US Dollar Index: Hawkish Fed signals, geopolitical fears favor DXY bulls near 104.50
• US Dollar Index bulls take a breather at weekly top after two-day uptrend.• FOMC Minutes, Fed talks favor higher rates, China-Russia ties signal amplify geopolitical woes.• Retreat in yields, mixed equities probe DXY bulls ahead of key data. US Dollar Index (DXY) seesaws near 104.50, grinding higher around the weekly top, as the greenback […]
U.S. Economy Grows as Fourth-Quarter GDP Shows Strongest Year in Decades
As the country recovered fast from the pandemic-induced recession, the US economy expanded at a 6.9% annual pace in the fourth quarter of last year, concluding the best year of growth in nearly four decades. However, experts think that recent expansion has hit stumbling blocks, which might result in more moderate growth this year. The […]
Japan’s Economy Shrank an Annualized 3.9% in 1Q – USD/JPY advanced
Japan’s economy shrank at a slower pace than initially estimated in the first quarter of 2021, the government’s revised data showed Tuesday, confirming the first contraction in three quarters. The world’s third-largest economy after the U.S. and China shrank 3.9% on an annualized basis, which reflects what would happen if the first-quarter pace continued for […]
U.S. Economy Expected to Reach Pre-Pandemic Peak by Mid-2021
WASHINGTON — The U.S. economy is expected to expand more rapidly in 2021 than officials projected in July, but it will take several years for output to reach its full potential and for the number of employed workers to return to its pre-pandemic peak, according to new economic projections released Monday. The Congressional Budget Office […]
GBP/USD unmoved: United Kingdom in COVID-19 recession after GDP shrinks 20.4% in Q2
The UK is in an official recession, the country’s statistics authority confirmed on Wednesday. GDP fell by 20.4% in the second quarter of 2020, the biggest fall on record, according to figures from the Office for National Statistics. The fall marks the second consecutive quarter of retraction, a widely-used definition of a recession. It is […]
U.S. Economy Contracts at Record 32.9% Rate; Jobless Claims Rise to 1.43 Million
The U.S. economy contracted at a record 32.9% annual rate last quarter and weekly jobless claims rose to 1.43 million, amid signs of a slowing recovery. The Commerce Department’s initial estimate of U.S. gross domestic product in the second quarter is the steepest drop in records dating to 1947. The decline came as states imposed […]