Today's forex news: Are markets back to optimism?
EUR/USD⬇️
GBP/USD⬇️
AUD/USD⬇️
USD/CAD⬆️
XAU⬆️
WTI⬆️
By Wednesday's close, the stock market had shaken off worries. It ended up being a mixed bag, as demand for the dollar decreased. There was a flurry of action today, as inflation concerns briefly resurfaced.
According to the preliminary estimate of the EU's February CPI, the rate rose to a record 5.8% YoY. Interest rate forward bets on an ECB rate hike before the end of the year, despite officials stressing that Eastern European developments have increased uncertainty to new, unknown levels.
US Federal Reserve chief Jerome Powell testified on the Semi-Annual Monetary Policy Report before the House Financial Services Committee. Powell suggested in March at a 25 basis point rate hike, which aided Wall Street's recovery, since market investors were betting on a 50 basis point rate hike. He also mentioned the increased uncertainty brought about by war, but reiterated that the central bank would do whatever it took to ensure price stability, including shrinking its balance sheet.
The EUR/USD pair has rebounded from a multi-month bottom of 1.1058 and is currently trading near 1.1130 ahead of the Asian session. GBP/USD ended the day with gains near 1.3380, having fallen to 1.3270 earlier in the day.
The Bank of Canada increased interest rates by 25 basis points to 0.50 percent on Wednesday, as expected, adding that it expected to need to hike rates further. The central bank indicated that it would continue with the reinvestment phase of its balance sheet, retaining roughly the same level of overall holdings of Canadian government bonds.
The CAD strengthened versus the dollar, with the pair presently trading near 1.2650. The AUD/USD strengthened to 0.7300, aided by strong Australian fourth-quarter GDP figures.
Crude oil prices skyrocketed during the Eastern Europe conflict. OPEC+ agreed to increase oil supply by 400k barrels per day (BPD) in April, however the statement fell short of bringing down oil prices. West Texas Intermediate is currently trading at roughly $110.80 per barrel.
Spot gold fell from recent highs but maintained weekly gains. At the moment, it is trading at $1,925 per troy ounce.
Russian aggression against Ukraine continues, despite the fact that the second round of talks will commence early on Thursday. At that point, a truce would be proposed. These reports bolstered the market's optimism in the face of growing global tensions.
#Mitrade #US #Russia #CPI #Gold #USDCAD #EURUSD #GBPUSD #fxnews
📱 Monitor the markets in real time and seize trading opportunities on Mitrade
EUR/USD⬇️
GBP/USD⬇️
AUD/USD⬇️
USD/CAD⬆️
XAU⬆️
WTI⬆️
By Wednesday's close, the stock market had shaken off worries. It ended up being a mixed bag, as demand for the dollar decreased. There was a flurry of action today, as inflation concerns briefly resurfaced.
According to the preliminary estimate of the EU's February CPI, the rate rose to a record 5.8% YoY. Interest rate forward bets on an ECB rate hike before the end of the year, despite officials stressing that Eastern European developments have increased uncertainty to new, unknown levels.
US Federal Reserve chief Jerome Powell testified on the Semi-Annual Monetary Policy Report before the House Financial Services Committee. Powell suggested in March at a 25 basis point rate hike, which aided Wall Street's recovery, since market investors were betting on a 50 basis point rate hike. He also mentioned the increased uncertainty brought about by war, but reiterated that the central bank would do whatever it took to ensure price stability, including shrinking its balance sheet.
The EUR/USD pair has rebounded from a multi-month bottom of 1.1058 and is currently trading near 1.1130 ahead of the Asian session. GBP/USD ended the day with gains near 1.3380, having fallen to 1.3270 earlier in the day.
The Bank of Canada increased interest rates by 25 basis points to 0.50 percent on Wednesday, as expected, adding that it expected to need to hike rates further. The central bank indicated that it would continue with the reinvestment phase of its balance sheet, retaining roughly the same level of overall holdings of Canadian government bonds.
The CAD strengthened versus the dollar, with the pair presently trading near 1.2650. The AUD/USD strengthened to 0.7300, aided by strong Australian fourth-quarter GDP figures.
Crude oil prices skyrocketed during the Eastern Europe conflict. OPEC+ agreed to increase oil supply by 400k barrels per day (BPD) in April, however the statement fell short of bringing down oil prices. West Texas Intermediate is currently trading at roughly $110.80 per barrel.
Spot gold fell from recent highs but maintained weekly gains. At the moment, it is trading at $1,925 per troy ounce.
Russian aggression against Ukraine continues, despite the fact that the second round of talks will commence early on Thursday. At that point, a truce would be proposed. These reports bolstered the market's optimism in the face of growing global tensions.
#Mitrade #US #Russia #CPI #Gold #USDCAD #EURUSD #GBPUSD #fxnews
📱 Monitor the markets in real time and seize trading opportunities on Mitrade