USD/CAD gains traction for the third day in a row and rises to a new yearly high on Monday. Falling oil prices weigh on the CAD and offer support amid sustained buying around the USD. Expectations for an aggressive Fed interest rate hike and risk-off sentiment benefit the safe-haven USD. The pair USD/CAD maintains its […]
Tag: growth
EUR/USD remains at risk of further declines to retest 1.0340/50 – Westpac
According to the strategists westpacthe economic and political costs of eliminating dependence on Russian energy are likely to weigh on growth in the EU and the euro in the second half of 2022. Therefore, the EUR/USD could test 2017 lows at 1.0340/50. Eliminating dependence on Russian energy would reduce EU growth by 3% in 2023 […]
Forex Today – Asian Session: Dollar reigns in a risk-adverse environment and ahead of central bank announcements
What you should know on Tuesday, May 3: The US dollar benefited from the market’s gloomy mood, ending the day higher against most major rivals. The gloomy sentiment was the result of a combination of rising tensions between Russia and Europe, downbeat macroeconomic numbers and concerns related to hawkish central banks, as the RBA, US […]
Preliminary GDP rises 0.2% in the first quarter, below estimates
The eurozone economy expanded by 0.2% quarter-on-quarter in the three months to March 2022below the 0.3% expected and falling from the previous 0.3%, the flash estimate showed on Friday. On an annualized basis, the bloc’s GDP rate rose 5.0% in the first quarter vs. 4.7% recorded in the fourth quarter of 2021, matching expectations of […]
GBP/JPY hangs on to strong gains after BoJ’s dovish message, struggling to break above 21-DMA
GBP/JPY is trading around 163.00, just below its 21 DMA and more than 100 pips below previous session’s highs. Pound bulls remain hard to find as pessimism about the UK economy and BoE tightening outlook mounts. But the pair is still trading with gains of more than 1.0% on the day hit by the yen […]
USD/CAD moderates after hitting fresh six-week high, holds above 1.2800
USD/CAD attracted some buying on Wednesday and soared to a new multi-week high. The Fed’s aggressive rate hike bets pushed the USD to a two-year high and acted as support. A rebound in oil prices did little to benefit the loonie or dampen positive intraday movement. The pair USD/CAD rose around 80 pips from the […]
USD/CHF trims intraday gains to new yearly highs, downside looks limited
USD/CHF jumped to a new yearly high on Wednesday amid prevailing buying interest in the USD. Bets on aggressive Federal Reserve rate hikes and a gloomy global economic outlook continued to boost the USD. The risk boost could undermine the safe-haven CHF and supports prospects for further earnings. The pair USD/CHF it pulled back a […]
Shanghai lockdowns to be eased, but activity at China’s ports falls
Shanghai city officials have said on Wednesday that lockdowns to be eased in districts without community spread of coronavirus. The city will allow limited movement in restricted areas in these districts, the authorities have added. China reported 14,298 new covid cases on April 26, up from 17,812 the day before. This comes after the Chinese […]
Cabinet presents more measures to promote consumption potential
According to CN Wire, the State Council of China announced additional measures to promote the potential and sustainable recovery of consumption. The report stated that “the financial system will be guided to support the real economy through various measures such as lowering interest rates and reducing commissions.” It was stated that “consumption of mass will […]
Manufacturing PMI index rises to 59.7, services plummets to 54.7
Mixed figures from the US preliminary S&P PMI report for April. The manufacturing sector surprised with a rise and the services sector had an unexpected sharp fall. The dollar was not affected by the data. The S&P Preliminary April US PMI. it showed mixed numbers and had no impact on the dollar. The manufacturing index […]