Wells Fargo’s Analysts believe that the strength of the US dollar will continue through the end of 2022. They point out that despite a more aggressive pace of tightening from foreign central banks, they doubt international policymakers will be able to keep pace with the tightening cycle laid out by …
Read More »Fed’s George favours steady rate hikes than fast ones
Kansas City Fed President Esther George said on Friday that “A steady path of rate hikes, predictable adjustments based on data could improve market functioning, facilitate balance sheet runoff”.The US Dollar Index showed no immediate reaction to these comments and was last seen losing 0.6% on the day at 109.00.Additional …
Read More »AUD/USD retreats from one-week highs
The Australian dollar is one of the top performers on Friday. The AUD/USD pair has retreated from near 0.6880 and found support at 0.6820.The AUD/USD peaked during the European session at 0.6877, the highest level since August 31 and then pulled back amid a stabilization of the greenback. The retreat …
Read More »Gold’s sharp reversal indicates difficult recovery
As the US dollar trims losses on Friday amid risk appetite and a rebound in US yields, the Gold Index is hovering around $1710.Gold turned to the downside again after approaching the $1730 area and pulled back sharply toward $1710, erasing daily gains on Friday. The stabilized dollar and rebounding …
Read More »Dollar is heading for a weekly decline, euro is rising
On Friday, the dollar is set to record its first weekly decline in four weeks, while a sharp interest rate hike by the European Central Bank led to gains for the euro, while investors await US inflation data due to be published next week. The dollar index, which measures the …
Read More »Canada: Unemployment Rate jumps to 5.4% in August
Statistics Canada reported on Friday that the Unemployment Rate in Canada rose to 5.4% in August from 4.9% in July. This reading came in worse than the market expectation of 5%. Further details of the publication revealed that the Net Change in Employment was -39.7K, compared to the market expectation …
Read More »A look at the British economy after the death of Queen Elizabeth II
The death of Queen Elizabeth II marks the beginning of a new era for the United Kingdom but one that will be fraught with economic uncertainty and mixed patriotic sentiments. Queen Elizabeth died on Thursday, September 8th, at 96, the longest-reigning monarch of the United Kingdom. Thousands of Britons gathered …
Read More »Gold is gaining lustre and hitting its highest level in more than a week
Gold prices rose more than 1 percent on Friday to its highest level in more than a week as a weak dollar boosted demand for the yellow metal, even as Federal Reserve policymakers pledged to raise interest rates to tame inflation pressures. And gold rose in spot transactions 1.1 percent …
Read More »Bitcoin jumps over $20,000
Cryptocurrency Bitcoin crossed the $20,000 mark and is looking to post its best day in six weeks on Friday, as the dollar fell and markets found reasons for optimism at the end of a tough week. Bitcoin, the largest cryptocurrency by market capitalization, rose more than seven percent to $20,796, …
Read More »Market Drivers – US Session 08/09/2022
The US dollar finished the trading session with mixed performance versus rival currencies. After a seemingly volatile day, the EUR/USD pair is little changed, just below parity after the ECB’s 75 bps rate hike that came in line with expectations.The Canadian dollar surged against the US dollar, with the pair …
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