U.S. deficit will total $3 trillion in fiscal 2021, budget panel says
The federal government will be swimming in $3 trillion of red ink by the end of fiscal 2021, according to a Congressional Budget Office estimate released Thursday that swelled 33% from the last forecast. As a result of multiple stimulus...
Robinhood has 18 million accounts with $80 billion in assets after rapid growth, IPO filing shows
Robinhood Markets filed for one of the most anticipated initial public offerings of the year on Thursday, revealing rapid growth resulting in 18 million retail clients and more than $80 billion in customer assets. Unlike many recent IPOs, Robinhood was...
130 nations agree to support U.S. proposal for global minimum tax on corporations
U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. Justin Tallis | Reuters WASHINGTON – Treasury Secretary Janet Yellen announced Thursday that a...
Lots of Moving Parts for GBP/USD
Both the UK and the US have a lot going on these days, which makes a tough job in determining the direction of GBP/USD even tougher: Coronavirus resurgence Markets seem to be getting worried. Not only has the UK seen...
WTI Outlook: Oil Price Surges to Multi-Month High on Demand Optimism, Increased Output
WTI oil price surged above $76 per barrel on Thursday, hitting the highest since October 2018, supported by growing prospects of strengthening global demand, falling US inventories and OPEC+ decision to start gradually adding about 2 million barrels per day...
Weekly jobless claims total hits new pandemic-era low of 364,000
Initial filings for unemployment insurance fell sharply last week, indicating continued improvement in the U.S. jobs market, the Labor Department reported Thursday. First-time jobless claims totaled 364,000 for the week ended June 26, compared with the 390,000 Dow Jones estimate....
Dollar Soars Against Yen, But Retreats Elsewhere
Dollar surges sharply against Yen today and maintains gain after better than expected job data. Though, the greenback is retreating mildly against other major currencies, as traders are probably lightening up their positions first ahead of tomorrow’s non-farm payrolls. Comments...
The S&P 500 Closed The First Half Of 2021 At A Record High. Investors Are Expecting Further Gains In Global Indicies
The preliminary employment data from ADP showed that the US private sector added 692,000 jobs in June, 92,000 more than economists expected. Investors are now waiting for Nonfarm Payrolls data from the government to gauge the labor market recovery. The...
GBP/USD Outlook: Bears Accelerate On Dovish Comments From BoE’s Governor Bailey
Cable continues to travel south for the sixth straight day and hit 11-week low on Thursday after dovish tone from BoE Governor Bailey’s speech accelerated bears. Fresh weakness broke through pivotal support at 1.3786 (June 21 low) completing failure swing...
Two Trades To Watch: Oil, EUR/USD
WTI crude oil look to OPEC decision Economies reopening has boosted fuel demand amid limited supply sending oil prices soaring. Oil has rallied over 10% across June alone. The price of oil is nudging higher ahead of the OPEC meeting,...