DXY U S. Dollar Index Chart

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The increase in unemployment was largely driven by people unemployed for up to 12 months. [There is one proviso – today’s wage data could be revised in a month’s time, and it’s that number which will be used]. After a full year of double digit grocery inflation, it’s no surprise that just under a quarter of the population consider themselves to be struggling https://bigbostrade.com/ financially – although this is a very slight drop compared to May. Data firm Kantar has reported that prices across grocers were 12.2% higher than a year ago for the four weeks to September 3, down from the previous month’s 12.7%. This is the clearest sign yet that the Bank of England’s rate rising cycle is starting to cool the jobs market.

This increase follows the steady rise in UK interest rates since December 2021, from 0.1% to 5.25% at present, which has driven up payments on variable-rate mortgages and made new fixed-rate deals much pricier too. The increase in unemployment was largely driven by people unemployed for up to 12 months, with economists also concerned that economic inactivity rose. Gold price remains under some selling pressure for the second successive day on Wednesday and languishes near the monthly low touched the previous day. The XAU/USD trades around the $1,910 level and seems poised to prolong the recent downfall from the $1,953 region, or a one-month peak, around set on September 1.

By moving the start and end of the timeframe in the bottom panel you can see both the current and the historical price movements of the instrument. In addition, you have an opportunity to choose the type of display of the analisis tecnico chart – Candles or Lines chart – through the buttons in the upper left corner of the chart. All clients that have not yet decided which instrument to trade are in the right place since reading the full characteristics of the USDIDX and watching its performance on the charts will help them to make their final decision. By Brigid Riley TOKYO (Reuters) – The dollar was broadly steady ahead of a key U.S. inflation report later on Wednesday, though it rose on the yen as traders further digested… The DXY Index is often used by traders to monitor the value of the USD in comparison to a basket of select currencies in a single transaction.

Gold futures end at lowest in 3 weeks

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. “It’s little surprise that families are worried sick about paying their bills and keeping their jobs. “If pay packets had been growing at pre-crisis levels, workers would be on average £14,700 better off. Fraser McKevitt, head of retail and consumer insight at Kantar, points out that grocery inflation of 12.2% won’t be a number to celebrate for many households.

  • The Institute of Directors are urging the Bank of England to stop raising interest rates, saying earlier increases have hurt the economy.
  • The symposium is likely to bring further clarity into the path of rate increases as Fed chief Jay Powell delivers a speech.The symposium is likely to bring further clarity into the path of rate increases as Fed chief Jay Powell delivers a speech.
  • This increase follows the steady rise in UK interest rates since December 2021, from 0.1% to 5.25% at present, which has driven up payments on variable-rate mortgages and made new fixed-rate deals much pricier too.
  • The increase in unemployment was largely driven by people unemployed for up to 12 months.

We’ll find out this morning if grocery inflation eased in the last few weeks, when Kantar releases its latest data on the supermarket sector. Using CPI real earnings, in May to July 2023, total pay rose by 0.6% on the year and regular pay growth was 0.0% on the year. But there’s better news on pay this morning – total pay, including bonuses, rose by 8.5% per year in the May-July quarter, helped by one-off bonus payments to NHS and Civil Service workers this summer.

USDOLLAR further reading

Unite says the decision is “unnecessary and unjustified” which will leave staff gravely concerned about their job security and livelihoods. They plan to meet Barclay’s CEO, C. S. Venkatakrishnan, to push for a guarantee of no compulsory job losses at the bank. Experts believe that there are signs that wage growth is near the peak and will start to slow soon.

While it will come as a relief to many Britons who have been struggling to make ends meet, inflation is still far above the Bank of England’s 2% target, which is set by the Government. Stores including those in Aldershot, Cardiff, Falmouth, Liverpool and Stafford are among those shutting today, with a further 28 closing on Thursday. Excellent news for households, but it might add to the pressure on the Bank of England to keep raising interest rates to fight inflationary pressures…. That could be significant for millions of pensioners, as this earnings figure is used to set the rise in the state pension the following April. Employment fell, due to a drop in full-time self-employed workers, pulling the employment rate down to 75.5% in May to July 2023, 0.5 percentage points lower than February to April 2023. That lifted the jobless rate to 4.3% in the May-July quarter, up from 4.2% a month ago, and 3.8% in the previous quarter.

Many economists believe the Bank may vote to increase rates from 5.25% to 5.5% when it meets on September 21 due largely to the strength of wage growth. This is set to have an impact on wage demand, as will economic uncertainty caused by the cost-of-living crisis and 14 rate rises in a row. Next week’s inflation figures will be watched closely for confirmation of whether it has eased back further, but there are fears that rising fuel prices in August may push it back up again, which would eat into workers’ pay once more.

WTI prices climbs to the highest level in 10 months after the Organization of the Petroleum Exporting Countries (OPEC) forecasted a surge in oil demand. The Prime Minister’s official spokesman told reporters today that we must wait for the “formal process” for uprating, following today’s earnings figures (which are expected to be used to set the pension increase in April). “Outstanding mortgage balances with arrears have ticked higher – although it only accounts for just over 1% of outstanding mortgage balances. History has shown that the uptick in home repossession typically coincide with increases to the base rate. That, according to the Resolution Foundation, is the biggest employment fall outside of a recession on record, and a clear sign yet that rising interest rates are cooling the labour market. The number of people in employment in the UK shrank by 207,000 in the last quarter, to 32.88m, today’s jobs report shows.

Introduction: UK jobless rate hits 4.3%, but wage growth beats inflation

The US Dollar Index (DXY) serves as a benchmark for measuring the relative value of the American dollar to a basket of currencies of the US’s key trading partners. Since you’ve just unblocked this person, you must wait 48 hours before renewing the block. Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes.

While higher monthly repayments could lead to a rise in mortgage arrears the record-breaking wage growth run and relatively low level of unemployment could slow the rise in repossessions. However, with the cost of housing on the up, many homeowners struggling to repay their mortgage of families would be wary that something like a sudden illness or job loss, could leave them homeless. “Although wage inflation still feels high, the headline rate is now being driven by the recent public sector pay settlements which will not lead to cost pass-through on the part of their employers. Private sector pay wage pressure, although also high, has grown at a lower rate in recent months and is likely to fall further as the labour market loosens and the headline rate of inflation comes down. “The Government has yet to confirm next year’s rail increase, but if it follows the same formula as last year and uses today’s average earnings growth rate, passengers will face eye-watering increases. The value of UK residential mortgages in arrears jumped to a seven-year high in the last quarter, Bank of England data shows.

If this happened, pensions would increase by less than the 8.5% rise in total pay recorded in the year to May-July, reported this morning, which is expected to push up the pensions bill by £2bn more than expected. Incoming BoE deputy governor Sarah Breeden has predicted that UK GDP will be “relatively flat” over the next couple of years. Breeden also warned MPs that the risks to inflation are to the upside, and that unemployment is likely to rise in the coming months. Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $88.40 mark so far on Wednesday.

us dollar index live

The financial markets, though, expect the Bank to raise interest rates again at this month’s meeting, from 5.25% to 5.5%. “It’s heartening to see the number of employees on payroll is still close to record highs and that our unemployment rate remains below many of our international peers. The Department for Transport (DfT) aligned this year’s cap on train fare increases with Britain’s average earnings growth for July 2022, which was 5.9%. “The speed at which mortgage arrears are increasing is terrifying and should give cause to pause at the next Bank of England interest rate meeting. This is dire data, and we know that it’s about to get an awful lot worse with 1.6m mortgage holders due to renew over the next twelve months at significantly higher rates than anyone has been used to for well over a decade.

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Sarah Breeden, who was appointed Deputy Governor of the Bank of England with responsibility for Financial Stability last month, predicts high interest rates will weigh on the economy. The move could be controversial because it touches on Prime Minister Rishi Sunak’s “triple-lock” promise to ensure that state pension payments keep rising. That was a core part of the Conservative manifesto enshrined in legislation and important to the party’s supporters. Under the plan, the Treasury would strip out a one-time impact of bonuses paid to public-sector workers to end a labor dispute, according to the person, who asked not to be named speaking about measures ministers haven’t yet approved.

English rail fares will rise by up to 8% in 2024 if the Government uses the same formula as this year, PA Media reports. Breeden is due to succeed Sir John Cunliffe on 1 November, and will join the Bank’s interest-rate setting Monetary Policy Committee (MPC). The IEA’s influential energy outlook report, due to be published next month, will show that oil, gas and coal are on course to hit a peak this decade under existing climate policies, earlier than many have anticipated. Work and Pensions Secretary Mel Stride has insisted that the UK government remains committed to the triple lock. Over the last few months especially, there’s been a lot of focus in the world of Currency Trading upon the state of the US Dollar. No matter what your opinion is of the Greenback, it is still, without question, regarded as the world’s primary reserve currency and holds its weight of recognition across the board.

Rishi Sunak is concerned about the rise in the number of people with long-term sickness (which we flagged earlier), Downing Street said. At the same time, inflation has been easing back, from a high of 11.1% last October to 6.8% in July. Stride also stressed the need for any increases to take into account “affordability and the position of the economy”. Today is the last day of trading at 24 Wilko stores across the UK, after the retail chain fell into administration.

Data last month showed a record 7.6 million people in England were waiting for NHS treatment in June, with two in five patients waiting more than 18 weeks to be seen. The Prime Minister’s official spokesman acknowledged there is “more to do” to get people back into work but said the Government was committed to supporting removing barriers in the labour market. The Bank of England is worried that if wages continue to surge at a record pace, this will fuel inflation further. Yesterday, unions reported that all Wilko’s 400-plus stores are to close with the loss of more than 12,000 jobs, after talks with potential buyers failed to reach a rescue deal. Regular pay (which excludes bonuses) grew by 7.8%, the same as last month – and the highest since comparable records began in 2001. Today’s figure, showing that average earnings grew by 8.5% in the year to May to July, is “particularly important”.

USD/JPY is trading near 147.50, sitting at weekly highs while filling Monday’s bearish opening gap. The BoJ’s bond-buying seems to be weighing on the Yen, despite a broadly subdued US Dollar and a tepid risk sentiment. The US Dollar Index spot price increases when the USD exchange rate strengthens its position in comparison to other currencies. Presently, the DXY represents a weighted geometric mean of the USD’s value to the exchange rates of the world’s six major currencies, namely the euro, British pound, Canadian dollar, Swiss franc, Swedish krona and Japanese yen. The euro holds the most weight versus the dollar in the index, making up about 57.6 per cent of the weighting, followed by the yen with around 13.6 per cent. And for the MPC to hike Bank Rate by 25 basis points this month and then call it quits, leaving it at 5.5% until starting to reduce it from the second quarter of 2024 onwards,” he said.

The Institute of Directors are urging the Bank of England to stop raising interest rates, saying earlier increases have hurt the economy. Our data shows that 95% of consumers are still worried about the impact of rising grocery prices, matched only by their concern about energy bills. This is the sixth monthly fall in a row, since grocery inflation peaked at a record 17.5% in March. Further good news in the cost of living crisis – grocery inflation has dropped to a new one-year low. Home loans with arrears now account for 1.02% of outstanding mortgage balances – the highest since the first quarter of 2018. I would expect relatively flat GDP in the UK over the next couple of years, as the impact of past increases in Bank Rate increasingly push down on demand, and supply remains very weak.

On Sunday, Rishi Sunak refused to commit to keeping it in the next Conservative manifesto. It is very likely to be used in determining how much the state pension increases by next April for the UK’s 12 million pensioners. The DfT has previously confirmed that next year’s fare rises will be below the Retail Prices Index (RPI) measure of inflation for July – which was 9% – but has not announced what formula it will use.

The amount of UK mortgages in arrears has hit its highest level in almost seven years, as more borrowers struggle to meet their repayments. Grocery price inflation in the UK has slowed to its lowest level in more than a year, but it remains in double digits and most consumers still worry about rising supermarket bills. Stonegate Group, which owns chains including the Slug & Lettuce and Yates’s, said it was raising prices at 800 of its venues during peak times, such as weekends, to help cover soaring costs. The weakening sparked calls for the Bank of England to halt its cycle of raising interest rates, weakening the pound, although City traders broadly expect another rise next week, from 5.25% to 5.5%.

ORGANIZATIONS, PEOPLE AND ECONOMIC DATA THAT INFLUENCE DOLLAR INDEX

Rather than rising on the prospect of another rate hike, the pound is struggling with the possibility of another rate hike hurting the economy further in the second half of the year. Sterling is down a third of a cent to $1.2473, wiping out yesterday’s gains, back towards the three-month lows set last week. The pound has lost ground this morning, as traders have digested signs that the UK labour market cooled last summer. The government says it remains “committed” to the pension triple lock policy, but isn’t yet indicating how much the state pension will rise next year.

These include, among others, inflation and deflation in the US dollar and foreign currencies included in the comparable basket, as well as economic growth and recessions in the respective countries. “How can a profitable finance organisation such as Barclays slash over 450 staff amid a cost-of-living crisis? This isn’t an organisation struggling to survive, this bank is making billions of pounds of profits..” This isn’t an organisation struggling to survive, this bank is making billions of pounds of profits. If these plans for compulsory redundancy are implemented then hundreds of families will lose their livelihoods and face financial hardship because of a management decision which is both unnecessary and unjustified.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion. A flurry of economic reports churned out last week injected much-needed volatility in forex dealmaking.A flurry of economic reports churned out last week injected much-needed volatility in forex dealmaking. “The staff losing their jobs are not highly paid rich City bankers but those earning modest salaries within Barclays. These employees worked throughout the Covid pandemic to help to deliver the highest customer service to Barclays customers.

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