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Market Moving News
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| Intra-day Market Moving News |
| 7 May 2024 |
04:32 |
AUD/USD - 0.6611... Reuters reported Reserve Bank of Australia : at its meeting today, the board decided to leave the cash rate target unchanged at 4.35 per cent and the interest rate paid on exchange settlement balances unchanged at 4.25 per cent
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| 6 May 2024 |
08:01 |
EUR/USD - 1.0760... Reuters reported euro zone business activity expanded at its fastest pace in almost a year last month as a resurgence in the bloc's dominant services industry more than offset a deeper downturn in manufacturing, a survey showed on Monday.
HCOB's composite Purchasing Managers' Index (PMI) for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, bounced to 51.7 in April from March's 50.3, surpassing a preliminary 51.4 estimate.
That was its second month above the 50 mark separating growth from contraction and the highest since May last year.
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| 3 May 2024 |
15:01 |
USD/MAJORS... Reuters reported the April U.S. jobs report showed "solid" job growth that nevertheless slowed to a point that could make Federal Reserve officials more confident the economy is not overheating, Chicago Fed president Austan Goolsbee said Friday.
"The more jobs reports you get like this, where they're solid but it's clearly moving back into something that looks like pre-COVID and conventional times, the more confident we can be that the economy is not overheating," Goolsbee said in comments to Bloomberg Television. He did not comment on the likelihood of an interest rate cut this year.
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| 3 May 2024 |
13:48 |
Continues from previous update...
Those include a lack of further supply-side improvements such as last year's healing of supply chains, lower energy prices and increased immigration, all of which helped put downward pressure on inflation.
Bowman also cited risks from spillovers from conflicts abroad as well as a recent loosening in financial conditions, which could cause inflation to re-accelerate
And at a time when Fed officials are keenly focused on the persistence of stronger-than-expected housing inflation, Bowman proposed a potential new wrinkle in the expectation that those pricing pressures will abate.
"Given the current low inventory of affordable housing, the inflow of new immigrants to some geographic areas could result in upward pressure on rents, as additional housing supply may take time to materialize," Bowman said.
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| 3 May 2024 |
13:47 |
USD/MAJORS... Reuters reported inflation should continue to decline even as the U.S. central bank holds its benchmark interest rate steady at current levels, Federal Reserve Governor Michelle Bowman said on Friday while also reiteratingher willingness to raise the policy rate if progress peters out or reverses.
"My baseline outlook continues to be that inflation will decline further with the policy rate held steady, but I still see a number of upside inflation risks that affect my outlook," Bowman said in prepared remarks for a speech to a banking conference in Key Biscayne, Florida.
"While the current stance of monetary policy appears to be at a restrictive level, I remain willing to raise the federal funds rate at a future meeting should the incoming data indicate that progress on inflation has stalled or reversed," Bowman added.
In her speech, Bowman made clear she expects inflation to remain elevated for some time, highlighting a number of factors that could keep it from falling back to the Fed's 2% goal.
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| 3 May 2024 |
12:38 |
USD/MAJORS... Reuters reported U.S. job growth slowed more than expected in April and annual wage gains cooled, but it is probably too early to expect that the Federal Reserve will start cutting interest rates before September as the labor market remains fairly tight.
Nonfarm payrolls increased by 175,000 jobs last month, the Labor Department's Bureau of Statistics said in its closely watched employment report on Friday. Data for March was revised up to show payrolls rising by 315,000 jobs instead of 303,000 as previously reported.
Economists polled by Reuters had forecast payrolls advancing by 243,000. Estimates ranged from 150,000 to 280,000.
The unemployment rate rose to 3.9% from 3.8%, still staying below 4% for the 27th straight month.
Wages increased 3.9% in the 12 months through April after rising 4.1% in March. Wage growth in a 3.0%-3.5% range is seen as consistent with the Fed's 2% inflation target.
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| 3 May 2024 |
09:02 |
GBP/USD - 1.2559... Reuters reported British services companies reported the strongest upswing in activity in almost a year during April, despite a new surge in cost pressures, according to a survey on Friday that pointed to a solid rate of economic growth.
The S&P Global UK Services Purchasing Managers' Index rose in April to 55.0, its highest level since May 2023 and up from a preliminary reading of 54.9. Readings above 50 represent expansion.
The survey showed a robust increase in new orders, but also the biggest acceleration of cost pressures since August - something that is likely to be noticed by Bank of England officials who next week will meet to set interest rates.
Many businesses attributed the inflation squeeze to a 10% increase in the national minimum wage in April, while some also said rising salary costs were a reason why employment growth slowed to its lowest level this year.
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| 3 May 2024 |
08:14 |
EUR/USD - 1.0740... Reuters reported Italy's unemployment rate declined to 7.2% in March from a revised 7.4% the month before, as some 70,000 jobs were created in the month, national satistics breau ISTAT reported on Friday.
A Reuters survey of 11 analysts had forecast a March jobless rate of 7.5%, which was the previously reported figure for February.
In the first quarter of the year, employment was up by 56,000, or 0.2%, compared with last quarter of 2023, ISTAT said.
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| 2 May 2024 |
08:12 |
EUR/USD - 1.0713... Reuters reported the ongoing downturn in euro zone manufacturing activity deepened in April due to crumbling demand despite factories cutting prices, pushing firms to reduce headcount again, a survey showed on Thursday.
HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 45.7 in April from March's 46.1, below the 50 mark denoting growth in activity for a 22nd month. However, it was just ahead of a 45.6 preliminary estimate.
An index measuring output, which feeds into a composite PMI due on Monday and is seen as a good gauge of economic health, nudged up from March's 47.1 to 47.3, matching the flash estimate.
The bloc's economy recovered last quarter from a mild recession and expanded 0.3% quarter-on-quarter in January-March, official data showed on Tuesday.
Suggesting no immediate turnaround for manufacturers the new orders index, below 50 since May 2022, fell to a four-month low of 44.1 from 46.0.
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| 2 May 2024 |
08:11 |
EUR/USD - 1.0713... Reuters reported the downturn in Germany's manufacturing sector eased in April, although a longstanding decline in new orders picked up pace, a survey showed on Thursday.
The HCOB final Purchasing Managers' Index (PMI) for manufacturing rose to 42.5 in April from 41.9 in March. The reading was slightly above the flash estimate of 42.2 but far below the 50 level that separates growth from contraction.
The sector accounts for about a fifth of the country's economy.
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| 2 May 2024 |
08:10 |
EUR/USD - 1.0714... Reuters reported France's manufacturing sector contracted further in April, though slightly less than initially estimated, according to a monthly survey published on Thursday, reflecting weaker production and new factory orders.
The HCOB France final purchasing managers index (PMI) for the manufacturing sector, compiled by S&P Global, declined to 45.3 points in April from 46.2 in March, falling to a three-month low.
The final April figure compared to a flash manufacturing PMI figure of 44.9 points.
Any figure below 50 points denotes a contraction in activity, while above 50 points shows an expansion.
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| 2 May 2024 |
08:09 |
EUR/USD - 1.0717... Reuters reported Italian manufacturing activity returned to contraction in April after showing signs of modest growth the month before, a survey showed on Thursday, amid renewed decline in output and new orders.
The HCOB Global Purchasing Managers' Index (PMI) for Italian manufacturing stood at 47.3 in April, down from 50.4 in March, below the 50 mark that separates growth from contraction and marking the sharpest decline since December.
The result was below a median forecast of 50.0 in a Reuters survey of 14 analysts.
The manufacturing output and new orders subindexes both steeply declined again below the 50 line, with the former coming in at 47.5 from 50.3 the month before and the latter at 45.5 compared to a previous 50.1.
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| 2 May 2024 |
03:44 |
Continues from previous update...
"Some members expressed the view that it was desirable for the Bank to reduce the amount of Japanese government bond (JGB) purchases at some point in the future, and also reduce the amount outstanding of its JGB holdings through redemptions of JGBs," the minutes showed.
The remarks underscore the BOJ's resolve to start tapering its bond-buying once markets restore calm from the March policy shift, and eventually reduce its massive balance sheet.
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| 2 May 2024 |
03:43 |
USD/JPY - 156.05... Reuters reported many Bank of Japan board members agreed the country's long-term interest rates should be set by markets, with some saying the central bank should at some point slow the pace of bond buying, minutes of their March policy meeting showed on Thursday.
At the March meeting, the BOJ ended eight years of negative interest rates and its bond yield control in a historical shift away from its prolonged radical stimulus programme.
"With respect to yield curve control, many members expressed the view that it was appropriate for the Bank to change its framework. These members shared the view that long-term interest rates would be determined by financial markets in principle," the minutes showed.
While one member said the BOJ should take time adjusting the pace of bond buying, others saw the need to breathe life back to a market made dormant by its huge presence, the minutes showed.
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| 30 Apr 2024 |
01:55 |
USD/MAJORS - Reuters reported China's manufacturing activity expanded at a slower pace in April, an official factory survey showed on Tuesday, suggesting some loss of momentum for the sprawling sector at the start of the second quarter.
The National Bureau of Statistics (NBS) manufacturing purchasing managers' index (PMI) dropped to 50.4 in April from 50.8 in March, above the 50-mark separating growth from contraction and just ahead of a median forecast of 50.3 in a Reuters poll.
The data underlines the challenges facing policymakers even though solid first quarter GDP growth has reduced some of the urgency to ramp up stimulus measures.
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