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ForexLive European FX news wrap: Dollar, stocks down awaiting US GDP data

Apr 25, 2024 | 04:54 am

Headlines:US data comes into focus in the second half of the weekThe line in the sand is shiftingJapan's economy minister to attend BOJ policy meeting tomorrowECB's Schnabel says may be facing a bumpy last mile on disinflationGermany May GfK consumer sentiment -24.2 vs -26.0 expectedFrance April business confidence 99 vs 100 priorUK April CBI retailing reported sales -44 vs 2 priorMarkets:AUD leads, JPY lags on the dayEuropean equities lower; S&P 500 futures down 0.6%US 10-year yields down 0.4 bps to 4.650%Gold up 0.6% to $2,329.53WTI crude up 0.1% to $82.22Bitcoin down 0.1% to $63,955There wasn't too much action in European trading today as the market moves were rather straightforward during the session.The dollar is seen down slightly ahead of the US Q1 advance GDP data coming up later. The greenback is lagging across the board, as we get close to some key technical levels on the charts.Of note, GBP/USD is up to a two-week high above 1.2500 but faces up against its 38.2 Fib retracement level at 1.2526. Meanwhile, AUD/USD is also running up against its 200-day moving average at 0.6526 on the day. Besides that, EUR/USD is up 0.2% to 1.0720 while USD/CAD is down 0.2% to 1.3670 currently.As for USD/JPY, it continues to hold above the 155.00 mark and hovering around 155.50-70 mostly during the session.In the equities space, Meta's earnings disappointment is reverberating and spooking investors. It's dragging down tech shares but also weighing on broader sentiment as well. European stocks are mostly down as such while S&P 500 futures are lower by 0.6%.It's now over to the slew of US data later and how traders will take to that, putting everything into the mix on the Fed outlook again. This article was written by Justin Low at www.forexlive.com.

US GDP Preview: Economic growth expected to slow to still-solid 2.5%

Apr 25, 2024 | 04:45 am

The US Bureau of Economic Analysis (BEA) will publish the first estimate of the US Gross Domestic Product (GDP) for the January-March period on Thursday.

Oil edges up as US inventories decline to lowest level since January

Apr 25, 2024 | 04:45 am

Oil prices edge up on Thursday as traders digest the US Crude Inventory release, which was taken as bullish for near-term prices. Overall, the release showed a chunky draw of 6.368 million barrels, which puts the US inventory at its lowest level since

US Dollar at a two-week low ahead of US GDP release

Apr 25, 2024 | 04:38 am

The US Dollar (USD) is retreating further and now even erases for nearly two weeks of gains in the US Dollar Index (DXY). The biggest reason behind the recent decline is the downbeat start of the earnings season

EUR/USD treks higher as US data underwhelms

Apr 25, 2024 | 04:23 am

EUR/USD sherpa-treks higher on Thursday, with a foothold now above 1.0700 as it continues its labored recovery from the 1.0601 April lows.

USD/JPY climbs relentlessly ahead of BoJ meeting

Apr 25, 2024 | 04:19 am

The USD/JPY trades higher on Thursday, rising into the mid 155.00s, on the back of a recent step-rise in US Treasury Bond yields as the pair shrugs off yet more verbal intervention from the Japanese Finance Minister (MOF) Sunichi Suzuki.

Pound Sterling looks to push higher after rising above key hurdle [Video]

Apr 25, 2024 | 04:16 am

After closing the second consecutive day in positive territory on Wednesday, GBP/USD gathered bullish momentum and climbed above 1.2500 for the first time in nearly two weeks on Thursday.

NZD/USD Price Analysis: Extends winning spell to 0.5960

Apr 25, 2024 | 04:10 am

The NZD/USD pair extends its winning streak for the fourth trading session on Thursday.

The Nasdaq 100 might retreat to 16,800

Apr 25, 2024 | 04:05 am

Change in the Nasdaq100. The selling on the Nasdaq100 from 12 to 19 April, which sent the index down more than 7%, has stimulated buying interest this week.

Gold price rises as US Dollar edges down ahead of US GDP data

Apr 25, 2024 | 03:46 am

Gold price (XAU/USD) remains well-supported above the crucial support of $2,300 in Thursday’s European session.

China stocks are finally recovering

Apr 25, 2024 | 03:43 am

We already talked about China stocks at the beginning of 2024, where we mentioned and highlighted strong support on Chinese stock market index Hang Seng with ticker HSI.

Japan's economy minister to attend BOJ policy meeting tomorrow

Apr 25, 2024 | 03:37 am

It is not commonplace for government officials to attend any central bank meeting, so this is definitely a peculiar one. But I guess it speaks to the delicate situation regarding the Japanese yen at the moment. The last time this happened was back in December last year, and before that was all the way back in April 2020 during the pandemic. If there is no firm pushback by Ueda tomorrow, traders might take that as a green light to sell the yen further. USD/JPY is relatively unfazed by the headline for now, staying underpinned at 155.60 currently. This article was written by Justin Low at www.forexlive.com.

Mexican Peso broadly weaker as market sentiment sours

Apr 25, 2024 | 03:26 am

The Mexican Peso (MXN), which is especially sensitive to risk aversion, trades overall lower on Thursday after weakening on souring market sentiment and rising geopolitical tensions.

Pound Sterling moves higher on upbeat UK outlook, US Q1 GDP in focus

Apr 25, 2024 | 03:24 am

The Pound Sterling (GBP) advances to near the psychological resistance of 1.2500 against the US Dollar (USD) in Thursday’s London session.

UK April CBI retailing reported sales -44 vs 2 prior

Apr 25, 2024 | 03:01 am

Prior 2This was the worst April performance for retail sales since 2020, although CBI says that the earlier timing of Easter may have something to do with it. The expected retail sales for May isn't any better either, with the reading coming in at -19. In the month before, the expected retail sales for April was -25. This article was written by Justin Low at www.forexlive.com.

Stocks stay on the cautious side so far on the day

Apr 25, 2024 | 02:38 am

The softer mood overall is also permeating in Europe, as investors are spooked by Meta's earnings disappointment. As such, tech shares are the ones leading the downside so far on the day. It sets up for a pullback after the decent showing over the last few days. The focus will now turn towards the US Q1 advance GDP data later, then the US PCE price index tomorrow.Eurostoxx -0.5%Germany DAX -0.5%France CAC 40 -0.5%UK FTSE +0.6%S&P 500 futures -0.5%Nasdaq futures -0.8%Dow futures -0.3% This article was written by Justin Low at www.forexlive.com.

South Africa Producer Price Index (YoY) rose from previous 4.5% to 4.6% in March

Apr 25, 2024 | 02:30 am

South Africa Producer Price Index (YoY) rose from previous 4.5% to 4.6% in March

South Africa Producer Price Index (MoM) rose from previous 0.5% to 1.1% in March

Apr 25, 2024 | 02:30 am

South Africa Producer Price Index (MoM) rose from previous 0.5% to 1.1% in March

Silver price today: Silver edges higher, according to FXStreet data

Apr 25, 2024 | 02:22 am

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data.

USD/CAD moves below 1.3700 due to risk-on mood, US GDP awaited

Apr 25, 2024 | 02:18 am

USD/CAD pares its recent gains registered in the previous session, trading around 1.3670 during the European hours on Thursday.

India Gold price today: Gold rises, according to MCX data

Apr 25, 2024 | 02:07 am

Gold prices rose in India on Thursday, according to data from India's Multi Commodity Exchange (MCX).

GBP/JPY rallies to its highest level since August 2005 as traders look to BoJ on Friday

Apr 25, 2024 | 02:02 am

GBP/JPY attracts strong follow-through buying for the third successive day on Thursday.

ECB Economic Bulletin: Risks to economic growth remain tilted to the downside

Apr 25, 2024 | 01:57 am

“The risks to economic growth remain tilted to the downside,” the European Central Bank’s (ECB) Economic Bulletin showed on Thursday.

GBP/USD bounces to two-week high, what levels to watch out for?

Apr 25, 2024 | 01:55 am

It has been quite the bounce in cable this week, after the poor showing on Monday especially. The pair moved down to test 1.2300 before rebounding by over 200 pips now to 1.2520 levels. Of note, buyers have turned the near-term bias in their favour and things might yet continue in the sessions ahead.So, what are the key levels to be mindful of should the bounce this week extend?First up is the 38.2 Fib retracement level at 1.2526, offering some minor resistance for now. Above that is the 200-day moving average (blue line) at 1.2559 and that is a more pivotal level to be wary of. Sellers will look to lean on that to quell any further upside momentum, so that will be one to watch in the days to come.Looking over to the fundamentals, a key catalyst for any moves this week will be US data as outlined here. The dollar is ceding some ground after a good showing in early April and the data in the next two days might go some ways in deciding its overall fate on the month.The BOE looks slated for an August rate hike and traders were punished for trying to sneak in a June move in the last few weeks. For now, the odds of an August move are ~90% priced in. So, unless traders are going to switch back to thinking about June, the pound's downside on this front might be more limited. That especially since the BOE has also made clear that they aren't quite favouring a move as early as two months from now.Meanwhile, the Fed pricing shows ~96% odds of a rate cut in September. That comes after some hotter US data in early April, but there seems to be a bit of a rethink again after some cooler ones lately. It's all about moving with the data flow and if we do get some softer US data in the next two weeks, a July move (50% priced in now) might even be on the table.As such, the balance of risks appear to have shifted a bit for GBP/USD. That as well considering the technical momentum to the downside has been arrested earlier this week. This article was written by Justin Low at www.forexlive.com.

EUR/GBP falls to near 0.8550 as BoE could delay rate cuts

Apr 25, 2024 | 01:39 am

The EUR/GBP cross continues to lose ground for the third consecutive session, trading around 0.8570 during the European session on Thursday.

Gold price sticks to modest intraday gains ahead of US GDP, upside potential seems limited

Apr 25, 2024 | 01:32 am

Gold price (XAU/USD) extends its consolidative price move above the $2,300 mark during the Asian session on Thursday as traders more cues about the Federal Reserve's (Fed) rate-cut path before placing fresh directional bets.

Silver Price Forecast: XAG/USD finds support near $27 as US Dollar edges down ahead of US data

Apr 25, 2024 | 01:28 am

Silver Price (XAG/USD) finds interim support near $27 in Thursday’s European session after facing a sharp sell-off in the past week.

AUD/USD nudges higher to test key technical resistance again

Apr 25, 2024 | 01:27 am

And that is seeing AUD/USD buyers capitalise a little in pushing price back towards the 200-day moving average (blue line), seen at 0.6526 on the day. The pair saw price movement capped by the key technical level yesterday and here we are testing it again. As much as buyers look to be trying, they'd need confirmation from US data in the next two days to solidify any convictions.But for now at least, there is some decent momentum being held following the stronger Australia CPI data this week.Besides the 200-day moving average, there is also the 61.8 Fib retracement level (red) at 0.6536 to offer some added resistance. But I'd wager a break of the former to give buyers more momentum overall. That might even allow for a push to the 100-day moving average (red line) next. That is should the data today and tomorrow conform to the technical momentum. This article was written by Justin Low at www.forexlive.com.

ECB's Schnabel: Central bank most concerned about wages, services

Apr 25, 2024 | 01:26 am

European Central Bank (ECB) executive board member Isabel Schnabel said in her scheduled appearance on Thursday that the “biggest concern is clearly services inflation." Additional comments "There is a consensus emerging that we may be facing a quite bumpy last mile.” "The more concerning part is productivity growth." “We've had negative productivity growth now over several quarters." .

Texas Instruments Inc.(TXN) Elliott Wave technical analysis [Video]

Apr 25, 2024 | 00:57 am

Function: Trend. Mode: Impulsive. Structure: Motive. Position: Intermediate (1).

A more mixed market mood greets European traders to start the session

Apr 25, 2024 | 00:33 am

USD/JPY is still doing its thing as buyers are gradually pushing the limit above 155.00 ahead of the BOJ tomorrow. The pair is up 0.2% to 155.63 currently, with the line in the sand starting to shift. Elsewhere, the dollar is slightly lower but nothing too outstanding so far today. GBP/USD is up 0.3% to test familiar resistance at 1.2500 though, so that is one notable technical development at least:The pair is seeing price action keep above both the 100 (red line) and 200-hour (blue line) moving averages, reaffirming a more bullish near-term bias at least. But buyers are not exactly running away with it, with the dollar still up on the month after the early gains in the weeks before.It is a similar case across most dollar pairs, even with EUR/USD which is up 0.2% to 1.0715 currently. USD/CAD is down marginally by 0.1% to 1.3688 while AUD/USD is up 0.2% to 0.6513 with the 200-day moving average at 0.6526 still limiting gains as seen here yesterday.The dollar's marginally softer showing comes despite equities being on the retreat, with tech shares lagging in particular. Meta's earnings disappointment is renewing concerns on big tech and that is weighing on the mood. S&P 500 futures are down 0.7% while Nasdaq futures are down 1.3% currently.In the bond market, 10-year Treasury yields are down just 0.8 bps to 4.646% - not much changed on the week.All eyes will be on US data over the next two days. So, that will likely help set the tone for the remainder of the week alongside the BOJ tomorrow. This article was written by Justin Low at www.forexlive.com.

Australian Dollar remains firmer amid tepid US Dollar, US GDP eyed

Apr 25, 2024 | 00:30 am

The Australian Dollar (AUD) edges higher for the fourth consecutive session on Thursday.

AUD/JPY rises to five-month highs ahead of BoJ's policy decision

Apr 25, 2024 | 00:23 am

AUD/JPY edges higher for the fourth consecutive session on Thursday.

European equities more mixed at the open today

Apr 25, 2024 | 00:08 am

Eurostoxx -0.1%Germany DAX -0.2%France CAC 40 flatUK FTSE +0.5%Spain IBEX +0.3%Italy FTSE MIB flatIt's a mixed bag but I would say that sentiment is a touch nervy at the balance. Spanish stocks are keeping steadier even as PM Sanchez suspends public duties though. But the fall in tech shares is the most notable thing here and that's affecting US futures more. S&P 500 futures are down 0.6% while Nasdaq futures are down 1.2% on the day. This article was written by Justin Low at www.forexlive.com.

Forex Today: US Dollar slides ahead of key GDP data

Apr 25, 2024 | 00:01 am

Here is what you need to know on Thursday, April 25: The US Dollar (USD) stays under modest selling pressure on Thursday as investors gear up for key data releases.

Japanese Yen struggles near multi-decade low ahead of US GDP; looks to BoJ on Friday

Apr 24, 2024 | 23:53 pm

The Japanese Yen (JPY) extends its weakening trend further below the 155.00 psychological mark and drops to the lowest level since June 1990 against its American counterpart during the Asian session on Thursday.

USD/INR extends recovery, all eyes on US GDP data

Apr 24, 2024 | 23:53 pm

Indian Rupee (INR) extends its downside on Thursday despite the decline of the US Dollar (USD).

France April business confidence 99 vs 100 prior

Apr 24, 2024 | 23:45 pm

Prior 100Manufacturing confidence 100Prior 102; revised to 103Services confidence 100Prior 102; revised to 103The drop in business sentiment owes to a fall in both manufacturing and services confidence on the month. But at least employment conditions are seen improving, with the reading up to 102 from 101 in March. This article was written by Justin Low at www.forexlive.com.

France Business Climate in Manufacturing below forecasts (102) in April: Actual (100)

Apr 24, 2024 | 23:45 pm

France Business Climate in Manufacturing below forecasts (102) in April: Actual (100)

Eurostoxx futures -0.2% in early European trading

Apr 24, 2024 | 23:06 pm

German DAX futures -0.2%UK FTSE futures -0.1%European indices are not tech-heavy so the drag isn't as bad here. It mirrors the slightly softer mood overall, with Dow futures also marked down by 0.2%. Tech shares are the major laggard though following Meta's earnings disappointment. S&P 500 futures are down 0.7% while Nasdaq futures are down 1.3% as concerns surrounding big tech start to grow. This article was written by Justin Low at www.forexlive.com.

Germany May GfK consumer sentiment -24.2 vs -26.0 expected

Apr 24, 2024 | 23:00 pm

Prior -27.4; revised to -27.3German consumer sentiment is set to rise in the month ahead, backed mostly by an improvement in income expectations. The reading above is a two-year high but compared to historical levels, is still rather depressed. The breakdown shows that:Willingness to buy -12.6 (previously -15.3)Income expectations 10.7 (previously -1.5)Business cycle expectations 0.7 (previously -3.1) This article was written by Justin Low at www.forexlive.com.

Not much on the data docket in European trading today

Apr 24, 2024 | 21:57 pm

On the two related focus points:The line in the sand is shiftingUS data comes into focus in the second half of the weekAs such, European trading today might not offer too much if Tokyo decides to let things be. USD/JPY is at 155.52 currently as buyers are slowly pushing the limit but the rest of the major currencies bloc is rather muted.That will keep things more interesting ahead of the US Q1 advance GDP data later.In other markets, equities are down after a more mixed performance yesterday. Meta earnings disappointed and are sparking renewed concern among investors, with tech shares leading the downside. S&P 500 futures are down 0.6% currently. So far, that's not leading to any broader risk off mood in markets just yet though.Looking to the session ahead, there isn't much on the data docket to really influence things. So, the spotlight will continue to stay on the above developments for the most part.0600 GMT - Germany May GfK consumer sentiment0645 GMT - France April business confidence1000 GMT - UK April CBI retailing reported salesThat's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there. This article was written by Justin Low at www.forexlive.com.

US data comes into focus in the second half of the week

Apr 24, 2024 | 21:48 pm

With plenty of focus on USD/JPY, let's not forget about what else is driving markets at the moment. The softer US PMI data earlier this week continues the debate on Fed rate cuts for the year. And we'll have more data to add to the mix over the next few sessions. Here's the rest of the upcoming US data releases today and tomorrow:US Q1 advance GDP figures (25/04)US weekly initial jobless claims (25/04)US March pending home sales (25/04)US March PCE price index (26/04)University of Michigan April final consumer sentiment, inflation expectations (26/04)The two main ones are highlighted in bold.The GDP report later today will also feature the GDP deflator and PCE price reading. So, those are also related to inflation and could stir up some impact in broader markets.As for tomorrow, the PCE price index is the Fed's preferred measure of inflation. As such, that is one to pay attention to and might offer something for traders to work with before the weekend comes along. This article was written by Justin Low at www.forexlive.com.

The line in the sand is shifting

Apr 24, 2024 | 20:59 pm

It's about testing the waters now but the idea is not to get too carried away. That is the line of thinking among buyers in pushing USD/JPY higher above the 155.00 mark currently. The pair finally breached the figure level in US trading yesterday but there is no major overshoot yet. Right now, it is trading around 155.45 - its highest level since 1990.From a technical perspective, the April 1990 high only comes in at 160.40. That is arguably the next key level on the charts to watch. At the same time, it seems like the line in the sand is shifting as Japanese authorities are alluding to the 160 mark as being a more critical one than at 155.That being said, the pace of any decline in the yen is also a rather important factor in all of this. And that is also why USD/JPY buyers are being rather cautious to not overstep the boundary to trigger a reaction from Tokyo.In any case, we're less than 24 hours until the BOJ policy decision tomorrow. That is going to be one to be mindful of, especially Ueda's press conference. The language that he uses is going to be heavily scrutinised and will surely be a make or break moment for the yen this week.For now though, buyers are certainly dipping their toes in the water to see if the line in the sand has really shifted in USD/JPY. I reckon we'll only get confirmation on that tomorrow after the BOJ, and not before the market closes as well. This article was written by Justin Low at www.forexlive.com.

ForexLive Asia-Pacific FX news wrap: USD/JPY moves higher again

Apr 24, 2024 | 20:46 pm

ANZ sticks to their forecast for a November 2024 interest rate cut from the RBABOJ Governor Ueda will be keen to avoid the mistake of his predecessor, Kuroda, on FridaySouth Korea regulator head says does not know when to remove the short selling banJapan chief cabinet secretary Hayashi: rapid FX moves undesirable, ready for full responseECB Board member Schnabel speaks on monetary policy on ThursdayJP Morgan's proprietary US Tactical Positioning Monitori points to promising S&P 500 setupPBOC sets USD/ CNY reference rate for today at 7.1058 (vs. estimate at 7.2472)The pace of the drop in the JPY not particularly alarming for the BOJ at this pointJapan finance minister Suzuki says he won't comment on FX levelsPotential Bank of Japan yen intervention on Friday: USD/JPY on the radarAustralia's inflation nightmare - Australia's inflation rate is the highest globallyGoldman Sachs raises Brent crude oil price forecasts for 2024 and 2025Suez Canal shipping chaos: Iran-linked Houthi terrorist attacks spark inflation concernsUS data focus for Monday - Q1 advance GDP - the range of expectations to watch (and why)Czech central bank vice-governor sees a rate cut, perhaps as much as 50bp, at next meetingGoldman Sachs are looking for a blockbuster Q1 GDP number, way higher than everyone elseS&P 500 rate of earnings surprises the highest since Q3 2021BOA predicts USD/JPY surge to 160 as BoJ stands helplessA summary of the major earnings after the close. Chipotle, Ford higher. Meta gets hammeredLatest China crackdown ICYMI - brokers told to limit exposure to "snowball" derivativesServiceNow EPS $3.41 vs. $3.14 est. Revenues $2.60 billion vs.$2.59 billion estIBM EPS $1.68 vs $1.59. Revenues $14.46 billion vs $14.52B est.Chipotle EPS $13.37 vs $11.66 est. Revenues $2.70 billion vs $2.67B est.Forexlive Americas FX news wrap: USD/JPY cracks 155Meta Platforms EPS $4.71 vs $4.32 est. Revenues $36.46B vs $36.1B est.Trade ideas thread - Thursday, 25 April, insightful charts, technical analysis, ideas It was a light day for data and news flow.Yen was once again a focal point, with USD/JPY rising to 155.50 after breaking 155.00 during US time on Wednesday. We had some jawboning from Japanese officials that failed to halt the rise. The Bank of Japan meet on Friday, the statement (due some time around 0230 to 0330 GMT / 2230 to 2300 US Eastern time) will be followed a few hours later (0630 GMT / 0230 US Eastern time) by Bank of Japan Governor Ueda’s news conference. Speculation continues that there will be intervention, but that's been the case for months now. Ueda may well take the opportunity to sound a little more hawkish and support the yen in that way.Elsewhere across major FX the moves have been held to tight ranges awaiting UP GDP data on Thursday and PCE inflation on Friday.Gold dropped back under 2310. Meta’s stock price dived after its earnings announcement. The firm beat consensus expectations for both sales and earnings. Concerns included a lighter-than-expected sales forecast for the current quarter, and raised guidance for total expenses, citing infrastructure investments needed to support its "AI road map”. This article was written by Eamonn Sheridan at www.forexlive.com.

South Korea regulator head says does not know when to remove the short selling ban

Apr 24, 2024 | 19:37 pm

Head of South Korea's market regulator says its difficult to say at the moment when to lift stock short selling banThe ban was announced back in November, with June floated originally as the potential end date:South Korea will re-impose a ban on short-selling shares at least until June This article was written by Eamonn Sheridan at www.forexlive.com.

JP Morgan's proprietary US Tactical Positioning Monitori points to promising S&P 500 setup

Apr 24, 2024 | 18:37 pm

This comes via a Bloomberg article (gated) conveying info from JP Moprgan:their proprietary US Tactical Positioning Monitor, which measures clients’ exposure to US equities, hit a level that reflects an “attractive set-up” for the snp500the gauge has historically gained approximately 3% in the subsequent 20 days after a similar four-week change in positioning, compared to circa ~1% gain in all periods. Bloomberg add that their own info shows investors have pulled around US$200 million out of value based exchange-traded funds this month:growth stocks have attracted more than US$3 billion in inflows This article was written by Eamonn Sheridan at www.forexlive.com.

Goldman Sachs raises Brent crude oil price forecasts for 2024 and 2025

Apr 24, 2024 | 16:07 pm

Goldman Sachs has lifted its H2 2024 and 2025 Brent crude oil price forecasts higher:US$86/bbl and $82/bbl respectivelyfrom previously at $85 and $80In a note Tuesday Goldman Sachs said it expects further moderation in the still-elevated geopolitical risk premium of $5-10 per barrel for crude oil in the coming monthsstill holds a range-bound viewsees a build in landed crude inventories over the past month as crude oil on water unloads on land “Inventories are rising in our tracking of OECD landed stocks—a key driver of oil prices—as large prior builds of oil on water (partly as a result of Red Sea rerouting) are now unloading on land, reducing physical tightness.”Oil price update: This article was written by Eamonn Sheridan at www.forexlive.com.

Suez Canal shipping chaos: Iran-linked Houthi terrorist attacks spark inflation concerns

Apr 24, 2024 | 15:56 pm

UK data shows that shipping traffic through the Suez Canal artery in Egypt has plunged by 66%. This is due to cargo forced to divert due to attacks on vessels by Iran-backed Houthi terrorists. Sky News reports on data from the UK's Office for National Statistics (ONS)data from mid-December to the begining of AprilFor financial markets the implication of this is on inflation - fears that higher costs for insurance, fuel and wages risk stoking a fresh wave due to so many vessels diverting the long way around the southern tip of Africa. This adds up to 14 days to transit times. This article was written by Eamonn Sheridan at www.forexlive.com.

Goldman Sachs are looking for a blockbuster Q1 GDP number, way higher than everyone else

Apr 24, 2024 | 14:59 pm

The US GDP reading, Q1 preliminary, is due at 8.30 US Eastern time on Thursday, 25 April 2024. Goldman Sachs are forecasting 3.1%, from 2.5% previously and well above consensus at 2.5%. Analsyst at the bank cite:strong personal consumptionstrong labor market, pointing to March payrolls +303,000 & unemployment down to 3.8%industrial production +0.4% (March also) ***Get your crash helmet ready for S&P 500 if the number is Goldman Sachs' 3.1!Earlier:Goldman Sachs shifted their June Federal Open Market Committee (FOMC) call from the June meeting to the July meeting. This article was written by Eamonn Sheridan at www.forexlive.com.

S&P 500 rate of earnings surprises the highest since Q3 2021

Apr 24, 2024 | 14:40 pm

A snippet from UBS analysts on US stocks, looking for the strongest quarterly earnings growth in over two year. UBS acknowledge that earnings season is still ongoing, but so far earnings are beating estimates by over 8% (8.3%) in aggregate. Q3 2021 was 9.7%, this quarter is the best since then. UBS project Q1 earnings will improve further as more come in:"on pace for 9.3%, assuming the historical beat rate of 4.8% for the rest of this season" This article was written by Eamonn Sheridan at www.forexlive.com.

A summary of the major earnings after the close. Chipotle, Ford higher. Meta gets hammered

Apr 24, 2024 | 13:30 pm

ServiceNow Inc: Shares down -4.85%Adj. EPS: $3.41, beating expectations of $3.14Revenue: $2.60 billion, beating expectations of $2.59 billionChipotle Mexican Grill Inc: Shares are higher by +3.36%Adj. EPS: $13.37, beating expectations of $11.68Revenue: $2.70 billion, beating expectations of $2.67 billionInternational Business Machines Corp. Shares of their -6.03%.Adj. EPS: $1.68, beating expectations of $1.60Revenue: $14.46 billion, missed expectations of $14.55 billionLam Research Corp: Shares are down -0.55%Adj. EPS: $7.79, beating expectations of $7.30Revenue: $3.79 billion, beating expectations of $3.72 billionMeta Platforms Inc. Shares are tumbling -12.09%.EPS: $4.71, beating expectations of $4.32Revenue: $36.46 billion, beating expectations of $36.16 billionQ2 2024 Revenue View: $36.5-39 billion, The midpoint is lower than the markets estimateFY24 Capex View: $35-40 billion, higher than expectations of $34.73 billionFord Motor Co: Shares are up 2.08%Adj. EPS: $0.49, beating expectations of $0.42Revenue: $42.80 billion, beating expectations of $40.10 billion This article was written by Greg Michalowski at www.forexlive.com.

Latest China crackdown ICYMI - brokers told to limit exposure to "snowball" derivatives

Apr 24, 2024 | 13:23 pm

China is taking steps to regulate the derivatives market, targeting "snowball" derivatives.Authorities have instructed some of the largest brokerages to halt any increase in their net exposure to over-the-counter derivatives involving domestic A shares, including snowball products.Snowballs have seen a surge in interest.While the restrictions are said to be temporary no indication was given for an end date on curbs. Snowball derivatives, which function similarly to exotic options, offer bond-like coupons (but much higher) if the stock index remains within a certain range, with potential returns increasing the longer the investment is held. This article was written by Eamonn Sheridan at www.forexlive.com.

ServiceNow EPS $3.41 vs. $3.14 est. Revenues $2.60 billion vs.$2.59 billion est

Apr 24, 2024 | 13:20 pm

ServiceNow earnings are out:EPS $3.41 versus $3.14 estimate. BEAT..Revenues $2.60B vs $2.59 billion estimate. BEATShares of ServiceNow are trading down $36.13 or -4.84% at $710.16 This article was written by Greg Michalowski at www.forexlive.com.

IBM EPS $1.68 vs $1.59. Revenues $14.46 billion vs $14.52B est.

Apr 24, 2024 | 13:16 pm

EPS: $1.68 vs $1.59 estimateRevenues: $14.46 billion vs $14.52 billion estimateIBM confirmed that they entered an agreement to acquire HashiCOrp for $35 per share or $6.4 billionShares of IBM are trading down $7.10 or -3.86% as markets react to the acquisition. This article was written by Greg Michalowski at www.forexlive.com.

Aussie dollar trades below US$0.65

Apr 23, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback currently trading at US$0.6480 at the time of writing. The Aussie dollar continues its upward trajectory for the second consecutive session on Tuesday, buoyed by improved risk appetite. On the data front yesterday Australia's Judo Bank Purchasing Managers Index (PMI) Composite rose to a 24-month high of 53.6 in April compared to the previous month's 53.3. The Australian private sector ticked up into an accelerated pace of growth in the second quarter bolstered primarily by Services sector growth. Australia's Manufacturing PMI Output rose to an eight-month high of 49.1 compared to March's 45.7, brushing off a 2-month low of 54.2 in the Services Business Activity compared to March's 54.4. Looking ahead today the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI) which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally, on Friday we will see the release of the Producer Price Index (PPI). There will be no commentary tomorrow due to the Anzac Day public holiday. Key Movers The pound bounced back from US$1.2300 in Tuesday’s early session as the S&P Global/CIPS posted stronger-than-expected United Kingdom preliminary Services PMI data for April. Surprisingly, the Services PMI jumped to 54.9 from the prior reading of 53.1. Investors forecasted the Services PMI to drop slightly to 53.0. The preliminary Manufacturing PMI, surprisingly contracted, remains below the 50.0 threshold that separates expansion from contraction after expanding in March. The factory PMI falls sharply to 48.3 from expectations and the prior reading of 50.3. Looking ahead to the rest of this week investors will shift focus to the core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published on Friday. The monthly core PCE Price Index is estimated to grow steadily by 0.3%. Annually, the underlying inflation data is expected to soften to 2.6% from 2.8% in February. The US Dollar Index (DXY) is trading softly at 105.70 tallying daily losses on Tuesday's session. Investors will be keeping an eye on vital economic reports due this week, including the preliminary figures of Q1’s Gross Domestic Product (GDP) Growth Rate and the Personal Consumption Expenditures (PCE) Price Index from March to gain further insight into the economy's health. During Tuesday’s session, S&P PMIs came in lower than expected and made the USD face selling pressure. US Treasury bond yields are dwindling with the 2-year yield at 4.93%, the 5-year yield at 4.61%, and the 10-year yield at 4.58%. Expected RangesAUD/USD: 0.6400 - 0.6600 ▲AUD/EUR: 0.5950 - 0.6150 ▲GBP/AUD: 1.9050 - 1.9250 ▼AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8750 - 0.8950 ▼

Aussie dollar trades back above US$0.64

Apr 22, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is stronger this morning when valued against the Greenback, currently trading at 0.6446 at time of writing. The Aussie dollar yesterday fared better than most of its rival counterparts against the Greenback partly because commodities, which Australia is a major exporter of, are holding their value better than expected. The supportive effect may not last, however, since Iron Ore, which is Australia’s largest export, could be peaking and about to roll over. The Australian dollar may encounter challenges ahead, particularly as domestic inflation continues to moderate, aligning with the Reserve Bank of Australia's (RBA) latest forecasts. Furthermore, the persistently tight labour market could lead to calls for an RBA rate reduction before the year's end. On the data front, today we will see the release of the Purchasing Managers' Index (PMI). On Wednesday, the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI), which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally on Friday we will see the release of the Producer Price Index (PPI). Key Movers US equities on Monday opened higher in the early going, but there have been frequent bouts of strength in the latest six-day losing streak that have ultimately been overwhelmed by sellers. In early trading, the index is up 20 points, or 0.45%, which is a tad softer than futures indicated. 10-year US Treasury yields jump to 4.64% as Federal Reserve (Fed) policymakers argue that the current restrictive monetary policy framework is appropriate given strong labor demand and stubbornly higher price pressures. On the data front, the Chicago Fed National Activity Index (CFNAI) rose to +0.15 in March from +0.09 in February. Two of the four broad categories of indicators used to construct the index increased from February and two categories made positive contributions in March. The Chicago Fed's National Activity Index is a monthly indicator designed to gauge overall economic activity and related inflationary pressure. The personal consumption and housing category's contribution to CFNAI was -0.01 in March, down from +0.02 in February, the Chicago Fed said on Monday. Looking ahead for the rest of the week and Federal Reserve officials will begin its blackout period ahead of the May 1 meeting. However, April PMIs and housing data will be released by S&P Global. Expected RangesAUD/USD: 0.6350 - 0.6550 ▲AUD/EUR: 0.5950 - 0.6150 ▲GBP/AUD: 1.9050 - 1.9250 ▼AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8750 - 0.8950 ▼

Aussie dollar trades below US$0.64

Apr 21, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar is weaker this morning when valued against the Greenback currently trading at 0.6411 at the time of writing. The Aussie dollar fell on Friday below 0.6400 as riskier assets faced pressure due to heightened geopolitical risk across financial markets. Last week on the local front Australia's unemployment rate rose slightly to 3.8 per cent after 6600 jobs were lost in March, a stronger-than-expected result that will likely end any chance of a mid-year interest rate cut. The jobless rate, revealed today by the Australian Bureau of Statistics, is only a marginal increase on last month's surprisingly low figure of 3.7 per cent and slightly better than market forecasts of a larger rise to 3.9 per cent. A tight labour market means the Reserve Bank is unlikely to pull the trigger on an interest rate cut until towards the end of the year. Looking ahead to this week and today we will see the release of the Flash Manufacturing PMI. A survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. On Wednesday the Australian Bureau of Statistics will release the latest Consumer Price Index (CPI) which is expected to increase from 0.6% to 0.8% for the last quarter. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate. Finally, on Friday we will see the release of the Producer Price Index (PPI). Key Movers The US dollar Index (DXY) is currently trading at 106.09, a mild loss from its recent peak of 106.35. Despite this, the index remains geared toward testing its November 1 high of 107.10. The number of Americans filing new claims for unemployment benefits was unchanged at a low level last week, pointing to continued labor market strength that is driving the economy. Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 212,000 for the week ended April 13, the Labor Department said on Thursday. Labor market resilience, together with elevated inflation have led financial markets and some economists to expect that the Federal Reserve could delay cutting interest rates until September. A few economists doubt that the U.S. central bank will lower borrowing costs this year. The Pound Sterling tumbled against the US dollar during the mid-North American session on Friday after a volatile trading day due to geopolitical risks. The GBP/USD currently trades at 1.2367, down 0.49%. British Retail Sales showed signs of stagnation during the European session in March compared to February’s reading. Analysts were expecting sales to grow 0.3% MoM, which came at 0%, while core sales tumbled from 0.3% to -0.3%. On an annual basis, the Office for National Statistics (ONS) revealed that sales rose by 0.8%, which is up from a drop of -0.3% in February. Expected RangesAUD/USD: 0.6300 - 0.6500 ▼AUD/EUR: 0.5900 - 0.6100 ▼GBP/AUD: 1.9150 - 1.9350 ▲AUD/NZD: 1.0800 - 1.1000 ▲AUD/CAD: 0.8700 - 0.8900 ▼

Aussie slides on prospect of US rate hike

Apr 18, 2024 | 17:00 pm

AUD - Australian dollar The AUD is lower this morning having given up a quarter percent amid higher US treasury yields and a hawkish Federal Reserve. Domestic employment data did little to move the AUD with unemployment rate edging higher, up to 3.8%, yet holding onto most of the decline seen in February when the rate fell from 4.1% to 3.7%. If we exclude January as a seasonal outlier the unemployment rate has tracked below 4% through the last two years, suggesting there is resilience within the labour force despite signs employment growth is stalling. This latest print does little to alter market expectations for RBA monetary policy and we are still looking toward a possible cut in Q4. Having tracked between US$0.6440 and US$0.6450, the AUD then fell through overnight trade amid the prospect of a potential US rate hike. Fed policy makers made clear that if inflation remained sticky and the data indicated a rate hike was needed to bring inflation back to target then that is what they would do. Having slipped below US$0.6420 the AUD tracked sideways into this morning’s open and currently trades at US$0.6419. With no domestic data on hand to drive direction we look to Japan CPI and UK retails sales as the only items of note on the macroeconomic calendar. US yields will continue to determine direction and we anticipate the AUD will remain on the back foot next week. Key Movers The US dollar is stronger this morning having reversed losses suffered through trade on Wednesday amid hawkish Fed commentary and a general risk-off tone. Yields pushed higher after NY Fed President and FOMC member Williams suggested another rate hike was not out of the question, stating “monetary policy is in a good place, I am in no hurry to cut interest rates and if the data are telling us that we need higher interest rates to bring inflation back to target then we obviously want to do that”. With USD again on the front foot, the euro slid back below 1.0650, while sterling gave up 1.2450 and the yen again gave up 154.50 and appears poised to break through 155. US treasury Secretary Yellen and the Finance Ministers of Japan and Korea met to discuss the recent and sharp depreciation of the yen and the won, offering a joint statement acknowledging the US would not stand in the way of any official currency intervention. Upon release of the statement the yen tracked higher, but Treasury yields carried the day and the USD recovered losses and is back near 154.70 on open this morning. Our attentions turn now to Japanese CPI data and UK retail sales data as the only tier one data headlining an otherwise quiet macroeconomic calendar. Expected RangesAUD/USD: 0.6380 - 0.6500 ▼AUD/EUR: 0.6000 - 0.6100 ▼GBP/AUD: 1.9250 - 1.9500 ▲AUD/NZD: 1.0820 - 1.0920 ▼AUD/CAD: 0.8800 - 0.8900 ▼

Forex Today: Stocks Tumble – Sell in May and Go Away?

Apr 18, 2024 | 00:27 am

Stocks Make Deepest Pullback in Months; Precious Metals Remain Strong; Dollar Weakens After G7 Statement; Several Trends May Be Reversing

AUD finds support as market ignores risk off tone

Apr 17, 2024 | 17:00 pm

AUD - Australian dollar The Australian dollar outperformed through trade on Wednesday, pushing back against recent losses to break above US$0.6450. Commodity currencies were well supported as currency markets ignored a broader risk-off mood and instead forced the USD lower amid a steady fall in treasury yields across the curve. With the USD on the back foot, the AUD found support in higher iron ore prices and stability across the Chinese yuan daily fixing. PBOC officials set a rate largely unchanged from the week's earlier downward revision helping stabilise the yuan and limiting the negative spillover into the AUD as a proxy. Reports of increased activity across China’s steel mills help drive a 5.5% increase in iron ore prices and a break back above $115, adding a floor under the AUD at US$0.64 for the day. Our attention now turns to domestic labour market data for March. Stability across the employment landscape will give the RBA confidence in maintaining the current policy setting and may lend support to the AUD ahead of US jobless claims and commentary from 3 key Fed officials. Key Movers The euro was the day's notable outperformer Wednesday up half a percent and back through 1.0650, marking session highs at 1.0670. European Central Bank President Christine Lagarde paved the way for the Euro advance, suggesting there were clear signs of a euro area recovery and that the Bank was closely monitoring the exchange rate and its potential impact on the euro and inflation. While euro bonds fell, US treasuries also retreated and markets appeared content in ignoring a broader risk-off tone, forcing the USD lower against most major counterparts. UK yields rallied after a stronger-than-expected UK CPI inflation print, driven by a surprise uptick in services inflation. While Governor Bailey suggested he expected a significant correction in next month’s numbers, market pricing for BoE policy change barely shifted with a first full cut not priced in until September, leaving August an outside chance should policymakers choose to move early. Sterling edged higher against the USD, pushing back above 1.2450, yet falling short of a break above 1.25. Our focus now turns to US jobless claims and commentary from key ECB and Fed officials. Expected RangesAUD/USD: 0.6380 - 0.6500 ▲AUD/EUR: 0.6000 - 0.6100 ▼GBP/AUD: 1.9200 - 1.9500 ▼AUD/NZD: 1.0800 - 1.0900 ▲AUD/CAD: 0.8800 - 0.8900 ▲

Bitcoin Halving: Will it Trigger a Market Frenzy?

Apr 17, 2024 | 04:41 am

Bitcoin is all over the news, as “Bitcoin halving” is expected to occur on Friday, April 19. What is Bitcoin halving and how will it affect the price of Bitcoin?

Forex Today: US Yields Rise on Powell Cut Delay Signal

Apr 17, 2024 | 02:00 am

Fed Chair Powell Says Inflation Falling Too Slowly; Israel Hints at Soft Retaliation, Crude Oil Weaker; USD/JPY Reaches New 34-Year High at ¥154.79; UK CPI Higher Than Expected; Bitcoin Close to Halving

Forex Today: Stock Markets See Strong Selling

Apr 15, 2024 | 23:10 pm

Global Stock Markets Firmly Lower; Israel Signals Retaliation Likely Soon; USD/JPY Reaches New 34-Year High at ¥154.44; Energies, Precious Metals Firm; Markets Await Canadian CPI Data

Forex Today: Risk Sentiment Improves as Mideast Tension Lowers

Apr 15, 2024 | 00:51 am

Immediate Retaliation Against Iran Unlikely; USD/JPY Breaks Out to New 34-Year High Near ¥154; Market Await US Retail Sales Data

Forex Today: US Monthly CPI Unchanged, Triggers Hawkish Shift on Rate Cuts

Apr 10, 2024 | 23:28 pm

US CPI data released yesterday showed the annualized rate rising higher than expected to 3.5%.

US Inflation Higher Than Expected, Accelerates to 3.5%

Apr 10, 2024 | 09:37 am

US inflation for March rose 3.5% year-on-year. This was higher than expected and the US dollar is higher following the inflation release.

Forex Today: US CPI Expected to Show Slower Monthly Increase

Apr 9, 2024 | 23:43 pm

US CPI data will be released today, with the market expecting a slower pace of monthly increase.

Forex Today: Gold Makes New Record at $2,354

Apr 7, 2024 | 23:24 pm

Metals Rise Strongly to New Highs; USD/JPY Likely to Retest 34-Year High at ¥152; Crude Oil, Gasoline Futures Pull Back From Highs

Forex Today: Gold Beats $2,300

Apr 4, 2024 | 00:08 am

Spot Gold has continued to rise to new all-time high prices.

Forex Today: Gold Makes New Record at $2,288

Apr 2, 2024 | 22:27 pm

Precious Metals Rise Firmly to New Highs; Fed’s Daly Expects 3 Rate Cuts in 2024; USD/JPY Remains Close to 34-Year High Near ¥152; Crude Oil Breaks Higher; Eyes on Cocoa Futures After Spectacular Gains

German Inflation Eases to 3-Year Low

Apr 2, 2024 | 07:54 am

Germany’s CPI climbed 2.2% year-on-year in March, down from 2.7% in February and matching expectations. This is the lowest inflation rate since May 2021.

Forex Today: Yen Nears Record Low, Markets Await Possible BoJ Intervention

Apr 1, 2024 | 23:20 pm

USD/JPY Advances Close to 34-Year High Near ¥152; US Dollar Stronger on Firm US Manufacturing Data; Crude Oil Breaks Higher; Eyes on Cocoa Futures After Spectacular Gains

Forex Today: Gold Hits $2265 Per Ounce

Mar 31, 2024 | 23:13 pm

Gold Reaches Record High in Asian Session; USD/JPY Remains Below Record High Near ¥152; Strong Chinese Manufacturing Data; Eyes on Cocoa Futures After Spectacular Gains

United States GDP Expanded in Fourth Quarter by 3.4%

Mar 28, 2024 | 07:44 am

US GDP rises 3.4%, Canada GDP rebounds; US dollar steady, while stock markets show little movement following the announcement.

Forex Today: Fed’s Waller: No Rush to Cut Rates, Prospect of Hikes Remote

Mar 28, 2024 | 01:25 am

US Fed’s Waller Reiterates Ongoing Fed Message of Slow Path to Rate Cuts; USD/JPY Remains Below Record High Near ¥152; Cocoa Futures Make Another Record High Close; Gold Also Makes Record High Closing Price

Forex Today: Japanese Yen Hits 34-Year Low

Mar 27, 2024 | 00:13 am

USD/JPY Hits Record High Near ¥152, Japanese Officials Try to Talk Up Yen; Cocoa Futures Surpass $10,000 to Hit All-Time High; Aussie CPI Unchanged

Forex Today: Cocoa Futures Break $9,000 for Record High

Mar 26, 2024 | 00:38 am

Cocoa Futures Gain 8% in a Day; US Stocks, Gold Remain Bullish; Japanese Officials Try to Talk Up Yen; Bitcoin Rises Above $70k Despite Record Crypto Fund Outflows

United States Federal Reserve Holds Interest Rates, Remains Cautious

Mar 21, 2024 | 04:26 am

The Federal Reserve left interest rates unchanged for a fifth straight time at its meeting on March 20. The US dollar fell against the major currencies following the announcement.

Forex Today: Fed Says 3 Rate Cuts in 2024, Stocks, Gold Boom

Mar 21, 2024 | 00:07 am

Fed Gives Dovish Surprise by Forecasting 3 Cuts in 2024; Markets Await BoE, SNB; Gold, Stock Markets Reach Record Highs; Japanese Yen Regains Ground; Bitcoin Pares Losses; UK CPI Falls

Forex Today: Markets Await FOMC Meeting

Mar 20, 2024 | 00:06 am

FOMC Expected to Leave Rate at 5.50%; Japanese Yen Continues to Fall After BoJ; Bitcoin Weaker; Markets Await UK Inflation Data, New Zealand GDP

Forex Today: Bank of Japan Ends Negative Interest Rates

Mar 19, 2024 | 00:26 am

BoJ Makes First Rate Hike Since 2007, Japanese Stocks Rally, Yen Weakens; RBA Leaves Rates at 4.35%; Cocoa Futures Slightly Lower After Record High Yesterday; Bitcoin Weaker; Markets Await Canadian Inflation Data

Forex Today: Markets Expecting First BoJ Rate Hike in 17 Years

Mar 18, 2024 | 00:19 am

90% Expect BoJ to Ditch Negative Rates Policy Tuesday, Japanese Stocks Rallying; Bitcoin Rising After Another Record High Thursday; Cocoa Futures Roar Ahead With Dramatic Gains

Forex Today: Markets Await US PPI

Mar 14, 2024 | 00:24 am

US PPI Expected at 0.2%; Bitcoin Makes Another Record High Above $73,000; Cocoa Futures Roar Ahead.

Forex Today: US Inflation Ticks Higher to 3.2%

Mar 12, 2024 | 23:29 pm

US CPI Rises Unexpectedly; S&P 500 Makes Record High Close; Bitcoin Makes All-Time High Above $73,000

US Inflation Rises Unexpectedly to 3.2%

Mar 12, 2024 | 07:02 am

The US consumer price index (CPI) climbed 3.2% year-on-year in February, up from 3.1% in January and above the market estimate of 3.1%.

Forex Today: Markets Expecting Unchanged US Inflation Data

Mar 12, 2024 | 01:03 am

US CPI Seen at 3.1%; Bitcoin Hits New Record Below $73,000; Gold’s Bullish Momentum Starts to Pause

Forex Today: Gold, Bitcoin Looking Bullish Near Friday’s Record Highs

Mar 11, 2024 | 00:17 am

Gold, Bitcoin Advancing Again; Yen Higher on Japanese Rate Hike Bets and GDP Growth

ECB Maintains Interest Rates, Revises Lower Inflation Forecast

Mar 7, 2024 | 14:06 pm

The European Central Bank (ECB) maintained its deposit rate at a record high of 4.00% at today’s policy meeting. This decision was widely expected, and the Euro’s response has been muted.

Forex Today: Gold Makes New Record High Above $2161

Mar 6, 2024 | 23:41 pm

Gold Powers to New All-Time High; Powell Says Inflation Progress Not Assured; Japanese Rate Hike Seen Likely as Wages Rise; Bank of Canada Holds Rates; Markets Await ECB Meeting

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