Euro Rises to Eight-Month High
The euro rose above $1.103, marking its highest level in nearly eight months as expectations
of a Federal Reserve rate cut weighed on the dollar.
Content:
Euro:
Traders expect a 25 basis point rate cut in September,
with a 24.5% probability of a larger 50 basis point cut,
and more than 90 basis points of easing by the end of the year.
The focus shifts this week to the Federal Reserve’s Jackson Hole symposium,
where Chairman Jerome Powell will speak on Friday.
In Europe, markets are awaiting key data on business activity and wage growth,
which could influence the European Central Bank’s decision in September.
Markets are pricing in about 65 basis points of rate cuts by the ECB in 2024,
implying two 25 basis point cuts and a 60% chance of a third cut.
Elections:
Presidential candidate Kamala Harris plans to spend $370 million on digital and television ads.
The Democratic U.S. presidential candidate Kamala Harris plans to spend $370 million on digital
and television ads for her campaign between Labor Day and Election Day.
According to the “Axios” website, the vice president’s campaign stated in a press release that this amount,
“though historic, is considered an initial investment.
” She plans to spend $170 million on television bookings and $200 million on digital ads.
Libya:
Libya’s oil production from the Waha field has risen to 300,000 barrels per day.
Oil production from Libya’s Waha field has returned to its normal levels of around 300,000 barrels per day
after the completion of maintenance on the pipeline
extending from the oil fields in the Sirte Basin to the Sidra export terminal,
according to two people familiar with the situation.
The team completed the maintenance work on the pipeline,
which was damaged by a fire, ahead of the initially expected schedule.
he fire on the pipeline to Sidra started last Monday and was extinguished on Tuesday.
according to the operating company of the Waha field,
which is affiliated with Libya’s National Oil Corporation and operates as a joint venture with Hess Corp,
Marathon Oil Corp, and ConocoPhillips.
Euro Rises to Eight-Month High