ECB raises key rate by 25 basis points in July
EUR/USD ⬇️
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ⬆️
XAU ⬇️
WTI ⬇️
The European Central Bank (ECB) finally relents, and prepares to increase the key interest rate by 25 basis points in July, while other interest rate categories remain unchanged. In its statement, the ECB claims “conditions have been satisfied” for a rate hike and net asset purchases will cease as means to tighten the monetary policy.
In response to this update, EUR/USD dipped from 1.0760, stabilized at 1.0620 with a closing price of 1.0614. While the ECB decision is less aggressive than the Federal Reserve and Reserve Bank of Australia, the ECB is expected to raise the key interest rate again in September.
Greenback also rallied against other major currencies, GBP/USD dipped from 1.2552 to 1.249. New lockdown measures were imposed in Shanghai and Beijing to meet China’s zero-case policy target, both Australian currency and economy were dampened, AUD/USD declined to 0.7097, after trading flat at 0.7095.
USD/CAD climbed and plateaued at 1.270 level to close at 1.2696, as Canada’s Net Change in Employment is expected to have a 30,000 increase - a double over last month’s growth of 15,200. A strong dollar and higher US treasury yields have gold futures prices subdued, spot gold briefly fell to 1,842 per ounce but quickly recovered to 1,852.8.
The downsizing of several US refineries did not deter the oil bulls, crude oil went down to 121.51 a barrel, now on its way back to 120. Later tonight (10 June), forecasts have projected a 0.5% increase in US Core Consumer Price Index (CPI), and general CPI going even higher with oil prices soaring.
More market information on Mitrade website.
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ⬆️
XAU ⬇️
WTI ⬇️
The European Central Bank (ECB) finally relents, and prepares to increase the key interest rate by 25 basis points in July, while other interest rate categories remain unchanged. In its statement, the ECB claims “conditions have been satisfied” for a rate hike and net asset purchases will cease as means to tighten the monetary policy.
In response to this update, EUR/USD dipped from 1.0760, stabilized at 1.0620 with a closing price of 1.0614. While the ECB decision is less aggressive than the Federal Reserve and Reserve Bank of Australia, the ECB is expected to raise the key interest rate again in September.
Greenback also rallied against other major currencies, GBP/USD dipped from 1.2552 to 1.249. New lockdown measures were imposed in Shanghai and Beijing to meet China’s zero-case policy target, both Australian currency and economy were dampened, AUD/USD declined to 0.7097, after trading flat at 0.7095.
USD/CAD climbed and plateaued at 1.270 level to close at 1.2696, as Canada’s Net Change in Employment is expected to have a 30,000 increase - a double over last month’s growth of 15,200. A strong dollar and higher US treasury yields have gold futures prices subdued, spot gold briefly fell to 1,842 per ounce but quickly recovered to 1,852.8.
The downsizing of several US refineries did not deter the oil bulls, crude oil went down to 121.51 a barrel, now on its way back to 120. Later tonight (10 June), forecasts have projected a 0.5% increase in US Core Consumer Price Index (CPI), and general CPI going even higher with oil prices soaring.
More market information on Mitrade website.