The Reserve Bank of New Zealand’s governor, Adrian Orr has said that core inflation is too high and that expectations are elevated.Orr has voiced concerns over the difficulties people faced paying for goods and services while power, communications and services were down in flood-affected regions.Orr indicated he was not happy …
Read More »FOMC minutes: A few participants favored raising rates by 50 basis points
The first FOMC Minutes in 2023 has been released with investors searching for further insights into the near-term path for policy and any comments regarding the possibility of the Federal Reserve going back to 50 bps hikes. The US Dollar ran higher from a new low at 104.25 in the …
Read More »Stocks Pause Early Gains Ahead Of FOMC Minutes
Stock indices are mixed after giving up their earlier gains. The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average are roughly flat as of 11:47 a.m. EST, Wednesday.US Stock indices opened Wednesday’s trading with generally positive performance but close to the flatline in anticipation of the minutes …
Read More »Gold prices hold firm ahead of the FOMC minutes
Gold holds firm at around $1,835 as traders awaiting Fed minutes. Money market futures began to price in interest rates in the US in the 5.25%-5.50% range.Gold price recovers some ground, though it remains almost flat compared to its opening price. However, it clings to minimal gains before the release …
Read More »US Dollar Expected To Reap Gains If FOMC Minutes Adopt Hawkish Tone
Economists and analysts see that the US dollar is trading narrowly mixed. They also believe that a hawkish tone in FOMC Minutes could push the dollar higher. There are no major data releases scheduled for US session on Wednesday. However, the Fed releases the Feb 1 FOMC minutes. The chances …
Read More »Market Drivers – US Session 21/02/2023
Wall Street returned from the long weekend and stayed in the red territory. US indexes are sharply down, losing roughly 2% each.EUR/USD trades at around 1.0650, not far from an early low at 1.0636. GBP/USD hovers around 1.2110, with the Pound supported by upbeat local data. The USD/JPY flirts with …
Read More »Worst day of 2023 suffered by Wall Street on interest rate concerns
Wall Street suffered from its worst performance of the year on Tuesday, with the main indexes closing down as investors interpreted the recent rebound in US business activity in Feb. as signaling interest rates will need to stay higher for longer to combat inflation.As for the S&P 500 and Nasdaq …
Read More »Pound Sterling Best Performer following positive UK data
The GBP/USD pair rallied from a 50% mean reversion of Friday’s bullish run and broke to 1.2150 on Tuesday, breaking a key resistance around 1.2050 which has invalidated the prior downside bias.The pound sterling achieved strong gains during the US session, Tuesday, and was the most major currency gainer, by …
Read More »FOMC Minutes: Have Fed policymakers considered switching to larger rate hikes?
On Wednesday, February 22, the first FOMC Minutes in 2023 will be released. Supported by aggressive Fed rhetoric and rising T-yields, the US Dollar Index is expected to record monthly gains. The majority of traders and investors will scan the impending release for comments and quotes referring to the Fed’s …
Read More »Crude oil retreats as fears dimming China demand hopes
Brent crude oil retreated about than 1% in a volatile session on Tuesday as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day’s gains.The focus in the wider financial market is firmly on the release on Wednesday of the minutes …
Read More »