EUR/USD 1.15258
0.011%
Gold 4373.88
-0.784%
Oil 80.810
-1.043%
USD/JPY 159.380
-0.022%
GBP/USD 1.34822
-0.089%
GBP/JPY 214.884
-0.104%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 13, Iranian Foreign Minister Araqchi posted on social media, telling US officials: "The United States has long suffered from miscalculations due to insufficient intelligence capabilities. The war against Iran is a clear example. Now, the United States has made an even more serious miscalculation on the Strait of Hormuz issue. Whats worse than fake news is disinformation. Please be vigilant."On August 13th, Changxin Pharmas market capitalization closed at RMB 3.54 trillion. As of the Hong Kong stock market close, Tencent Holdings (00700.HK) fell 4.46%, with a market capitalization of HKD 4 trillion, equivalent to approximately RMB 3.44 trillion. Changxin Pharma has surpassed Tencent to become the largest listed company in China by market capitalization.A monthly report from the German Ministry of Economic Affairs states that the number of bankruptcies remains exceptionally high and is expected to continue at an extremely high level in the coming months.Russian Deputy Foreign Minister: Once the itinerary of Witkov and Kushner is finalized, Russia will be able to quickly arrange their reception.On August 13th, Suren Thiru, chief economist at the Institute of Chartered Accountants (ICAEW), stated that the Bank of England is unlikely to raise interest rates in September, given that the UKs strong economic growth in the second quarter was mainly driven by temporary factors. He cited stockpiling ahead of the Iran-Iraq War, unusually warm weather, and the World Cup as factors rather than genuine economic growth momentum. Thiru indicated that after a 0.4% increase in UK GDP in the second quarter, a more pronounced slowdown is expected in the third quarter as inflation and rising energy costs increasingly squeeze household incomes, dampening economic growth. Thiru stated, "Given market expectations of weaker economic activity in the coming months, which will ultimately help curb inflation, the likelihood of a September rate hike remains very low."

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