At its meeting this morning, Tuesday, February 3, the RBA Board of Governors unanimously voted to raise the policy rate by 25 basis points to 3.85%, as expected. This is the first rate hike since November 2023, as inflation continues to rise. In its policy statement, the RBA noted that inflation, after declining significantly from its peak in 2022, rose...
Crude oil prices declined by more than 4% at the start of the European session on Monday, February 2nd, the opening session of the week, as geopolitical concerns eased and tensions, which had been high last week, subsided. This followed OPEC+'s confirmation of its decision to suspend production increases in March. Brent crude fell by approximately 4.26%, trading at $66.37...
Canada's gross domestic product (GDP) showed no growth in November after declining by 0.3% in October, according to data released moments ago by Statistics Canada. This fell short of expectations of 0.1% growth, as a contraction in manufacturing industries offset expansions in the services sector. Specifically, manufacturing industries fell by 0.3% in November, marking their third decline in four months....
Gold and silver traded sharply lower in the middle of the European session on Friday, January 30th, the final session of the week and the month of January, amid profit-taking after reaching strong levels. However, both metals are on track to record significant gains for January. Gold is trading down approximately 5.73% at $5,083 per ounce, while silver is trading...
Cryptocurrencies began to decline after stabilizing and posting some gains since the beginning of the week. This decline occurred during midday trading on Thursday, January 29th, coinciding with a continued wave of selling and a further drop in market capitalization. This comes amidst a decline in risk appetite in global markets, while the US Federal Reserve maintained its monetary policy...
The US Federal Reserve decided at its meeting, which concluded moments ago today, Wednesday, January 28, to keep interest rates unchanged at 3.75%, as expected at the first meeting of the year, following three previous rate cuts. Ten members voted to maintain the rate, while two members, Stephen Miran and Christopher Waller, voted to lower it by 25basis points. The...
The Bank of Canada kept its target overnight interest rate unchanged at 2.25%, as expected, for the second consecutive meeting after three consecutive rate cuts. It also maintained the key interest rate for banks at 2.50% and the deposit rate at 2.20%. The Bank's report stated that there were little change in the outlook for the global and Canadian economies...
Figures released this morning, Wednesday, January 28, during the Asian session by the Australian Bureau of Statistics (ABS) showed that consumer price inflation rose to 3.8% year-on-year in December, the highest level since April 2024. This compares to 3.4% in November and exceeded expectations of 3.5%. The index rose by 1% month-on-month. The most significant increase in the index in...
New orders for durable goods rose in November, according to a report released moments ago by the US Census Bureau. The increase rose by $16.4 billion, or 5.3%, to reach $323.8 billion, compared to a 2.1% decline in October. This figure exceeded market expectations of a 3.1% increase. Meanwhile, core orders, excluding transportation equipment, rose by 0.5% in November, compared...
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