FED meeting minutes strongly hint at a rate cut in September; US dollar index falls to new low this year!
The U.S. Bureau of Labor Statistics revised down the employment growth in the year ending in March by 818,000, an average monthly decrease of about 68,000, the largest downward revision since 2009. The substantial downward revision of employment data re-emphasized the severity and necessity of the U.S. employment problem, paving the way for a rate hike in September. Bearish for the U.S. dollar.
What new signals does the Federal Reserve have? FED Governor Michelle Bowman reiterates the risk of inflation!
Fed Governor Bowman: There are upside risks to inflation, the labor market continues to strengthen, and a cautious attitude will be maintained at the September meeting. Boston Fed President Collins: If the data is as expected, it would be appropriate to start easing policy "soon". Inflationary pressure will slow down the pace of U.S. interest rate cuts, which will be bullish for the dollar.
GEMFOREX - weekly analysis
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Berkshire CEO-designate Abel sells stake in energy company he led for $870 million
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Dollar extends gains against yen as big Fed hike bets ramp up
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SoftBank posts record $23 billion net loss on Vision Fund pain
SoftBank Group Corp on Monday posted a 3.16 trillion yen ($23.37 billion) net loss in the April-June quarter.
Asia shares subdued, dollar refreshed by U.S. rate risks
Asian share markets made a stuttering start on Monday and the dollar held firm after a stunning U.S. payrolls report pushed back against talk of recession but also bolstered the case for more super-sized rate hikes.
Marketmind: Just an illusion
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Indonesia says Tesla strikes $5 billion deal to buy nickel products – media
U.S. carmaker Tesla has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia.
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