EUR/USD 1.17195
0.981%
Gold 3373.09
1.032%
Oil 63.693
0.481%
USD/JPY 146.956
-0.958%
GBP/USD 1.35180
0.784%
GBP/JPY 198.637
-0.175%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 23, Russias First Deputy Permanent Representative to the United Nations, Dmitry Polyansky, said on the 22nd that Russia has requested the UN Security Council to hold an emergency meeting on the Nord Stream gas pipeline explosion. The meeting is scheduled to be held on August 26. According to Russian media reports, Polyansky said on social media that Russia has requested the UN Security Council to hold an emergency meeting on the Nord Stream pipeline explosion. "We will point out the delay in the German investigation and its lack of transparency to the Security Council."A spokesperson for Hunt Oil USA said: Operations in the companys Kurdistan operations have been resumed and normal production is expected to resume by the end of August.On August 23rd, a U.S. judge ruled late on August 22nd local time that the Trump administration cannot deny federal funds to Boston, Chicago, Denver, Los Angeles, and 30 other cities and counties because they implement policies that restrict cooperation with federal immigration enforcement. U.S. District Judge William Orrick of San Francisco extended a preliminary injunction preventing the government from cutting or conditionally limiting the use of federal funds for so-called "sanctuary cities." His previous rulings had protected more than a dozen cities and counties, including San Francisco, Portland, and Seattle.Exxon Mobil Corp (XOM.N) plans to overhaul a small crude unit at its Beaumont, Texas, refinery in February 2026, sources said.On August 23, local time, Izatullah Haqqani, a spokesman for the Helmand Provincial Police in Afghanistan, said that a tractor fell into the Helmand River, killing 12 people, including women and children, and injuring 4 others. It is said that there were about 30 people on the tractor who were on their way to a wedding.

As Fed Chair Powell endorses higher rate hikes, EUR / USD falls toward 1.0530

Daniel Rogers

Mar 08, 2023 14:00

EUR:USD.png

 

During the Asian session, the EUR / USD pair broke below the consolidation around 1.0550 to the downside. It appears that the major currency pair has resumed its decline, and further losses are anticipated due to pessimistic market sentiment. The currency pair is expected to find support near 1.0530.

 

Futures on the S&P 500 have lost their dead cat bounce as the motif of risk aversion gains strength. The US Dollar Index (DXY) has already reached a three-month high above 105.60, and gains are anticipated due to a general improvement in the appeal of safe-haven assets. The yield on the 10-year Treasury note has surpassed 3.97 percent. Powell, the chairman of the Federal Reserve, believes that increasing interest rates is "appropriate and suitable" for controlling the nation's rising inflation. He has asserted that the current monetary policy is inadequately restrictive to bring inflation down to the desired levels.

 

The extraordinary increase in payrolls reported in January has prompted contemplation of a higher termination rate than previously anticipated. Prior to this, Fed Governor Christopher Waller stated that February's economic data was a one-time anomaly and that price pressures would resume their downward trend beginning the following month. Consequently, investors will gain greater insight following the release of the US Automatic Data Processing (ADP) Employment Change (Feb) data, which is anticipated to be higher at 200K compared to the previous release of 106K.

 

On the Eurozone front, investors are concentrating on German January Retail Sales data. Compared to the previously reported contraction of 5.3%, it is anticipated that the monthly data will indicate an expansion of 2.0%. As a consequence, inflationary pressures may intensify as a rebound in retail demand may boost the German Consumer Price Index (CPI).

 

Klaas Knot, a policymaker at the European Central Bank (ECB), stated on Tuesday that the ECB is likely to continue raising interest rates for "quite some time" following March. According to him, the current rate of interest rate hikes could continue through May if underlying inflation does not decrease significantly.


Suggestion