Source: Federal Reserve The Federal Reserve on Wednesday hiked its key policy rate by half a percentage point, with Federal Chairman Jerome Powell hinting at more hikes moving forward. QQQ is down 3.11%, while SPY is down 2.13%. The latest increase will bring the federal funds rate between 0.75% to 1% and the current market pricing rate between 2.75% to 3%.Powell said … [Read more...] about Fed Raises Rates, Hints at More Tightening
Forex News
China’s Services Activity Falls at Second Lowest Rate on Record
Source: S&P Global China’s services sector activity narrowed at the second-steepest rate on record in April, as tighter COVID limitations halt the industry. CNUYSD down -0.01%, CSI 300 down -0.15% The Caixin services purchasing managers’ index (PMI) dropped to 36.2 in April, the second-lowest since the survey started in November 2005 and down from 42 in March.A … [Read more...] about China’s Services Activity Falls at Second Lowest Rate on Record
Eurozone Construction Firms Less Upbeat as New Orders Fall the Fastest in 14 Months
Source: S&P Global Eurozone construction firm’s pessimism on the twelve-month outlook fell to the lowest since November 2020 in April, as depressed demand continued to impact on new orders. DAX is up +1.42%, EURUSD is down -0.11%. The weakened pessimism occurred as firms reported the fastest decline in new orders in fourteen months. The depressed activity saw the … [Read more...] about Eurozone Construction Firms Less Upbeat as New Orders Fall the Fastest in 14 Months
US International Trade Deficit Widens to $109.8 Billion
Source: Bureau of Economic Analysis The United States posted a wider trade deficit in March, as imports grew at a faster rate than exports during the month. QQQ is down 0.95%, while SPY is down 0.28%. The international trade in goods and services deficit stood at $109.8 billion, reflecting a 22.3% increase.The latest level reflects an increase in the goods deficit of … [Read more...] about US International Trade Deficit Widens to $109.8 Billion
Manufacturing Growth Cools for Second Straight Month
Source: Institute for Supply Management The manufacturing sector expanded for the 23rd straight month of growth in April, but growth decelerated for the second consecutive month. QQQ is down 1.23%, while SPY is down 0.31%. The manufacturing PMI stood at 55.4 in April, 1.7 percentage points lower than 57.1 in March.A slowdown was recorded in nearly all indicators, except … [Read more...] about Manufacturing Growth Cools for Second Straight Month
