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  • Aug 28, 2024

US dollar advances on month-end demand; focus on economic data

The U.S. dollar gained on Wednesday due to month-end buying and technical factors after recent declines that pushed it to its weakest in more than a year, as traders awaited data that could dictate the pace of the Federal Reserve's imminent easing cycle. Sharp bouts of volatility hit foreign exchange markets this month as worries around a potential U.S. recession and hawkish signals from the Bank of Japan hammered the dollar and sent other major currencies soaring. Traders also awaited earnings from artificial intelligence (AI) chip giant Nvidia, which has sparked a frenzy on Wall Street and beyond in recent years.

  • Aug 28, 2024

Pimco Sees Value in Local EM Debt as Fed to Spark Yield Hunt

(Bloomberg) -- Local currency debt from emerging markets will provide the best returns for investors once the Federal Reserve begins lowering interest rates, according to Pacific Investment Management Co.Most Read from BloombergTurkey Plans Istanbul Taxi Surge to Tackle ComplaintsIntergenerational Housing Could Help Older Adults Combat LonelinessAs Rural Hospitals Shutter Maternity Wards, Urban Ones FollowNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherA Loud Warning From the P

  • Aug 28, 2024

Russian economy shows solid growth despite Ukraine war sanctions

The Russian economy has shown solid growth in many sectors while unemployment remains at a record low, new data showed on Wednesday, prompting officials to hint at a brighter outlook for the year despite Western sanctions over the war in Ukraine. Driven by military production, industrial output rose by 3.3% in July compared with a 2.7% increase the previous month, and by 4.8% since the start of the year, compared with 3.1% growth in the same period in 2023. "Given such high results in the first half of the year, we expect even higher figures for the entire year of 2024 than we had initially projected in the economic forecast published in April," said Polina Kryuchkova, deputy economy minister.

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