EURGBP extended gains for the second successive session, trading around 0.8420 on Thursday. The Euro remains strong as the European Central Bank decided at its July Monetary Policy Meeting to maintain its main refinancing rate at 4.25%, as expected. The ECB’s deposit facility rate also remains unchanged at 3.75%. Traders are now looking to further … Read more
The S&P 500 hitting its 35th record high this year shows the market is well-prepared to handle any uncertainties that may arise from the US presidential campaign, according to the CEO of leading independent financial advisory and fintech. “Despite this remarkable performance, the looming uncertainty surrounding the US presidential campaign could lead to a market … 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
Cyprus’ Producer Price Index in industry recorded a 3.8% decrease in April 2024 compared to the same month in 2023, primarily due to reductions in the electricity supply sector.
The USDJPY pair dropped to 155.50 in early European trading as the US Dollar continues to weaken. Investors are confident that the Federal Reserve will start reducing interest rates from September. The US Consumer Price Index data for April is awaited to provide insight into the interest rate outlook. Economists expect Japan’s Q1 Gross Domestic Product to show a contraction.
GBPUSD is hovering around 1.2560 in Asian trading on Tuesday following the improved risk appetite. The UK economy expanded by 0.6% in Q1, surpassing expectations and signaling the end of the country’s brief recession. Fed officials emphasize the importance of maintaining higher rates due to elevated inflation. US consumers foresee a widespread acceleration in inflation over the next year. Investors are closely watching the Producer Price Index (PPI) on Tuesday.
The price of gold (XAUUSD) rose to ,360 due to rising geopolitical tensions in the Middle East, boosting safe-haven flows.
The Cyprus’ Producer Price Index in Industry reached 121.5 units in March 2024, marking an annual decrease of 3.9% compared to 2021.
The European Central Bank (ECB) decided to hold its Main Refinancing Operations Rate steady at 4.5% to maintain downward pressure on consumer price inflation. ECB President Christine Lagarde warned of a weak economy with risks to growth tilted to the downside. The strong US Dollar is also contributing to the weakness in the EURUSD pair. The Dollar Index (DXY) is near a four-month high, and market expectations for Federal Reserve rate cuts have been pushed back due to strong US consumer price inflation and core Producer Price Index data.
The text discusses the current struggles of West Texas Intermediate (WTI) crude oil prices, which are being supported by concerns about the Middle East crisis. Despite potential supply risks, a substantial rise in US crude inventories and signs of cooling fuel demand are capping the upside for oil prices. Additionally, hotter US consumer inflation figures have led investors to push back expectations for an interest rate cut by the Federal Reserve. Traders are now looking to US economic data and speeches by FOMC members to drive USD demand and influence crude oil prices.