Fed Chair Jerome Powell’s speech was what got most of the attention last week. Fed Chair’s comments included announcing a shift in monetary policy to support the labor market and the economy indicating that the Fed may keep low-interest rates for longer. The Dow Jones rose 0.6% to 28,653.8, posting …
Read More »US Dollar Near its Lowest Level in a Week Before the US Fed Chairman’s Speech
The dollar remains near its lowest level in a week which it reached earlier Thursday 27 August, before a speech by US Fed Chairman Jerome Powell is expected to hint that the bank will adjust its policy framework to help raise inflation. Powell is scheduled to deliver his speech at …
Read More »Pound Up, Ignoring Weaker Than Expected UK Retail Sales
The British pound rallied on Tuesday as the US dollar weakened and investors ignored an unexpected drop in monthly retail sales data in Britain. The dollar fell after investors returned to riskier currencies while a successful phone call between the United States’ top trade officials and China sparked a positive …
Read More »Cautious Trading of USD, Euro, and a rebound for Yuan
The dollar and euro were cautious in trading on Wednesday, August 26th, with dealers reluctance to make risky bets ahead of an important speech by US Federal Reserve Chairman Jerome Powell. In light of growing expectations that Powell will unveil a more tolerant policy towards inflation at the annual Jackson …
Read More »Euro is winning as Dollar falters on Economic Concerns
The euro rose as the dollar fell due to concerns about the strength of the US economic recovery after job data that came below expectations, while the Chinese yuan rose to its highest level in seven months as traders bet on China’s growth. Traders in the single European currency are …
Read More »PBOC Sets Yuan Reference Rate at 6.9362
The People’s Bank of China (PBOC) has set the yuan reference rate at 6.9362 versus Friday’s fix at 6.9405
Read More »PBOC Injects CNY700 B Through One-Year MLF at 2.95%
The People’s Bank of China (PBOC) injected CNY700 billion via one-year medium-term lending (MLF) facility on Monday. The Chinese central bank issued the one-year MLF at 2.95%, unchanged from the previous operation. The PBOC kept the rates unchanged for the fourth straight month. USD/CNY is under pressure, looking to extend …
Read More »FX Option Expiries For Aug 17 NY Cut
FX option expiries for Aug 17 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – EUR/USD: EUR amounts 1.1900 937m – GBP/USD: GBP amounts 1.3090 623m – USD/JPY: USD amounts 105.50 534m105.65 624m 106.02 438m – NZD/USD: NZD amounts 0.6575 301m
Read More »Weekly Recap 10-14 AUG
Optimism regarding the development of a vaccine of Covid-19 continued to dominate the markets. Also, Democratic and Republican parties failed to reach an agreement on the second stimulus and financing package of Coronavirus. The US currency suffered heavy losses during last week’s, to record a decline for the eighth consecutive …
Read More »3-7 AUG Review: Gold Prevails
The yellow metal was dominant last week, as it recorded a rise of more than 3% or $ 61 to reach $ 2028 an ounce. The rise in gold came after increasing tensions between the United States and China besides the increase in Covid-19 cases, especially in the US. Oil …
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