Source: European Commission The consumer confidence indicator edged 2.0 points lower in the euro area and further 2.1 points down in the EU in November from October. DAX is down -0.012%, EURUSD is down -0.26%. Consumer confidence now stands at -6.8 points in the euro area and -8.2 points in the EU. The consumer confidence indicator is below or close to the pre-pandemic … [Read more...] about Consumer Confidence Drops in the Euro Area and EU in November
Forex News
President Joe Biden Nominates Powell for a Second Term as Fed Chair
Source: FT. Joe Biden has nominated Jay Powell to continue serving for a second term as chair of the Federal Reserve, choosing continuity as the US economy struggles with high inflation.DXY up +0.25%, EUR USD down 0.19% Lael Brainard, who is seen as Powell’s biggest competitor for the top position, was nominated for the role of vice-chair.Biden stated that Powell and … [Read more...] about President Joe Biden Nominates Powell for a Second Term as Fed Chair
Japan Officials Exploring Ways to Release Oil Reserves After US Request
Japanese government officials are seeking out ways to surpass restrictions on releasing national reserves of crude oil in line with other developed economies to dampen prices. CL1! Down -0.28%, USOIL down -0.14% The world’s fourth-largest oil consumer is limited on how it can react with its reserves that can be used in times of shortage.The government is looking into … [Read more...] about Japan Officials Exploring Ways to Release Oil Reserves After US Request
Japan Approves $490 Billion Spending Package to Jump-Start Economy
Source: WSJ Japan’s government approved a $490B spending package to support recovery from the Covid-19 pandemic after recent economic challenges. Nikkei 225 up +0.50%, JPY USD up +0.34% The size of the spending package was close to double what analysts were anticipating earlier this month and amounted to nearly 10% of Japan’s gross domestic product.The package contrasts … [Read more...] about Japan Approves $490 Billion Spending Package to Jump-Start Economy
House Set to Pass $2Trillion Social Spending Bill With Consolidated Democrats’ Vote
Source: The Wall Street Journal The House is set to pass a roughly $2 trillion education, healthcare, and climate package, as Democrats are set to hold onto their slim majority to pass the bill. DXY up +0.34%, EUR USD down-0.51%. Even though the House vote would put the party closer to unifying their fractious wings behind the bill, the party still needs to move the … [Read more...] about House Set to Pass $2Trillion Social Spending Bill With Consolidated Democrats’ Vote
