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Due to strong US economic data, the US Dollar increased throughout the week and was among the best performers. The dollar needs one more set of positive figures in order for the rise to continue. After Thursday’s surge in response to the release of US GDP statistics, the DXY recorded …
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July, 2023
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29 July 2023 1:58 am
GBP/USD dropped on BoE’s policy decision speculations
The GBP/USD exchange rate fell to its lowest point since July 6 on Friday, and investors are still worried that the Federal Reserve will be attacked by hawks in the wake of the US’s release of stronger-than-expected second-quarter GDP figures.On August 3, the Bank of England is expected to raise …
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29 July 2023 12:25 am
USD/JPY volatile as investors digest PCE data, BOJ’s Decision
After four days of losses, the USD/JPY pair almost reached 150.00. After the BOJ’s Monetary stance Statement reiterated its ultra-loose stance, USD/JPY gave up earlier gains.US Core PCE declined to 4.1% YoY in June, which fueled a drop in US rates. The USD/JPY pair hit a daily low of 138.05. …
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28 July 2023 11:24 pm
Oil surges for fifth week ahead of OPEC meeting
There are a number of reasons why the price of oil should be anticipated to rise, including constant official announcements about Saudi supply reductions, US economic growth that has surpassed forecasts, and fewer Americans filing jobless claims despite moderate jobs growth, among others.Although weekly petroleum data from the US government …
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28 July 2023 10:39 pm
How Have Treasury Yields Reacted to BoJ’s Tweak?
On Friday, as markets processed the Bank of Japan’s decision to alter its ultra-loose monetary policy as well as data showing a continuing reduction in annual US inflation, global shares surged and US Treasury yields decreased.The Bank of Japan modified its yield curve control strategy on Friday by offering to …
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28 July 2023 9:47 pm
USD/CAD lower as Canadian data fails to boost Canadian dollar
On Friday, the USD/CAD pair is trading sideways, holding close to its levels from a week ago. The Canadian GDP increased by 0.3% in May, and core consumer inflation in the US is decreasing, according to US data. The price of the pair rose to weekly highs at 1.3248 but …
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28 July 2023 8:41 pm
What could US economy’s soft landing mean for gold prices?
Interest rate expectations are likely to continue driving the price of the precious metals. US economic data should be a key driver of the gold price as most economists and analysts suggest. At the time of writing, gold is trading up by +0.75 at $1960.38 per ounce.The US economy grew …
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28 July 2023 7:23 pm
Procter & Gamble record very strong earnings on price hikes
Procter & Gamble reported slightly better fiscal quarter results than Wall Street had anticipated due to higher prices. CEO Jon Moeller stated that consumers remain strong and seek brands they know and trust. P&G benefits from a decline in commodity prices, particularly in petro and pulp prices, but labour costs …
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28 July 2023 4:19 pm
Russia is preparing to use the ruble to settle its agricultural exports
Russian Deputy Prime Minister Victoria Abramchenko said Friday (July 28th) that her country will urge buyers of its agricultural exports to pay in rubles instead of dollars as a way to get around Western sanctions. She stated that the government is preparing a draft decree that would enable buyers to …
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28 July 2023 3:03 pm
The French economy exceeds expectations, recording a growth of 0.5% in Q2
The French economy grew by 0.5% in the second quarter of this year, exceeding expectations, driven by exports while household consumption declined, according to the National Institute of Statistics and Economic Studies. This first estimate of the Institute came higher than the estimated growth forecast of 0.1% for the period …
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28 July 2023 1:51 pm
European stocks are declining, pressured by mixed corporate results and high bond yields
European stocks retreated on Friday from multi-month highs hit during the previous session, as investors digested a mixed batch of corporate earnings reports and bond yields rose after the Bank of Japan adjusted monetary policy. And by 0716 GMT, the pan-European STOXX 600 index was down 0.3%, having closed on …
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28 July 2023 12:23 pm
Gold is heading to record a weekly loss, under pressure from US data and interest rates
On Friday, gold prices recovered slightly from their lowest levels in two weeks, after strong US economic data caused a wave of selling in the previous session, and as the atmosphere dominated by interest rates pushed the yellow metal towards its biggest weekly loss in five weeks. Spot gold rose …
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28 July 2023 10:44 am
Toyota global sales increased by 5.1% to 4.9 million in the first half of 2023
Japanese automaker Toyota Motor said on Friday that its sales increased 5.1 percent in the first half of 2023 compared to the same period last year, thanks to the easing of semiconductor supply restrictions and, in particular, strong demand in Japan. The company sold about 4.9 million vehicles globally in …
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