Author: FX
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The Pound Sterling rebounds against the US Dollar on slower than projected US PCE inflation growth in November. A higher number of BoE officials voted for an interest rate cut on Thursday, boosting dovish bets for 2025. The UK Retail Sales rose by 0.2%, slower than expectations of 0.5% in November on month. The Pound Sterling (GBP) recovers sharply in North American trading hours after posting a fresh seven-month low near 1.2470 against the US Dollar (USD) on Friday. The GBP/USD pair bounces back as the US Dollar declines after the release of the United States (US) Personal Consumption Expenditure Price Index (PCE) report for November, which…
Oil prices set for a weekly loss in this final normal trading week of 2024. The hawkish message from the Fed on rate cuts for 2025 has scared investors away from commodities. The US Dollar Index did hit a two-year high for a third day this week and undergoes some profit-taking. Crude Oil prices look unable to avoid a weekly loss of around 2% in yet another downbeat trading day. The mood turned further negative overnight as investors got concerned about the Federal Reserve’s (Fed) hawkish tilt, which could quickly kill off any economic boosts from the Trump administration. Meanwhile, President-elect Donald Trump warned Europe that…
Fundamental OverviewThe USD got a boost from the FOMC decision as the market perceived it as more hawkish than expected. Overall, apart from some slight tweaks, the Fed matched the market’s pricing. Nonetheless, the market reacted in a big way pushing Treasury yields higher and giving the USD a tailwind.The data is what really matters now as it will decide what the Fed is going to do. They switched their focus on inflation again, so it will likely take just one soft CPI report in January to see the market reacting in a dovish way sending Treasury yields and the…
AUD/USD draws support from a softer USD downtick, though it lacks bullish conviction. The Fed’s hawkish stance and a weaker risk tone lend support to the safe-haven buck. The RBA’s dovish shift and China’s economic woes also contribute to capping the pair. Traders look to the US PCE Price Index for short-term opportunities later this Friday. The AUD/USD pair attracts some dip-buyers near the 0.6215 area on Friday and turns positive for the second successive day on Friday, though it lacks bullish conviction. Spot prices currently trade around the mid-0.6200s and remain close to the lowest level since October 2022…
By Hyunsu Yim SEOUL (Reuters) – South Korean police have questioned Prime Minister and Acting President Han Duck-soo as part of an investigation into the short-lived decision this month to impose martial law, an official at his office said on Friday. The acting president was among 12 people present at a cabinet meeting on Dec. 3 shortly before President Yoon Suk Yeol’s shock late-night announcement on martial law. Nine of those people have been questioned by a special police unit investigating the case, the Yonhap news agency reported. Han, a career technocrat, became acting president after Yoon was impeached on…
EUR/GBP is testing key resistance after a strong upswing earlier this week. Is the pair ready to extend its longer-term trend? We’re detailing what we’re seeing on the 4-hour time frame: EUR/GBP 4-hour Forex Chart by TradingView In case you missed it, the Bank of England (BOE) just dropped its latest policy decisions. While the central bank kept its interest rates steady as expected, THREE members – including the Deputy Governor – voted to cut interest rates by 25 bps. Not only that, but the BOE’s meeting minutes also revealed concerns about economic growth despite sticky high price pressures. The…
The Fed’s less dovish tone may have set the stage on Thursday, but the BOJ’s dovish hold and the BOE’s surprise vote stole the spotlight and fueled volatility among the major assets. The dollar surged, gold sank to a six-day low, oil slid on demand worries, and Bitcoin retreated as traders grappled with central bank whiplash and stronger U.S. data. Read on to see how your favorite assets traded in the last trading sessions! Headlines: Melbourne Institute inflation expectations in Australia rose from 3.8% to 4.2% in December, the highest since September ANZ: New Zealand business confidence index fell from…
China one year bond yield drops to 1%, first time since 2009.Earlier today we had the 1- and 5-year rates set unchanged:PBOC sets 1 year Loan Prime Rate (LPR) at 3.1% and 5-year at 3.6%, both unchangedNo reduction despite ongoing easing pressure. The People’s Bank of China seems very concerned that further rate cuts would prompt further yuan weakness and capital flight. This article was written by Eamonn Sheridan at www.forexlive.com. Source link
The Japanese Yen adds to the post-BoJ losses and drops to a five-month low against the USD. The Fed’s hawkish shift remains supportive of elevated US bond yields and undermines the JPY. A stronger-than-expected Japan’s National CPI keeps the door open for a BoJ rate hike in 2025. The Japanese Yen (JPY) prolongs a two-week-old downtrend and hits a five-month low against its American counterpart during the Asian session on Friday. The Bank of Japan (BoJ) kept rates steady in a nearly unanimous vote on Thursday and flagged a cautious outlook for 2025 amid sluggish economic growth, which, in turn,…