Daily Forex News

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Oct 13, 2022 11:01 am

FOMC Minutes show Fed is serious about inflation

The September 21st FOMC meeting chose to hike the Fed Funds rate by 75bps for the third consecutive meeting to bring the key rate to 3%-3.25%. The Minutes from that meeting noted that the cost of doing too little outweighed the cost of doing too much. They also noted that the labor market would need to weaken to bring down high inflation. Some also said that after rates reach a sufficient level, they will need to hold this restrictive rate for some time.

After the Minutes were released, the CME Fed Watch Tool showed that markets were pricing in an 84% chance of a 75bps rate increase at the November 2nd meeting. However, this may change after the US CPI data is released tomorrow.

Read More : https://www.xtreamforex.com/fomc-minutes-show-fed-is-serious-about-inflation/

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Mon Oct 17, 2022 8:39 am

EUR/USD displays a range bound structure around 0.9700 ahead of US Inflation

EUR/USD moved sideways along the 0.9700 horizon as markets waited for the release of US inflation data last week. October 14th the Department of Labor Statistics of the country published fresh values of the Consumer Price Index, which exceeded the forecast values. In monthly terms, the September CPI reached 0.6% against the forecast of 0.5%, in annual terms – 6.6% against the forecast of 6.5% and the previous value of 6.3%.

The dollar began to lose its position rapidly: DXY fell to 112.46, and EUR.USD broke through 0.9800. On the contrary, the S&P500 was positive by the end of Thursday and grew by 2.6%. Analysts cite the strong oversold stock market as the main reason for this change in sentiment and the sharp increase in risk appetites. It is believed that stocks lose about 30% during recessions.

Read More : https://www.xtreamforex.com/eur-usd-displays-a-rangebound-structure-around-0-9700-ahead-of-us-inflation/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Oct 18, 2022 8:02 am

NZ CPI Review: OCR Now Expected to Peak at 5%

It is expected that the official Cash Rate to reach a peak of 5% for this cycle and also a 75 basis point hike to 4.25% at the upcoming November Monetary Policy Statement, a step up from the 50 basis point increases in the last few reviews. Inflation in continuing to run red-hot across the economy, and core inflation is yet to show signs of easing despite the sharp rise in interest rates over the past year.

It is also seen that ongoing firmness in domestic economic conditions, including a drum tight labor market and resilience in household demand.
Today’s inflation figures were unexpectedly bad. Prices are not only rising quickly but across the board, which increasingly points to a common cause rather than special factors. And even though forecasters were braced for a strong number today, the result beat all expectations. Combine that with a sense that domestic demand is holding up in the face of the interest rate hikes that we’ve seen to date, and it looks like the Reserve Bank has more work to do yet.

Read More : https://www.xtreamforex.com/nz-cpi-review-ocr-now-expected-to-peak-at-5/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Oct 20, 2022 7:38 am

Canadian Inflation Higher than Expected

Canadian CPI for September was 6.9% YoY vs and expectation of 6.8% YoY and an August reading of 7%. The headline number was higher than expectations, it was the third straight month the inflation reading has declined since reaching a 39 year high in June. However, the core CPI increased to 6% YoY va an expectation of a drop to 5.7% YoY and an August reading of 5.8% YoY. The Canadian CPI release comes just hours after the UK reported an uptick in its inflation to 10.1% YoY.

As inflation continues to remain high in Canada, will the BOC be less aggressive, or pivot , as some have suggested after the RBA reduced its pace of rate increases at its last meeting? Expectations are closer to a 75bps rate hike than a 50bps rate hike when BOC meetings next Wednesday. Governor Macklem spoke earlier in the month and was hawkish, noting that further interest rate increases and warranted to tame inflation.

Read More : https://www.xtreamforex.com/canadian-inflation-higher-than-expected/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Oct 25, 2022 11:12 am

Bank Of Canada Hike Rate by 75 BPS

The Bank of Canada interest rate decision meeting will be held on Wednesday, October 26th. BOC Governor Macklem will follow with a press conference beginning at 11:00 ET.

BOC hiked rates by 75bps at their last meeting in September. This was the fifth consecutive rate hike and it brought rates to 3.25%, the highest since 2008. In addition, the BOC said that, given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further. The Central Bank also said it will continue with its quantitative tightening program.

Read More :https://www.xtreamforex.com/bank-of-canada-hike-rate-by-75-bps/

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Oct 27, 2022 7:34 am

EUR USD | Euro US Dollar News

EUR/USD continues to power forward and has breached the parity line for the first time since 20th September. The euro is red hot, having gained 2.1% this week, as the USD has hit a dump in the road and is lower against all major currencies. In the North American session, EUR/USD is trending at 1.0069, up 1.02%.

The German economy, the largest in the eurozone, continues to show signs of weakness. September PMIs pointed to contraction in manufacturing and business activity, and these are unlikely to rebound as the Ukraine war continues and an energy crisis looms, with winter close by. The Ifo Business Confidence index fell for a fourth straight month in October and Gfk Consumer sentiment, which will be released today, is expected to remain deep in negative territory.

Read More : https://www.xtreamforex.com/eur-usd-euro-us-dollar-news/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Mon Oct 31, 2022 7:45 am

The RBA with a 25bp hike Expected

The RBA is set to hold their November meeting tomorrow and whilst the consensus is for a 25bp hike, it doesn’t mean they won’t do a 50bp one instead. Economists favor a 25bp hike, although money markets estimate a 51% chance of a 50bp hike tomorrow. It may be a closer call than economists think. And we’ll keep close eye on whether the RBA retain the comment of the 25 vs 50 being finally balanced. Overnight implied volatility has spiked higher ahead of the meeting.

It is expected that the RBA will repeat a second 25bp hike tomorrow and potentially even pausing in December. On one hand, Governor Lowe has said the RBA tend to forecast their policy on inflation expectations – which remain well anchored. On the other hand, if October’s debate for 25 ot 50bp was finally balanced then it poses the question as to whether the strong inflation report tips the scale towards a 50bp hike .

Read More :https://www.xtreamforex.com/the-rba-with-a-25bp-hike-expected/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Nov 01, 2022 7:40 am

Euro area annual inflation up to 10.7% – European Union

Eurostat’s preliminary estimate indicated an acceleration of annual inflation in the euro region from 9.9% immediately to 10.7%. Economists are expecting no change, and the difference of 0.8 points is one of the most prominent indicators economists predict quite accurately on average.

But it’s not only this surprise that we want to point out, but also how fast price growth has spread beyond energy and food categories. Core inflation accelerated to 5% YoY in September, adding 0.6% MoM. Non-energy industrial goods rose at 1.2% MoM and 6.0% YoY.

These dynamics should signal that the ECB should not reduce the pace of monetary tightening.

Read More : https://www.xtreamforex.com/euro-area-annual-inflation-up-to-10-7-european-union/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Wed Nov 02, 2022 11:36 am

FOMC Meeting, Expected Hike 75bps

The FOMC will conclude it’s monetary policy today. The expectation is that traders are pricing in nearly 90% odds of a 75bps interest rate hike, an expectation that was supported by the Wall Street Journal’s. Traders are currently pricing in a peak Fed Funds rate around 4.9% in May 2023, and this is where it’s more likely to see expectations shift in the wake of this week’s Fed meeting. Traders should be more focused on the Fed’s expected destination not the journey in the coming months.

The stakes couldn’t be higher for this month’s FOMC meeting. While the decision for a 75bps hike itself seems relatively straightforward, the accompanying statement and press conference will be closely monitored for any hints that the central bank is thinking of slowing the pace of rate hikes in the coming months.

Read More : https://www.xtreamforex.com/fomc-meeting-expected-hike-75bps/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Nov 03, 2022 9:17 am

Another FED Hawkish 75bp Hike Rates

Fed hiked rates by 75bp as highly expected. Powell delivered a hawkish message, emphasizing the need to tighten financial conditions further. We have not seen Fed make significant progress towards its goals over the past month. It is expected that a 50bp hike will come in February in addition to our earlier forecast for one more 75bp hike in December. Markets took FOMC statement not seriously, but the move faded during the press conference and EUR/USD declined below pre-meeting levels while 2y UST yield rose around 6bp. The forecast for EUR/USD is maintained at 0.93 in 12M.

Fed hiked rates by 75bp in its October meeting as widely expected. There was no updated ‘dot plot’ or economic forecasts. While Powell did acknowledge the downside risks to the economy, he also emphasized that it is very premature to be thinking about stopping.

Read More : https://www.xtreamforex.com/another-fed-hawkish-75bp-hike-rates/

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