Labor Department pumps $240 million into unemployment system to fight ‘terrifying’ fraud
Erin Scott/Bloomberg via Getty Images It’s unclear exactly how much money has been lost to theft. The Labor Department’s Office of Inspector General estimates about $87 billion in benefits may ultimately be paid improperly, a significant portion due to fraud,...
UK GDP In-line, GBP/USD Bulls Watching for a Break above 1.3900
The GDP report highlights the stop-and-start nature of the economic recovery in the UK, where the start of Q2 saw strong growth before slowing in June… After yesterday’s highly-anticipated US Consumer Price Index (CPI) report, traders refocused their attention across...
U.S. jobless claims total 375,000, falling for a third straight week
Initial jobless claims declined for the third consecutive week as the U.S. labor market continued its recovery from last year’s recession. New claims for jobless benefits totaled 375,000 last week, the Labor Department said Thursday, matching estimates from economists surveyed...
Dollar Regains Some Ground after PPI and Jobless Claims, Staying in Range
Dollar is trying to regain some ground in early US session after stronger than expected PPI. Both initial and continuing jobless claims also continued to trend lower. The greenback is followed by Euro and Yen while Aussie and Kiwi are...
Bitcoin – Retracement Complete or Brief Pause?
Bitcoin seeing temporary resistance Bitcoin is slightly lower on Thursday, having stalled in the middle of the week following strong rallies this month. The 50 fib level – April highs to June lows – is putting up a bit of...
The Inflation Slowdown In The US Has Eased Investors’ Fears About The Fed’s Reduction Of The QE Program
According to the US Labor Department, the consumer price index (CPI) decreased from 0.9% to 0.5%. The core CPI, which does not include food and fuel prices, fell from 0.9% to 0.3%. On a year-on-year basis, the inflation remained at...
EURUSD Is Possibly Bullish
Technical analysis The RSI is above line 50, indicating that an uptrend may prevail The Ichimoku indicator displays a bullish sentiment The Stochastic suggests a possible upward correction. What the possible outcomes are In our most likely scenario, the EURUSD...
XAU/USD Breached 100- Hour SMA
The yellow metal’s price edged higher by 267 pips or 1.55% on Wednesday. The surge was stopped by the 100– hour simple moving average during yesterday’s trading session. All things being equal, the commodity could continue to edge higher in...
Dollar Retreats as EUR/USD Tests 1.7 Support
The forex markets are generally trading in very tight range in Asian session. While DOW surged to new record high overnight, Asian indexes are just mixed. Dollar started a pull back but there is no clear follow through selling so...
China’s tech giants generate billions for investors — but small businesses are being squeezed
Delivery workers wait for the light to turn green at a major intersection in Beijing on July 30, 2021. Evelyn Cheng | CNBC BEIJING — Investors in Chinese companies were caught off guard this summer by Beijing’s actions against homegrown...