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After a week of rallying, greenback peers have weakened towards the US currency, mostly due to disappointing domestic economic data, recession fears, and the imminent 75 bps rate hike from the Federal Reserve, while some even predicted a full percentage increase. The S&P Global manufacturing PMI for the...
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The European Central Bank finally increased its interest rate by 50 basis points, in order to drive inflation back to 2%. Though Europe has lagged behind other major central banks in terms of tightening monetary policy, the decision still exceeded the 25 bps forecast. Euro gained momentum against the greenback, ...
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Later tonight, the European Central Bank will announce its first rate hike in six years. While most expected a 25 bps rate hike, some still believed the ECB would double the amount to combat inflation. Still, it pales compared to the 75 bps rate hike forecast from the Federal Reserve, and the greenback recovered...
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So far, most earning reports this week have exceeded market forecasts, e.g. Johnson & Johnson and IBM, allowing major US indices to rally, Nasdaq led with a 3.13% surge to 12,249. Despite a stream of leaving subscribers, Netflix managed to grow 5.5% past the $200 level, currently at 201.63.
Meanwhile, major...
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Previous comments from Federal Reserve officials have shifted market bets from a 100 bps rate hike to 75, pushing the US dollar to retreat against its peers, with the British Pound gaining 99 pips to 1.1954 towards the greenback as the leading currency pair. Later today, the UK Unemployment Rate and Average...
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This week, investors expect a 25 basis point rate hike from the European Central Bank (ECB) on Thursday, which remains the most dovish despite being most affected by the Russian invasion of Ukraine. Uncertainties also surrounded the scheduled resumption of Nord Stream 1's gas supply from Russia, still EUR/USD...
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Assuring Federal Reserve officials' comments have calmed investors' concerns for a historical 100 basis points (bps) interest rate increase, as the 9.1% headline inflation could persuade the Fed for more aggressive measures.
The latest initial jobless claims rose to 244,000 over a 238,000...
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Following the release of the US Consumer Price Index, which showed that prices rose by a significantly worse 9.1% YoY in June than anticipated (8.8%), the US dollar ended the day slightly weaker. The core figure came in at 5.9 percent, down the previous 6 percent but higher than the projected 5.8 percent,...
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WTI Oil futures have returned below $100 to a three-month low of $95.84 a barrel, thanks to recession fears and hopes for a production boost among major OPEC members. Tonight's US consumer price index is predicted to reach a 41-year high of 8.8% for June, paving the way for another 75 basis point hike to combat...
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The Euro has been steadily declining to a two-decade low against the US dollar at 1.0039, barely floating above parity. On the one hand, last week, the US nonfarm payroll readings led investors to anticipate further rate hikes from the Federal Reserve. Meanwhile, Russia's Nord Stream 1...
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Amidst political shockwaves from Japan and the U.K., the Nonfarm Payrolls readings for June have increased by 372,000, significantly outperforming the market forecast of 268,000. Since this result does not align with market fears for a recession, the Federal Reserve will likely implement further mega rate...
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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...
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Without an official announcement, the market has reacted as if the recession is here, turning to the greenback as a safe haven option. The Euro and British Pound took the biggest hit, EUR/USD plunged to a 20-year low of 1.0266, losing off 150 pips in the process. GBP/USD also declined more than 1.3% to 1.1957,...
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With inflation casting a shadow over the global economy, higher goods prices have led to a trade deficit of one billion euros in Germany, the first since 1991. The reading surprised investors since they were expecting a trade surplus of 2.7 billion euros in May. Despite the news, the euro managed to close with...
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US investors will take a day off to celebrate their Independence Day holiday, market uncertainties and supply shocks send the US Dollar Index Futures from twice over 105.1 - near 20-year highs to 104.8. Meanwhile, the United States 10-Year Bond Yield went below 3.000%, currently trading at 2.889%, and USD/CAD...
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The US GDP was the first to release this week, the -1.6% contraction in the first quarter over the -1.5% forecast indicates a possible recession. Federal Reserve Chairman Powell acknowledges the risks of recession brought by aggressive rate hikes, but maintained controlling inflation would be his primary...
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Oil prices continue to recover from last week's weak run, with Saudi Arabia and the United Arab Emirates almost reaching their production limits, being the few OPEC members who still can increase capacities. The market saw oil futures went up to $111.76 a barrel, then briefly climbed above $112.
The market...
