In testimony before the Senate Banking Committee, Fed Chairman Jerome Powell kept the Fed’s options open regarding when the central bank will cut interest rates, something markets believe will likely happen in September. He told senators that he does not expect a hike to be the next step, but declined to give a timetable for […]
Trump and GOP to Curb Cryptocurrency Restrictions
While not listed as a top priority, the Republican National Committee adopted a platform that aims to support digital innovation. Former President Donald Trump’s Republican Party has officially taken on a platform that will support innovation in cryptocurrencies, according to a document released Monday by the Republican National Committee. The platform lays out the party’s priorities as presumptive presidential […]
U.S. stock markets rise; Powell testimony looms
U.S. stock indexes rose on Tuesday as rising expectations of a rate cut in September lifted Wall Street ahead of Federal Reserve Chairman Jerome Powell’s testimony. The S&P 500 and Nasdaq Composite hit record highs on Monday, adding to recent gains as traders priced in the likelihood that the Federal Reserve will begin cutting interest […]
Dollar rises on Powell’s remarks; euro stabilizes
The U.S. dollar edged higher in early European trading on Tuesday, bouncing from its lows in anticipation of Federal Reserve Chairman Jerome Powell’s Senate testimony, while the euro has held firm amid the volatile political situation in France. The dollar bounces ahead of Powell’s Senate testimony. The dollar has rebounded a bit on Tuesday, but […]
This week is pivotal for the cryptocurrency market: Why?
The cryptocurrency market may finally experience a shakeout following the upcoming release of CPI and PPI data later this week. Chairman Powell will also deliver his semi-annual monetary policy testimony to the HFSC. With a potential 25 basis point rate cut ahead, circumstances could change very quickly. A more forceful stance on interest rates by […]
Market highlights for the week: Inflation, Biden, Powell
After a holiday-shortened week, investors will keep a close eye on the upcoming economic report on inflation, which is the highlight of the week. Last week, the labor market again showed signs of moderation. June’s nonfarm employment figures showed an increase of 206,000 jobs, a slight decline from May’s revised count of 218,000. The U.S. […]
U.S. stock markets fall slightly after Powell’s testimony, with CPI in focus
U.S. stock indexes fell slightly on Monday as investors await both Federal Reserve Chairman Jerome Powell’s testimony and key inflation data for more signals on interest rates this week. Futures stabilized in the wake of Wall Street hitting record highs on Friday last week as softer-than-expected nonfarm payrolls data increased optimism that the Fed will […]
Dollar stable in light of inflation data; euro advances
In early European trading, the dollar was stable ahead of key inflation data, while the euro was moving as investors digested the results of the French parliamentary elections. The dollar is stable in anticipation of CPI data The dollar was steady at the start of a new week, having suffered a setback after surprisingly strong […]
Private payroll growth moderates: 150,000 in June
U.S. private payroll growth moderated during the month of June, according to an ADP report released Wednesday, which appears to be a sign of a possible slowdown in the U.S. labor market. Businesses added 150,000 jobs during the month of June, down from an upwardly revised 157,000 in May and below the Dow Jones consensus […]
Bitcoin Price Today: Drops to $60,000 on Fears of Mt Gox Dumping
The price of bitcoin fell on Wednesday, adding to losses seen earlier in the week as traders continued their aversion to the token on concerns that the defunct Mt Gox exchange will generate a massive sell-off in the token. Sentiment towards the broader cryptocurrency markets continues to be gloomy amid an uncertain outlook for U.S. […]