ECB rate hike, Norwegian strike spikes oil prices
EUR/USD ⬆️
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ⬆️
USD/JPY ⬆️
XAU ⬆️
WTI ⬆️
Yesterday (8 June), Eurozone GDP recorded a modest increase in both yearly (5.4%) and quarterly terms (0.3%), beating market expectations. The good news has made the European Central Bank more likely to raise interest rates tomorrow (10 June), which sits at 0%. EUR/USD retreated from 1.0750, stabilized and closed at 1.0714.
The GBP/USD pair experienced minor fluctuations to close at 1.2539 with a loss, possibly soured by the 56.4 reading from the UK Construction PMI, unable to meet the forecast of 56.6. AUD/USD had a closing price at 0.7192, unable to be lifted by the recovering Chinese economy.
Meanwhile in Canada, the Purchasing Managers Index had improved from 66.3 to 72.0, and investors anticipated a notable 30,000 rise in employment, but the greenback proved to be stronger - USD/CAD rebounded from 1.2521 to 1.2557. The US dollar rally extended to the Japanese yen as well, USD/JPY sprung to a 20-year high at 134.24.
As gold futures briefly went past 1,860.0 to 1,856.5, crude oil climbed from 119 to 122 a barrel, to a near 3-month high of 122.11. Even though US Crude Oil Inventories defied a negative outlook and increased by 2.025 million barrels, news of China easing lockdowns and Norwegian oil workers planning for a strike this weekend have increased demand and tightened supply.
A collection of critical economic indicators will be released tomorrow, in the form of US consumer price index (CPI), most predicted an upswing in general CPI and core CPI going the other way, implying that surging oil prices are the primary driving factors for inflation.
More details on Mitrade website.
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ⬆️
USD/JPY ⬆️
XAU ⬆️
WTI ⬆️
Yesterday (8 June), Eurozone GDP recorded a modest increase in both yearly (5.4%) and quarterly terms (0.3%), beating market expectations. The good news has made the European Central Bank more likely to raise interest rates tomorrow (10 June), which sits at 0%. EUR/USD retreated from 1.0750, stabilized and closed at 1.0714.
The GBP/USD pair experienced minor fluctuations to close at 1.2539 with a loss, possibly soured by the 56.4 reading from the UK Construction PMI, unable to meet the forecast of 56.6. AUD/USD had a closing price at 0.7192, unable to be lifted by the recovering Chinese economy.
Meanwhile in Canada, the Purchasing Managers Index had improved from 66.3 to 72.0, and investors anticipated a notable 30,000 rise in employment, but the greenback proved to be stronger - USD/CAD rebounded from 1.2521 to 1.2557. The US dollar rally extended to the Japanese yen as well, USD/JPY sprung to a 20-year high at 134.24.
As gold futures briefly went past 1,860.0 to 1,856.5, crude oil climbed from 119 to 122 a barrel, to a near 3-month high of 122.11. Even though US Crude Oil Inventories defied a negative outlook and increased by 2.025 million barrels, news of China easing lockdowns and Norwegian oil workers planning for a strike this weekend have increased demand and tightened supply.
A collection of critical economic indicators will be released tomorrow, in the form of US consumer price index (CPI), most predicted an upswing in general CPI and core CPI going the other way, implying that surging oil prices are the primary driving factors for inflation.
More details on Mitrade website.