Forex Market

Political as well as other crises across Europe add further pressure on the shared currency. The EUR/USD pair plunged to 0.9951, a fresh multi-year low, now recovering above parity. Speculative interest turned into safety amid persistent fears of recession, triggering stock market selloffs.Fears temporarily cooled during the US session as …

The GBP/USD pair is trading down on the day by some 0.7%, falling from the 1.1892 high to a low of 1.1759. The US dollar resumed its relentless move higher on Thursday, charting new 24-year highs in the Dollar Index that tracks the US dollar against six counterparts up more …

St. Louis Federal Reserve President James Bullard prefers to lift interest rates by 75 basis points at the central bank’s next meeting later in June. Bullard told the Japanese news service Nikkei in an interview released on Thursday that he does not back a larger increase for now.“So far, we’ve …

Producer prices soared by 11.3% in June over a year ago as consumers continue to struggle with skyrocketing prices for just about everything.The US Bureau of Labour Statistics released its Producer Price Index data Thursday, which showed a 1.1% increase last month, contributing to a 11.3% increase in the past …

“I think it is plausible that we have a growth recession where it goes below longer-run average but doesn’t go negative,” Federal Reserve Governor Christopher Waller said on Thursday. Waller added that markets would also price a 100 basis points rate hike in July, Waller is also open to a …

The US Census Bureau will release the June Retail Sales report on Friday. Economists and researchers of six major banks have provided their forecasts regarding the expected data. Retail Sales are forecast to rebound to 0.8% in June with the ex-autos to 0.6% and control rising to 0.3%. TDS“We look …

Gold prices fell 1% on Thursday, after US Treasury yields and the dollar rose, with expectations for gold already damped by fears that the US Federal Reserve will resort to a larger interest rate hike this month to tackle rising inflation. Spot gold fell 1% to $1,718.69 an ounce by …

The Bank of Canada hiked its policy interest rate by 100 bps to 2.5% in July, compared to the market expectation for a rate increase of 75 bps. The BOC acknowledged that it had underestimated inflation since the 2021 spring because of global factors. USD/CAD slid to 1.2933, and trades …

In the UK, the Royal Institute of Chartered Surveyors will publish its house price balance, also for the month of June. The European data calendar will light with only consumer price data for June due out in Finland, Ireland and Sweden.All eyes on Thursday will focus on the US inflation …

“I haven’t seen any solid proof that inflation has reached its peak,” said Cleveland Federal Reserve President Loretta Mester said while speaking at the Bloomberg interview.Mester’s comments exert downside pressure on the EUR/USD as it fades the previous day’s corrective pullback while retreating to 1.0050 during the early Asian session …