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EUR/USD on verge of bullish breakout - BOA Securities May 14, 2024 01:58PM

Investing.com - The foreign exchange market appears to be turning bearish on the U.S. dollar, according to Bank of America Securities, suggesting the EUR/USD pair is on the verge of a bullish breakout.

Over the past week, option skews have broadly moved for USD puts, the bank said in a note dated May 13, with Europe-based investors fully unwinding long USD positions from the past month.

At 10:20 ET (14:20 GMT), EUR/USD traded 0.2% higher at $1.0812, even after U.S.... (continue reading...)

Midday movers: GameStop, AMC Entertainment rise; Alibaba falls May 14, 2024 11:39AM (Updated - May 14, 2024 11:39 AM EDT)

Investing.com -- Main U.S. indexes edged higher Tuesday despite data that showed hotter than expected producer prices in April after Federal Reserve Chairman Jerome Powell gave an optimistic overview of the US economy during a panel discussion.

Here are some of the biggest U.S. stock movers today:

• GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) stock both more than doubled as a rally in so-called meme stocks continued after... (continue reading...)

Powell says Fed's restrictive policy is working May 14, 2024 11:17AM

Federal Reserve Chairman Jerome Powell provided an optimistic overview of the US economy during a discussion at the Foreign Bankers' Association's Annual General Meeting in Amsterdam.

Powell highlighted the robust performance of the US economy, noting a particularly strong labor market and the good financial health of households.

According to Powell, consumer spending and business investment have maintained their strength, despite ongoing labor shortages across various... (continue reading...)

Biden administration announces increased tariffs on host of Chinese imports May 14, 2024 10:14AM

Investing.com -- The Biden administration has announced that it will increase tariffs on $18 billion worth of Chinese imports, including electric vehicle batteries, semiconductors wafers, and some steel and aluminium products.

According to Reuters, the U.S. Trade Representative's Office anticipates that the hikes will come into effect in approximately 90 days.

In a call with reporters cited by Reuters, Biden economic adviser Lael Brainard accused China of "using the... (continue reading...)

Producer prices grow at a faster-than-projected rate in April May 14, 2024 09:56AM

Investing.com -- U.S. producer prices grew by a faster-than-anticipated rate of 0.5% on a monthly basis in April, due mainly to elevated costs for services and goods, in a sign of lingering inflationary pressures early in the second quarter.

It was a quicker pace than an increase of 0.3% economists had predicted and up from a downwardly revised month-on-month contraction of 0.1% in March.

In the twelve months through April, the producer price index (PPI) for final... (continue reading...)