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.
inflation
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.’
Cypriots still grappling with inflation woes
– Inflation rate in Cyprus dropped to 1.2% in March 2024, down from 1.8% in February and 5.8% in March 2023.
– The cost of living in Cyprus is 14% higher than it was four years ago when the COVID pandemic began.
– Food prices in Cyprus have seen significant increases, with olive oil doubling in price and sugar spiking by 59.2%.
– Prices of staple food items like bread, rice, dairy products, and eggs have also risen over the four-year period.
– Prices of agricultural products, fuel, and electricity have also increased in Cyprus over the same period.
Fuel price hikes expected as Brent oil costs rise
The price of Brent crude oil for May deliveries has surpassed per barrel, with negotiations currently at .1. This marks the highest prices since January 1, 2024, and also a seven-month record. Retail fuel prices in Cyprus are expected to increase further due to the rise in international oil prices.
House GOP Plan Slashes Medicare, Social Security, Cuts Corporate Tax
The Republican Study Committee budget proposes over .5 trillion in cuts to Social Security and raises Medicare costs for seniors. This budget would also lead to longer wait times for seniors and people with disabilities when calling for assistance with Social Security and Medicare.
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 inflation decelerates to lowest rate in nearly 3 years
In March 2024, inflation in Cyprus decelerated significantly, with a year-on-year increase of 1.2 per cent, the lowest rate in nearly three years. This was primarily due to a reduction in electricity and petroleum prices.
Turkey gains new wave of female mayors after opposition, ’s poll success
Gulistan Sonuk, 31, won the election in Turkey’s conservative heartland, becoming one of 11 female mayors in the country.
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 supermarket sales rise 5.4 per cent
British supermarket total sales rose by 5.4 per cent year-over-year in the four weeks to March 23 as slowing inflation encouraged shoppers to increase their purchases.