LONDON—The Australian dollar jumped to its highest since mid-May on Tuesday after the Reserve Bank of Australia (RBA) raised interest rates, in a decision that many analysts had said would be a close call between a hike and a pause. The U.S. dollar was steady, below last week’s 2–1/2-month highs versus major peers, after unexpectedly…
Oil Falls as Economic Fears Overshadow Saudi Output Cut
June 6, 2023
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LONDON—Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about the global economic growth outweighed Saudi Arabia’s pledge to deepen output cuts. Brent crude futures were down $1.33, or 1.73 percent, to $75.38 a barrel by 0923 GMT. U.S. West Texas Intermediate crude fell…
World Stocks Tread Water as Traders Eye Fed Pause Prospects
June 6, 2023
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LONDON—European stocks started Tuesday mixed, as soft U.S. economic data reinforced expectations the Federal Reserve may skip an interest rate hike when it meets next week. The pan-European STOXX 600 index was up 0.1 percent to 460.40 at 0830 GMT. In the previous session, the index dropped as data pointing to tepid U.S. business activity…
US Treasury Poised to Unleash $1 Trillion in Bonds After Debt Ceiling Deal
Now that the bipartisan debt ceiling agreement has been signed, sealed, and delivered, the U.S. Treasury is poised to replenish its bank account at the Federal Reserve. According to the Daily Treasury Statement, the Treasury’s cash balance–the Treasury General Account (TGA)–sank below $23 billion on June 1. This was down from the roughly $316 billion…
Shares Stroll Higher on June Hike Hiatus Hopes
June 5, 2023
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SYDNEY/LONDON—Shares rose and the dollar firmed on Monday as investors bet the Federal Reserve would pause its rate hikes this month after a mostly encouraging U.S. jobs report, while oil prices jumped after Saudi Arabia pledged big output cuts. The benchmark European STOXX index climbed 0.18 percent in early trading, led by gains in the…
Dollar Dips as Chances Grow for Fed ‘Skip’, Debt Bill Passes
LONDON—The dollar was heading for its largest weekly fall since mid-January on Friday as the view took hold among investors that the Federal Reserve will forgo an interest rate hike this month, which would diminish the greenback’s appeal to non-U.S. buyers. The U.S. Senate’s passage of a bill to suspend the debt ceiling and avert…
Stocks Gain, Dollar Stumbles as US Averts Default, Fed Skip Bets Rise
June 2, 2023
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LONDON/SINGAPORE—Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since January, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation. Markets are now focused on U.S. jobs data due 0830 EST (1230…
Large Number of Job Openings May Lead to Rate Hike
June 1, 2023
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U.S. job openings unexpectedly rose last month, but the strong labor market numbers could lead the Federal Reserve to raise interest rates again in June. It is beginning to appear that the banking-sector crisis caused by the collapse of Silicon Valley Bank in March had little effect on employers’ strong demand for workers. Fed Chairman Jerome…
Euro Steadies Near 2-month Low as Inflation Drops in Relief for ECB
LONDON—The euro steadied on Thursday near a two-month low after data showed eurozone inflation eased more than expected last month, backing arguments for only cautious further rate hikes by the European Central Bank (ECB). Inflation in the 20 nations sharing the euro eased to 6.1 percent in May from 7.0 percent in April, below expectations…
Shares Gain on US Debt Bill Passage, Fed Pause Talk
June 1, 2023
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LONDON/TOKYO—Global shares rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage through the U.S. House of Representatives of a bill to suspend the federal debt ceiling. A divided House passed a bill to suspend the $31.4 trillion debt ceiling—and avert a catastrophic default—with majority support from…
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