Recession concerns dominate the headlines
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As the dollar remained strong, EUR/USD reached a 20-year low of 1.0160 on Wednesday. Amidst predictions of a local recession and an impending energy crisis, the shared currency is among the weakest.
The GBP/USD exchange rate fluctuates about 1.1930, under pressure as the UK government crisis intensifies. Over thirty officials resigned, and many others begged Boris Johnson to quit. The 1922 Committee, comprised of Conservative backbenchers, sought to alter the rules that shield PM Johnson from the second vote of no confidence.
The FOMC issued the Minutes of its most recent meeting. The memo demonstrated that Federal Reserve officials concurred that rising inflation necessitated restrictive interest rates and are willing to become even more stringent if inflation persists. In addition, most respondents perceived an adverse risk to growth and a "substantial danger" that rising inflation may stay entrenched. The US Federal Reserve opened the door for another 75 basis point rate rise.
Wall Street struggled to register gains throughout the day, but significant indices ended higher. Although the FOMC Minutes' hawkish tone, policymakers refrained from discussing a 100 basis point (bps) rate rise, despite committing to do everything necessary to combat inflation. In addition, policymakers abstained from discussing the recession.
The yield curve for US Treasuries remains inverted. Currently, the 10-year note yields 2.93 percent, while the 2-year note yields 2.97 percent. Typically, an inverted curve is viewed as an early indicator of a recession.
Against the U.S. dollar, commodity-based currencies exhibited minimal movement. The AUD/USD exchange rate is around 0.6780, while the USD/CAD exchange rate is approximately 1.3040.
The USD/CHF exchange rate touched a new monthly high of 0.9743, while the USD/JPY pair finished at 135.85.
Gold reached a new 2022 low of $1,732.19 per troy ounce before the end of the trading day. The current price of a barrel of WTI crude oil is $98.40.
More information on Mitrade website.
GBP/USD 🔽
AUD/USD 🔼
USD/CAD 🔼
USD/JPY 🔽
USD/CHF 🔽
XAU 🔽
WTI 🔽
As the dollar remained strong, EUR/USD reached a 20-year low of 1.0160 on Wednesday. Amidst predictions of a local recession and an impending energy crisis, the shared currency is among the weakest.
The GBP/USD exchange rate fluctuates about 1.1930, under pressure as the UK government crisis intensifies. Over thirty officials resigned, and many others begged Boris Johnson to quit. The 1922 Committee, comprised of Conservative backbenchers, sought to alter the rules that shield PM Johnson from the second vote of no confidence.
The FOMC issued the Minutes of its most recent meeting. The memo demonstrated that Federal Reserve officials concurred that rising inflation necessitated restrictive interest rates and are willing to become even more stringent if inflation persists. In addition, most respondents perceived an adverse risk to growth and a "substantial danger" that rising inflation may stay entrenched. The US Federal Reserve opened the door for another 75 basis point rate rise.
Wall Street struggled to register gains throughout the day, but significant indices ended higher. Although the FOMC Minutes' hawkish tone, policymakers refrained from discussing a 100 basis point (bps) rate rise, despite committing to do everything necessary to combat inflation. In addition, policymakers abstained from discussing the recession.
The yield curve for US Treasuries remains inverted. Currently, the 10-year note yields 2.93 percent, while the 2-year note yields 2.97 percent. Typically, an inverted curve is viewed as an early indicator of a recession.
Against the U.S. dollar, commodity-based currencies exhibited minimal movement. The AUD/USD exchange rate is around 0.6780, while the USD/CAD exchange rate is approximately 1.3040.
The USD/CHF exchange rate touched a new monthly high of 0.9743, while the USD/JPY pair finished at 135.85.
Gold reached a new 2022 low of $1,732.19 per troy ounce before the end of the trading day. The current price of a barrel of WTI crude oil is $98.40.
More information on Mitrade website.