US Initial jobless claims in February fell to 190,000, lower than the market expectation of 195,000 and January's reading of 192,000. A tight labor market has strengthened the greenback against its peers, as continued rate hikes become more likely. USD/CAD traded 2 pips higher to 1.3596, and USD/JPY climbed 58 pips to 136.76. EUR/USD declined 69 pips to 1.0596,...
The German year-on-year inflation rate rose by 8.7% in February, against the expected 8.5%. The data also indicated a steady price level increase despite high readings. Later tonight, the Eurozone year-on-year inflation rate is projected to slow from 8.6% to 8.2%, as EUR/USD climbed 89 pips to 1.0665. GBP/USD added 11 pips to 1.2031, and AUD/USD increased 31...
Increasing living costs saw Australia’s GDP just add 0.5% in the quarter, slightly lower than the expected 0.7%, with AUD/USD sliding 6 pips to 0.6728. In Canada, its monthly GDP readings also fell short of Mitrade's estimates at -0.1%, as USD/CAD climbed 70 pips to 1.3645. EUR/USD decreased 31 pips to 1.0576, and GBP/USD lost 44 pips to 1.2020. USD/JPY was down...
Later tonight, Mitrade expects Canada's month-on-month GDP to record 0.1% growth. Meanwhile, USD/CAD fell 34 pips to 1.3575, and USD/JPY closed 26 pips lower at 136.20. This morning, Australia's retail sales were slightly higher at 1.9%, as AUD/USD moved up 9 pips to 0.6734. EUR/USD added 61 pips to 1.0607, and GBP/USD surged 118 pips to 1.2062. The stock...
Hawkish signals from the Federal Reserve meeting minutes had sent the stock falling. The Nasdaq 100 was down 3.14% in the past week. The Dow and the S&P 500 also lost 2.99% and 2.67% respectively, which were the highest weekly losses in 2023 for all three indices. On Friday, the Nasdaq 100 plunged 210 points (-1.73%) to 11,969. The S&P 500 lost 42 points (-1.05%)...
On Thursday, US quarter-on-quarter GDP reported a 2.7% increase, over market estimates of 2.9%. The US dollar then weakened with USD/CAD moving down 2 pips to 1.3547, and USD/JPY falling 20 pips to 134.70. Meanwhile, EUR/USD declined 6 pips to 1.0595, as the Eurozone year-on-year inflation rate rose 8.6% as Mitrade has expected. GBP/USD dropped 31 pips to 1.2013,...
The Federal Reserve's meeting minutes reveal they continue to believe ongoing interest rate increases will be appropriate to combat inflation, with the target rate range set at 2%. This raised the risk-aversion mood in the market while strengthening the dollar. USD/CAD added 12 pips to 1.3549, but USD/JPY slid 9 pips to 134.90. Germany's year-on-year inflation...
As the market awaits the latest minutes from the Federal Reserve's policy meeting, recent strong economic data raised Mitradess anticipation for more Fed hawkish measures. The US 10-year Treasury yield then rebounded 13.8 basis points to 3.953%, sending spot gold $6 lower to $1,835.04 an ounce. Therefore, the US stock market dropped over 2% on Tuesday, the...
On Washington's Birthday, US President Joe Biden paid a surprise visit to Kyiv, reiterating his unwavering support for Ukraine against the Russian invasion. From military equipment and economic aid, to further sanctions on Russia, they will likely impact the global economy soon. The US stock market remains closed. Later today, Mtrade expects inflation readings in...
After two consecutive months of decline, UK retail sales recorded a 0.5% month-on-month increase, outperforming Mitrade's estimates of -0.3%. GBP/USD then surged 42 pips to 1.2035. EUR/USD increased 26 pips to 1.0694, and AUD/USD moved up 3 pips to 0.6879. USD/CAD rose 14 pips to 1.3470, and USD/JPY added 25 pips to 134.16. The US and Canadian markets are...
US Initial Jobless Claims decreased to 194,000 against an estimate of 200,000. Combined with a growing Producer Price Index and relatively hawkish comments from Fed officials, Mitrade now expects more significant rate hikes to combat inflation. As a result, the greenback strengthened against most of its peers. EUR/USD fell 21 pips to 1.0668, and GBP/USD lost 33...
The dollar strengthened amidst strong US retail sales data, but cryptocurrencies managed to recover significantly. Bitcoin jumped over 9% to $24,300, the highest level since June 2022. Ethereum also surged over $140 to $1,688.18. US retail sales recorded a 3.0% growth in January. This outperformed Mitrade's estimates of 1.8%. This allowed USD/CAD to climb 58 pips...
The latest inflation data from the US mostly met market estimates, with an annual rate of 6.4% slightly higher than expected. The readings were still well above the Federal Reserve's inflation targets, so investors expected more rate hikes in 2023. Meanwhile, USD/CAD moved up 4 pips to 1.3334, and USD/JPY rose 71 pips to 133.11. GBP/USD climbed 32 pips to...
High inflation and interest rates have dented Australian consumer sentiment by 6.9%, though the labor market remains tight. Meanwhile, AUD/USD increased 46 pips to 0.6965. Most major currencies also rallied against the greenback, with EUR/USD adding 43 pips to 1.072, and GBP/USD climbing 77 pips to 1.2138. On the other hand, USD/CAD recorded minor losses to...
Even with strong Nonfarm Payrolls readings, lackluster economic data in other areas had investors pessimistic about a soft landing. As for US inflation data, market consensus had the core CPI retain 0.4% month-on-month growth, with the annual CPI growth rate slowing to 6.2%. Mixed data also led to mixed stock market performance. The Dow Jones Industrial Average...
Both Alphabet shares (GOOGL and GOOG) declined by over 4% as a result of the disappointing performance of its AI chatbot Bard. Just as Yahoo announced massive layoff plans, the Nasdaq 100 dropped 114 points (-0.91%) to 12,381. The S&P 500 slipped 36 points (-0.88%) to 4,081, and the Dow Jones Industrial Average declined 249 points (-0.73%) to 33,699. Germany’s...
EUR/USD 🔽 GBP/USD 🔼 AUD/USD 🔼 USD/CAD 🔽 USD/JPY 🔽 XAU 🔼 WTI 🔼 BTC 🔼 ETH 🔼 Federal Reserve Chairman Jerome Powell has indicated that US inflation has been slowing. However, he maintained rate hikes are still needed to bring price levels down further, without any hints at bigger or smaller increases. The mixed bag of information has slowed the US dollar, with...
EUR/USD 🔽 GBP/USD 🔽 AUD/USD 🔽 USD/CAD 🔼 USD/JPY 🔼 XAU 🔼 WTI 🔼 BTC 🔽 ETH 🔽 A huge earthquake in Turkey and Syria has led to numerous casualties and disrupted the oil supply from the west Asia region. This caused WTI oil futures to climb to $74.11 a barrel. Spot gold also rose to $1,867.71 an ounce. Both Bitcoin and Ethereum continued to weaken to $22,830.0 and...