USD/JPY Nears Break Above 151.50 Amid Strengthening US Dollar
The U.S. Dollar/Japanese Yen exchange rate has been exhibiting remarkable tenacity, consistently edging upwards for five consecutive days. As of the latest observations during the early trading hours in Europe on a Friday, the pair was quoted just shy of 151.50. This bullish trend has been largely attributed to an unexpected shift in tone from Jerome Powell, the Chair of the Federal Reserve, whose comments exuded a more hawkish stance than anticipated. These remarks have had a significant influence, catalyzing an uptick in U.S. Treasury yields and bolstering the U.S. Dollar‘s position against the Japanese Yen.
The currency market’s reaction to Powell’s statements, made during an International Monetary Fund event, was swift. The Fed Chair’s expression of concern regarding the inadequacy of current policies to rein in inflation sent the U.S. Dollar Index (DXY) climbing, with readings around 106.00, and the yield on 10-year U.S. bonds reaching 4.62% at the time of reporting.
Contrasting the posture adopted by other central banks, which have been actively tightening monetary policy, the Bank of Japan remains an outlier, adhering to a dovish outlook. Governor Kazuo Ueda of the Bank of Japan has indicated that any transition away from the institution’s long-held ultra-loose monetary policy will be approached with caution, aiming to mitigate the risk of inducing excessive volatility within the bond market.
Yet the pressure on the Japanese Yen persists, as the anticipated policy shift continues to be deferred, partly due to stagnating wage growth. The BoJ deems adequate wage increases essential before it can commit to altering its stance on monetary policy, which has been characterized by its leniency for an extended period.
Read More : https://bit.ly/3QTQrUb
Daily Forex News
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Re: Daily Forex News
USD/CAD Holds Above 1.3800 Amid Falling Oil Prices
The USD/CAD currency pair has shown resilience, maintaining its strong stance above the 1.3800 level as crude oil prices experience a downturn. The pairing saw a rebound from the losses it suffered last Friday, climbing to a value around 1.3810 in the Monday Asian trading session. This upswing for the Canadian Dollar (CAD) follows a session of gains bolstered by an initial rise in crude oil prices.
However, a reversal in this trend emerged as West Texas Intermediate (WTI) crude oil prices retracted, dipping below the $76.50 mark. The pullback in oil prices can be attributed to the renewed anxieties over a potential slump in demand from two of the world’s largest economies, the United States and China. These concerns have cast a pall over market sentiment, affecting the dynamics of the oil market. With China being a significant oil importer, the country’s reported annual drop in inflation in October has sparked fears that global growth could be stifled, subsequently influencing crude oil demand negatively.
On the front of the United States Dollar (USD), the currency did not find support from the unexpected hawkish comments by Federal Reserve (Fed) Chair Jerome Powell. Powell expressed concern over the current policy measures not being stringent enough to reduce inflation to the Fed’s ideal rate of 2.0%. As a result, the USD has been caught in a state of uncertainty.
Read More : https://tinyurl.com/4wn7hyrk
The USD/CAD currency pair has shown resilience, maintaining its strong stance above the 1.3800 level as crude oil prices experience a downturn. The pairing saw a rebound from the losses it suffered last Friday, climbing to a value around 1.3810 in the Monday Asian trading session. This upswing for the Canadian Dollar (CAD) follows a session of gains bolstered by an initial rise in crude oil prices.
However, a reversal in this trend emerged as West Texas Intermediate (WTI) crude oil prices retracted, dipping below the $76.50 mark. The pullback in oil prices can be attributed to the renewed anxieties over a potential slump in demand from two of the world’s largest economies, the United States and China. These concerns have cast a pall over market sentiment, affecting the dynamics of the oil market. With China being a significant oil importer, the country’s reported annual drop in inflation in October has sparked fears that global growth could be stifled, subsequently influencing crude oil demand negatively.
On the front of the United States Dollar (USD), the currency did not find support from the unexpected hawkish comments by Federal Reserve (Fed) Chair Jerome Powell. Powell expressed concern over the current policy measures not being stringent enough to reduce inflation to the Fed’s ideal rate of 2.0%. As a result, the USD has been caught in a state of uncertainty.
Read More : https://tinyurl.com/4wn7hyrk
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xtreamforex
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Re: Daily Forex News
NZD/USD Downward Trend Continues, Eyes on US Economic Indicators
The New Zealand dollar, commonly referred to as the Kiwi, has seen a continuous decline, intensifying its losses to approach a value of 0.5870 against the US dollar during the Asian market hours on Tuesday. This downturn, which initiated on the 6th of November, is largely being linked to internal economic indicators, especially the Food Price Index (FPI) in New Zealand, which reported a 0.9% month-on-month decrease in October.
Food costs are a significant component in New Zealand’s calculation of inflation, accounting for about 19% of the nation’s Consumer Price Index (CPI). The FPI is particularly critical as it reflects the change in price for a group of food items that are typically purchased by New Zealand families, thereby serving as a pulse check on inflationary pressures within the domestic economy.
The influential financial firm Goldman Sachs has projected that inflation rates in New Zealand, as measured by the CPI, will fall below 3% by the fourth quarter of 2024. This projection also carries the implication that the rate hike cycle, administered by the Reserve Bank of New Zealand (RBNZ), may have reached its conclusion. Consequently, Goldman Sachs expects that the RBNZ may embark on a rate-cutting journey starting from the same quarter in 2024.
In parallel, the US Dollar Index (DXY), which is a measure of the strength of the US dollar against a basket of currencies, is experiencing its own set of challenges. Despite efforts to stem further losses, it has been trading around the mark of 105.70. The US dollar is under pressure, partly due to the unpredictable nature of US bond yields, with the 10-year Treasury note yield hovering around 4.63% at the time of reporting.
Read More : https://bit.ly/3FYn2BK
The New Zealand dollar, commonly referred to as the Kiwi, has seen a continuous decline, intensifying its losses to approach a value of 0.5870 against the US dollar during the Asian market hours on Tuesday. This downturn, which initiated on the 6th of November, is largely being linked to internal economic indicators, especially the Food Price Index (FPI) in New Zealand, which reported a 0.9% month-on-month decrease in October.
Food costs are a significant component in New Zealand’s calculation of inflation, accounting for about 19% of the nation’s Consumer Price Index (CPI). The FPI is particularly critical as it reflects the change in price for a group of food items that are typically purchased by New Zealand families, thereby serving as a pulse check on inflationary pressures within the domestic economy.
The influential financial firm Goldman Sachs has projected that inflation rates in New Zealand, as measured by the CPI, will fall below 3% by the fourth quarter of 2024. This projection also carries the implication that the rate hike cycle, administered by the Reserve Bank of New Zealand (RBNZ), may have reached its conclusion. Consequently, Goldman Sachs expects that the RBNZ may embark on a rate-cutting journey starting from the same quarter in 2024.
In parallel, the US Dollar Index (DXY), which is a measure of the strength of the US dollar against a basket of currencies, is experiencing its own set of challenges. Despite efforts to stem further losses, it has been trading around the mark of 105.70. The US dollar is under pressure, partly due to the unpredictable nature of US bond yields, with the 10-year Treasury note yield hovering around 4.63% at the time of reporting.
Read More : https://bit.ly/3FYn2BK
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xtreamforex
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Re: Daily Forex News
GBP/JPY Nears Multi-Year Peak, Over 188 Before UK Inflation Data
As the British Pound to Japanese Yen (GBP/JPY) exchange rate hovers around a significant peak, surpassing the 188.00 threshold, market participants are keenly awaiting the upcoming UK inflation data with a sense of cautious optimism. The currency pair has demonstrated a resilient uptrend, garnering buying interest after a slight decline to the 187.65 zone during the Asian trading hours, marking the fourth consecutive day of gains on Wednesday. The current spot rates linger near the 188.15 region, flirting with levels not seen since the latter part of 2015, just before the latest UK consumer price index (CPI) numbers are due for release, prompting investors to reassess their market positions.
Forecasts predict a substantial drop in the annual UK CPI rate, from 6.7% in September to an estimated 4.8% for October. This anticipated decline is juxtaposed against the risks of an impending recession, and should the inflation figures come in lower than expected, it would likely reinforce market speculation that the Bank of England (BoE) is poised to initiate a cycle of interest rate reductions, potentially weakening the Sterling. Nonetheless, the potential downside for the GBP/JPY pair appears to be moderated by the Bank of Japan’s (BoJ) recent dovish adjustments to its monetary policy.
The BoJ’s subtle shift in its yield curve control policy, signaled earlier this month, hints at a gradual exit from the long-standing expansive monetary stance. Moreover, a rather unimpressive GDP report indicating a contraction in Japan’s economy for the first time in several quarters, provides the central bank with enough reason to postpone any significant deviations from its current extensive monetary easing strategy.
Read More : https://tinyurl.com/4drt943s
As the British Pound to Japanese Yen (GBP/JPY) exchange rate hovers around a significant peak, surpassing the 188.00 threshold, market participants are keenly awaiting the upcoming UK inflation data with a sense of cautious optimism. The currency pair has demonstrated a resilient uptrend, garnering buying interest after a slight decline to the 187.65 zone during the Asian trading hours, marking the fourth consecutive day of gains on Wednesday. The current spot rates linger near the 188.15 region, flirting with levels not seen since the latter part of 2015, just before the latest UK consumer price index (CPI) numbers are due for release, prompting investors to reassess their market positions.
Forecasts predict a substantial drop in the annual UK CPI rate, from 6.7% in September to an estimated 4.8% for October. This anticipated decline is juxtaposed against the risks of an impending recession, and should the inflation figures come in lower than expected, it would likely reinforce market speculation that the Bank of England (BoE) is poised to initiate a cycle of interest rate reductions, potentially weakening the Sterling. Nonetheless, the potential downside for the GBP/JPY pair appears to be moderated by the Bank of Japan’s (BoJ) recent dovish adjustments to its monetary policy.
The BoJ’s subtle shift in its yield curve control policy, signaled earlier this month, hints at a gradual exit from the long-standing expansive monetary stance. Moreover, a rather unimpressive GDP report indicating a contraction in Japan’s economy for the first time in several quarters, provides the central bank with enough reason to postpone any significant deviations from its current extensive monetary easing strategy.
Read More : https://tinyurl.com/4drt943s
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xtreamforex
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Re: Daily Forex News
GBP/USD Stabilizes Above 1.2400 Amid Mixed Market Signals
The GBP/USD currency pair exhibits a steady stance above the 1.2400 level, navigating through a complex landscape of market signals and economic indicators. This stability comes after the pair recoiled from a near two-month high around the 1.2500 mark, following a setback from the 100-day Simple Moving Average (SMA). In the Asian trading session on Thursday, the pair showed limited fluctuation, indicating a cautious approach by traders amidst varied influences.
The US Dollar (USD) dynamics play a pivotal role in this equation. The USD Index (DXY), a measure of the dollar’s strength against a group of major currencies, struggles to build on its modest recovery from early September lows. This struggle is primarily due to anticipations of a dovish stance by the Federal Reserve (Fed), especially following a recent US Consumer Price Index (CPI) report. This report highlighted a quicker cooling of consumer inflation than expected, bolstering predictions of a potential rate cut by the Fed in the first half of 2024. Consequently, US Treasury bond yields remain subdued, exerting pressure on the dollar.
Meanwhile, a prevailing sentiment of risk-taking in the markets further challenges the dollar, historically seen as a safe-haven asset. This atmosphere indirectly supports the GBP/USD pair, though the gains are limited. This limitation stems from the growing consensus that the Bank of England (BoE) may soon reduce interest rates. This view gained traction with the latest UK consumer inflation data, which showed a significant slowdown. The October figures indicated a flat monthly CPI and a sharp year-on-year decline to 4.6%, marking a two-year low. Additionally, the Core CPI also witnessed a decrease.
Read More : https://bit.ly/49FZvD8
The GBP/USD currency pair exhibits a steady stance above the 1.2400 level, navigating through a complex landscape of market signals and economic indicators. This stability comes after the pair recoiled from a near two-month high around the 1.2500 mark, following a setback from the 100-day Simple Moving Average (SMA). In the Asian trading session on Thursday, the pair showed limited fluctuation, indicating a cautious approach by traders amidst varied influences.
The US Dollar (USD) dynamics play a pivotal role in this equation. The USD Index (DXY), a measure of the dollar’s strength against a group of major currencies, struggles to build on its modest recovery from early September lows. This struggle is primarily due to anticipations of a dovish stance by the Federal Reserve (Fed), especially following a recent US Consumer Price Index (CPI) report. This report highlighted a quicker cooling of consumer inflation than expected, bolstering predictions of a potential rate cut by the Fed in the first half of 2024. Consequently, US Treasury bond yields remain subdued, exerting pressure on the dollar.
Meanwhile, a prevailing sentiment of risk-taking in the markets further challenges the dollar, historically seen as a safe-haven asset. This atmosphere indirectly supports the GBP/USD pair, though the gains are limited. This limitation stems from the growing consensus that the Bank of England (BoE) may soon reduce interest rates. This view gained traction with the latest UK consumer inflation data, which showed a significant slowdown. The October figures indicated a flat monthly CPI and a sharp year-on-year decline to 4.6%, marking a two-year low. Additionally, the Core CPI also witnessed a decrease.
Read More : https://bit.ly/49FZvD8
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xtreamforex
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Re: Daily Forex News
USD/JPY dips below 150.50 amid cautious market mood, upcoming US housing data
The USD/JPY currency pair continues its descent, now slipping below the 150.50 mark, amidst a broader context of market wariness and the anticipation of forthcoming U.S. housing sector data. This downward movement is part of a trend that’s been observed for two consecutive days, with the exchange rate hovering near 150.30 during the European trading session on Friday. Several factors are contributing to this cautious sentiment in the market, not the least of which is the growing skepticism about the Federal Reserve’s next steps. Recent economic data from the United States has been less than stellar, dampening expectations of further interest rate hikes.
The Bank of Japan’s (BoJ) current approach is also playing a role in the dynamics of the USD/JPY pair. BoJ Governor Kazuo Ueda reaffirmed the bank’s commitment to a gradualist policy approach, emphasizing the uncertainty surrounding the achievement of the 2% inflation target. This dovish posture by the BoJ provides a backdrop of support for the USD/JPY pair, even as it faces downward pressure.
The labor market in the U.S. has shown signs of strain, with Initial Jobless Claims for the week ending November 10th climbing unexpectedly to 231,000, overshooting the forecast of 220,000, and signaling the highest level in the past three months. Moreover, the Continuing Jobless Claims for the week ending on November 3rd also saw an uptick, reaching a peak not seen since the beginning of 2022, with 1.865 million claims as compared to the 1.833 million from the previous count.
Read More : https://tinyurl.com/5ez9znaf
The USD/JPY currency pair continues its descent, now slipping below the 150.50 mark, amidst a broader context of market wariness and the anticipation of forthcoming U.S. housing sector data. This downward movement is part of a trend that’s been observed for two consecutive days, with the exchange rate hovering near 150.30 during the European trading session on Friday. Several factors are contributing to this cautious sentiment in the market, not the least of which is the growing skepticism about the Federal Reserve’s next steps. Recent economic data from the United States has been less than stellar, dampening expectations of further interest rate hikes.
The Bank of Japan’s (BoJ) current approach is also playing a role in the dynamics of the USD/JPY pair. BoJ Governor Kazuo Ueda reaffirmed the bank’s commitment to a gradualist policy approach, emphasizing the uncertainty surrounding the achievement of the 2% inflation target. This dovish posture by the BoJ provides a backdrop of support for the USD/JPY pair, even as it faces downward pressure.
The labor market in the U.S. has shown signs of strain, with Initial Jobless Claims for the week ending November 10th climbing unexpectedly to 231,000, overshooting the forecast of 220,000, and signaling the highest level in the past three months. Moreover, the Continuing Jobless Claims for the week ending on November 3rd also saw an uptick, reaching a peak not seen since the beginning of 2022, with 1.865 million claims as compared to the 1.833 million from the previous count.
Read More : https://tinyurl.com/5ez9znaf
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xtreamforex
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Re: Daily Forex News
USD/CAD Stalls Above 1.3700; Focus on FOMC Minutes, Canadian CPI
The USD/CAD currency pair has shown a retreat for the second day running during the Asian trading session on Monday. This downtrend is primarily attributed to a softer US Dollar and a dip in the US Treasury bond yields, signaling a potential shift in market sentiment or reaction to broader economic events. As of the latest reports, the pair is trading near the 1.3705 mark, representing a modest decrease of 0.07% from the previous close.
Market focus has been largely on the Federal Reserve’s stance regarding monetary policy. Last week, Fed officials echoed a consistent message regarding their outlook. The Boston Fed President, Susan Collins, assured that measures to control inflation are underway, emphasizing a cautious approach towards future interest rate adjustments to avoid undue disruption in the labor market. Concurrently, Fed President Austan Goolsbee expressed optimism that inflationary targets are attainable, contingent upon a relaxation of housing market prices. The market consensus is increasingly leaning towards the end of the interest rate hikes, with expectations setting in for a potential loosening of monetary policy as early as May 2024.
The Bank of Canada has also shifted its tone, signaling the likely conclusion of an era characterized by historically low interest rates. This change prompts a warning for households and businesses to brace for increased borrowing costs, a stark turnaround from the trends observed in recent years. Such fiscal tightening typically influences currency valuations due to the interplay between interest rates, inflation, and economic growth.
Read More : https://bit.ly/3G7ut9T
The USD/CAD currency pair has shown a retreat for the second day running during the Asian trading session on Monday. This downtrend is primarily attributed to a softer US Dollar and a dip in the US Treasury bond yields, signaling a potential shift in market sentiment or reaction to broader economic events. As of the latest reports, the pair is trading near the 1.3705 mark, representing a modest decrease of 0.07% from the previous close.
Market focus has been largely on the Federal Reserve’s stance regarding monetary policy. Last week, Fed officials echoed a consistent message regarding their outlook. The Boston Fed President, Susan Collins, assured that measures to control inflation are underway, emphasizing a cautious approach towards future interest rate adjustments to avoid undue disruption in the labor market. Concurrently, Fed President Austan Goolsbee expressed optimism that inflationary targets are attainable, contingent upon a relaxation of housing market prices. The market consensus is increasingly leaning towards the end of the interest rate hikes, with expectations setting in for a potential loosening of monetary policy as early as May 2024.
The Bank of Canada has also shifted its tone, signaling the likely conclusion of an era characterized by historically low interest rates. This change prompts a warning for households and businesses to brace for increased borrowing costs, a stark turnaround from the trends observed in recent years. Such fiscal tightening typically influences currency valuations due to the interplay between interest rates, inflation, and economic growth.
Read More : https://bit.ly/3G7ut9T
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xtreamforex
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Re: Daily Forex News
Gold Holds Near Two-Week High Ahead of FOMC Minutes
Gold prices (XAU/USD) have shown robust gains on Tuesday, maintaining their strong performance near a two-week high during the early European session. The persistent weakening of the US Dollar (USD) is a key driver, fueled by growing expectations of a dovish stance from the Federal Reserve (Fed). This shift in sentiment is providing strong support for the precious metal.
The recent disappointing US macroeconomic data has further diminished any remaining hopes of imminent interest rate hikes. Instead, it has generated speculation about the possibility of rate cuts in 2024. As a result, US Treasury bond yields have continued to decline, reinforcing the appeal of gold as a non-yielding asset.
Despite these supportive factors, gold’s positive momentum faces some headwinds from the generally upbeat sentiment in the equity markets. Optimism has been growing regarding additional stimulus measures in China to bolster the post-pandemic economic recovery. This positive sentiment has somewhat dampened the demand for traditional safe-haven assets like gold.
Read More : https://tinyurl.com/3hz9u77v
Gold prices (XAU/USD) have shown robust gains on Tuesday, maintaining their strong performance near a two-week high during the early European session. The persistent weakening of the US Dollar (USD) is a key driver, fueled by growing expectations of a dovish stance from the Federal Reserve (Fed). This shift in sentiment is providing strong support for the precious metal.
The recent disappointing US macroeconomic data has further diminished any remaining hopes of imminent interest rate hikes. Instead, it has generated speculation about the possibility of rate cuts in 2024. As a result, US Treasury bond yields have continued to decline, reinforcing the appeal of gold as a non-yielding asset.
Despite these supportive factors, gold’s positive momentum faces some headwinds from the generally upbeat sentiment in the equity markets. Optimism has been growing regarding additional stimulus measures in China to bolster the post-pandemic economic recovery. This positive sentiment has somewhat dampened the demand for traditional safe-haven assets like gold.
Read More : https://tinyurl.com/3hz9u77v
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xtreamforex
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Re: Daily Forex News
EUR/USD Holds Steady Above 1.0900 Amid Mixed Market Signals
During Wednesday’s Asian trading session, the EUR/USD pair maintained its position above the 1.0900 mark, halting its previous day’s decline from a peak near 1.0965 – the highest since August 11. Currently hovering around 1.0915-1.0920, the pair shows a slight increase of under 0.10% for the day, influenced largely by fluctuations in the US Dollar (USD). The USD Index (DXY), a measure against a group of currencies, couldn’t fully leverage its recent modest recovery from a near three-month trough, thereby supporting the EUR/USD’s strength. The Federal Reserve’s recent minutes suggested a continued preference for elevated interest rates, boosting US Treasury bond yields and a temporary uptick in USD value on Tuesday.
Despite this, market sentiment leans towards the Fed maintaining stable rates, anticipating a potential rate reduction at the April 30-May 1 meeting. This outlook has led to a decrease in the yield of the 10-year US government bond, limiting gains for the USD. Concurrently, hawkish comments from ECB President Christine Lagarde have bolstered the Euro, providing additional momentum to the EUR/USD pair. Lagarde’s caution against premature optimism on inflation has tempered expectations of an imminent ECB rate cut. Investors remain cautious, looking for sustained buying signals before betting on the pair’s continued rise beyond key averages like the 100- and 200-day SMAs.
Read More : https://tinyurl.com/ycy2w6b2
During Wednesday’s Asian trading session, the EUR/USD pair maintained its position above the 1.0900 mark, halting its previous day’s decline from a peak near 1.0965 – the highest since August 11. Currently hovering around 1.0915-1.0920, the pair shows a slight increase of under 0.10% for the day, influenced largely by fluctuations in the US Dollar (USD). The USD Index (DXY), a measure against a group of currencies, couldn’t fully leverage its recent modest recovery from a near three-month trough, thereby supporting the EUR/USD’s strength. The Federal Reserve’s recent minutes suggested a continued preference for elevated interest rates, boosting US Treasury bond yields and a temporary uptick in USD value on Tuesday.
Despite this, market sentiment leans towards the Fed maintaining stable rates, anticipating a potential rate reduction at the April 30-May 1 meeting. This outlook has led to a decrease in the yield of the 10-year US government bond, limiting gains for the USD. Concurrently, hawkish comments from ECB President Christine Lagarde have bolstered the Euro, providing additional momentum to the EUR/USD pair. Lagarde’s caution against premature optimism on inflation has tempered expectations of an imminent ECB rate cut. Investors remain cautious, looking for sustained buying signals before betting on the pair’s continued rise beyond key averages like the 100- and 200-day SMAs.
Read More : https://tinyurl.com/ycy2w6b2
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xtreamforex
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Re: Daily Forex News
Euro/Pound Rises Above 0.8700, Focus on Eurozone and UK PMI Data
The Euro/Pound (EUR/GBP) exchange rate has shown upward momentum, maintaining its climb above the 0.8700 mark for the second consecutive day amid early trading in the European markets on Thursday. The pair was spotted exchanging hands around the 0.8718 level, marking a modest increase of 0.17% on the day. This activity comes as traders and investors set their sights on the upcoming release of the Eurozone HCOB PMI data and UK Global S&P PMI data, both of which are poised to be publicized on Thursday. These indicators are highly anticipated as they hold the potential to incite significant fluctuations in the trading dynamics of the currency pair.
The recent trend in the Eurozone’s inflation trajectory has taken a downward turn, exceeding the forecasts of many analysts, which has consequently led to a shift in market sentiment. There’s a growing expectation among investors that the European Central Bank (ECB) may introduce a rate cut in the foreseeable future. Despite these market sentiments, ECB President Christine Lagarde, in a statement on Tuesday, conveyed a more measured approach. She emphasized that the central bank is in no rush to take action, suggesting there is adequate time to monitor the inflation trends closely following an unprecedented series of rate increments. She also underscored that the ECB has not yet fully triumphed over inflation, and discussions regarding rate reductions are somewhat premature at this juncture.
Read More : https://tinyurl.com/mrv7xnbs
The Euro/Pound (EUR/GBP) exchange rate has shown upward momentum, maintaining its climb above the 0.8700 mark for the second consecutive day amid early trading in the European markets on Thursday. The pair was spotted exchanging hands around the 0.8718 level, marking a modest increase of 0.17% on the day. This activity comes as traders and investors set their sights on the upcoming release of the Eurozone HCOB PMI data and UK Global S&P PMI data, both of which are poised to be publicized on Thursday. These indicators are highly anticipated as they hold the potential to incite significant fluctuations in the trading dynamics of the currency pair.
The recent trend in the Eurozone’s inflation trajectory has taken a downward turn, exceeding the forecasts of many analysts, which has consequently led to a shift in market sentiment. There’s a growing expectation among investors that the European Central Bank (ECB) may introduce a rate cut in the foreseeable future. Despite these market sentiments, ECB President Christine Lagarde, in a statement on Tuesday, conveyed a more measured approach. She emphasized that the central bank is in no rush to take action, suggesting there is adequate time to monitor the inflation trends closely following an unprecedented series of rate increments. She also underscored that the ECB has not yet fully triumphed over inflation, and discussions regarding rate reductions are somewhat premature at this juncture.
Read More : https://tinyurl.com/mrv7xnbs
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