Articles by: Miroslav Marinoff

Silver rebounds after sharp loss as FOMC meeting, CPI eyed

Spot Silver rebounded over 1% on Monday after having recorded a sizable loss of 6.8% on Friday on the back of hot US employment data that bolstered the US Dollar. A much stronger-than-anticipated US Non-Farm Payrolls report cooled investor expectations of an early interest rate cut by the Federal Reserve this year. Employers in all […] Read more

Canada’s economy adds more jobs than expected in May

Canada’s economy has created 26,700 jobs in May, following an employment growth of 90,400 in April. In comparison, market consensus had pointed to 22,500 growth. Part-time employment went up by 62,000 in May and full-time employment decreased by 36,000. Job gains in May were observed mostly within the services-providing sector, as follows: – health care […] Read more

South Africa’s Forex reserves at $62.087 billion in May

Foreign exchange reserves in South Africa expanded to $62.087 billion in May from $61.795 billion in April, data by the South African Reserve Bank showed. The nation’s foreign currency reserves grew to $46.424 billion in May from $46.287 billion in April. Meanwhile, gold reserves increased to $9.449 billion in May from $9.320 billion in April, […] Read more

France posts largest trade deficit since October 2023

France has reported its biggest trade balance deficit since October 2023 in April. The trade shortfall widened to EUR 7.6 billion in April from EUR 5.4 billion in March. The nation’s total exports went down 1.7% month-over-month to EUR 51.2 billion in April, while total imports went up 2.3% to EUR 58.8 billion. The energy […] Read more

Norway’s manufacturing production shrinks at record rate

Manufacturing production in Norway was reported to have contracted at a monthly rate of 5.6% in April after a revised up 5.6% surge in March. It has been the steepest monthly rate of contraction on record, as production shrank for most components: – textiles, wearing apparel & leather (-15.5% in April after an 8.7% increase […] Read more

Switzerland’s unemployment rate stable at 2.3%

Switzerland’s jobless rate has remained steady at 2.3% in May, data by the State Secretariat for Economic Affairs showed, in line with market expectations. It has been the lowest rate since December 2023. The number of unemployed individuals dropped by 1,492 to 105,465 in May compared to a month ago. Switzerland’s youth unemployment rate, which […] Read more

Bank of Russia leaves policy rate at 16%, flags rate hike

The Bank of Russia (CBR) left its key policy rate without change at 16% for a fourth consecutive meeting in June, in line with market expectations. However, the central bank warned that it might raise interest rates at its next policy meeting, as domestic demand continued to outpace the limited current capacity of the nation’s […] Read more

Singapore’s Forex reserves at two-year high in May

Foreign exchange reserves in Singapore have risen to a new two-year high in May, the latest data by the Monetary Authority of Singapore showed on Friday. Foreign exchange reserves grew to SGD 500.863 billion in May from SGD 500.307 billion in the prior month. The latest figure was mostly driven by an increase in gold […] Read more

Reserve Bank of India leaves repo rate intact at 6.5%

The Reserve Bank of India left its key repo rate unchanged at 6.5% for an eighth straight policy meeting in June, in line with market expectations, as price pressures persisted. Annual CPI inflation in the country was reported at 4.85% in April, little changed compared to the March rate. It has remained within the central […] Read more

Canada’s Ivey PMI reported at 10-month low

Canada’s seasonally adjusted Ivey Purchasing Managers’ Index was reported at a reading of 52 in May, down from 63 in April. It has been the lowest PMI level since July 2023 and it fell well short of market consensus of 65. The gauge of inventories deteriorated to 49.1 in May from 52.8 in April, the […] Read more