LIBYA’S LARGEST OIL FIELD TO TO RESUME OUTPUT THURSDAY
Kneejerk lower in crude.As always with Libya info – it’s rarely straightforward, and rarely stays that way for long.
This article was written by Ryan Paisey at www.forexlive.com.
U.S.-based employers announced 72,821 cuts in September, a 4% decrease from the 75,891 cuts announced one month prior. It is up 53% from the 47,457 cuts announced in the same month in 2023,
according to a report released Thursday from global outplacement and
business and executive coaching firm Challenger, Gray & Christmas,
Inc.
In the third quarter, companies announced plans to cut
174,597 jobs, down 16% from the 177,391 cuts announced in the second
quarter of this year. It is up 19% from the 146,305 cuts announced in
the same quarter of 2023.
For the year, companies have announced 609,242 job cuts,
up 0.8% from 604,514 announced during the same period last year. Though
less than a percentage point separates them, this is the first time this
year that year-to-date cuts are higher than those tracked during the
same period in 2023.
“We’re at an inflection point now, where the labor
market could stall or tighten. It will take a few months for the drop in
interest rates to impact employer costs, as well as consumer savings
accounts. Consumer spending is projected to increase, which may lead to
more demand for workers in consumer-facing sectors.
“Layoff announcements have risen over last year, and
job openings are flat. Seasonal employers seem optimistic about the
holiday shopping season. That said, many of those who found themselves
laid off this year from high-wage, high-skill roles, will not likely
fill seasonal positions,” said Andrew Challenger, Senior Vice President
of Challenger, Gray & Christmas, Inc.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
Canada’s loonie has rallied by 3.3% since hitting a near two-year low of 1.3946 per U.S. dollar, or 71.71 U.S. cents, in August.
The median forecast of nearly 40 foreign exchange analysts in the Sept. 30–Oct. 2 poll showed the loonie consolidating those gains in three months, edging 0.1% lower to 1.3514, but remaining stronger than the 1.3650 expected in a September poll.
In a year, the currency was predicted to advance 1.7% to 1.3275, compared to 1.3333 seen previously.
The Bank of Canada is expected to continue reducing its benchmark interest rate over the coming months after cutting it by 75 basis points since June to 4.25%, while the U.S. Federal Reserve began its own easing campaign in September.
This article was written by Ryan Paisey at www.forexlive.com.
Full Story via Newsquawk on PiQ Suite
GS writes given the SNB’s dovish guidance at its September meeting, benign inflation developments, a rise in geopolitical tensions adding further upward pressure to the currency, and Chairman Schlegel’s recent comments emphasizing the SNB’s commitment to keep CHF appreciation at bay
GS now expects a further cut of 25bps at the March 2025 meeting, to a terminal rate of 0.5%
GS sees risks skewed towards more easing in the event of further downside surprises to inflation and CHF strength, and assigns a 40% probability to a 50bps move in December.
This article was written by Ryan Paisey at www.forexlive.com.
Tesla is recalling 27,185 Cybertruck vehicles in the U.S. as a delayed rear view image reduces visibility behind the vehicle, the U.S. National Highway Traffic Safety Administration said on Thursday.
This article was written by Ryan Paisey at www.forexlive.com.
Worries about risks to the UK financial system posed by a global economic downturn have risen sharply to their highest level since the second half of 2019, a Bank of England (BOE) survey showed on Wednesday.
The Bank’s twice-yearly systemic risk survey polled 55 financial firms between July 23 and August 12 and asked each participant to list the five risks they believed would have the greatest impact on the UK financial system if they materialised.
One-third of participants flagged worries about the threat to the UK financial sector associated with an overseas/global economic downturn, an increase of 19 percentage points and the largest single increase compared with the results of the previous survey in March, the BoE said.
This article was written by Ryan Paisey at www.forexlive.com.
This article was written by Ryan Paisey at www.forexlive.com.
When he was elected last week, the JPY rallied while the Nikkei sold off as he was considered a hawk and supportive for further rate hikes. Turns out, he’s not.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
OPEC+ set to keep output policy unchanged at panel meeting
An OPEC+ ministerial panel scheduled to meet on Wednesday is unlikely to recommend any changes to policy, allowing the group to start gradually increasing production from December, two sources from told Reuters.
The two sources, who declined to be identified, said Wednesday’s meeting is unlikely to bring any surprises. One of them said it will reaffirm the need for member countries to comply with their production targets under the deal.
An OPEC+ source told Reuters last week that clarity on whether the compensation cuts were made in September would allow the December increase to go ahead.
This article was written by Ryan Paisey at www.forexlive.com.
Summary –
This article was written by Ryan Paisey at www.forexlive.com.