Safe-haven flows dominate financial markets at the beginning of the week as investors react to the latest news surrounding the Israel-Iran conflict. S&P will release revisions to July PMI data for the Euro area, Germany and the UK on Monday, while later in the day, the ISM Services PMI report for July will be featured in … Read more
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
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
Following Wednesday’s choppy action in foreign exchange markets, investors are gearing up for key events that could ramp up the volatility. The European Central Bank will announce monetary policy decisions on Thursday and the US economic calendar will feature weekly Initial Jobless Claims and Unit Labor Costs data for the first quarter ahead of Friday’s … Read more
Key data releases include the Harmonised Index of Consumer Prices (HICP) from Eurostat, the Personal Consumption Expenditures (PCE) Price Index from the US Bureau of Economic Analysis, and first-quarter Gross Domestic Product (GDP) data from Canada.
The Dollar Index (DXY) entered a consolidation phase after reaching a weekly high near 105.00.
The Japanese Yen is trading at its weakest level in over three decades against the US Dollar after the Bank of Japan decided to leave monetary policy settings unchanged.
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.
– Solana (SOL) is projected to hit 0 by the end of 2024 and has the potential to surpass BNB by market capitalization.
– NuggetRush, a rising meme coin on the Ethereum chain, is gaining attention with its P2E gaming and NFT platform.
– The US Dollar experienced significant losses against major rivals after the Federal Reserve left the interest rate unchanged and due to Chairman Jerome Powell’s comments on the policy outlook.
– Investors are awaiting the Bank of England’s policy announcements and S&P Global PMI data for Germany, the Euro area, the UK, and the US.
– The US economic docket will include weekly Initial Jobless Claims and Existing Home Sales data for February.
– The Federal Reserve’s Summary of Projections indicates a total of 75 basis points reduction in the policy rate expected in 2024.
– Chairman Powell noted high inflation numbers in January and February but attributed them to seasonal effects, suggesting they do not alter the disinflation narrative.
– Following the Federal Reserve event, the 10-year US Treasury bond yield approached 4.25%, Wall Street indexes rallied, and the USD Index dropped nearly 0.5%, ending a four-day winning streak.
– In Asian trading, Australian unemployment decreased to 3.7% in February, better than the expected 4%, and employment rose by 116,500, significantly above the anticipated 40,000.
– The AUDUSD pair saw gains, rising more than 0.5% above 0.6620.
– The USDJPY pair experienced fluctuations, with a notable correction below 150.50 before regaining momentum.
– The Bank of England is anticipated to maintain the policy rate at 5.25%, with market participants looking for indications on policy direction following soft UK inflation data.
– The GBPUSD rose 0.5%, trading near 1.2800.
– Gold reached a new all-time high of ,222 before retreating toward ,200.
– The EURUSD pair rallied above 1.0900, trading slightly below 1.0950.