Can Bank ETFs Gain Hugely Amid Rate-Cut Cycle?
Financial ETFs have rebounded this year after a prolonged period of volatility. The latest Fed rate cut should bolster the space even more.
Financial ETFs have rebounded this year after a prolonged period of volatility. The latest Fed rate cut should bolster the space even more.
According to Odaily, the dollar index (DXY) experienced a short-term increase of nearly 20 points, currently standing at 100.93. This rise follows the release of the preliminary US September S&P Global Services PMI, which recorded a value of 55.4. The expected value was 55.3, while the previous value was 55.7.
According to Odaily, the preliminary reading for the U.S. September S&P Global Manufacturing PMI has dropped to 47, marking a 15-month low. This figure falls short of the expected 48.5 and is lower than the previous value of 47.9.In contrast, the preliminary reading for the U.S. September S&P Global Services PMI stands at 55.4, slightly above the anticipated 55.3 but slightly below the previous value of 55.7.
- The U.S. dollar rose Monday, climbing away from the one-year low seen last week, while disappointing economic activity data weighed on the euro. At 04:15 ET (08:15...
According to BlockBeats, on September 23, Federal Reserve official Neel Kashkari stated that the central bank anticipates a reduction of 50 basis points in interest rates in 2024.
According to BlockBeats, on September 23, Federal Reserve official Raphael Bostic indicated that the central bank is likely to implement smaller interest rate adjustments in the future. This statement reflects a potential shift in the Federal Reserve's approach to managing economic conditions.
The pound has emerged as the top performer among the Group-of-10 currencies.
Yahoo Finance markets and data editor Jared Blikre takes a look at broader market trends as stocks continue their rally. This ongoing rally was sparked by the Federal Reserve's interest rate cut last week. He also breaks down what has been happening in the tech space, where software stocks have started to diverge from chip stocks. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith
-- Most Asian currencies moved in a tight range on Monday, while the dollar steadied from recent losses as traders awaited a slew of more cues on the Federal Reserve...
According to CoinDesk, Canada has announced a shift in its focus away from developing a retail central bank digital currency (CBDC). The Bank of Canada stated that while it is scaling down its work on a retail CBDC, it remains prepared to revisit the idea if there is future demand from the public. This decision follows years of research into the feasibility of a digital Canadian dollar.CBC News, Canada's public broadcaster, reported that the Bank of Canada confirmed it is now shelving the idea of a digital Canadian dollar. The central bank's official statement indicated that it is redirecting its efforts towards broader payment system research and policy development. Despite this shift, the Bank of Canada will continue to monitor global developments in retail CBDCs and publish related research. Additionally, there will be opportunities for Canadians to provide input on the potential for a digital dollar.The Bank of Canada's latest position comes amid ongoing debates over CBDCs, including in the United States, where it has become a topic of discussion in the presidential election. Federal Reserve Chair Jerome Powell has stated that the U.S. is not close to recommending or adopting a CBDC, suggesting that the public need not worry about its immediate implementation.The update from the Bank of Canada follows a staff discussion paper released less than three months ago, which highlighted the potential decline in the relevance of cash and suggested that a properly designed CBDC could help maintain the relevance of retail public money in the economy. At the end of 2023, the Bank received nearly 90,000 responses to a public consultation paper, with many respondents expressing privacy concerns.