The dollar held steady on Thursday near a three-month high, supported by the message from Federal Reserve Chairman Jerome Powell about the need for more interest rate hikes and possibly a faster pace. On the second day of congressional testimony on Wednesday, Powell reiterated his message, but noted that the …
Read More »European stocks opened lower, affected by the decline of German Immobilien
European stocks opened lower on Thursday, with German real estate company LEG Immobilien tumbling to the bottom of the Stoxx 600 index on a dividend hold, while investors worried about interest rate hikes continuing for a longer period. Shares in LEG Immobilien plunged 10.6 percent in early trade, with the …
Read More »Japan’s Nikkei index is at its highest level in 6 and a half months
Japan’s Nikkei index hit a six-and-a-half-month high on Thursday, extending its winning streak for the fifth consecutive session, with risk appetite improving on expectations that the Federal Reserve will slow down its monetary tightening policies and the lack of imminent changes in the Bank of Japan’s monetary stimulus policy. The …
Read More »Euro is hovering around the 50.0% Fibonacci retracement 9/3/2023
The movements of the eurodollar pair witnessed a calm trading session yesterday, after it recorded significant declines against the US dollar after the semi-annual testimony of the Federal Reserve Chairman before the Senate. Technically, today, the euro is settling below the minor resistance level 1.0575, in addition to the pair’s …
Read More »Market Drivers – US Session 08/03/2023
The US economy expanded marginally from January through late February, and price rises persisted widely, according to the Federal Reserve’s Beige Book released on Wednesday. However, businesses said that inflation has moderated and that they anticipate it to do so throughout this year. The Federal Reserve Bank of New York …
Read More »Dollar climbs to 3-month highs; hawkish Powell provides support
On the first day of his hearing before the United States Congress, Federal Reserve Chair Jerome Powell led towards a higher terminal rate than previously predicted, sending the US dollar to three-month highs. The US Dollar Index, which monitors the dollar against a basket of six other currencies, was 0.1% …
Read More »European stocks drop as Powell signals a larger interest rate hike
European stocks fell on Wednesday after Federal Reserve Chairman Jerome Powell said there was a possibility of more sharp interest rate increases, while sportswear company Adidas fell after announcing plans to cut its annual dividend. The pan-European Stoxx 600 index fell 0.3 percent by 0805 GMT, hitting its lowest level …
Read More »Euro is giving up gains to USD 8/3/2023
The EURUSD pair declined significantly yesterday, affected by the positivity of the US dollar, after Jerome Powell’s testimony before Congress, nullifying the expected bullish path. As a reminder, we indicated that closing an hourly candlestick below 1.0640 leads the euro-dollar pair to the bearish path again, with targets starting at …
Read More »Market Drivers – US Session 07/03/2023
Gold price outlook has deteriorated by extremely hawkish Fed Powell’s comments on Tuesday. S&P500 retreated on the prevalent dismal market mood as more rates from the Fed do a lot to confirm a US recession. At the time of writing, gold is trading at 1812.63 per ounce. The Gold Index …
Read More »European stocks opened lower ahead of the beginning of the testimony of the US central bank chairman in Congress
European stocks recorded a slight decline in early trading on Tuesday, and technology stocks led the decline ahead of the beginning of the congressional testimony of Jerome Powell, Chairman of the Federal Reserve, while luxury goods companies gave up gains due to gloomy Chinese data. The pan-European Stoxx 600 index …
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