Major currency pairs continue to trade in familiar ranges midweek as investors’ search for the next catalyst continues. Later in the day, Fed Chairman Jerome Powell will deliver the Semi-Annual Monetary Policy Report and respond to questions before the House Financial Services Committee in the second day of his Congressional testimony. Several other Fed policymakers … Read more
EURUSD remains on the backfoot on Tuesday, slightly above 1.0700, as the major currency pair comes under pressure due to expected decline in the preliminary Eurozone HICP data for June. The annual Harmonised Index of Consumer Prices decelerated to 2.5%, as expected, year-on-year from May’s reading of 2.6%. In the same period, the core HICP, which … Read more
Silver slumped below Monday’s close and was near $29.40 in Tuesday’s New York trading. XAGUSD faces selling pressure as the US dollar has bounced back strongly after correcting on Monday. The DXY Dollar Index, which tracks the greenback’s value against six major currencies, rebounded from 105.40. The dollar recovered as investors become doubtful over the … Read more
The EURUSD extended its recovery to 1.0740 in Tuesday’s European trading, with the major currency pair rising as growing optimism for the Fed to reduce interest rates twice this year has increased investors’ risk appetite. The US Dollar Index (DXY), which tracks the greenback’s value against six major currencies, has dropped to 105.40 as demand … Read more
The US Dollar is holding steady early Wednesday, as investors gear up for key macroeconomic events that could significantly impact the currency’s valuation. The Bureau of Labor Statistic will release the Consumer Price Index data for May in early U.S. trading. Later in the day, the Federal Reserve will announce monetary policy decisions and publish … Read more
By Naeem Aslam Friday is all about one thing, the mother of all economic data which is most important to traders of gold and Bitcoin. The U.S. will disclose the most crucial economic reading, the non-farm payrolls unemployment figure. The Federal Reserve and other market participants place a high value on this information, considering that … Read more
Gold traders and investors expected the European Central Bank to cut interest rates by 25 basis points for the first time since 2019 in its meeting on Thursday, making it the first reversal in the bank’s hawkish monetary policy in five years. The Euro and the equities markets in Europe had already priced a major chunk of … Read more
Silver recovered further to $30.60 in Thursday’s Asian trading. The white metal discovers strong buying interest, as normalising US labour market conditions boost speculation that the Federal Reserve will start reducing interest rates in the September meeting. The CME FedWatch tool shows that traders see a 68% chance for rate cuts in September. The probability … Read more
Silver (XAG/USD) declined below .00 in Tuesday’s European session as the DXY Dollar Index rebounded. The speculation for the Fed reducing interest rates in September has strengthened due to signs of economic slowdown in the US.
– Markets remain subdued on the first trading day of June
– S&P Global will release revisions to May Manufacturing PMI data for Germany, Eurozone, UK, and US
– US Bureau of Economic Analysis reported inflation rose 2.7% on a yearly basis in April
– US Dollar struggled to preserve its strength following PCE inflation data
– EURUSD edged higher and closed the week virtually unchanged
– GBPUSD failed to make a decisive move in the previous week
– Bank of Japan has no plans to immediately unload its ETF holdings
– China’s Caixin Manufacturing PMI edged higher to 51.7 in May
– AUDUSD pair showed no reaction to China’s PMI data
– Gold continues to move sideways above ,320