The NZD and the AUD are ending the day as the strongest of the major currencies. The JPY is the weakest. The latest central bank decision came before the US open, when the Bank of Japan in The rates unchanged but did say that they would consider easy policy exit 1 achievement 2% inflation is
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Oil prices rose on Friday as renewed global supply concerns from Russia‘s fuel export ban counteracted fears that slowing economies and high interest rates could crimp demand. Brent futures were up 78 cents, or 0.84%, at $94.08 a barrel by 1443 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by $1.02, or 1.14%,
Yen languishes as the day’s worst performer, with sentiments taking a hit due to BoJ’s silence on potential policy tweaks. European majors aren’t faring much better, as subpar PMI data from both Eurozone and UK echo the sentiment that further tightening might not be on the cards for ECB and BoE. The Swiss Franc also
The pound nudged lower after the data here, which showed a further slump in services activity. The continued downturn is prompting a call by S&P Global that the UK economy will contract by 0.4% in Q3, underscoring the faltering momentum in the second-half of the year. GBP/USD is down 0.3% to 1.2250, hanging around its
International gold prices were up on Friday in the morning trade though the uptick was capped amid continued strength in the dollar index (DXY) which was up 0.14% at 105.63 against six major currencies. However, the gold rate on the MCX took a downturn as traders preferred booking profits. The MCX October gold futures were
In a move that left many market observers bemused, Yen declined in Asian trading session after BoJ opted for continuity, leaving its monetary policy untouched. Notably, the bank refrained from dropping any hints about potential alterations in its policy stance in the foreseeable future. With US 10-year yield surging to a remarkable 16-year high, Yen
The early US session saw the Bank of England keep rates unchanged by a vote of 5 – 4. That was congruent with the 50-50 chance of a hike. The GBPUSD fell on the news reaching a low of 1.2227 before starting a rebound to the upside that saw the pair move to a post-low
Oil prices rebounded from $1 down to $1 up in trading on Thursday, after a Russian ban on fuel exports snapped focus away from Western economic headwinds and back to throttled crude supply to the end of 2023. Brent futures for November delivery were up $1.02, or 1.09%, to $94.55 a barrel by 1348 GMT.
The currency markets faced significant shifts today, notably with Sterling and Swiss Franc, which are enduring considerable selloffs. Both BoE and SNB opted to maintain their current interest rates, prompting speculation that these institutions might have peaked in their tightening cycles. However, Australian Dollar bore the brunt of today’s market sentiment, emerging as the day’s
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
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
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