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According to the Wall Street Journal: Spirit Airlines is preparing to file for bankruptcy again.The Dow Jones Industrial Average closed down 92.02 points, or 0.20%, to 45,544.88 on Friday, August 29; the S&P 500 closed down 41.60 points, or 0.64%, to 6,460.26 on Friday, August 29; and the Nasdaq Composite closed down 249.61 points, or 1.15%, to 21,455.55 on Friday, August 29.The Federal Reserve announced on Friday, August 30, that it had finalized new capital requirements for the largest U.S. banks following the June stress test, but added that Morgan Stanley (MS.N) is seeking a reassessment of its upcoming capital requirements. The new capital requirements will take effect on October 1 and could be updated if the Fed adopts a proposal under consideration to average the results of two years of stress tests. Based on its annual financial stress test of large banks, the Fed assesses banks performance under a hypothetical economic downturn scenario and sets their capital buffers accordingly. Morgan Stanley is requesting a reconsideration of its results, and the Fed will announce its decision by the end of September.The U.S. Commodity Futures Trading Commission (CFTC): As of the week ending August 26, stock fund speculators increased their net short position in the S&P 500 CME futures by 62,459 contracts to 428,262 contracts. Stock fund managers increased their net long position in the S&P 500 CME futures by 3,284 contracts to 867,359 contracts.U.S. Commodity Futures Trading Commission (CFTC): As of the week ending August 26, crude oil speculators increased their net short positions in WTI futures by 1,978 contracts to 13,357 contracts.

After positive Japan Retail Trade statistics, the USD/JPY currency pair declines toward 138.50

Daniel Rogers

Aug 31, 2022 11:37

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The US dollar fell against the Japanese yen by less than 0.1 percent to 138.50 after upbeat economic data was released. Retail sales in Japan rose by 2.4% last year, beating both analysts' estimates of 1.9% growth and the prior report of 1.5% growth. Furthermore, retail sales have climbed to 0.8% on a monthly basis. Meanwhile, the report on Industrial Production is 1.8% higher than expected and 2.6% higher than the previous release.

 

Because the US dollar index (DXY) has done so well, bulls have been able to keep a firm grip on the asset. The DXY is aiming for a return to its two-decade high of 109.29 after encouraging data on consumer confidence and hawkish remarks from Fed governors.

 

When compared to July's 95.3 score, August's 103.2 reading on the Conference Board's (CB) Consumer Confidence survey is a significant gain. Improved faith in the economy boosts retail spending, which in turn supports the domestic currency. The DXY was also helped along by John Williams, president of the New York Fed Bank.

 

Fed Williams believes that interest rates will need to increase by more than 3.5 percent by the end of the year in order to slow the rate of inflation. He predicted that by the next year, inflation might drop to between 2.5% and 3%.

 

The release of US Nonfarm Payrolls (NFP) data on Friday remains the focal point of investors' attention this week. It is expected that employment growth numbers would remain satisfactory notwithstanding a halt in recruiting by a number of tech companies and the effects of dwindling liquidity. Reduced from 528k in the prior publication, the anticipated economic data is 300k.


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