EUR/USD 1.13881
-0.291%
Gold 3980.69
-0.668%
Oil 68.509
-1.977%
USD/JPY 162.691
0.079%
GBP/USD 1.32522
-0.058%
GBP/JPY 215.608
0.024%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to Reuters, a senior Iranian official said that indirect negotiations with the United States, which began in Doha on Tuesday evening (local time), are still ongoing. The indirect talks with the US focus on releasing funds from Tehran and the Strait of Hormuz.The number of Challenger job cuts in the U.S. in June will be released in ten minutes.Telsey Advisory lowered its price target for Nike (NKE.N) from $55 to $47.July 1st - 9 Air announced today that it will reduce domestic fuel surcharges starting July 5th, 2026 (ticket issuance date). The surcharge will be 100 yuan per passenger for routes over 800 kilometers and 50 yuan per passenger for routes of 800 kilometers or less. This represents a reduction of 50 yuan and 30 yuan respectively compared to the previous rates. Domestic fuel surcharges saw significant increases in April and May of this year, followed by a reduction of 20 yuan and 10 yuan starting June 5th. With declining fuel prices, the July reduction will be even more substantial.July 1st - Eurozone inflation slowed more than expected as Middle East peace efforts pushed global energy prices lower. Data released by Eurostat on Wednesday showed that consumer prices rose 2.8% year-on-year in June, down from 3.2% in the previous month. This increase was also below the median forecast of 3% in a Bloomberg survey. Core inflation, excluding volatile items such as food and energy, also fell more than expected, while the closely watched services inflation indicator fell to 3.2%. The European Central Bank is assessing whether last months interest rate hike was sufficient to curb inflationary pressures stemming from the conflict between the US and Iran. June data already showed that consumer price increases in the Eurozones three largest economies were all lower than expected; in particular, Frances inflation rate even fell sharply to the ECBs 2% target level.

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