Forex Market

Nikkei’s Historic Surge:Japan’s Nikkei index surged to its highest level in 34 years on Friday, edging closer to surpassing the all-time high reached during the country’s economic bubble era in the 1980s. The index breached the post-bubble economic era’s previous peak, setting the stage for potentially eclipsing the record set …

Subdued Performance Overview:Gold faces downward pressure for the second consecutive week on Friday, as unexpected upticks in US consumer prices prompt traders to reassess their outlook on interest rate cuts. However, the precious metal sees a partial recovery following a decline in consumer spending. Gold Price Movement:Spot gold settled at …

The Atlanta Fed GDPNow estimates for first-quarter growth dipped to 2.9% from 3.4%. Atlanta Fed GDPNow’s report reads as follows: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on February 15, down from 3.4 percent on February …

Gold prices have been trading at $2,003.70 per ounce, up 0.73% since yesterday’s price and down 3.03% from the beginning of the year. At the time of writing, gold is trading at $2004.44 per ounce, up +0.63%. Mixed US economic data has impacted the US Dollar, with US Treasury yields …

Fed Chair Jerome Powell is set to give the Senate banking committee its biannual monetary policy update on March 7. The House Financial Services Committee is expected to host Powell at a hearing at least a day earlier, based on past practice. Investors will be keenly interested in Powell’s congressional …

Bank of England policymaker Megan Greene has stated that she will not vote to cut the cost of borrowing until more evidence of inflation returning to the central bank’s target is found. Greene believes that UK monetary policy will need to remain restrictive for some time for inflation to sustainably …

The Canadian Dollar has recovered on Thursday after missing expectations and shrinking in January. The US dollar’s midweek surge on CPI-fueled risk aversion is getting pared back, and the CAD is finding additional support from recovering crude oil bids heading into the back end of the trading week. Canadian Housing …

The euro has gained ground on the US Dollar following a drop in US retail sales and Treasury yields, leading to a decline in US rates and the dollar. The EUR/USD pair trades at 1.0784, with softer Eurozone data indicating a rise in the euro. Retail sales decreased by -0.8%, …

Inflation Data Boosts Sentiment:European stocks regained ground on Wednesday, buoyed by weaker-than-expected inflation data in Britain. This bolstered hopes that the Bank of England would implement interest rate cuts soon, providing a positive outlook for investors. Additionally, positive earnings reports from select companies contributed to the market’s upward momentum. STOXX …

Unexpected GDP Contraction:Data released by the Prime Minister’s Office in Japan early Thursday morning revealed a contraction in the country’s gross domestic product (GDP) during the fourth quarter. Contrary to expectations of growth by approximately 1.4%, the GDP contracted by 0.4% on an annual basis. Furthermore, the previous reading for …