Copper prices surged to nearly $12,000 per ton following the Fed’s rate cut, up 36% year-to-date amid concerns that supply may lag rising demand. In response, Chilean mining companies plan record investments of $105 billion through 2034, including expansions at the Escondida and Collahuasi mines, Commerzbank’s commodity analyst Barbara Lambrecht notes. Expansion plans target Escondida and Collahuasi “The Copper…
Fed’s Goolsbee is speaking on CNBC and further explaining his decision to keep rates unchanged at the reason FOMC rate decision where the Fed decided to cut rates by 25 basis points.. He was 1 of 2 dissenters who voted for no change in policy. Fed’s Miran voted for a larger 50 basis point cut. Goolsbee says: Can’t assume…
EUR/USD holds firm at around 1.1741 on Friday, virtually unchanged, amid a parade of Federal Reserve (Fed) officials crossing the wires, following last Wednesday’s 25 basis points rate cut. EUR/USD tilted to the upside despite hawkish Fed comments tempering dovish expectations Despite cutting rates, the Fed hinted that it would pause its easing cycle, entering a wait-and-see period as…
Cleveland Fed President Beth Hammack is giving her perspective this morning following Wednesday’s split FOMC decision. While the committee voted to lower rates by 25 basis points, the decision was far from unanimous, highlighting a deepening divide among policymakers regarding the path forward for inflation and the labor market. The Split Decision: A Rare 9-to-3 Vote The Federal Reserve…
Pound Sterling drops as UK GDP shrinks for second straight month The Pound Sterling (GBP) faces selling pressure against its major peers on Friday following the release of the United Kingdom (UK) Gross Domestic Product (GDP) data for October. The GDP report showed that the economic growth contracted again by 0.1%, missing expectations of a 0.1% expansion. Read More……
The stock market today paints a diverse picture, with tech giants and semiconductor players experiencing contrasting fates. While stalwart technology names remain largely stable, the semiconductor sector displays a mixed performance, suggesting a fluctuating narrative within a crucial industry. 🔍 Sector Overview Technology & Software: Leading tech stock Microsoft (MSFT) modestly declined by 0.30%, maintaining a steady hold amidst…
United States Baker Hughes US Oil Rig Count increased to 414 from previous 413
The USDCAD saw a slew of economic data come out earlier today, painting a stronger-than-expected picture for the Canadian economy. Building permits for October were much stronger than expectations, surging 14.9% versus the forecasted -0.9% decline. Additionally, Capacity Utilization for the 3rd quarter came in at 78.5% (versus 77.6% revised from the last quarter), and Wholesale Trade for October…
The Australian Dollar (AUD) holds firm against the US Dollar (USD) on Friday as traders look past this week’s Reserve Bank of Australia and Federal Reserve (Fed) monetary policy announcements and reassess the near-term interest-rate outlook. At the time of writing, AUD/USD is trading around 0.6656, stabilising after a short-lived dip toward 0.6632. The Reserve Bank of Australia (RBA)…
The Great Rotation Continues The rotation in the US stock market is gaining momentum today, creating a tale of two markets. On one side, the Dow Jones Industrial Average is trading higher, finding support from major industrial and cyclical stocks that are attracting fresh capital. On the other side, the big technology heavyweights that have driven much of the…
