Oil prices declined to a three-month low, EUR/USD reached parity
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WTI Oil futures have returned below $100 to a three-month low of $95.84 a barrel, thanks to recession fears and hopes for a production boost among major OPEC members. Tonight's US consumer price index is predicted to reach a 41-year high of 8.8% for June, paving the way for another 75 basis point hike to combat inflation. On Thursday, the US Crude Oil Inventories are expected to decrease by 154,000 barrels, possibly cheering oil prices.
A contracting economy has strengthened the greenback, with the Euro briefly reaching parity towards the US dollar to close at 1.0003, then recovered to 1.0036. The German ZEW Economic Sentiment has recorded a reading of -53.8 against a forecast of -38.3, the negative sentiment is shared among predictions of various CPI data, which will be available this afternoon.
GBP/USD bounced back from 1.1818 to a closing price of 1.1885 with negligible losses, while a series of GDP data will be provided by the UK Office for National Statistics tonight. Despite investors anticipating a slowed growth in yearly and quarterly terms, the forecast for a 0.1% month-on-month bump still showed certain optimism.
The AUD/USD pair rose 25 pips to 0.6776, and the USD/CAD climbed 14 pips to 1.3021. Later today, The Bank of Canada will likely follow the Federal Reserve with a 75 basis points rate hike to 2.25%. Meanwhile, gold futures fluctuated on a downward trajectory to 1,724.8 an ounce.
More information on Mitrade website.
GBP/USD 🔽
AUD/USD 🔼
USD/CAD 🔼
XAU 🔽
WTI 🔽
WTI Oil futures have returned below $100 to a three-month low of $95.84 a barrel, thanks to recession fears and hopes for a production boost among major OPEC members. Tonight's US consumer price index is predicted to reach a 41-year high of 8.8% for June, paving the way for another 75 basis point hike to combat inflation. On Thursday, the US Crude Oil Inventories are expected to decrease by 154,000 barrels, possibly cheering oil prices.
A contracting economy has strengthened the greenback, with the Euro briefly reaching parity towards the US dollar to close at 1.0003, then recovered to 1.0036. The German ZEW Economic Sentiment has recorded a reading of -53.8 against a forecast of -38.3, the negative sentiment is shared among predictions of various CPI data, which will be available this afternoon.
GBP/USD bounced back from 1.1818 to a closing price of 1.1885 with negligible losses, while a series of GDP data will be provided by the UK Office for National Statistics tonight. Despite investors anticipating a slowed growth in yearly and quarterly terms, the forecast for a 0.1% month-on-month bump still showed certain optimism.
The AUD/USD pair rose 25 pips to 0.6776, and the USD/CAD climbed 14 pips to 1.3021. Later today, The Bank of Canada will likely follow the Federal Reserve with a 75 basis points rate hike to 2.25%. Meanwhile, gold futures fluctuated on a downward trajectory to 1,724.8 an ounce.
More information on Mitrade website.