US: The Fed left interest rates unchanged as expected. The macroeconomic projections were revised higher as the economy showed much stronger resilience than expected and the Dot Plot showed that the majority of members still expects another rate hike by the end of the year with less rate cuts in 2024. Fed Chair Powell reaffirmed
GBP/USD is down 0.4% to 1.2300 on the day while EUR/GBP is up 0.3% to 0.8665 at the moment. The former is down to its lowest levels since early April as price threatens to break the 25 May low of 1.2308 currently: GBP/USD daily chart The downside shove in cable this week continues after the
Gold traded in the red on Thursday amid a stronger dollar index (DXY) which shot up to 105.63 against six major currencies, up 0.43% after US Federal Reserve Chair Jerome Powell hinted of another rate hike this year while maintaining that the high interest rate regime is there to stay longer. The MCX October gold
Fed’s decisively hawkish stance overnight propelled both Dollar and yields upwards, albeit dampening the stock market. Majority of FOMC members maintained projections of another interest rate hike within the year, with a tempered pace of rate cuts anticipated for the forthcoming year. Fed’s message resounded in the markets as we witnessed a significant leap in
Share: European Central Bank (ECB) policymaker and Bundesbank Chief Joachim Nagel commented on the interest rate outlook during his scheduled appearance on Thursday. Nagel said that “rates must stay sufficiently high for sufficiently long.” Market reaction At the time of writing, EUR/USD is trading near 1.0660, attempting recovery from six-month lows, modestly flat on the day.
The Institute of International Finance (IIF) has published an assessment of the European Commission’s proposed legislation on the digital euro. It gave the bill middling marks. The IIF is a financial industry global advocacy group headquartered in Washington, D.C. with members in 60 countries. It rated the digital euro bill introduced in June and the
EURUSD moves below the 100 hour MA The EURUSD has moved to a new low for the day, and in the process, the price has moved below the 100-hour moving average 1.06748. Breaking below the 100-hour moving average will now set that level as a resistance level. The bias is now tilted more to the
The Federal Reserve announced that rates remain unchanged with a target range of 5.25% to 5.5%. HOwever, the dot plot of rates showed that the vast majority of the voting members still see one more Fed hike between now and the end of the year. Moreover, they took a big leap of 50 basis points
Gold was little changed on Wednesday as investors braced for updated interest rate projections and remarks from Chair Jerome Powell following the Federal Reserve‘s monetary policy meeting. Spot gold was steady at $1,931.20 per ounce at 1127 GMT, holding below its highest level since Sept. 5 reached on Tuesday. U.S. gold futures eased 0.1% to
Dollar is slightly softer today as the financial world holds its breath for FOMC rate decision. With the market strongly anticipating a hold, eyes will turn to the dot plot for insights. The pivotal question remains: Will there be hints of another rate hike slated for this year? Furthermore, how the dot plot for 2024
An eagle sculpture stands on the facade of the Marriner S. Eccles Federal Reserve building in Washington, D.C. Andrew Harrer | Bloomberg | Getty Images A looming government shutdown could prevent the Federal Reserve from raising rates in November, but not for the reason you might think, according to Bank of America. Not only would
Share: The NZD/USD reversed its course and fell towards 0.5930, after reaching a high of 0.5985. The US Dollar strengthened on the back of rising US yields after the Fed’s hawkish pause. The Fed kept rates at 5.25-5.50% as expected. The bank reduced projections of 100 bps of rate cuts in 2024 to 50 bps.
US: The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. The US CPI last week came in line with expectations, so the market’s pricing remained roughly the same. The labour market displayed signs
It’s all about the Fed today and after the early moves on the UK CPI data, things are looking calmer in European morning trade. Equities are higher while bond yields are lower, leaving the dollar just slightly lower at the balance so far. EUR/USD is up 0.2% to 1.0695 but sitting in a 25 pips
Goldman Sachs Group Inc. rejoined the $100-a-barrel oil club, raising its forecast for crude back to triple digits as worldwide demand hits unprecedented levels and OPEC+ supply curbs continue to tighten the market. With prices advancing by more than 30% since mid-June to breach $95 a barrel on Tuesday, the Wall Street bank nudged up
Sterling finds itself under tremendous selling pressure following release of lower-than-anticipated headline and core CPI readings from the UK. This development is seen as a favorable turn of events for BoE policymakers, solidifying the anticipation that the rate hike expected to be announced tomorrow may be the last in the current cycle. On the heels
Share: The Euro reverses Tuesday’s losses vs. the US Dollar. Stocks in Europe kicked off Wednesday’s session with decent gains. EUR/USD remains bid below the 1.0700 hurdle. The USD Index (DXY) treads water in the low 105.00s so far. The Fed is expected to keep rates unchanged at its event. Usual weekly MBA Mortgage Applications
Cryptocurrency miners have a new voice in Washington with the launch of the Digital Power Network (DPN), a new coalition affiliated with the Chamber of Digital Commerce. The network is off to a promising start, with many of the United States’ biggest miners on board. The DPN is the first affiliate of the Chamber, and
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