Forex Market

Bank of Canada Governor Tiff Macklem said on Thursday that the decision to hike interest rates means ending reinvestments and moving towards Quantitative Tightening (QT) as “a natural next step”.The timing and pace of QT will be fully transparent, Macklem added, saying that when we initiate quantitative tightening, we do …

Federal Reserve Chairman Jerome Powell, in the second day of his semi-annual testimony before the US Congress, said that the rise in energy prices will work its way through to the US economy and there will subsequently be upwards pressure on inflation for a while. Key Quotes:“We could see people …

The headline ISM Services PMI figure slid to 56.5 in February from 59.9 in January, below the expected rise to 61.0, according to the latest release by the Institute for Supply Management.Economic activity in the services sector grew in February for the 21st month in a row, with the Services …

Gold prices firmed on Thursday as investors remained cautious about the conflict between Russia and Ukraine, which also boosted demand for the safe-haven precious metal, while supply fears pushed palladium to a seven-month high. Gold prices consolidated in spot transactions at $1926.10 an ounce. US gold futures rose 0.4 percent …

The UK services sector activity expanded less than expected in February, the final report from IHS Markit confirmed this Thursday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised lower to 60.5 in February versus 60.8 expected and a 60.8 – last month’s flash reading.

The most significant driver across financial markets on Wednesday was the testimony by Fed Chair Jerome Powell before Congress. Powell’s testimony will continue on Thursday with hints on determination to adopt QT and decide interest rate hilke in FOMC’s 16 March meeting. Economic DataPrivate employers hired more workers than expected …

“We’ve certainly seen recent developments lead to notable volatility and declines in market liquidity,” Lorie K. Logan, an executive vice president with the New York Fed, said recently during a virtual event organized by New York University.“But so far, outside of Russian markets … our sense is that broader markets …

Bank of England Deputy Governor for Financial Stability Jon Cunliffe said on Wednesday that sanctions will do severe damage to the Russian economy, but should not pose material risks to financial stability more broadly.Cunliffe said that heightened perceptions of geopolitical risk and its potential impact on growth and inflation can …

EUR/USD is stalling on its advance in later trade on Wall Street as the price moves into what would be expected to act as a resistance area on the hourly chart. At 1.1129, the price is trading near flat on the day after climbing from a low of 1.1057 to …

Bank of England Monetary Policy Committee Member Silvana Tenreyro said on Wednesday that the latest rise in oil prices will increase inflation and dampen UK economic activity. The high level of companies wage expectations in the BoE’s latest Agents’ survey was a surprise, though we will have to see if …