On Wednesday, there was a sharp increase in the EUR/USD exchange rate, which culminated in fresh 13-month highs. Growing hopes that the Federal Reserve (Fed) would start a rate-cutting cycle in September are the main driver of this surge. These expectations were reinforced with the publication of the Fed meeting …
Read More »USD/CAD swings following US key data, Canadian retail sales
The USD/CAD exchange rate saw volatility on Thursday due to mixed US PMI data and Canada’s retail sales statistics. The pair moved towards the lower end of the range early on Thursday as investors prepared for the US Purchasing Managers Index (PMI) data of the day. The pair is trading …
Read More »Canadian dollar retreats to new low on jobs data
The Canadian dollar fell to a new low against the US dollar on Friday, but then surged to a three-day high after a strong US Nonfarm Payrolls report crushed market forecasts. Canada’s labour market added fewer jobs than expected, but persistent wage growth accelerated to a two-year high. US Nonfarm …
Read More »Euro extends reversal as US dollar boosted by Fed Williams
The Euro has reversed its direction on Friday’s early US session as Federal Reserve President and CEO, John Williams, cooled hopes of interest rate cuts in March. This was offset by a downbeat US NY Empire State Manufacturing Index, which fell to -14.5 its lowest level in the last 7 …
Read More »EUR/USD looks forward to climb over 1.0950
The EUR/USD pair is experiencing a broad-market risk rally to close out the trading week, with market sentiment seeing a late break. US PMI data came in mixed, softening the US Dollar. The EUR/USD is trading into the 1.0950 level as the trading week winds up, with markets set for …
Read More »EUR/GBP sees worst trading day since July
The Pound Sterling is up against the Euro by 0.5%, while hawkish remarks from Bank of England policymakers have helped the pound to surge. Before Wednesday’s trading session, the Euro is trading near its lowest point and showing little signs of recovery. In testimony before the Treasury Committee of the …
Read More »Market Drivers – US Session, October 30
Gold retreated after surging on Friday and is trading slightly below $2,000. Silver initially surged towards October highs but later trimmed its gains, settling at $23.30. Markets are looking forward to a busy Tuesday in the middle of a loaded week with central bank meetings and key economic data. Risk …
Read More »Market Drivers – US Session, October 23
Crude oil prices declined on Monday. The WTI barrel dropped to its lowest level in a week, reaching $85.66.Gold pulled back despite the sharp slide in US yields; XAU/USD found support above $1,970. Meanwhile, Silver experienced losses and dropped below $23.00.Remarkable DevelopmentsThe Treasury market was the center of attention on …
Read More »Sterling recovers on revived risk sentiment
The Pound Sterling has experienced a sell-off due to the Middle East conflict, affecting the market mood. UK manufacturing and construction activities are currently in a vulnerable phase due to higher mortgage rates. The Fed is expected to keep one more interest rate hike in consideration, while the Bank of …
Read More »GBP/USD rallies despite UK business activity contraction
The GBP/USD pair has rallied from a daily low of 1.2037 to trade at 1.2144 at the time of writing, despite UK Services PMI and Composite figures indicating a contraction in business activity. The US ADP Employment Change report and ISM Non-Manufacturing PMI reveal a slowdown in private sector hiring …
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