Archiv für den Monat: Juni 2024

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Hamas says they view US Pres. Biden’s proposal for a cease-fire as positive 0 (0)

  • Views US Pres. Biden’s latest proposal for a cease-fire as a positive statement
  • Affirms its readiness to deal positively with any proposal that offers a permanent cease-fire, complete withdrawal of Israel forces from Gaza, restructuring of the strip, return of displaced and a serious prisoner hostage exchange

Israel does not want to go that far without the complete abolishment of Hamas.

This article was written by Greg Michalowski at www.forexlive.com.

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S&P cuts France to AA- to AA 0 (0)

S&P cuts France credit rating to AA – from AA. They leave the Outlook stable. The downgrade is on deterioration of budgetary position.

  • Says that the downgrade reflects projection that France’s general government debt as a share of GDP will increase
  • he leaves French economy and public finances overall will continue to benefit from structural reforms implemented over the past decade
  • Says that they expect the French economy will pick up from the second half of 2024

This article was written by Greg Michalowski at www.forexlive.com.

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US stocks rebound into the close. 0 (0)

Major indices rallied strongly into the close as month end flows erased earlier declines:

  • Dow rose 574.84 points or 1.51% at 38686.31. The gain was the largest one-day gain since November 2, 2023
  • S&P rose to 42.03 points or 0.80% at 5277.50. At session lows the S&P index was down -43.79 points
  • NASDAQ index fell -2.06 points or -0.01% at 16735.02. At session lows, the NASDAQ index is down -291.54 points

The small-cap Russell 2000 rose 13.52 points or 0.66% at 2070.12.

For the trading week:

  • Dow Industrial Average average fell -0.98%
  • S&P index snapped a 5-week win streak with a decline of -0.51%
  • NASDAQ index set it to five week win streak with a decline of -1.10%

the story was different for the month of May:

  • Dow industrial average rose 2.3%
  • S&P rose 4.8%
  • NASDAQ index rose 6.88%, its largest gain in 2024 and since November 2023
  • Russell 2000 rose 4.87% its largest gain since February 2024

This article was written by Greg Michalowski at www.forexlive.com.

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Highlights for next week: Bank of Canada and ECB are expected to cut rates. US jobs report 0 (0)

Next week two central banks meet and both are expected to cut rates.

  • The Bank of Canada will announce their interest rate decision at 9:45 AM on Wednesday. They are expected to cut their rate to 4.75% from 5.0%. The last policy change was in July 2023 when they raise rates from 4.75% to 5.0%.
  • The ECB is expected to cut their main financing rate to 4.25% from 4.5% at 8:15 AM ET. The last time the ECB changed rates was in September 2023

Other key events and releases next week include:

  • Mon, Jun 3:

    • 9:45 AM ET: USD Final Manufacturing PMI: Forecast 50.9, Previous : 50.9
    • 10 AM ET: USD ISM Manufacturing PMI: Forecast 49.8, Previous: 49.2

  • Tue, Jun 4:

    • 2:30 AM ET: CHF CPI m/m: Forecast 0.4%, Previous: 0.3%
    • 10 AM ET: USD JOLTS Job Openings: Forecast 8.40M, Previous : 8.49M
    • 9:30 PM ET: AUD GDP q/q: Forecast 0.2%, Previous: 0.2%

  • Wed, Jun 5:

    • 8:15 AM ET USD ADP Non-Farm Employment Change:Forecast 175K, Previous: 192K
    • 10 AM ET USD ISM Services PMI: Forecast: 51.0, Previous: 49.4

  • Thu, Jun 6:

    • 8:30 AM ET: USD Unemployment Claims: Forecast 215K, Previous: 219K

  • Fri, Jun 7:

    • 8:30 AM ET: CAD Employment Change: Previous 90.4K
    • 8:30 AM ET: CAD Unemployment Rate: Previous 6.1%
    • 8:30 AM ET: USD Average Hourly Earnings m/m: 0.3%, Previous: 0.2%
    • 8:30 AM ET: USD Non-Farm Employment Forecast: 185K, previous: 175K
    • 8:30 AM ET: USD Unemployment Rate: 3.9%, previous: 3.9%

This article was written by Greg Michalowski at www.forexlive.com.

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