America’s Roundup: Dollar weakness as focus shifts to Fed meet next week ,Wall Street tumbles, Gold rises 1%, Oil prices hit 10-month high, gain 4% on weekly basis-September 16th,2023
America’s Roundup: Dollar eases after Fed-spurred rise , US stocks ends lower, Gold slides, Oil settles lower as Russia fuel export ban boosts, rate hikes weigh-September 22nd,2023
Europe Roundup: Sterling rises after UK growth data, European shares rise, Gold edge up, Oil set for 2% weekly gain on China holiday demand, tight US supply-September 29th,2023
America’s Roundup: Dollar gains as Fed skips rate hike but holds hawkish stance, Wall Street closes lower, Gold trims gains, Oil prices ease 1%-September 21st,2023
Europe Roundup: Sterling ticks higher against dollar , European shares set to end week higher, Gold gains, Oil set for another weekly gain on tight supply and China optimism-September 15th,2023
Europe Roundup: Sterling holds above three-month lows vs dollar, European shares edge higher, Gold steady, Oil hits 2023 highs on tight supply outlook-September 14th,2023
America’s Roundup: Dollar drifts higher as traders look to upcoming Fed decision, U.S. stocks close lower, Gold holds tight range, Oil prices hit highest since November-September 20th,2023
Europe Roundup:Euro gains as focus turns to cenbank meetings, European shares inch up , Gold at two-week high, Oil prices rise on supply deficit concerns-September 19th,2023
Europe Roundup: Sterling hits fresh six-month low against dollar, European shares snap 4-day losing streak, Oil prices climb $1 as markets focus on supply tightness
Europe Roundup: Sterling falls on mixed labour report ,European shares muted ,Gold slips to over two-week low, Oil prices spike on tight supplies-September 12th,2023
America’s Roundup: Dollar index climbs to 10-month high, Wall Street ends mixed, Gold extends slide, Oil climbs 3% as steep US crude stocks draw adds to supply concerns-September 28th,2023
Europe Roundup: Euro edges higher as dollar slips ahead of US inflation data, European shares hit 1-week high, Gold gains, Oil prices ease from 10-month high –September 11th,2023
Europe Roundup: Euro declines against dollar, European shares slip, Gold falls, Oil prices climb as risk appetite grows, focus returns to supply outlook-October 2nd,2023
Europe Roundup: Sterling drops to lowest since March after BoE holds rates, European shares slide, Gold falls, Oil falls as US rate hike expectations offset tight supply outlook-September 21st,2023
America’s Roundup: Dollar climbs as Fed expectations remain intact after CPI , Wall Street ends mixed, Gold eases, Oil dips as surprise US crude stockbuild faces supply cuts-September 14th,2023
Europe Roundup: Sterling hits fresh multi-month lows on dollar, European shares falls, Gold eases, Oil prices steady as Russia eases fuel export ban-September 25th,2023
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.
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