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Wall Street Set To Open Positive Ahead Of Jobs Report
Early cues from the U.S. Futures Index suggest that Wall Street might open positive on Friday. Asian shares finished mixed, while European shares are trading higher. The Labor Department's monthly jobs report might be the spotlight on Friday. In the Asian trading session, the Gold prices were lower,
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UN Rights Chief Urges Georgia To Scrap 'foreign Influence' Bill
As protests continue in Georgia over a proposed draft law on curbing foreign influence,UN human rights chief has urged the authorities to shelve the controversial bill and engage in dialogue. Thousands of people have taken to the streets for days to protest the draft Law on 'Transparency of Foreign
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U.S. Services PMI Unexpectedly Indicates Contraction In April
After growing for fifteen consecutive months, U.S. service sector activity unexpectedly contracted in the month of April, according to a report released by the Institute for Supply Management on Friday. The ISM said its services PMI dipped to 49.4 in April from 51.4 in March, with a reading below 50
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U.S. Employment Climbs Much Less Than Expected In April
After reporting stronger than expected job growth over the past several months, the Labor Department released a report on Friday showing employment in the U.S. increased by much less than expected in the month of April. The Labor Department said non-farm payroll employment climbed by 175,000 jobs in
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NZ dollar higher as nonfarm payrolls looms
The New Zealand dollar has extended its gains on Friday. NZD/USD is trading at 0.5985, up 0.39% at the time of writing. It has been a roller-coaster ride for the New Zealand dollar, which plunged 1.5% on Tuesday but has since rebounded and fully recovered. US nonfarm payrolls expected to ease The US
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Fed's Goolsbee: Current employment numbers are solid
Commenting on April labor market data, Federal Reserve Bank of Chicago President Austan Goolsbee told Bloomberg TV that it was a solid report with 175,000 new jobs. Key takeaways "We hit a bump on inflation at the start of the year." "I don't like committing even to the next meeting." "Fed must get
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GBP/USD Price Analysis: Bears in charge as ‘shooting star’ looms
GBP/USD down 0.06% after reaching a three-week high of 1.2634. RSI flattening suggests normalization of buying pressure. Support levels at 1.2500, 1.2474, and 1.2466; breach may test 1.2400. Resistance at 200-DMA, 1.2600, and DMAs at 1.2612 and 1.2644. The Pound Sterling holds to gains versus the US
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USD/JPY might have found the top
This year JPY hit new lows across the board in last few weeks even though BOJ decided to end its ultra-loose policy, by raising rates for 10bp in March. USDJPY broke higher, out of a triangle on a daily chart, so we know that this is most likely final leg with a higher degree wave III/C. In fact, th
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Executive briefing: US inflation data reduces rate cut optimism
The past month has been characterized by growing inflation worries and waves of geopolitical uncertainty. The latest March CPI data from the US exceeded markets’ expectations, as underlying price pressures have seemingly picked up speed in early 2024. As a response, markets continued to pull back ra
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Dollar Index outlook: Dollar comes under increased pressure on soft US labor data
The dollar fell to the lowest in almost one month, in immediate reaction to weaker than expected US labor data, which revived hopes for two rate cuts by the Fed this year. Steep bear-leg extends into third straight day and generated initial signal of a double-top and reversal on daily chart, though
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Canadian Dollar tumbles after US NFP drives markets
Canadian Dollar falls across the board on Friday. Canada absent from economic calendar until next Tuesday. US data broadly misses the mark, particularly in terms of job gains. The Canadian Dollar (CAD) fell across the board on Friday after US Nonfarm Payrolls (NFP) and wage data gave a wide miss on
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Fed's Bowman: Still sees upside inflation risks, willing to raise rates if progress stalls
Federal Reserve (Fed) Board of Governors member Michelle W. Bowman cautioned that there is a real risk that inflation could remain elevated for much longer than many are anticipating. Fed Board member Bowman outlined a far more cautious approach to the Fed's current inflation outlook during a speech
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US Dollar suffers from weak NFPs, hopes of sooner rate cuts rise
US Nonfarm Payrolls report from April underperformed, showing a lower-than-expected increase. The odds of a rate cut in September increased, which seems to be applying pressure on the USD. The US Dollar Index (DXY) is visiting the 105 level with sharp losses at the end of the trading week. This come
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Forecasting the Coming Week: Fedspeak and the BoE meeting come to the fore
Another dreadful week for the Greenback saw the USD Index (DXY) tumble to three-week lows well south of the 105.00 support, mainly in response to the dovish tone at the FOMC event and the softer-than-expected Nonfarm Payrolls in April. The US Dollar ended the week deeply in red territory, in line wi
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