Federal Reserve Loans an Additional $25 B for U.S. Banks
The Federal Reserve has extended its Term Auction Facility (TAF) and will offer an additional $25 billion to U.S. banks to address continued credit liquidity issues.
U.S. Pending Home Sales Fall 3.2% in July
The National Association of Realtors reports that pending sales of existing homes fell 3.2% for the month of July – nearly 7% lower than a year ago.
Crude Falls on Hint that OPEC will Maintain Current Output Levels
Saudi Arabia’s oil minister referred to the market as “well-supplied” following a meeting of OPEC producers this morning.
Aussie and Kiwi Dollars Down on as the Unwinding of Carry-Trades Continues
More bad news regarding stock losses and a drop in home loans have investors worried that interest rates may be cut in Australia and New Zealand to boost the economy. Currently, much of the demand for both currencies is for use in carry-trades – typically crossed with the yen – and any reduction in interest rates reduces the profitability of a carry-trade strategy.
Gold Drops Below $800 an Ounce
As the price of crude falls and worries of inflation spurred by energy costs eases, demand for gold as an inflation hedge also ease.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012