BofA maintains its USD/CNY target

The Australian dollar continues to swing sharply this week. AUD/USD is trading at 0.6641 in the North American session, down 0.71% on the day. The downswing has wiped out the Aussie’s gains of 0.55% on Monday. Australia posted weak data earlier today, which has weighed on the Australian dollar. Corporate profits declined 2.5% q/q in…

A recovery in risk appetite has pushed volatile assets like bitcoin higher against the U.S. dollar! BTC/USD just bounced from a technical support zone and looks ready to test a key inflection point. Will the crypto pair extend its gains today? Bitcoin (BTC/USD) Daily Chart by TradingView If you missed yesterday’s market action, you should…

CAB Payments Holdings announced plans to reduce its workforce by approximately 20% as part of a strategic cost improvement exercise.  The company announced the move in its 2024 pre-close trading update on Thursday, explaining that it is aimed at aligning the company’s operational structure with its growth ambitions and improving operational leverage. The decision comes…

At Monday’s close, the Dow Jones Index (US30) was up 0.30%, while the S& P500 Index (US500) was up 0.97%. The NASDAQ Technology Index (US100) closed positive 1.45% yesterday. Stocks rose amid upbeat comments from New York Fed Chairman Williams, who said the Fed is “well positioned” to provide a soft landing for the US…

The markets are tired of selling the US dollar. They perceive poor data on the US economy as noise that should be ignored. Christine Lagarde’s optimism about the eurozone economy with an increase in ECB forecasts does not become a catalyst for the EURUSD rally. There is too much negativity embedded in the greenback rate….