Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The US Dollar has weakened amid speculation that the Federal Reserve will delay the first rate cut. The odds for a 25 basis points (bps) March rate cut have decreased to 34.4%, while June ones have increased to 55.1%. Stock markets are tepid, with Wall Street spending most of the day in the red.
Bank of England (BoE) policymakers testified on inflation and the economic outlook before Parliament’s Treasury Committee, with Governor Andrew Bailey stating that the UK economy is at full employment and showing signs of an upturn. He also mentioned that it is not unreasonable to expect a rate cut this year, although he refrained from providing a specific date.
Economic Data
Canada reported a 2.9% YoY increase in the January Consumer Price Index.
Key Price Action Developments
The EUR/USD pair neared 1.0840, while GBP/USD settled around 1.2620. CHF and JPY posted modest losses vs the USD, while gold topped $2,030 per troy ounce.
The Federal Open Market Committee (FOMC) will release the latest meeting Minutes on Wednesday, which may provide fresh clues on policymakers’ considerations to dismiss a March rate cut.
Also Read:
EUR/USD climbs ahead of FOMC minutes, Eurozone PMIs
USD/CAD bounces after Canadian CPI data
USD/CAD bounces after Canadian CPI data
S&P 500, Nasdaq decline as Nvidia leads tech retreat
US dollar weakens after Presidents’ Day, ahead of FOMC minutes
FOMC minutes awaited for clues on inflation battle, growth
AUD/USD retreats following RBA-fueled rally
Gold price surges as Fed sees inflation declining in long term
