The GBP/USD pair is fluctuating within a limited range, hovering around the 1.2700 mark
The GBP/USD pair is fluctuating within a limited range, hovering around the 1.2700 mark As the new week unfolds, the GBP/USD pair is navigating within a tight range, lingering around the 1.2700 mark. This limited fluctuation indicates a lack of significant momentum for the currency pair, which could be indicative of market participants’ cautious approach […]
USD/JPY steadies near YTD peak below 145.00 ahead of US PCE Index
USD/JPY steadies near YTD peak below 145.00 ahead of US PCE Index The USD/JPY currency pair is currently holding steady near its year-to-date (YTD) peak, hovering just below the 145.00 level. This comes as the pair trades comfortably in the 144.55-144.60 region, a clear sign of its recent upward momentum. The pair’s movement has been […]
Ahead of Significant Data Releases, US Dollar Continues its Rally
Ahead of Significant Data Releases, US Dollar Continues its Rally The US Dollar (USD) is maintaining its strength against other currencies as it continues to rebound. The US Dollar Index remains near two-week highs around 103.00 after a surge on Wednesday. Today, the European Commission will release June’s business and consumer sentiment data during the […]
Anticipation Grows for Possible FX Intervention to Support Japanese Yen
Anticipation Grows for Possible FX Intervention to Support Japanese Yen The Japanese Yen has faced a considerable amount of pressure recently, depreciating by 3.5% against the US Dollar and by over 5.6% against the Euro since the start of the month. The EURJPY pair has ascended to its highest point since September 2008, while the […]
EUR/USD Remained Steady Amid Market Uncertainty
EUR/USD Remained Steady Amid Market Uncertainty The risk-off sentiment that dominated Friday’s market carried over into the European trading week, influenced by recent Russian unrest and a decline in German business sentiment. This decline was anticipated following last week’s disappointing German PMI. Risk sentiment turned more neutral during US trading hours, with US Treasuries giving […]
USD/CHF: Bears target mid-0.8900s as USD pulls back before inflation hints
USD/CHF: Bears target mid-0.8900s as USD pulls back before inflation hints During Monday’s European trading session, the USD/CHF currency pair is witnessing a downward trend, hovering around 0.8950, marking its first daily decrease in three days. This decline is primarily fueled by the US Dollar’s broad retreat and cautiously optimistic market sentiment. The US Dollar […]
German Economy Slows in June as Businesses Encounter Weakening Demand Conditions
German Economy Slows in June as Businesses Encounter Weakening Demand Conditions The German economy experienced a marked loss of momentum during the latter part of the second quarter, according to the latest ‘flash’ PMI survey conducted by Hamburg Commercial Bank. Weakening demand conditions led to a significant slowdown in business activity growth, while company expectations […]
Yen Traders Monitor Verbal Intervention Possibilities as Weakness Persists
Yen Traders Monitor Verbal Intervention Possibilities as Weakness Persists Tokyo’s foreign exchange (FX) traders are keeping a close eye on official statements as the Japanese yen (JPY) continues to weaken, nearing levels that prompted government intervention last year to support the currency. On Friday, the yen traded beyond 143 per dollar, falling nearly 1% from […]
Dollar Exhibits Initial Indications of Bottoming
Dollar Exhibits Initial Indications of Bottoming Yesterday, several central banks, including the Bank of England, Norges Bank, Swiss National Bank, and the Central Bank of Turkey, took center stage as they grappled with higher-than-expected inflation. This inflation surge was partly due to a robust job market driving increased demand. Interestingly, even with more substantial interest […]
GBP/USD Holds Above Mid-1.2700s, Lacks Intraday Trend Before BoE Decision
GBP/USD Holds Above Mid-1.2700s, Lacks Intraday Trend Before BoE Decision During Thursday’s Asian session, the GBP/USD pair is confined to a tight range above the mid-1.2700s as traders anticipate the Bank of England (BoE) policy decision. The pair’s movement remains relatively stagnant on the day, with market participants holding off on further trades until the […]
Dollar firm ahead of Powell testimony, sterling up on hot inflation
Dollar firm ahead of Powell testimony, sterling up on hot inflation The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress where he is expected to strike a hawkish tone, while sterling firmed slightly after hotter-than-expected British inflation data. The annual pace of British consumer price gains was steady […]
Dollar in demand as modest China rate cut hits sentiment
Dollar in demand as modest China rate cut hits sentiment The U.S. dollar gained in early European trade Tuesday, with this safe haven in demand as a rate cut by China’s central bank failed to assuage investor concerns over slowing economic growth. At 01:55 ET (05:55 GMT), the Dollar Index, which tracks the greenback against […]
US Markets Closed for Juneteenth Holiday
US Markets Closed for Juneteenth Holiday The consumer confidence of the University of Michigan was he only market relevant data release on Friday, but it brought somewhat of a mixed message, especially for bond investors. Consumers’ assessment, both on current conditions (63.9 from 59.2) and on expectations (68.0 from 64.9) printed stronger than expected but […]
US Dollar holds steady to start week, eyes on central bank speak
US Dollar holds steady to start week, eyes on central bank speak The US Dollar (USD) holds steady early Monday after having suffered large losses against its major rivals last week. Stock and bond markets in the US will be closed in observance of the Juneteenth holiday. The European economic docket will not be featuring […]
Euro Rallies after ECB Raises Rates and Inflation Forecasts
Euro Rallies after ECB Raises Rates and Inflation Forecasts It was mostly a good day for the global markets, except for Europe, which saw the European Central Bank (ECB) expectedly raise interest rates by 25bp, but unexpectedly raised inflation forecast, as well. European policy makers now expect core inflation to average past the 5% mark, […]
FOMC Skips June, But Signals Hikes Not Done Yet
FOMC Skips June, But Signals Hikes Not Done Yet As widely expected, the FOMC decided unanimously to refrain from raising rates at today’s meeting. However, the Committee continued to say that “additional policy firming” may be appropriate. Furthermore, the median dot for 2023 shifted up by 50 bps. That is, most FOMC members believe that […]
USD/CAD at Risk on Hawkish BoC but Fed May Be a Spoiler
USD/CAD at Risk on Hawkish BoC but Fed May Be a Spoiler The Canadian dollar has appreciated sharply against the U.S. dollar since late May. The chart below shows how USD/CAD has fallen more than 2.0% over the past two weeks, with the pair now trading near C$1.3350 and steadily approaching its 2023 lows. Bank […]
Surprise BoC Hike Fuels Hawks Around the World
Surprise BoC Hike Fuels Hawks Around the World The surprise 25bp hike from the Bank of Canada (BoC) yesterday sent shockwaves across the financial markets. BoC decision to resume its rate hikes after a two-meeting pause and the surprise 25bp from the Reserve Bank of Australia (RBA) a day earlier fueled the central bank hawks […]