Wells Fargo postpones return-to-office plans by a month amid coronavirus surge
Wells Fargo signage on May 5th, 2021 in New York City. Bill Tompkins | Michael Ochs Archives | Getty Images Wells Fargo has pushed back plans for employees to return to corporate offices by a month in response to the...
Bank of England’s Subdued Signal of Future Tightening
Summary The Bank of England (BoE) held monetary policy steady at today’s announcement, but sent a subdued signal of future policy tightening in its accompanying statement. Specifically, the BoE said some modest tightening of monetary policy over the forecast period...
BOE Signals Earlier Unwinding of Balance Sheet. Modest Tightening On the Way
The BOE voted unanimously to keep Bank rate at 0.1%, and 7-1 to leave purchases of government bond at 875B pound. While the latter decision came less hawkish than we had anticipated (we expected 2 dissents), British pound got a...
Continuing jobless claims hit new pandemic-era low, falling below 3 million
Initial claims for unemployment insurance edged lower last week, meeting Wall Street expectations, while longer-term unemployment signs showed improvement, the Labor Department reported Thursday. First-time filings for benefits dipped to 385,000 for the week ended July 31, a decline of...
BOE Slightly More Hawkish than Expected; GBP/USD
Although the BOE didn’t change monetary policy today, they did hint how they will proceed moving forward in terms of removing QE. The Bank of England left rates unchanged at 0.1%, as expected, and voted 7-1 to leave the bond...
Sterling Lifted Slightly after BoE, But Overall Markets Tread Water
Sterling was lifted very briefly after BoE policy decision, but there was again no follow through buying. Dollar also pays little attention to jobless claims. Overall, the markets are staying in consolidative mode, and would probably stay so before tomorrow’s...
Steady ahead of Jobs Report
We appear to have entered into a holding pattern following a whirlwind session on Wednesday, as conflicting data and hawkish Fed commentary created some choppy conditions. You can sense the nervousness in the markets this week. Every data release feels...
WTI Futures Plunge But Broader Upside Risks Still In Force
WTI oil futures are trying to create a foothold at the Ichimoku cloud’s lower surface around 67.52. The aggressive loss of ground from the 74.00 mark’s vicinity over the past three days, may be somewhat attributed to rising concerns that...
US Oil Heads Towards Daily Support
WTI crude fell as US inventory rose by 3.6M barrels last week. The bearish MA cross on the daily chart could be the start of consolidation for the days to come. The fall below 71.80 is an indication that sentiment...
Dollar Recovered But Lacks Follow Through Buying, Sterling Turns to BoE First
Overall markets were rather mixed for the moment. Dollar’s selloff was quickly choked off by strong ISM services overnight, even though there is no clear follow through buying. Traders are holding off the bets for now, awaiting tomorrow’s non-farm payroll...