EUR/USD 1.15691
-0.199%
Gold 4326.66
-0.034%
Oil 88.795
-0.646%
USD/JPY 159.667
-0.316%
GBP/USD 1.34941
-0.155%
GBP/JPY 215.460
-0.467%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
September 2nd - According to a statement from the Iraqi Kurdistan Regions (KRG) counter-terrorism department, international coalition forces successfully intercepted and destroyed 10 drones over Erbil, the KRG capital. Earlier that day, Irans Islamic Revolutionary Guard Corps claimed to have launched missile and drone strikes against a US military base in Erbil, Iraq.HSBC: The Reserve Bank of Australia is expected to raise interest rates in September and in the fourth quarter, with the cash rate reaching 4.85%.On September 2nd, Bank of Japan (BOJ) board member Hajime Takada stated that he did not rule out the possibility of a significant and consecutive interest rate hike, a statement that boosted the yen. Takada is one of the BOJs most hawkish board members. The yen rose as much as 0.5% against the dollar to 159.44, after previously falling to 160.39. Takada stated that a 0.25 percentage point rate hike was "not a certainty." He also indicated that, overall, consecutive rate hikes are also a possibility. Aozora Banks chief market strategist stated, "The market reacted to Takadas clear statement that consecutive rate hikes are possible. His remarks were more aggressive than the recent statements from the BOJ governor and deputy governor regarding the magnitude and pace of rate hikes."Frances July government budget was -€145.91 billion, compared to -€106.77 billion in the previous month.September 2nd - On September 2nd local time, the head of the Odessa Military Management Bureau, Lisak, reported that Odessa was hit by a large-scale attack in the early hours of the morning. As of now, the attack has injured eight people, including one child, and two of the injured have been hospitalized for treatment. It is reported that the attack caused damage to multiple buildings and facilities, with a 24-story residential building severely damaged, some floors of apartments destroyed, and windows in surrounding buildings shattered extensively. In addition, local office buildings and two educational institutions were also damaged in the attack.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

EUR:USD.png

 

Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


Suggestion