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November 15th - Stephen Innes, Managing Partner of SPI Asset Management, stated that with the US government reopening, a backlog of important data will be released, including employment and inflation indicators, which the market expects to be weak. Weaker US data could depress US Treasury yields, reigniting market expectations for an interest rate cut in early 2026 and providing room for a rebound in gold prices, which have been squeezed by rising real yields. The recent pullback in gold prices appears more like position adjustments than a trend reversal. The outlook for gold remains positive, and investors will closely watch US real yields, a weaker dollar, and upcoming data. If the data points to a cooling US economy, gold could rebound next week.November 15th - According to the Financial Times, Apple (AAPL.O) is accelerating its succession planning, preparing for Tim Cook to potentially step down as CEO as early as next year. Multiple sources familiar with internal discussions revealed that Apples board and senior management have recently expedited preparations to welcome Cooks departure. John Ternus, Apples senior vice president of hardware engineering, is widely considered Cooks most likely successor, but a final decision has not yet been made. Sources close to Apple indicate that this long-awaited transition is not due to the companys current performance, as Apples iPhone sales season at the end of this year is expected to be very strong. If a successor is announced early next year, the new leadership team will have time to establish themselves before Apples key annual events, including the Worldwide Developers Conference (WWDC) in June and the iPhone launch event in September.According to the Financial Times, Apple (AAPL.O) is preparing for Tim Cook to step down as CEO as early as next year, with John Ternus, the companys senior vice president of hardware engineering, widely considered the most likely successor.According to the Financial Times, Apple (AAPL.O) is stepping up its planning for a successor to CEO Tim Cook.On November 15th, the European Parliament adopted its position paper on amendments to the European Climate Law on the 13th, supporting the addition of a legally binding 2040 mid-term climate target to the existing EU climate law. The position paper requires the EU to reduce net greenhouse gas emissions by 90% from 1990 levels by 2040, while also supporting the European Commissions proposal to introduce flexibility in achieving the target. The European Parliament stated its support for member states to offset emissions reductions of up to 5% of their 1990 emissions by purchasing international carbon credits from other partner countries starting in 2036. The European Parliament also advocated for incorporating permanent carbon removal into the EU Emissions Trading System, in addition to existing reduction methods, to offset some emissions that are difficult to reduce.

GBP / USD Advances To 1.1950 As Investors Ignore Aggressive Fed Bets And Concentrate On UK Data

Alina Haynes

Mar 10, 2023 11:35

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During the Asian session, the GBP/USD pair successfully relocated its business above 1.1950. The Cable is attempting to extend its recovery towards 1.1950 despite investors' lack of concern regarding the United States Nonfarm Payrolls (NFP) report. Moreover, investors have begun to disregard the volatility associated with aggressive Fed rate hike wagers. Investors are aware that higher inflation could be contained by restrictive Fed measures; consequently, an increase in Fed interest rates is likely.

 

In the Asian session, S&P500 futures have extended their losses from Thursday, when investors were discouraged by higher taxes on corporations, billionaires, and wealthy investors. Higher taxes on corporations will reduce their Net Profit margins, resulting in lower dividends for shareholders.

 

The US Dollar Index (DXY) fell below Thursday's low of 105.13 on expectations that the US labor market is not as robust as previously thought. The US labor market may decelerate soon, according to an increase of 11% in Initial Jobless Claims and a quadrupling of planned layoffs by US companies. This may compel the Fed to continue its gradual pace of rate increases.

 

Notwithstanding, the release of the US NFP will be of the utmost importance to the market. The number of payrolls in the United States increased by 203K in February, as predicted. It is anticipated that the unemployment rate will remain at 3.4%.

 

On the front of the British Pound, manufacturing sector data will be intently observed. Monthly Manufacturing Production (January) and Industrial Production are anticipated to decrease by 0.1% and 0.2%, respectively.

 

Investors should be aware that the performance of the manufacturing sector in the United Kingdom has remained fragile over the past few months. This may compel the Bank of England (BoE) to pause policy tightening for the time being, allowing current monetary policy to demonstrate its impact.


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