Today's forex news: Central banks move major currencies
EUR/USD⬆️
GBP/USD⬆️
USD/CAD⬇️
AUD/USD⬆️
USD/JPY⬇️
XAU⬆️
WTI⬆️
The central banks' choices boosted European currencies, putting pressure on the dollar.
To be expected, the Bank of England raised its policy rate by 25 basis points to 0.5 percent, despite 4 out of 9 voting members favoring a 0.50 percent boost. Simultaneously, the MPC reduced its purchases of government bonds. The central bank now expects inflation to peak around 7% in April and then decline to 2.15 % over two years. GBP/USD hit 1.3627 and is sitting at 1.3600.
The ECB left rates unchanged and maintained its monetary policy guidelines. The policymakers eliminated the words “in either direction” from the paragraph linked to being open to altering monetary policy as needed.
With President Lagarde saying she does not rule out a rate hike this year, the EUR/USD pair rose. On the topic of inflation, he reiterated that rate hikes will be based on the three criteria of forward guidance. 'Compared to our projections in December, the inflation prognosis is slanted upward, particularly in the near term' said Lagarde. EUR/USD peaked at 1.1451 and is now trading at 1.1430.
Commodity-linked currencies were hardly affected. AUD/USD is stable at 0.7130, while USD/CAD is at 1.2670.
The USD/JPY is nearing 115.00 towards the close of the American session. The 10-year Treasury yield is at 1.82 percent.
Gold recovered intraday losses to close at roughly $1,805.00 an ounce. WTI ended the day at $90 per barrel, up $1.50 from the previous day.
Friday's release will be the US Nonfarm Payrolls. The country should have added 150K jobs in January, keeping the unemployment rate at 3.9 percent.
#Mitrade #DollarIndex #YieldCurve #Inflation #Gold #USDJPY #EURUSD #GBPUSD
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EUR/USD⬆️
GBP/USD⬆️
USD/CAD⬇️
AUD/USD⬆️
USD/JPY⬇️
XAU⬆️
WTI⬆️
The central banks' choices boosted European currencies, putting pressure on the dollar.
To be expected, the Bank of England raised its policy rate by 25 basis points to 0.5 percent, despite 4 out of 9 voting members favoring a 0.50 percent boost. Simultaneously, the MPC reduced its purchases of government bonds. The central bank now expects inflation to peak around 7% in April and then decline to 2.15 % over two years. GBP/USD hit 1.3627 and is sitting at 1.3600.
The ECB left rates unchanged and maintained its monetary policy guidelines. The policymakers eliminated the words “in either direction” from the paragraph linked to being open to altering monetary policy as needed.
With President Lagarde saying she does not rule out a rate hike this year, the EUR/USD pair rose. On the topic of inflation, he reiterated that rate hikes will be based on the three criteria of forward guidance. 'Compared to our projections in December, the inflation prognosis is slanted upward, particularly in the near term' said Lagarde. EUR/USD peaked at 1.1451 and is now trading at 1.1430.
Commodity-linked currencies were hardly affected. AUD/USD is stable at 0.7130, while USD/CAD is at 1.2670.
The USD/JPY is nearing 115.00 towards the close of the American session. The 10-year Treasury yield is at 1.82 percent.
Gold recovered intraday losses to close at roughly $1,805.00 an ounce. WTI ended the day at $90 per barrel, up $1.50 from the previous day.
Friday's release will be the US Nonfarm Payrolls. The country should have added 150K jobs in January, keeping the unemployment rate at 3.9 percent.
#Mitrade #DollarIndex #YieldCurve #Inflation #Gold #USDJPY #EURUSD #GBPUSD
Read More on Mitrade