Daily Forex News

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Feb 06, 2024 10:55 am

Australian Dollar Gains as US Dollar Weakens; RBA Holds Rate at 4.35%

On Tuesday, the Australian Dollar (AUD) experienced a noteworthy recovery, regaining ground against the US Dollar (USD). This shift occurred as the Reserve Bank of Australia (RBA) decided to maintain its Official Cash Rate (OCR) at 4.35% during its February meeting, aligning with market expectations. Despite this, the AUD/USD pair faced a downturn, influenced by hawkish remarks from Federal Reserve (Fed) Chair Jerome Powell and declining commodity prices.

The Australian economy is currently navigating a cost-of-living crisis. This challenging environment limits the RBA’s scope for further interest rate increases. Consequently, the market’s attention is now turning towards potential signals of when the central bank might begin to lower interest rates. All eyes are on RBA Governor Michele Bullock’s impending speech, which is anticipated to shed light on the monetary policy outlook and offer insights into the bank’s future course of action.

In a post-interest rate decision press conference, RBA Governor Michele Bullock highlighted that the Reserve Bank is keeping its policy options open. She underscored that the RBA sees risks as evenly balanced and is keenly observing data for indications of inflation returning to its target range. Governor Bullock acknowledged the challenge facing the central bank in steering inflation back to the target, describing it as a narrow path. She also mentioned an inflation forecast of 2.8% for the year 2025, providing a long-term perspective on the economic outlook.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Wed Feb 07, 2024 11:02 am

AUD/JPY Nears 96.70 Following RBA Bullock’s Hawkish Comments

The Australian Dollar (AUD) against the Japanese Yen (JPY) has shown a notable upward trend for two consecutive days, with the currency pair trading around the 96.70 mark during Wednesday’s Asian trading session. This positive momentum in the AUD/JPY pair is largely attributed to the hawkish comments made by Reserve Bank of Australia (RBA) Governor Michele Bullock on Tuesday, which have significantly bolstered market confidence in the AUD.

On Tuesday, the RBA announced its decision to maintain the Official Cash Rate (OCR) at 4.35%. This decision was in line with market expectations. However, the spotlight was on Governor Bullock’s remarks following the rate decision. She avoided making explicit statements about future monetary policy directions but emphasized the bank’s focus on balanced risks. Governor Bullock underscored the necessity of collecting more data to confirm that inflation is on track to return to targeted levels. She also projected an inflation rate of 2.8% by the year 2025, a forecast that seems to have been positively received by the markets.

In contrast, Japan’s economic indicators showed a mixed bag of results. The Foreign Reserves report released on Wednesday revealed a slight decrease in January, with reserves totaling $1,291.8 billion, down from December’s $1,294.6 billion. Furthermore, Japan’s Labor Cash Earnings year-over-year for December exhibited an improvement, registering a 1.0% increase compared to the previous 0.7%. However, this figure fell short of the anticipated 1.3%.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Feb 08, 2024 11:05 am

US Stocks Gain on Earnings, Latest Fed Rate Remarks

On Wednesday, US stock markets experienced a noticeable uptick as investors closely analyzed a new batch of fourth-quarter earnings and contemplated the latest observations from Federal Reserve officials regarding the anticipated trajectory of interest rate reductions throughout the year.

The session concluded with all major benchmark indexes in positive territory. Notably, the S&P 500 approached the significant 5,000 level but stopped just short of crossing it. An analysis of the S&P 500 companies that have disclosed their earnings reveals a promising trend: about 75% of them have surpassed the expectations of analysts, with an average outperformance of 7.3%, as per the data compiled by FactSet. Notable among these are Ford, Uber, and Roblox, each of which saw their stock values climb after reporting earnings that exceeded forecasts earlier in the week.

In a recent development, Disney, a major player in the media industry, announced its earnings after the market closed. The company not only beat Wall Street’s projections but also provided an optimistic outlook for the fiscal year, leading to a 6.7% increase in its stock price in after-hours trading.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Fri Feb 09, 2024 10:37 am

USD/CHF Rises Amid Middle East Tensions, Falls Slightly to Around 0.8740

The recent developments in the USD/CHF currency pair have been significantly influenced by the escalating geopolitical tensions in the Middle East, especially following the Israeli airstrikes in Rafah. The US Dollar (USD) has been on the rise, leading to a notable recovery in the USD/CHF pair, which edged higher to around 0.8740 during Friday’s Asian market session.

The airstrikes carried out by Israel on Thursday targeted Rafah, a city located on the southern border. This military action has heightened tensions in the region, consequently impacting global financial markets. In times of geopolitical unrest, investors often seek refuge in more stable assets, and the US Dollar is widely regarded as a safe-haven currency. This shift in investor sentiment is largely responsible for the strengthening of the USD against the Swiss Franc.

Amidst these developments, the United States has advised Israel against any impulsive military offensive in Rafah. The US government has warned that such actions, without proper planning and consideration, could lead to disastrous outcomes, especially for the refugees in the area. The White House has clearly stated that it would not support major operations in Rafah that do not take into account the well-being of these vulnerable populations.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Feb 13, 2024 11:01 am

GBP/USD Remains Stable Above 1.2600 Before UK Job Data Release

The GBP/USD currency pair has been exhibiting a period of consolidation, maintaining its position above the crucial 1.2600 threshold as the early Asian trading session on Tuesday unfolds. This stabilization comes ahead of key economic reports from both the UK and the US, which are poised to potentially introduce significant volatility into the currency market. As of the latest update, the GBP/USD pair is trading at 1.2626, reflecting a marginal 0.02% decrease since the day’s start.

In the United States, the focus is on the forthcoming inflation report. Last month, Federal Reserve Chair Jerome Powell indicated a reluctance to initiate rate cuts as early as March, leading market participants to expect a possible easing of rates around May or June. However, this anticipation hinges on further inflation data. The upcoming January Consumer Price Index (CPI) report is particularly crucial as it could provide insights into the Federal Reserve’s future rate decisions, offering a clearer picture of when and how the rate cuts might commence.

Across the Atlantic, the UK economic landscape is under scrutiny, especially with the Bank of England (BoE) Governor Andrew Bailey recently expressing a positive outlook on the country’s economy. He downplayed the potential impact of upcoming data, which some analysts had predicted might indicate the UK entering a technical recession towards the end of the last year. BoE policymaker Sarah Breeden noted a shift in the central bank’s stance, from tightening rates to contemplating their reduction, due to recent dips in UK inflation. This change in perspective signals a potential easing of monetary policy in the near future. Conversely, BoE policymakers Jonathan Haskel and Catherine Mann have pointed out the persistent risks of increased price pressures, advocating for maintaining higher interest rates for an extended period.

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Re: Daily Forex News

Postby xtreamforex » Wed Feb 14, 2024 11:41 am

EUR/GBP Gains Above 0.8500 Post-UK CPI, PPI Data

During the early hours of Wednesday’s European trading session, the EUR/GBP currency pair saw noticeable gains, climbing above the significant 0.8500 mark. This upward movement, now trading around 0.8523, represents an increase of 0.21% for the day. The pair’s strength is primarily attributed to the recent weaker-than-expected economic figures from the UK, which put downward pressure on the British Pound (GBP), thereby benefiting the EUR/GBP cross.

The latest release from the UK Office for National Statistics revealed some surprising data. The Consumer Price Index (CPI) for January showed a decrease of 0.6% month-on-month, a significant shift from the 0.4% increase seen in December. Additionally, the annual headline CPI recorded a 4.0% year-on-year rise, falling short of the anticipated 4.2%. The Core CPI, which excludes the often volatile food and energy prices, rose by 5.1% year-on-year in January, slightly below the forecasted 5.2%.

On the European front, the European Central Bank (ECB)’s chief economist, Philip Lane, stated on Tuesday that the decision regarding the number and timing of interest rate cuts will hinge on the ECB’s progress towards its inflation target. Moreover, ECB Governing Council member Pablo Hernandez de Cos remarked that the ECB’s updated outlook for inflation and economic growth, due in March, will be crucial in determining the timing for easing monetary policy.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Fri Feb 16, 2024 10:25 am

GBP/USD Falters Above 1.2600, Trading Lower Before UK Retail Sales Data

The GBP/USD currency pair remains in a challenging position, unable to sustain momentum or find solid ground above the 1.2600 threshold. In the Asian trading session on Friday, the pair encountered some resistance, hovering around the 1.2585 mark, showing a slight decline of less than 0.10% for the day. Despite minor fluctuations, it appears set to close the week with modest losses.

This cautious trading pattern follows recent economic developments in the UK. The country’s latest GDP report confirmed a technical recession, adding to economic pressures already highlighted by softer consumer inflation figures released on Wednesday. These factors collectively strengthen the expectation that the Bank of England (BoE) will soon initiate interest rate cuts. Such a monetary policy shift poses challenges for the British Pound (GBP), limiting any significant recovery for the GBP/USD pair from its weekly low, despite a mild upturn in the US Dollar (USD).

The USD’s modest strength can be partly attributed to a rise in US Treasury bond yields. However, increasing speculation about an imminent rate cut by the Federal Reserve (Fed) may restrain further gains in the Greenback. Thursday’s US Retail Sales report suggested an economic cooldown, potentially enabling the Fed to relax its monetary policy as early as June. This expected shift could cap US bond yields and, by extension, limit the USD’s strength.

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Re: Daily Forex News

Postby xtreamforex » Mon Feb 19, 2024 11:43 am

EUR/USD Rises Below 1.0800 Ahead of FOMC Minutes Release

The EUR/USD currency pair has been trading with strength below the key 1.0800 psychological mark during the early hours of Monday’s Asian trading session. The pair’s movements are largely influenced by investors’ anticipation of the Federal Open Market Committee (FOMC) Minutes and the upcoming Eurozone Purchasing Managers’ Index (PMI) data. At present, the major currency pair is trading around 1.0788, marking a slight increase of 0.10% on the day.

This week is particularly crucial for the EUR/USD pair, with significant data releases and events lined up. Notably, US markets are closed on Monday in observance of President’s Day, which might lead to reduced trading volumes and volatility.

Last Friday, key economic data from the US came in the form of the Producer Price Index (PPI) for January. The PPI, which is a measure reflecting the average change over time in the selling prices received by domestic producers for their output, saw a 0.3% month-on-month increase – its largest since August. This rise exceeded expectations, with the core PPI (excluding food and energy) also surging by 0.5% compared to the anticipated 0.1% gain. On an annual basis, the headline PPI rose by 0.9%, while the core PPI registered a 2.0% increase from the previous 1.7%.

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Re: Daily Forex News

Postby xtreamforex » Tue Feb 20, 2024 9:49 am

USD/JPY Steady Above 150.30, Awaiting FOMC Minutes

During the early Asian trading hours on Tuesday, the USD/JPY currency pair maintained its position above the significant 150.00 psychological threshold, showcasing a slight upward trend attributable to renewed demand for the US Dollar (USD). The pair’s ascent is further illustrated by the US Dollar Index (DXY), which tracks the USD against a basket of six major currencies, recovering to a level of 104.35. As of the latest trading data, the USD/JPY pair is trading near 150.32, marking a modest increase of 0.12% for the day.

This uptick in the USD/JPY pair comes against a backdrop of significant monetary policy developments in Japan. The Bank of Japan (BoJ) has been grappling with inflation rates surpassing its 2% target for over a year, leading to indications from the central bank that it may soon conclude its negative interest rate policy. BoJ Governor Kazuo Ueda, in a statement last Friday, highlighted the possibility of reassessing various monetary easing measures, including the negative interest rate policy, once the achievement of a stable and sustained price target becomes imminent.

Despite this upward movement, there are factors that could potentially restrain further gains in the USD/JPY pair. Notably, Japanese authorities have expressed concerns about the currency’s depreciation. Finance Minister Shunichi Suzuki recently remarked on the mixed implications of a weakening Yen, emphasizing his apprehension regarding the adverse effects of a devalued currency.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Wed Feb 28, 2024 11:58 am

EUR/USD Falls Amid Risk-Aversion Before Eurozone, US Data; Trades Near 1.0840

The Euro/US Dollar exchange rate, known as EUR/USD, has seen a decrease, reaching nearly 1.0840 in the Asian market on Wednesday. This drop is mainly because traders are being very careful due to some important economic reports that are expected to be released soon. These reports include the Euro Zone Economic Sentiment Indicator for February and the preliminary data on the United States’ economic growth for the last quarter (Q4) of the year.

Meanwhile, the US Dollar Index (DXY), which measures the strength of the US dollar against other major currencies, is trying to rise due to the cautious mood in the market. However, the lower interest rates offered on US government bonds (also known as Treasury yields) might be causing the US dollar to face some challenges. At the moment, the DXY has improved slightly to about 103.90, with the interest rates for 2-year and 10-year US government bonds at 4.68% and 4.29% respectively.

Recently, there was a small increase of 0.1% in the US Housing Price Index, which was less than the expected 0.3% and the previous 0.4%. Also, the orders for long-lasting goods made in the US fell by 6.1%, which was more than the anticipated 4.5% drop. According to predictions by the CME FedWatch Tool, the chances of the US Federal Reserve lowering interest rates in March are now only 1%. However, there’s a 21% chance of a rate cut in May and almost a 50% chance in June.

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