Today's forex news: Global Inflation Pressures Further Interest
Today's forex news: Global Inflation Pressures Further Interest Rate Hikes Among Central Banks
EUR/USD ⬇️
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ➡️
XAU ⬆️
WTI ⬆️
Global Investors paid close attention to Federal Reserve (Fed) Chair Jerome Powell’s speech yesterday (21 March), as he believed the US inflation is much too high, and the Fed has, and will use the necessary tools to restore price stability. The market anticipated six more interest rate hikes this year from the Fed, which dragged the EUR/USD pair to 1.1014, with gold price up to 1.929.5.
The sentiment of further interest rate increase is shared among his European counterparts as well, because their economy is more reliant on the now-disrupted supply from the warring states of Russia and Ukraine. As the European Union is considering imposing an oil embargo on Russia to deter its aggression, the news further weakened the Euro and boosted crude oil prices to $109.97 per barrel. Strong commodity prices see the Canadian currency trade flat against a weakened US dollar at 1.2592.
On Wednesday (23 March), the Office for National Statistics in the UK will provide a series of latest economic data, of which the unemployment rate is expected to increase to 5.9%, and other figures pointing to an extended period of inflation. Since investors predict the UK suffering a higher level of inflation than the US, the British Pound falls short with the dollar at 1.3165.
AUD/USD falls to 0.74 as the public awaits comments from the Governor of Reserve Bank of Australia later today, in order to find out if the Australian government is to follow US and Europe on a path of continuous further interest rate hikes, which many fear are not sufficient to curb inflation.
United States 10-Year Bond continues its bullish trend, with a yield of 2.317%.
Find more on Mitrade
EUR/USD ⬇️
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ➡️
XAU ⬆️
WTI ⬆️
Global Investors paid close attention to Federal Reserve (Fed) Chair Jerome Powell’s speech yesterday (21 March), as he believed the US inflation is much too high, and the Fed has, and will use the necessary tools to restore price stability. The market anticipated six more interest rate hikes this year from the Fed, which dragged the EUR/USD pair to 1.1014, with gold price up to 1.929.5.
The sentiment of further interest rate increase is shared among his European counterparts as well, because their economy is more reliant on the now-disrupted supply from the warring states of Russia and Ukraine. As the European Union is considering imposing an oil embargo on Russia to deter its aggression, the news further weakened the Euro and boosted crude oil prices to $109.97 per barrel. Strong commodity prices see the Canadian currency trade flat against a weakened US dollar at 1.2592.
On Wednesday (23 March), the Office for National Statistics in the UK will provide a series of latest economic data, of which the unemployment rate is expected to increase to 5.9%, and other figures pointing to an extended period of inflation. Since investors predict the UK suffering a higher level of inflation than the US, the British Pound falls short with the dollar at 1.3165.
AUD/USD falls to 0.74 as the public awaits comments from the Governor of Reserve Bank of Australia later today, in order to find out if the Australian government is to follow US and Europe on a path of continuous further interest rate hikes, which many fear are not sufficient to curb inflation.
United States 10-Year Bond continues its bullish trend, with a yield of 2.317%.
Find more on Mitrade