Christodoulos Patsalides sworn in as Central Bank governor
Fact: Christodoulos Patsalides was sworn in as Central Bank governor by President Nikos Christodoulides.
interest rates
Gold starts week with yet another record high
Gold hit a new all-time high above ,350 at the weekly opening after gaining over 4% in the previous week, reaching a record high of ,330 on Friday.
US jobs report signals one rate cut this year
Fact: The CEO of deVere Group predicts that there will be just one US interest rate cut by the Federal Reserve this year, following a stronger-than-expected jobs report for March.
LARRY KUDLOW: Biden’s manic tax-hike policies would decimate the economy
Fact: Former 2024 GOP presidential candidate Vivek Ramaswamy criticizes President Biden’s energy and tax policies on ‘Kudlow.’
US layoffs reach 14-month high amid government, tech cutbacks
– US layoff announcements rose 7% in March to the highest since January 2023
– Job cut announcements increased to 90,309 in March
– Technology industry led in job cuts in the first quarter of the year
– US government was the top job cutter in March
– Companies cited cost-cutting and restructuring efforts as reasons for job eliminations
Soft CPI weakens Swiss Franc
The Swiss Franc strengthened as softer-than-expected Consumer Price Index (CPI) data for March boosted expectations of one more interest rate cut by the Swiss National Bank.
Cyprus to issue new six-year bonds with increased interest rates
The Republic of Cyprus will issue new six-year bonds with slightly increased interest rates for the first two years. The annual nominal interest rate for the first 24 months will be 1.25%, compared to 1.00% in the previous series. The interest rates show small differences for the remaining term, with a slight increase from 24 to 48 months and a slight decrease for the rest of the periods. The weighted average annual interest rate for holding the bond until maturity is approximately 1.367%. For more information, contact the Cyprus Stock Exchange at 22712300.
Euro advances to week-high
The EURUSD pair is rising for the third day in a row, reaching a one-and-a-half-week high in Asian trading. The US Dollar is weakening due to uncertainty about the Federal Reserve’s rate cut path and a positive risk tone in the market. However, expectations of an interest rate cut by the European Central Bank in June could limit further gains for the currency pair.
UK lenders approve most mortgages since September 2022
British lenders approved the highest number of mortgages in February since September 2022, with 60,383 mortgages for house purchase and 37,700 for remortgaging with a new lender. The housing market is slowly recovering as the prospect of a cut in Bank of England interest rates moves nearer.
Turkey inflation hit 68.5% ahead of election blow to ruling party
Turkey’s annual inflation rate climbed to 68.5 per cent in March, leading to significant losses for President Tayyip Erdogan’s party in local elections.