The AUD/USD pair experienced a slight retreat on Friday, settling near 0.6575 after a modest descent of 0.30%. The Reserve Bank of Australia (RBA) continued to maintain a hawkish stance which contributed to the strength of the Australian Dollar. Additionally, the release of stronger Chinese inflation figures during the European session provided further support for
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In a recent statement made by U.S. Vice President Kamala Harris, she emphasized the importance of the independence of the Federal Reserve. Harris made it clear that, if elected as president, she would never interfere in the decisions made by the Federal Reserve. This stands in stark contrast to former President Donald Trump’s stance on
In recent news, it has been reported that Indian automaker Mahindra & Mahindra and China’s Shaanxi Automobile Group are considering a joint venture to establish a car manufacturing plant in India. This $3 billion investment is currently awaiting approval from the Indian government, particularly Prime Minister Narendra Modi’s administration. Despite the initial excitement and anticipation
Federal Reserve Governor Michelle Bowman recently expressed a slightly softer stance on inflation, acknowledging some welcome progress in recent months. Despite this, she emphasized that inflation remains uncomfortably above the central bank’s 2% goal and is subject to upside risks. Bowman indicated that if inflation continues to move sustainably towards the 2% target, it may
As the summer season progresses, retailers in the United States are experiencing a surge in imports, fueled by the need to prepare for potential strikes by port workers and shipping disruptions. Container imports and freight rates have seen a significant increase in July, pointing towards an earlier peak season for the ocean shipping industry, which
Republican presidential candidate Donald Trump has made it clear that he is interested in infringing on the Federal Reserve’s independence if he is elected president once again. The former president believes that the president should have a say in Fed decisions, going against the idea of an independent Federal Reserve. This contradicts Vice President Kamala
Recent concerns about a potential U.S. recession have once again highlighted the issue of unemployment in the country. Experts are warning that the system in place to support workers during periods of unemployment is at risk of collapsing, as it did during the Covid-19 pandemic. Michele Evermore, a senior fellow at The Century Foundation, expressed
The dollar has experienced fluctuations this week against other major currencies, easing off a one-week high in response to recent economic data. The U.S. currency faced downward pressure against the Japanese yen following a rebound, as traders reacted to firmer-than-expected employment figures and the possibility of a looming economic downturn. The yen and the Swiss
In a recent incident at China’s Ningbo port, a hazardous goods container exploded on the YM Mobility ship, owned by Taiwanese vessel owner Yang Ming Marine Transport Corp. Fortunately, there were no casualties or injuries reported. The explosion resulted in a fire that has since been brought under control, with all individuals on board safely
The most recent Consumer Price Index (CPI) report from China for the month of July revealed some interesting data. According to MUFG FX analyst Lee Hardman, the headline inflation increased slightly by 0.3 points to 0.5% in July. However, the core measure of inflation saw a decline to 0.4% from 0.6% in the previous months.
Gold prices have been on a rollercoaster ride over the past week, with significant fluctuations in a short period of time. This extreme volatility can be attributed to various factors influencing the market sentiment towards the precious metal. From a technical perspective, gold managed to bounce back after touching its 50-day moving average, indicating some
The GBP/USD pair has seen an uptrend in recent days, with the US Federal Reserve expected to implement a rate cut in September. The CME FedWatch tool indicates that markets are fully pricing in a quarter-basis point interest rate cut by the Fed next month. This anticipation of a rate cut is putting pressure on