Today's forex news: Bank of England joins the rate hike bandwago
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The Bank of England has joined the Federal Reserve in increasing its interest rate to 7.5%, in order to slow down domestic inflation, which has been aggravated by rising energy prices due to Russian invasion in Ukraine. Such a decision has extended the dollar’s fall against major currencies: GBP/USD closed at 1.3160, and EUR/USD closed at 1.1086.
Both the UK and US shared a positive note on their respective economies – their unemployment rates are lower than expected. Yesterday (March 17), the US Department of Labor announced 214,000 people have filed for Initial Jobless Claims, a 10-week low against the expected figure of 200,000.
The same day, the U.S. House of Representatives had voted in favor of removing "most favored nation" trade status for Russia and Belarus. Despite not being as reliant on Russia’s energy supply as its European counterpart, the decision prompted an upswing in metals and commodities prices. Gold prices closed at 1,942.66, with the AUD/USD pair increasing to 0.7374, partly due to its sensitivity to commodity prices.
As further US sanctions against Russia will be in effect in April, the imminent drop in supply extended the swing in oil prices, closing at 102.98 per barrel. In return, the dollar has weakened against the oil-exporter Canadian currency, closing at 1.2625.
Later today, Statistics Canada will announce its latest month-on-month Retail Sales figure, shedding light on the performance of the retail sector.
By the closing time of March 17, the United States 10-Year Bond had a yield percentage of 2.192.
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GBP/USD ⬆️
AUD/USD ⬆️
USD/CAD ⬇️
XAU ⬆️
WTI ⬆️
The Bank of England has joined the Federal Reserve in increasing its interest rate to 7.5%, in order to slow down domestic inflation, which has been aggravated by rising energy prices due to Russian invasion in Ukraine. Such a decision has extended the dollar’s fall against major currencies: GBP/USD closed at 1.3160, and EUR/USD closed at 1.1086.
Both the UK and US shared a positive note on their respective economies – their unemployment rates are lower than expected. Yesterday (March 17), the US Department of Labor announced 214,000 people have filed for Initial Jobless Claims, a 10-week low against the expected figure of 200,000.
The same day, the U.S. House of Representatives had voted in favor of removing "most favored nation" trade status for Russia and Belarus. Despite not being as reliant on Russia’s energy supply as its European counterpart, the decision prompted an upswing in metals and commodities prices. Gold prices closed at 1,942.66, with the AUD/USD pair increasing to 0.7374, partly due to its sensitivity to commodity prices.
As further US sanctions against Russia will be in effect in April, the imminent drop in supply extended the swing in oil prices, closing at 102.98 per barrel. In return, the dollar has weakened against the oil-exporter Canadian currency, closing at 1.2625.
Later today, Statistics Canada will announce its latest month-on-month Retail Sales figure, shedding light on the performance of the retail sector.
By the closing time of March 17, the United States 10-Year Bond had a yield percentage of 2.192.
📱 Get instant market news delivered to you in real time on Mitrade