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Day: December 7, 2021

WTI Oil Outlook: Oil Prices Extend Recovery on Fading Omicron Fears, Iran

WTI oil rallies for the second straight day and accelerates well above the psychological $70 level, in extension of Monday’s 4% advance. Receding fears about the Omicron variant on rising hopes that virus will not set the global economy back revived the risk appetite. Stall of Iran nuclear talks signals delays in the return of …

WTI Oil Outlook: Oil Prices Extend Recovery on Fading Omicron Fears, IranRead More

Nonfarm Productivity and Unit Labor Costs Surprise Markets!

Usually regulated to second tier data, the final look at Nonfarm Productivity and Until Labor Costs for Q3 came in worse than markets had expected.  Nonfarm Productivity was -5.2% vs the -4.9% preliminary print.  Note that this was the largest drop in quarterly productivity since Q2, 1960!  Unit Labor Costs in the US for Q3 …

Nonfarm Productivity and Unit Labor Costs Surprise Markets!Read More

Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemic

Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020. Andrew Harrer | Bloomberg | Getty Images Wells Fargo is seeing borrower defaults start to rise from lows reached during the pandemic as financial conditions begin to normalize, …

Wells Fargo sees borrower defaults starting to rise from low levels reached during pandemicRead More

Goldman CEO Solomon sees policy, not the pandemic, as the biggest risk ahead for markets

Congress and the Federal Reserve will have more impact on what happens to the economy and markets than the pandemic, Goldman Sachs CEO David Solomon said Tuesday. Both entities have implemented never-before-seen levels of policy help totaling about $10 trillion since March 2020. With support from both starting to fade in the days ahead, the …

Goldman CEO Solomon sees policy, not the pandemic, as the biggest risk ahead for marketsRead More

BOC Preview – Reiterating Rate Hike in First Half 2022 amidst Strong Economic Data

Following a hawkish move in October, we expect the BOC to keep the powder dry this week. Policymakers should acknowledge the strong GDP growth and job market data, while cautioning over the uncertainty of the Omicron variant. They are also expected to reiterate the stance that the rate hike would come once the economic slack …

BOC Preview – Reiterating Rate Hike in First Half 2022 amidst Strong Economic DataRead More

RBA Stayed Put, Cautiously Optimistic Over Domestic Economy

The RBA left the cash rate unchanged at 0.1% and the asset purchase program at AUD 4B/week. Policymakers maintained a cautiously optimistic outlook over economic recovery despite Omicron uncertainty. Again, policymakers reiterated that the next meeting (February) would be the time to discuss the pace of QE purchases. The central bank remained cautiously optimistic over …

RBA Stayed Put, Cautiously Optimistic Over Domestic EconomyRead More

US Dollar Drifting

Currency markets content to range trade Currency markets showed little reaction to the Fauci omicron comments overnight, having already put the new variant behind it to focus on the upcoming FOMC meeting next week. That sentiment saw the US Dollar drift higher in a benign session, the dollar index rising 0.15% to 96.30 before falling …

US Dollar DriftingRead More

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