Richmond Fed President Thomas Barkin on Thursday added to the Fed rhetoric on the slowing economy. The dollar index fell 0.2% to 103.24 .The euro , the biggest component in the dollar index, climbed 0.2% as well to $1.0733. A higher-than expected U.S. jobless claims number further compounded the dollar's losses, as the report suggested labor market weakness that can help bring down inflation. Initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4, data showed. ET (1909 GMT), going as high as $1,890.18 after U.S. jobless claims data.
Market Roundup•US economic growth rebounds in Q3, consumer spending slows•ECB raises interest rates by 75 bps• US Jobless Claims 4-Week Avg. Further rate hikes are almost certain, but with a weakening economy, the pace is up for debate. Immediate resistance can be seen at 1.1676 (38.2%fib), an upside break can trigger rise towards 1.1800 (Psychological level).On the downside, immediate support is seen at 1.1475(50%fib), a break below could take the pair towards 1.1404(9DMA). The Canadian dollar was nearly unchanged at 1.3550 to the greenback, after trading in a range of 1.3539 to 1.3626. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, fell 9.7 basis points to 4.321%.5 months ago EconoTimes
GBP/USD: The British pound slid against the dollar on Friday but was still set for its third consecutive weekly gain, its longest positive streak since February. For the week, the pound was still up 1.9%, its biggest weekly jump since Sept. 30. USD/JPY: The dollar strengthened against the yen on Friday as the yen weakened as the Bank of Japan stuck to its dovish stance. Spot gold was down 0.9% at $1,648.46 per ounce by 1008 GMT, while U.S. gold futures dropped 0.8% to $1,652.10. Brent crude futures dropped 50 cents, or 0.5%, to $96.46 a barrel by 1047 GMT, having climbed by 1.3% in the previous session.5 months ago EconoTimes
Less than a week after Conway’s claim, the sales of Orwell’s Nineteen Eighty-Four had gone up an estimated 9,500%. Orwellian strategies are harder to propagate because of, well, the overwhelming success of Nineteen Eighty-Four. Winston Smith, the protagonist of Nineteen Eighty-Four, reflects:The party told you to reject the evidence of your eyes and ears. Without making direct reference to Nineteen Eighty-Four, Dugin’s critique at times echoes the debates at the core of Orwell’s novel. In Nineteen Eighty-Four, the Party official O'Brien makes an extended doctrinal statement.5 months ago EconoTimes
The FiveThirtyEight forecasts currently give Democrats a 61% chance to hold the Senate, but Republicans have a 75% chance to gain control of the House. Of the 35 senators up for election, 21 are Republicans and 14 Democrats. To win the Senate, Republicans would then need to gain Nevada, where they lead by one point, and Georgia, where Democrats lead by four. If the polls are understating Republicans again, election night will be ugly for Democrats and Biden. The September inflation report was released October 13, and will be the last inflation report before the election.5 months ago EconoTimes
Instead of stepping down immediately as prime minister, Johnson announced that he would stay on until his party had selected a successor. It was then up to the wider members of the Conservative Party to pick between the top two. On Sept. 5, Truss was formally announced as the winner, with 57.4% of the votes, paving her way to become the new prime minister. Yet the prime minister is deeply wounded and will face a major challenge to recover her credibility. The prime minister could resign of her own accord, seeing the writing on the wall.5 months ago EconoTimes
The protracted Conservative party leadership contest, which occupied eight weeks of the summer and saw Truss and Rishi Sunak competing for the affections of around 170,000 party members, seemed somewhat detached from reality. Truss won a mandate for the premiership from Tory members in the second round of the contest by pledging policies with limited support within the parliamentary party. MPs reported confusion and anger over a vote on fracking which may or may not have also been a confidence vote. However, the events in parliament in the run up to the fracking vote perhaps also provide a lesson in the limits of anti-democratic practices. In forcing a vote on fracking, therefore, Labour brought Conservative division into the open for the voting public to see.5 months ago EconoTimes
As athletes, rugby union players are notoriously robust. Bill Sweeney, chief-executive of the Rugby Football Union (RFU) which governs the English game, said the financial model of the sport is “broken”. Administration has been commonly used in sport, particularly football, to keep clubs in existence, and has touched rugby union’s top tier of clubs before. Rugby union was the last of all the main team sports in the UK to turn professional when the Premiership was established. As a result, research into Premiership rugby clubs found imbalances in their financial status had increased between 2006 and 2015, and that there were issues around wage costs and how these compared with turnover.5 months ago EconoTimes