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Showing posts from January, 2019

EU FX I Currencies: Dollar drops to 2-week low vs yen on change in Fed outlook

Jim Cramer 3 minutes francisLM | iStock | Getty Images The dollar fell against most major currencies on Thursday, dropping to a two-week low versus the yen, pressured by the Federal Reserve’s cautious U.S. economic outlook suggesting the central bank is near the end of its tightening cycle. The Fed’s dovish stance in Wednesday’s policy statement took the market by surprise even though it has preached patience and balance sheet flexibility for some time. Analysts said the statement felt like the Fed did a turnaround from its previous generally upbeat stance. Over the last two months, the dollar index , which tracks the currency versus six major rivals, has fallen around 2.0 percent, on track for its worst two-month performance in a year. The Fed said it would be patient in raising interest rates further this year as it pointed to growing uncertainty about the U.S. economic outlook. But it did not rule out using a range of tools, including altering the size and

Bond Yields Closing Report: Treasury yields fall further after Fed vows 'patience' in monetary policy

Thomas Franck 2-3 minutes U.S. government debt yields fell further Thursday, a day after the Federal Reserve promised “patience” in making future monetary policy decisions. The yield on the benchmark 10-year Treasury note , which moves inversely to price, was lower at around 2.658 percent, while the yield on the 30-year Treasury bond was also lower at 3.017 percent. The 2-year note yield fell 5 basis points to 2.492 percent, still above the yield on the 5-year note at 2.468 percent. The moves in trade come after the Federal Reserve adopted a more cautious tone in the previous session. The U.S. central bank said it would be “ patient ” with further interest rate hikes, signalling a potential end to its tightening cycle amid signs of a possible economic downturn. The Fed also removed reference to “further gradual increases” to the federal funds rate in its statement and held its benchmark rate steady, a signal some market participants took

Wall Street Closing Report: S&P 500 rises on strong earnings, closing out the best January since 1987

Fred Imbert 4-5 minutes Stocks rose to close out their best January in three decades as strong earnings and a Federal Reserve indicating it will pause rate hikes caused investors to rush back into the market following a vicious December sell-off. The gain on Thursday was driven by better-than-expected earnings from a range of companies, including Facebook and General Electric. The S&P 500 gained nearly 1 percent and the Nasdaq Composite outperformed, rising 1.6 percent. The Dow Jones Industrial Average traded slightly lower. Shares of Facebook surged 12.9 percent after the company’s quarterly results easily topped expectations. GE shares jumped 15.3 percent on stronger-than-forecast revenue. These results come during the busiest week of the corporate earnings season. When the week is over, more than 100 S&P 500 companies will have reported. So far, about 70 percent of the companies that have reported have beaten expectations. A trader

NFA adopts Interpretive Notice entitled NFA Compliance Rule 2-9: CPO Internal Controls System

News & Notices | NFA 3-4 minutes 2019 Notice I-19-03 January 31, 2019 NFA adopts Interpretive Notice entitled NFA Compliance Rule 2-9: CPO Internal Controls System NFA recently adopted an Interpretive Notice entitled NFA Compliance Rule 2-9: CPO Internal Controls System (Interpretive Notice). The Interpretive Notice requires commodity pool operator (CPO) Members, which have the ability to control customer funds, to implement an internal controls framework designed to: Protect customer funds; and Provide reasonable assurance that the books and records of a CPO's commodity pools are accurate and reliable and that the CPO is in compliance with all CFTC and NFA requirements. The Interpretive Notice will become effective on April 1, 2019. In order to demonstrate an adequate internal controls system, the Interpretive Notice also requires CPO Members to have a strong control environment, which includes adopting and implementing written policies and

Will Fed’s Dovish Shift Support Gold?

6-8 minutes Big win for the doves! And for gold, as it jumped above $1,320 amid the soft FOMC statement. What’s next? Committee Will Be Patient Yesterday, the FOMC published the monetary policy statement from its latest meeting that took place on January 29-30th . In line with the expectations, the US central bank unanimously kept the federal funds rate unchanged at the target range of 2.25 to 2.50 percent (the Fed also kept other interest rates unchanged and reaffirmed its “ Statement of Longer-Run Goals and Monetary Policy Strategy ”): In support of these goals [maximum unemployment and price stability], the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The pause in hiking was not the only change in the statement fr

Crude Oil Closing Report: Oil prices give up gains, but US crude still headed for big January jump

Tom DiChristopher 5-6 minutes Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Spencer Platt | Getty Images Oil prices turned sharply lower on Thursday, though U.S. crude remained on track to break a three-month losing streak. Crude futures have powered through a steady flow of weak economic data from China, the world's second biggest oil consumer. The energy complex has been boosted by OPEC-led production cuts aimed at draining oversupply and U.S. sanctions on Venezuela, which threaten to disrupt global trade flows and bolster prices. U.S. West Texas Intermediate crude prices were last down 40 cents at $53.83 a barrel, after hitting a fresh two-month high at $55.37. WTI is heading for a roughly 18.5 percent gain. Brent crude , the international benchmark for oil prices, rose 24 cents to $61.89 a barrel around 1:47 p.m. Brent is currently up about 15 percent in January, for its best month

Metals Price Closing Report: Gold hits 9-month peak on Fed rate freeze; eyes monthly gain

Marilyn Haigh 3 minutes Gold bullion bars and coins. Getty Images Gold rose on Thursday to its highest in nine months, after the U.S. Federal Reserve pulled the reins on monetary tightening, weakening the dollar and keeping bullion on track for its fourth straight monthly gain. Spot gold was up 0.08 percent to $1,320.58 per ounce at 12:33 p.m. ET. Its session high was $1,326.30, the highest since April 26. Spot gold has gained more than 3 percent so far this month. U.S. gold futures rose 0.74 percent to $1,325.30. “The ongoing trend in precious metals markets continues. The much more dovish-than-expected Fed stance continues to support commodity prices across the board, weaken the dollar and support the precious metals complex as well,” said David Meger, director of metals trading at High Ridge Futures. The dollar also modestly extended losses after data showed the number of Americans filing for unemployment benefits rose to a 1-1

FXTM Trading Schedule for Lunar New Year 2019

2 minutes Due to the upcoming public holiday in Hong Kong (Lunar New Year), FXTM’s trading schedule will change from 5 February to 7 February. Please refer to the table below for the schedule of all the instruments that are subject to changes. Instrument 04.02.2019 05.02.2019 06.02.2019 07.02.2019 Forex Normal Trading Normal Trading Normal Trading Normal Trading Cryptocurrencies Available under FT Global Limited Normal Trading Normal Trading Normal Trading Normal Trading US Shares Normal Trading Normal Trading Normal Trading Normal Trading Spot Metals Normal Trading Normal Trading Normal Trading Normal Trading Spot Commodities Normal Trading Normal Trading Normal Trading Normal Trading Spot Indices Normal Trading Normal Trading Normal Trading Normal Trading Spot Indices  (HSI50) *Closing at 06:00 *Closed *Closed *Closed *All hours are provided in EET (Eastern European Time) – Server Time in MT4. Please note that in the event of decreased li

Polar vortex death toll rises as record-shattering Arctic blast keeps the Midwest in a deep freeze

By Katie Mettler, 10-13 minutes Amy B Wang General assignment reporter covering national and breaking news Angela Fritz Extreme weather, natural disasters, climate change Alex Horton General assignment reporter covering national and breaking news January 31 at 12:41 PM MADISON, Wis. — Millions of people across the Midwest are enduring a freeze normally reserved for the Arctic Circle as temperatures dropped to nearly 50 degrees below zero Wednesday. The frightful cold, bottoming out to record lows Thursday , was blamed for several deaths across the region, and fears grew for the most vulnerable populations . In Mt. Carroll, Ill., a trained weather observer reported that temperatures plunged to minus-38 degrees Thursday morning, according to the National Weather Service. If certified, it would be the state’s lowest temperature on record, supplanting a minus-36 degree day in