The U.S. dollar stabilized on Wednesday after overnight losses, while sterling was able to advance after inflation in the U.K. returned to the Bank of England’s target number a span of almost three years. The dollar is stable The U.S. currency stabilized on Wednesday after showing weakness last session as retail sales rose slightly in […]
Inflation impacts retail sales in May: only 0.1% growth
Retail sales indicated a weaker-than-expected performance in May as retailers continue to grapple with persistently high levels of inflation. Sales rose by 0.1% in May, a tenth of a percentage point below the Dow Jones forecast, according to a Commerce Department report Tuesday that is seasonally adjusted but not inflation-adjusted. Nonetheless, the result was barely […]
Tether introduces aUSDT, its new overcollateralized synthetic asset backed by gold
Tether, the stablecoin issuer, introduced a new product that is backed by tokenized gold. In a statement on Monday, the company behind USDT announced the launch of Alloy, its new Ethereum network-based platform that gives users the ability to create tokens backed by XAUT, the stablecoin backed by Tether’s physical gold. “Alloy by Tether is […]
U.S. stocks advance ahead of retail sales release
U.S. stocks were trading slightly higher on Tuesday ahead of the release of key retail sales data, a major driver of the U.S. economy. The major indices closed Monday’s trading day higher, with the Dow Jones Industrial Average up just under 190 points, or 0.5%, the S&P 500 up 0.8% and the Nasdaq Composite rising […]
Dollar rises ahead of retail sales and Fed speeches
The U.S. dollar rose on Tuesday in anticipation of retail sales data along with speeches from the Federal Reserve, as traders look for signals to better gauge both the timing and pace of interest rate cuts. Dollar trades with signs of volatility The greenback has moved with signs of volatility over the past week, weighed […]
U.S. stock markets rise in anticipation of Fed interest rate decision and CPI data
U.S. stocks rose on Wednesday, supported by stronger-than-expected May inflation data before the end of the Federal Reserve’s latest policy meeting. Fed meeting and CPI data U.S. consumer prices increased less than expected on an annual basis in May, as the consumer price index rose 3.3% over the prior year, slowing only slightly from April’s […]
Dollar retreats before Fed meeting and CPI data
The U.S. dollar retreated on Wednesday after hitting a four-week high in overnight trading ahead of the conclusion of the Federal Reserve’s latest monetary policy meeting. Dollar on watch ahead of Federal Reserve meeting The dollar has lost ground from its recent highs, although the U.S. currency has been in high demand following Friday’s better-than-expected […]
Cryptocurrencies fall on concerns over U.S. inflation data
The cryptocurrency market has been seeing significant volatility as the Federal Reserve prepares to release updated economic projections this week. Despite little growth, market watchers and investors expect these projections to indicate fewer interest rate cuts. JPMorgan and Citi drop estimates for July rate cut Fed Chairman Jerome Powell has signaled that actual results may […]
U.S. stocks down; Fed meeting and CPI in focus
U.S. stocks declined on Tuesday amid caution ahead of the start of the Federal Reserve’s latest meeting and the release of important inflation data later in the week. The major U.S. averages posted new all-time highs on Monday, with the S&P 500 and Nasdaq Composite reaching new records, while the Dow Jones Industrial Average rose […]
Dollar loses ground ahead of inflation, Fed meeting
The U.S. dollar retreated on Tuesday from a one-month high as yields fell ahead of key inflation data and the latest Federal Reserve meeting. Dollar retreats ahead of CPI and Fed meeting The dollar was buoyed by Friday’s better-than-expected jobs report and rising Treasury yields as traders lowered estimates for rate cuts by the Federal […]