Sternlicht Says Housing Is a 'Stuck Pig' Amid Current Rates
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Wall Street Journal
an hour ago
- Wall Street Journal
Singapore Dollar Steady; May Consolidate for Most of This Week
0311 GMT — The Singapore dollar is steady against its U.S. counterpart in the Asian session, and may consolidate for most of this week. The major driver for this week will likely be the greenback's reaction to Fed Chair Powell's speech at the Jackson Hole Economic Symposium on Friday, CBA's Global Economic & Markets Research team says in a note. The USD could strengthen on Friday if Powell suggests in his speech that a September rate cut isn't highly expected as priced by markets, the team adds. USD/SGD is little changed at 1.2824. ( 0038 GMT — The yen mostly weakens against other G-10 and Asian currencies in early session amid hopes for a possible Russia-Ukraine peace deal. While Friday's meeting between President Trump and Russian President Putin didn't result in a breakthrough, Trump said Putin had accepted that any peace would need to include the presence of Western troops in Ukraine. European leaders will travel to Washington with Ukrainian President Zelensky to meet with Trump on Monday. Secretary of State Rubio said Sunday that a major focus of the Monday talks will be security guarantees. USD/JPY edges 0.1% higher to 147.35 and AUD/JPY rises 0.4% to 95.95, LSEG data show. (
Yahoo
2 hours ago
- Yahoo
Dollar braces for busy week of geopolitics and Fed speak
By Rae Wee SINGAPORE (Reuters) -The dollar dithered on Monday ahead of a key meeting between U.S. President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiy, while investors also looked ahead to the Federal Reserve's Jackson Hole symposium for more policy clues. Currency moves were largely subdued in the early Asia session, though the dollar steadied after last week's fall as traders further pared back bets of a jumbo Fed cut next month. The euro was little changed at $1.1705, while sterling edged up 0.07% to $1.3557. Against a basket of currencies, the dollar advanced slightly to 97.85, after losing 0.4% last week. Markets are now pricing in an 84% chance the Fed would ease rates by a quarter point next month, down from 98% last week, after a raft of data including a jump in U.S. wholesale prices last month and a solid increase in July's retail sales figures dimmed the prospect of an oversized 50-basis-point cut. "While the data don't all point in the same direction, the U.S. economy looks to be in okay shape in the third quarter," said Bill Adams, chief economist at Comerica Bank. "The Fed is likely to cut interest rates by year-end, either in September, when markets now price in a cut, or a few months later, when Comerica forecasts a cut." The main event for investors on Monday is a meeting between Trump and Zelenskiy, who will be joined by some European leaders, as Washington presses Ukraine to accept a quick peace deal to end Europe's deadliest war in 80 years. Trump is leaning on Zelenskiy to strike an agreement after he met Kremlin chief Vladimir Putin in Alaska and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first. Also key for markets this week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. "I think (Powell) will also talk about the current economic conditions in the U.S., and that will be more policy relevant, that will be more interesting to markets," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "Given market pricing is very high for a rate cut in September, I think the risk is that Powell is hawkish, or is perceived to be hawkish, if he gives a balanced view of the U.S. economy." In other currencies, the dollar rose 0.11% against the yen to 147.34, after falling roughly 0.4% last week. Japan's government on Friday brushed aside rare and explicit comments from U.S. Treasury Secretary Scott Bessent who said the Bank of Japan was "behind the curve" on policy, which appeared to be aimed at pressuring the country's central bank into raising interest rates. The Australian dollar was up 0.1% at $0.65145, while the New Zealand dollar rose 0.15% to $0.5934, after falling 0.5% last week. Sign in to access your portfolio
Yahoo
3 hours ago
- Yahoo
Dow futures rise as updates this week from the Fed and top retailers will test Wall Street's big rally
Wall Street is heading into a pivotal week, with stocks riding high on expectations that the Federal Reserve will cut rates next month and signs that tariffs aren't weighing on the economy as much as feared, so far. But minutes from the Fed's last meeting, Jerome Powell's Jackson Hole speech, and retail earnings will put the market's views to the test. U.S. stock futures pointed higher on Sunday evening ahead of a critical stretch for markets as investors brace for fresh clues on rate cuts and tariffs. Futures tied to the Dow Jones Industrial Average rose 48 points, or 0.11%. S&P 500 futures were up 0.12%, and Nasdaq futures added 0.18%. The yield on the 10-year Treasury was flat at 4.322%. The U.S. dollar was down 0.07% against the euro but up 0.07% against the yen. Gold fell 0.25% to $3,374.10 per ounce. U.S. oil prices dropped 0.27% to $62.63 per barrel, and Brent crude fell 0.41% to $65.58. Energy markets will also be in focus this week amid continued diplomacy to end Russia's war on Ukraine as harsher U.S. sanctions on Moscow could target its oil exports, though President Donald Trump refrained from announcing any fresh penalties after ceasefire talks Friday failed to produce a deal. Stocks have notched two consecutive weekly gains, with the S&P 500 hitting a fresh all-time high last week. That's as corporate earnings have continued to come in strong and as the latest inflation readings were mixed but still haven't set off panic about the effect of tariffs. With the labor market also looking weaker, Wall Street overwhelmingly sees the inflation data giving the Federal Reserve a green light to resume rate cuts next month, further fueling market optimism. But those views will be tested this week. On Wednesday, the Fed will release minutes from its policy meeting in July, when central bankers kept rates steady though two officials dissented. The details should show how much debate occurred and to what extent other policymakers were leaning a certain way. Then the main attraction will take place on Friday, when Fed Chair Jerome Powell will deliver a speech at a gathering in Jackson Hole, Wyo. The annual event previously has served as an opportunity for policymakers to tease forthcoming rate moves. Last year, Powell signaled a pivot to cuts, saying 'the time has come for policy to adjust' and that 'my confidence has grown that inflation is on a sustainable path back to 2%.' But he may not drop big hints this year, potentially setting up Wall Street for major disappointment. Meanwhile, earnings season is winding down, but the coming week will feature several top retailers. Home Depot reports Tuesday, with Lowe's and Target due on Wednesday. Walmart will put out its numbers on Thursday. Their quarterly updates will provide new insights into how much tariffs are affecting prices and who is picking up the extra costs. The precise impact of tariffs on inflation remains somewhat of a mystery. While companies may be absorbing much of the tariff costs for now, it's not clear how much longer they can keep it up and how much consumers will be able to shoulder later. If the retail giants keep eating tariff costs, that will show up on the bottom line and in their guidance. Citi doesn't expect consumers to get hit with big price hikes in the future, even as more levies are expected to roll out. 'Softer demand means firms will have difficulty passing tariff costs on to consumers,' chief US economist Andrew Hollenhorst said in a note. 'While some firms might still attempt to slowly increase prices in coming months, the experience so far suggests these increases will be modest in size. This should reduce concerns about upside risk to inflation and increase concerns that decreased profit margins will cause firms to pullback on hiring.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
