Fed Chair Jerome Powell said on Wednesday in his post-Fed meeting press conference that if the Fed doesn’t see progress on inflation, it will react. However, Powell mentioned that soon enough there will be some progress on bringing inflation back down and that he thinks the Fed’s guidance is still …
Read More »Powell: We continue to see upside risks to inflation
The Fed continues to see upside risks to inflation, Fed Chair Jerome Powell noted in the opening statement of his post-Fed meeting press conference. “Supply chain constraints have been longer than anticipated and price pressures have broadened, with Covid-19 disruptions in China likely to make things worse ahead”, Powell added.
Read More »Largest since 1994, Fed hikes interest rates by 75 bps
The US Federal Reserve on Wednesday announced that it had lifted interest rates by 75 bps to 1.50-1.75%, as expected. More details are awaited as Fed Chair Jerome Powell proceeds with the press conference after the FOMC meeting concluded. The vote split was 10 to one, with Esther George favouring …
Read More »Gold expecting significant selloff
Gold is poised for another downside but a short squeeze is not off the table. The Fed at the top of the hour is expected to seal the deal one way or another.As per the pre-open analysis on gold for the week, Gold, Chart of the Week: XAU/USD bulls need …
Read More »USD/CHF hovers around 1.0000 as traders eye Fed’s decision
The USD/CHF extends its weekly rally and is up by 1.60%. Risk appetite is back as stocks rally, and safe-haven peers suffer.The USD/CHF clings to parity for the second successive day, trading at 1.0028, recording minimum gains of 0.11%, ahead of the US Fed monetary policy decision. Positive sentiment is …
Read More »ECB’s Lagarde: Crises are never the same twice
European Central Bank President Christine Lagarde said on Wednesday that crises are never the same twice and that they must have the courage to act when facts are not clear, as reported by Reuters.“We cannot just be bold, we must be consistent too,” Lagarde added and said that they must …
Read More »EUR/USD drops to one-month lows ahead of FOMC statement
The Euro seems under pressure after ECB emergency meeting. Meanwhile, the US dollar’s performance is mixed ahead of the Fed’s decision. FOMC statement will be released at 18:00 GMT.The EUR/USD is falling on Wednesday, trading at daily lows near 1.0380 ahead of the Fed’s decision. The US dollar is posting …
Read More »WTI crude falls to weekly lows around $116s, eyeing Fed’s decision
The WTI crude oil recently fell to fresh session lows and is eyeing a test of its 21DMA pre-Fed rate announcement. Commentary about a weak outlook for demand growth and China lockdowns is being cited as a reason for price’s retreat.The American benchmark for sweet light crude oil is looking …
Read More »US Retail Sales fall by 0.3% MoM in May
Retail Sales in the US fell by 0.3% MoM in May, versus expectations for a 0.2% rise and following a 0.7% MoM gain in April (revised down from 0.9%), data released by the US Census Bureau on Wednesday showed. Meanwhile, Core Retail Sales rose by 0.5% MoM, below the expected …
Read More »Gold rises as dollar decline ahead of the Fed decision
Gold prices rose more than 1% on Wednesday, supported by a weak dollar, as investors braced for a possible sharp interest rate hike by the Federal Reserve. Spot gold rose 1.2 percent to $1,829.99 an ounce by 1225 GMT, while US gold futures rose 1.1 percent to $1,832.70. The dollar …
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