Europe Roundup: Euro slides back towards two-decade lows, European shares slip, Gold gains,Oil prices surge as Putin mobilises more troops-September 21st,2022
America’s Roundup: Dollar falls as investors balance their positions ahead of US inflation data, Wall Street ends higher, Gold gains, Oil rises 4% on supply threats, still set for weekly drop-September 10th,2022
America’s Roundup: Dollar reaches new two-decade high, Wall Street ends lower, Gold drops to 2-1/2-year lows, Oil plunges to eight-month low on strong dollar, recession fears-September 24th,2022
America’s Roundup: Dollar little changed , Wall Street ends mixed, Gold bounces from 2-1/2-year low, Oil rallies from Monday's nine-month lows-September 28th,2022
America’s Roundup: U.S. dollar gains as Fed reinforces hawkish stance, U.S. stocks end higher, Gold dips, Oil edges up from seven-month low as Russia threatens export halt-September 9th,2022
America’s Roundup: U.S. dollar advances as markets brace for hefty Fed rate hike,Wall Street ends choppy session higher, Gold falls, Oil edges up as supply woes outweigh demand and rate hike worries-September 20th,2022
Europe Roundup: Sterling recovers as BoE, Treasury seek to calm markets , European shares bounce, Gold firms, Oil rises from 9-month low on U.S. Gulf supply cuts-September 27th,2022
Europe Roundup: Euro holds above 2-decade low before ECB decision, European shares gain ,Gold struggles for direction, Oil prices fall further as China extends COVID curbs-September 8th,2022
Europe Roundup: Sterling tumbles after Britain's new economic plan, European shares extend falls, Gold hits more than 2-year low, Oil prices down 3% with recession fears in focus-September 23rd,2022
America’s Roundup: U.S. dollar soars to two-decade high as Fed flags more large hikes, Wall Street slumps, Gold bounces ,Oil prices slide 1% after U.S. Fed raises interest rates-September 22nd,2022
Europe Roundup: Sterling recovers after BoE rate hike, European shares fall, Gold steadies, Oil rises on rebounding Chinese demand, geopolitical risks-September 22nd,2022
Europe Roundup:Euro jumps on hawkish ECB signals, European shares advances, Gold ticks, Oil prices rise as supply uncertainty mounts-September 12th,2022
America’s Roundup: Dollar edges down but posts gains for week, Wall Street drops, Gold gains, Oil prices up after Basra spill, but log weekly decline-September 17th,2022
Europe Roundup: Sterling languishes near 37-year low vs dollar European shares falls, Gold dips, Oil falls more than 2% on demand fears-September 19th,2022
America’s Roundup: Dollar inches up vs yen as investors expect Fed will stay aggressive, U.S. stocks slip ,Gold falls, Oil slumps over 3% on demand concerns-September 16th,2022
America’s Roundup: Dollar dips as U.S. rate hike jitters restrain gains, Wall Street flat, Gold dips , Oil rises 1% on supply concerns, expectations for fuel switching-September 15th,2022
America’s Roundup: Dollar falls after Fed raises rates by 75 bps ,Wall Street ends higher, Gold ticks up, Oil settles higher on U.S. inventory drop, Russia gas cuts-28th July, 2022
• Fed announces rate hike in unanimous decision
•Federal Reserve raises rates 75 basis points
• U.S. crude inventories fell 4.5 million barrels last week –EIA
• U.S 10-yr Treasuries yield falls
•US Wholesale Inventories (MoM) 1.9%, 1.8% previous
•US Jun Durable Goods Orders (MoM) 1.9%,-0.5% forecast, 0.8% previous
•US Jun Goods Trade Balance -98.18B, -104.04B previous
•US Jun Goods Orders Non Defense Ex Air (MoM) 0.5%, 0.2% forecast, 0.6% previous
•US Jun Core Durable Goods Orders (MoM) 0.3%, 0.2% forecast, 0.7% previous
•US Jun Retail Inventories Ex Auto 1.6%, 0.8% previous
•US Jun Durables Excluding Defense (MoM) 0.4%,-0.5% forecast, 0.7% previous
•US Jun Pending Home Sales (MoM) -8.6%, -1.5% forecast, 0.7% previous
•US Cushing Crude Oil Inventories 0.751M, 1.143M previous
•US Crude Oil Inventories -4.523M, -1.037M forecast,-0.446M previous
•US Fed Interest Rate Decision 2.50%, 2.50% forecast,- 1.75% previous
Looking Ahead - Economic Data (GMT)
• No data ahead
Looking Ahead - Economic events and other releases (GMT)
•No significant events
EUR/USD: The euro edged higher against dollar on Wednesday after the U.S. Federal Reserve raised interest rates by 75 basis points, as was widely anticipated, and comments from Fed Chair Jerome Powell spurred hopes for a slower hiking path. The central bank raised rates by three-quarters of a percentage point for the second straight meeting as it attempts to rein in inflation, but noted that while the labor market remains strong, other economic indicators have softened. The central bank raised rates by three-quarters of a percentage point for the second straight meeting as it attempts to rein in inflation, but noted that while the labor market remains strong, other economic indicators have softened. The dollar index fell 0.756% to 106.310, with the euro up 0.8% to $1.0188 . Immediate resistance can be seen at 1.0212(July 27th high), an upside break can trigger rise towards 1.0263(38.2%fib).On the downside, immediate support is seen at 1.0182(38.2%fib), a break below could take the pair towards 1.0135 (14DMA).
GBP/USD: The British pound rose higher on Wednesday as dollar lost ground as investors bet the Federal Reserve would slow interest rate hikes following its announcement on Wednesday of an increase in rates in line with expectations. The Fed raised rates by three-quarters of a percentage point in an effort to cool the most intense breakout of inflation since the 1980s.Fed Chair Jerome Powell said the lack of clear visibility into the future trajectory of the economy means the central bank can provide reliable guidance about where its policy is headed only on a “meeting by meeting” basis. Immediate resistance can be seen at 1.2232(50%fib), an upside break can trigger rise towards 1.2265(38.2%fib).On the downside, immediate support is seen at 1.2084(5DMA),a break below could take the pair towards 1.20101(23.6%fib).
USD/CAD: The Canadian dollar strengthened to a six-week high against its U.S. counterpart on Wednesday as investors weighed prospects of the Federal Reserve slowing the pace of interest rate hikes following its latest outsized increase. U.S. stock markets jumped and the U.S. dollar fell against a basket of major currencies after the Fed raised interest rates by 75 basis points, as was widely anticipated, but noted signs of a softening economy. The loonie was trading 0.5% higher at 1.2820 to the greenback, or 78.00 U.S. cents. It touched its strongest level since June 13 at 1.2809. Immediate resistance can be seen at 1.2862 (5DMA), an upside break can trigger rise towards 1.2891 (50%fib).On the downside, immediate support is seen at 1.2816 (38.2%fib), a break below could take the pair towards 1.2772(Lower Bollinger Band).
USD/JPY: The dollar declined against the Japanese yen on Wednesday as the dollar fell after a widely-expected interest rate hike by the U.S. Federal Reserve, while stocks gained as a slew of earnings from the region's two largest economies lent support. The U.S. central bank raised its benchmark overnight interest rate by 75 basis points in an effort to tame soaring inflation. The dollar slid 0.7% to 106.35 following the decision and Powell's news conference. Bets of a super-sized U.S. rate hike of 100 basis points (bps) had pushed the dollar to a 20-year-high of 109.29 earlier this month. Strong resistance can be seen at 135.20 (38.2%fib), an upside break can trigger rise towards 137.50(14DMA).On the downside, immediate support is seen at 134.57 (Lower BB), a break below could take the pair towards 134.05 (50%fib).
European stocks closed higher on Wednesday, lifted by some fairly encouraging earnings updates from top U.S. and European companies, and positive lead from Wall Street.
The UK's benchmark FTSE 100 closed up by 0.57 percent, Germany's Dax ended up by 0.53 percent, and France’s CAC finished the up by 0.75 percent.
The Nasdaq jumped more than 4% on Wednesday in its biggest daily percentage gain since April 2020 as the Federal Reserve raised interest rates as expected and comments by Fed Chairman Jerome Powell eased some investor worries about the pace of rate hikes.
Dow Jones closed up by 1.37 percent, S&P 500 ended up 2.62 percent, Nasdaq finished the day up by 4.06 percent.
Treasury yields edged lower on Wednesday after the Federal Reserve hiked interest rates by 75 basis points as it tightens monetary policy further in an effort to curb inflation while trying to steer the U.S. economy away from a hard landing.
The two-year yield rose 1.8 basis points to 3.061% as the 10-year fell 1.8 basis points to 2.769%. Yields on shorter-term notes normally are lower than long-term notes.
The yield on the 30-year Treasury bond US30YT=RR was down 0.4 basis point to 3.004%.The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 2.608%.
Gold inched up on Wednesday helped by a fall in the dollar, but caution over the Federal Reserve's policy tightening plan kept bullion prices range-bound.
Spot gold rose 0.2% to $1,720.57 per ounce by 1100 GMT. U.S. gold futures were little changed at $1,719.60.
Oil settled up more than $2 on Wednesday as a report of lower inventories in the United States and cuts in Russian gas flows to Europe offset concern about weaker demand and a U.S. interest rate hike.
Brent crude rose $2.22, or 2.1%, to $106.62 a barrel. U.S. West Texas Intermediate (WTI) crude gained $2.28, or 2.4%, to $97.26.
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