The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently…
An oil refinery in the Russian city of Ufa was on fire, according to the state RIA news agency. The regional branch of Russia’s emergency ministry reported that residents in nearby areas face no danger from the blaze, per Reuters. “There is no threat to residents of nearby areas,” said RIA. The cause of the fire is yet to…
The ‘risk’ trade is winning in early Asia. US equity index futures have opened for the week’s trade on Globex, up from Friday’s close. In FX the US dollar is a touch lower: are all higher. USD/JPY is, as usual, beating its own path, tracking todawrd 151.00 sa I post. EUR is liking the weekend news of potential progress…
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USD/MXN rises 0.22% to 20.52 as tariff fears weigh on sentiment. Mexico’s trade deficit widens and unemployment ticks higher, adding to economic concerns. Banxico’s dovish stance and US trade policies could push USD/MXN toward 21.00. The Mexican Peso (MXN) prolonged its agony and depreciated against the Greenback on Friday, set to achieve weekly losses of over 0.59% as the…
This is a bit of a strange move in the stock market as equities catch a big bid. The S&P 500 is up 34 points after opening lower. To be fair, in the context of the rout yesterday, it’s a small bounce but it came a bit out of left field. SPX 5 mins Some of that could be…
The Dow Jones recovered 150 points on Friday but still remains down on the week. Equities broadly recovered after US PCE inflation came in as expected. Coming up next week: maybe, maybe not tariffs and another NFP print. The Dow Jones Industrial Average (DJIA) recovered some lost ground on Friday, rebounding about 150 points to remain in contention with the 43,400…
Canada’s fiscal year-to-date budget deficit stands at $21.72B versus $22.72B a year ago. In December there was a surplus of $1 billion compared to a deficit of $4.71B a year ago. Timing shifts around the number of pay periods in a month make it hard to compare as November produced a particularly large deficit. For the year though, the…
A meeting between United States (US) President Donald Trump and Ukrainian leader Volodymyr Zelenskyy devolved into an argument on Friday. According to President Zelenskyy, the terms of the deal are either too ambiguous or missing key components but it is otherwise a good first step. President Donald Trump, who was operating on the understanding that the deal was finished…
