Europe Roundup: Euro dips against dollar ahead of US GDP data, European shares mixed, Gold hits a three-week high, Oil extends gains as risk appetite improves, U.S. inventories fall-July 28th,2022
America’s Roundup: Dollar jumps vs yen as Fed officials hint more rate hikes coming, Wall Street dips, Gold near 1-month high, Oil edges up ahead of OPEC meeting despite recession worries-August 3rd,2022
Europe Roundup:Euro rallies on prospect of bigger ECB rate hikes, European shares gains,Gold prices steady, Oil prices fall on economic slowdown warnings-July 19th,2022
America’s Roundup: Dollar slides after U.S. manufacturing data ,Wall Street ends down, Gold hits near one-month high, Oil sinks about 4% -August 2nd,2022
Europe Roundup: Sterling edges higher ahead of Thursday's BoE decision , European shares inch higher, Gold rebounds, Oil prices dip ahead of OPEC+ meeting-August 3rd,2022
Europe Roundup: British pound rises on weakening US dollar, political risks limit rally, European shares gain,Gold firms, Oil gians as weak greenback and tight supply supports-July 18th,2022
America’s Roundup: Dollar dips as U.S. growth falls in Q2,Wall Street rises, Gold gains, Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom-July 29th,2022
America’s Roundup: Dollar bounces from two-week low, Wall Street closes higher, Gold prices dip, Oil falls on lackluster U.S. summer gasoline demand-July 21st,2022
Europe Roundup: Euro gains against dollar ahead of a U.S. Federal Reserve meeting, European shares gains, Gold steadies, Oil rises in volatile trade-July 25th, 2022
Europe Roundup: Sterling dips as economic outlook darkens rate view, European shares mixed in cautious trade,Gold steadies, Oil rises for a second day on supply tightness concerns-July 26th,2022
Europe Roundup: Euro falls as gloomy PMIs cloud prospects for future ECB hikes, European shares edge higher, Gold little changed, Oil prices fall as Libya resumes output, global demand outlook darkens-July 22nd,2022
Europe Roundup: Sterling gains, shrugs off factory data ahead of BoE, European shares rise, Gold extends gains, Oil drops as weak Chinese factory data heightens demand concerns-August 1st,2022
America’s Roundup: Dollar slides as mixed U.S. data highlights uncertain path , Wall Street ends higher, Gold gains, Oil up over $2 per barrel as hopes fade for OPEC+ supply boost-July 30th,2022
America’s Roundup: Dollar dips ahead of U.S. Fed meeting's outcome, Wall Street ends lower, Gold virtually unchanged, Oil settles down on lower U.S. consumer confidence –July 27th,2022
Europe Roundup: Sterling loses steam as traders turn to safe-haven currencies, European shares dips, Gold steadies, Oil slips as global demand concerns weigh, OPEC+ meeting eyed-August 2nd,2022
America’s Roundup: Dollar falls ahead of Fed meeting,Wall Street closes on mixed note,Gold dips, Oil rises as Russian gas cut to Europe may encourage switching to crude-July 26th,2022
America’s Roundup: Dollar eases as growth fears push yields lower, Wall Street ends lower, Gold gains, Oil falls around 3% -June 23rd,2022
• Canada May Core CPI (MoM) 0.8%, 0.4% forecast, 0.7% previous
• Canada May Core CPI (YoY) 6.1%,5.9% forecast,5.7% previous
• Canada May CPI (YoY ) 7.7%,7.4% forecast, 6.8% previous
• EU Jun Consumer Confidence -23.6,-20.5 forecast, -21.1 previous
• US 20-Year Bond Auction 3.488%, 3.290% previous
Looking Ahead Economic Data(GMT)
• 00:30 Japan Jun Manufacturing PMI 53.3 previous
• 00:30 Japan Services PMI 52.6 previous
• 00:30 Japan 05:00 BoJ Core CPI (YoY) 1.4% previous
• 05:00 Japan BoJ Core CPI (YoY) 1.4% previous
EUR/USD: The euro strengthened on Wednesday after testimony from Fed Chair Jerome Powell added little to his recent pledges to get inflation under control, encouraging a sharp retreat in Treasury yields that reversed earlier safe-haven buying of the U.S. currency. Yields have dropped from more than decade highs reached before last week’s Fed meeting on concerns that rapid rate hikes will dent the economy. Bonds also got a boost on Wednesday as oil prices tumbled on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and as recession fears dented demand. Immediate resistance can be seen at 1.0604(38.2%fib),an upside break can trigger rise towards 1.0617(21DMA).On the downside, immediate support is seen at 1.0525 (5DMA), a break below could take the pair towards 1.0464(23.6%fib).
GBP/USD: The British pound eased on Wednesday after hot UK consumer inflation data raised new worries over an economic slowdown, just as the Bank of England looks set for more interest rate hikes in the coming months. Soaring food prices pushed consumer inflation to a new 40-year high of 9.1% in May, the highest rate in the Group of Seven countries and underlining the severity of the cost-of-living crunch in the world's fifth-largest economy. Sterling dipped against the U.S. dollar but later recovered as the greenback lost strength. It was down 0.1% at $1.2250 following two days of gains .Immediate resistance can be seen at 1.2318(38.2%fib),an upside break can trigger rise towards 1.2398 (21DMA).On the downside, immediate support is seen at 1.2079(23.6%fib), a break below could take the pair towards 1.2016(Lower BB).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Wednesday as oil prices fell, but the currency pared its decline as domestic inflation data bolstered bets for a supersized interest rate hike by the Bank of Canada next month. Canada's annual inflation rate unexpectedly accelerated to 7.7% in May, the highest since January 1983, while the average of the Bank of Canada's three core measures rose to 4.7% from an upwardly revised 4.4%. The price of oil, one of Canada's major exports, fell as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into a recession. U.S. crude prices settled 3% lower at $106.19 a barrel. The loonie was trading 0.1% lower at 1.2930 to the greenback, after trading in a range of 1.2913 to 1.2996. Immediate resistance can be seen at 1.2974(23.6%fib), an upside break can trigger rise towards 1.3000 (Psychological level).On the downside, immediate support is seen at 1.2907 (Daily low), a break below could take the pair towards 1.2871(38.2%fib).
USD/JPY: The dollar dipped against Japanese yen on Wednesday as U.S. Treasury yields slid on fears the U.S. economy could slide into recession after Federal Reserve Chair Jerome Powell said higher rates are painful but are the means the U.S. central bank has to slow inflation. The Fed is not trying to engineer a recession to heel inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, Powell said at a hearing of the U.S. Senate Banking Committee. Investors worry that aggressive interest rate hikes by major central banks to tame inflation risk causing a sharp global slowdown or recession. The Japanese yen strengthened 0.29% versus the greenback at 135.91 per dollar. Strong resistance can be seen at 136.94 (23.6%fib), an upside break can trigger rise towards 138.51(Higher BB).On the downside, immediate support is seen at 135.15(5DMA), a break below could take the pair towards 134.36(38.2%fib).
European stocks fell sharply on Wednesday as inflation and interest-rate worries returned to haunt investors.
UK's benchmark FTSE 100 closed down by 0.88 percent, Germany's Dax ended down by 1.11 percent, France’s CAC finished the day down by 0.81 percent.
Wall Street's main indexes ended with slim losses on Wednesday after choppy trading as energy shares weighed and investors digested Federal Reserve Chair Jerome Powell's comments on the central bank's aim to bring down inflation.
Dow Jones closed down by 0.15 percent, S&P 500 closed down by 0.13 percent, Nasdaq closed down by 0.15 % percent.
U.S. Treasury yields fell to almost two-week lows on Wednesday as fears grew that the Federal Reserve will cause a recession by aggressively tightening monetary policy as it tackles soaring inflation.
Benchmark 10-year yields were at 3.156%, after reaching 3.498% on June 14, the highest since April 2011.
Gold prices rose on Wednesday as a retreat in U.S. Treasury yields and the dollar bolstered bullion’s appeal amid growing recession concerns.
Spot gold rose 0.4% to $1,840.39 per ounce by 1:59 p.m. ET (1759 GMT), and U.S. gold futures settled at $1,838.4.
Oil prices tumbled around 3% on Wednesday as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into recession, dampening demand for fuel.
Brent crude futures fell $2.91, or 2.5%, to settle at $111.74 a barrel. The global benchmark hit a session low of $107.03, its lowest since May 19.
U.S. West Texas Intermediate (WTI) fell $3.33, or 3%, to settle at $106.19 a barrel. The session low was $101.53, its lowest since May 11.