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Thu, Mar 21, 2024 15:06U.S. Existing Home Sales Unexpectedly Spike To Highest Level In A Year
After reporting a notable increase in U.S. existing home sales in the previous month, the National Association of Realtors released on report on Thursday showing existing home sales unexpectedly continued to soar in the month of February. NAR said existing home sale index spiked by 9.5 percent to an annual rate of 4.38 million in February.
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Thu, Mar 21, 2024 14:17Philly Fed Index Edges Lower But Remains Positive In March
The Federal Reserve Bank of Philadelphia released a report on Thursday showing a modest slowdown in the pace of growth in regional manufacturing activity in the month of March. The Philly Fed said its diffusion index for current general activity slipped to 3.2 in March from 5.2 in February, although a positive reading still indicates growth.
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Thu, Mar 21, 2024 13:42Bank Of England Keeps Rate On Hold For Fifth Time
The Bank of England maintained its key policy rate for the fifth straight session on Thursday, with no members seeking a hike as inflation is expected to ease faster than expected. The Monetary Policy Committee, led by Governor Andrew Bailey, voted 8-1 to keep the bank rate unchanged at 5.25 percent. No members called for a tightening this time.
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Thu, Mar 21, 2024 13:30U.S. Jobless Claims Unexpectedly Edge Down To 210,000
A report released by the Labor Department on Thursday unexpectedly showed a slight drop by first-time claims for U.S. unemployment benefits in the week ended March 16th. The Labor Department said initial jobless claims edged down to 210,000, a decrease of 2,000 from the previous week's revised level of 212,000. The dip surprised economists, who had expected jobless claims to rise to 215,000.
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Thu, Mar 21, 2024 12:03Switzerland's Central Bank Unexpectedly Cuts Policy Rate
The Swiss National Bank made a surprise interest rate cut on Thursday and became the first major central bank to ease the policy in the current cycle as the fight against inflation over the last two and a half years has been effective. The SNB unexpectedly lowered the policy rate by 25 basis points to 1.5 percent. Markets had expected the bank to keep the rate unchanged.
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Thu, Mar 21, 2024 12:00Eurozone Private Sector Nears To Stabilization
The euro area economy moved closer to stabilization in March as services activity expanded for the second month and the decline in manufacturing output softened, flash results from S&P Global purchasing managers' survey showed on Thursday. The composite output index rose more than expected to 49.9 in March from 49.2 in the previous month. The score was seen at 49.7.
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Thu, Mar 21, 2024 10:04UK Budget Deficit Worse Than Expected
The UK budget deficit was wider than economists' expectations in February despite an increase in receipts, official data revealed on Thursday. Public sector net borrowing, or PSNB, excluding public sector banks decreased by GBP 3.4 billion from the previous year to GBP 8.4 billion in February, the Office for National Statistics said. However, borrowing was well above economists' forecast.
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Thu, Mar 21, 2024 05:24European Economic News Preview: Bank Of England Policy Decision Due
The monetary policy announcement from the Bank of England and flash Purchasing Managers' survey results from the major euro area economies are the top economic news due on Thursday. At 3.00 am ET, the Office for National Statistics releases UK public sector finance data. In the meantime, the European Automobile Manufacturers' Association publishes Europe's new car registrations data for February.
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Wed, Mar 20, 2024 21:13Dollar Pares Gains After Fed Policy Announcement
After climbing higher in the European session and holding firm till well past noon on Wednesday, the U.S. dollar pared gains after the Federal Reserve left interest rates unchanged and signaled a few rate cuts this year.
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Wed, Mar 20, 2024 18:25Fed Leaves Rates Unchanged, Still Needs Greater Confidence Inflation Is Slowing
The Federal Reserve announced its widely expected decision to leave interest rates unchanged on Wednesday. The Fed's accompanying statement acknowledged inflation has eased over the past year but reiterated officials do not expect it will be appropriate to lower rates until they have gained "greater confidence" inflation is moving sustainably toward 2 percent.
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Wed, Mar 20, 2024 13:45U.S. Mortgage Applications Pull Back 1.6% In Week Ended March 15th
Mortgage applications in the U.S. saw a notable pullback in the week ended March 15th, according to a report released by the Mortgage Bankers Association on Wednesday. The MBA said the Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent last week after surging by 7.1 percent in the previous week.
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Wed, Mar 20, 2024 11:40UK Inflation Near 2-1/2 Year Low
UK consumer price inflation weakened to the lowest in nearly two-and-a-half years in February on easing food price inflation, official data showed ahead of the Bank of England's monetary policy announcement this week. The consumer price index registered an annual growth of 3.4 percent, slower than the 4.0 percent rise in January, the Office for National Statistics reported Wednesday.
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Wed, Mar 20, 2024 08:32China Keeps Key Lending Rates Unchanged
China's central bank left its loan prime rates unchanged on Wednesday, as widely expected, as authorities monitor developments in the housing market and credit growth. The People's Bank of China kept the five-year loan prime rate at 3.95 percent after lowering it by 5 basis points in February. The one-year LPR was retained at 3.45 percent.
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Wed, Mar 20, 2024 05:22European Economic News Preview: UK Inflation Data Due
Consumer and producer prices data from the UK is the top economic news due on Wednesday, headlining a light day for the European economic news. At 3.00 am ET, the Office for National Statistics is scheduled to issue UK consumer and producer prices for February. Inflation is forecast to ease to 3.5 percent from 4.0 percent in January. Economists expect output prices to fall 0.1 percent on year.
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Tue, Mar 19, 2024 21:09Dollar Extends Gains Against Major Counterparts
The U.S. dollar gained against its major counterparts on Tuesday, with traders reacting to Canadian inflation data, policy announcements from the Bank of Japan and the Reserve Bank of Australia, and looking ahead to the Federal Reserve's monetary policy decision.
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Tue, Mar 19, 2024 13:31U.S. Housing Starts Rebound 10.7% In February, More Than Expected
A report released by the Commerce Department on Tuesday showed a substantial rebound in new residential construction in the U.S. in the month of February. The Commerce Department said housing starts spiked by 10.7 percent to an annual rate of 1.521 million in February after plunging by 12.3 percent to a revised rate of 1.374 million in January.
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Tue, Mar 19, 2024 12:57German Economic Confidence Highest In Over 2 Years
Germany's economic sentiment strengthened more than expected to its highest level in just over two years in March amid increasing investor expectations that the European Central Bank will cut interest rates in the coming months, survey data from the think tank ZEW revealed Tuesday. The ZEW indicator of economic sentiment rose markedly to 31.7 in March from 19.9 in February.
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Tue, Mar 19, 2024 08:02Australia Central Bank Holds Policy Rate At 4.35%
The Reserve Bank of Australia decided to keep its benchmark interest rate unchanged at its March meeting on Tuesday, while the policy board said the economic outlook and the interest rate path are uncertain as inflation remains high, although it is moderating. The policy board of the RBA, led by Governor Michele Bullock, decided to maintain the cash rate target at 4.35 percent.
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Tue, Mar 19, 2024 06:59Yen Slides As BoJ Pause Its Ultra-Loose Monetary Policy
The Japanese yen weakened against other major currencies in the Asian session on Tuesday, after the Bank of Japan decided to end negative rates amid signs that inflation is strengthening.
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Tue, Mar 19, 2024 06:25Bank Of Japan Raises Rates For First Time In 17 Years
The Bank of Japan raised its interest rates for the first time in nearly two decades and became the world's last central bank to end negative rates amid signs that inflation is strengthening. The BoJ Policy Board, led by Governor Kazuo Ueda, decided in a 7-2 vote to raise the overnight interest rate around 0 to 0.1 percent from minus 0.1 percent.
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Tue, Mar 19, 2024 04:01European Economic News Preview: Germany ZEW Economic Sentiment Data Due
Economic sentiment survey data from Germany is due on Tuesday, headlining a light day for the European economic news. At 2.00 am ET, foreign trade data is due from Switzerland. At 4.00 am ET, the State Secretariat for Economic Affairs publishes Swiss economic forecasts.