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Inflation Eyed as Banking Crisis Looms

The US Federal Reserve and the European Central Bank hiked rates again even as two more regional US lenders – PacWest and Western Alliance – saw their share prices collapse this week. Also, Bitcoin regains its momentum, but US$30K seems the hurdle, and key events to look out for in the week ahead.

May 7, 2023

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A global gauge of stocks rose, and US Treasuries and gold fell on Friday as solid American jobs data improved the economic outlook and traders reduced expectations of Fed easing after a protracted period of rate hikes.

The April non-farm payroll data revealed 253,000 new jobs, up from 165,000 in March and above Reuters estimates for 180,000.

The data pushed US Treasury rates higher, lowering the dollar marginally versus a basket of key currencies.

Oil prices rose on economic momentum but fell for a third week. After a tough week, US bank shares recovered.

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