Daily Forex News

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Nov 22, 2022 8:53 am

RBNZ seen raising rates by historic 75 bps

Whilst there has been some less expectations that inflation around parts of the world have topped out, recent data for New Zealand is remining us that inflation can remain at elevated levels for longer than anyone would like.

CPI rose 2.2% q/q, up from 1.7% and well above the 1.6% consensus. Annual CPI rose 7.2% y/y – slightly below the 7.3% peak – but if the quarterly is trending higher then it can send the annual higher too. Labor costs have risen to a record high of 3.8% y/y and, whilst the quarterly read pulled back from its record, at 1.1% q/q labor costs remain quite elevated from its long-term average of 0.01%.

Read More : https://www.xtreamforex.com/rbnz-seen-raising-rates-by-historic-75-bps/

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Nov 24, 2022 11:20 am

FOMC Minutes, Fed Hiking Rates slowly

At the November 2nd FOMC meeting, members unanimously agreed to hike the Fed Funds rate by 75bps to bring the key rate to 3.75%-4.0%.The statement from the meeting said members agreed that ongoing rate hikes were necessary until rates were “sufficiently restrictive”. In addition, the statement noted that “in determining the pace of rate hikes, we will consider cumulative tightening, policy lags and economic and financial developments”. However, during the press conference which followed, Fed Chairman Powell stated that the incoming data suggests that the ultimate level of rates will be higher than previously anticipated.

The FOMC Minutes released on Wednesday showed that a substantial majority of officials said a slowing in the pace of rate hikes would be appropriate soon.

Read More : https://www.xtreamforex.com/fomc-minutes-fed-hiking-rates-slowly/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Fri Nov 25, 2022 8:56 am

EUR/JPY Eyes Breakout – Xtreamforex

The US out on holiday, there’s not much point in discussing the dollar. Instead, something that could move during the Asian hours. The Japanese yen.

After being the weakest of major currencies for an extended period this year, the yen has stormed back against the dollar, along with equities, gold and other risk-sensitive assets. Wednesday’s publication of less hawkish Fed minutes and weaker-than-forecast US business activity data further fueled speculation the Fed is going to slow down its rate increases and potentially pause in early 2023.

As the USD/JPY slumped, other yen pairs have started to move lower with it – including the EUR/JPY – albeit to much lower extent. This is because nothing has changed in terms of the Bank Of Japan’s ultra-loose monetary policy. Thus, the USD/JPY has been hit because of dollar weakness than yen strength.

Read More : https://www.xtreamforex.com/eur-jpy-eyes-breakout-xtreamforex/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Nov 29, 2022 8:24 am

This week’s currency pair, USD/CNH

This week will bring a lot of US macroeconomic data and speech from US Fed Chairman Powell, which should give the markets a clearer direction of where the Fed may be headed next regarding monetary policy. Powell speaks at the Brookings Institute on Wednesday. The topic is the economy and labor market. The statement after the November 2nd FOMC meeting stated that “ in determining the pace of rate hikes, we will consider cumulative tightening, policy lags, and economic and financial developments”. The markets took this to be dovish. However, in the press conference that followed, Powell said that the incoming data suggests that the ultimate level of rates will be higher than previously anticipated. However, the pace of tightening is not as important as the terminal rate. Markets took this to be hawkish, Traders will be looking for Powell to clarify these statements and try to determine if the Fed will hike by 50bps or 75bps at the December meeting. In addition, the US will release the Fed’s favorite measure of inflation, Core PCE. Expectations are for a YoY print of 5% vs a September reading of 5.1%. If this number is stronger, the Fed may feel comfortable leaning towards a 75bps hike in December. The US will also release Non-Farm payrolls on Friday. Expectations are for a print of 200,000 vs a previous reading of 261,000. The Unemployment rate is expected to remain unchanged at 3.7%.

Read More : https://www.xtreamforex.com/this-weeks-currency-pair-usd-cnh/

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Wed Nov 30, 2022 10:37 am

Australian inflation fell but just ‘weight’ a minute

Australian inflation rose only to 6.9% y/y, down from a peak of 7.4% and lower than the 7.5% expected. Housing, food and non-alcoholic beverages and transport were most significant contributors. CPI rose 0.2% m/m, below its long-term average of 2.5%.

The RBA will be happy to hear that inflation was much lower than expected, even if it does remain historically high. But the ABS report also highlighted that they performed their annual weight adjustment to the CPI basket, and that inflation would have been 7.1% if last year’s methodology was used. But even a move down from 7.4% to 7.1% is noteworthy as it leaves the potential that inflation has in fact peaked.

Read More : https://www.xtreamforex.com/australian-inflation-fell-but-just-weight-a-minute/

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Dec 01, 2022 11:01 am

Powell’s Brooking November 2nd FOMC Press Conference

In Fed Chairman Powell’s press conference after the FOMC meeting on 2nd November, he said that incoming data suggests that the ultimate level of rates will be higher than previously anticipated. In addition, he noted that, how high rates rise is more important than the pace of tightening. At the time, the markets took this to be hawkish as it was the first time Powell mentioned rates would be higher than anticipated and that the pace was not as important as the terminal rate.

Inflation and the labor market at the Brookings Institute. Powell repeated many of the same comments from 2nd November, while adding that the time for moderating the pace of rate hike increases may come as soon as the December meeting. This was now seen as dovish, as Powell is basically telling the markets that the FOMC will Only hike by 50bps in December .

Read More : https://www.xtreamforex.com/powells-brooking-november-2nd-fomc-press-conference/

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