The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, […]
An oil refinery in the Russian city of Ufa was on fire, according to the state RIA news agency. The regional branch of Russia’s emergency ministry reported that residents in nearby areas face no danger from the blaze, per Reuters. “There is no threat to residents of nearby areas,” said RIA. The cause of the
S&P Global Australian FINAL Manufacturing PMI for February 2025 50.4, highest level in two years preliminary was 50.6 prior was 50.2 Commentary from the report, bolding is mine: “February’s Australian Manufacturing PMI data showed that business conditions in the goods producing sector continued to improve. Forward-looking indicators, including a renewed rise in new orders and
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UPCOMING EVENTS: Monday: China Caixin Manufacturing PMI, Switzerland Manufacturing PMI, Eurozone Flash CPI, Canada Manufacturing PMI, US ISM Manufacturing PMI. Tuesday: Eurozone Unemployment Rate, Canada-Mexico-China Tariffs Deadline, Trump Congress Speech. Wednesday: China Two-Sessions, Australia Q4 GDP, China Caixin Services PMI, Switzerland CPI, Eurozone PPI, US ADP, Canada Services PMI, US ISM Services PMI. Thursday: China
The USD/CAD weekly forecast indicates a dim outlook for Canada’s economy. US tariffs on Canadian goods will come into effect in March. The dollar surged as traders sought safety amid economic uncertainty. The USD/CAD weekly forecast indicates a dim outlook for Canada’s economy as Trump plans to implement a 25% tariff in March. Ups and
Market sentiment took a decisive turn for the worse last week, with risk aversion dominating across asset classes. The combination of deteriorating domestic economic conditions in the US and heightened global uncertainties has fueled concerns that risk appetite could weaken further. Equities faced renewed selling pressure, yields dropped sharply. Domestically, US economic data painted a
Official February 2025 PMIs from China’s National Bureau of Statistics (NBS). Both the January and February data are impacted this time of year by the Lunar New Year holidays. These were Jan. 29 to Feb. 12 in 2025. March will provide a clearer reading. Manufacturing 50.2, beating the median consensus estimate and back into expansion
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Gold drops over 1% Friday as USD strengthens, hitting 10-day high at 107.66. XAU/USD falls to $2,845 as Fed rate-cut bets rise Trump confirms 25% tariffs on Mexico and Canada, fueling market uncertainty. Fed expected to cut rates by 70 bps in 2025 with first cut projected for June. Gold extended its losses on Friday,
