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Forex Market: GBP/USD edges lower following UK jobs report

May 16, 2023 8:53 am
GBP/USD retreated as much as 0.5% on Tuesday, after a surge in UK’s unemployment rate suggested the Bank of England might hike interest rates fewer times in the upcoming months to curb inflation. The rate of unemployment in the United Kingdom rose 0.1 percentage points to 3.9% during the first quarter of the year, the […] Read more

Forex Market: GBP/USD steady near one-year peak on BoE rate hike expectations

May 9, 2023 8:34 am
GBP/USD traded little changed not far from fresh one-year high on Tuesday, with Sterling underpinned by expectations the Bank of England will hike interest rates at its policy meeting on Thursday. The central bank is expected to lift borrowing costs to 4.5%, as it battles the highest inflation of any major economy. “The BoE has […] Read more

Forex Market: EUR/USD near one-week high on ECB rate hike expectations

April 25, 2023 8:28 am
EUR/USD traded in proximity to a fresh one-week high on Tuesday on expectations of a 50 basis point interest rate hike by the European Central Bank at its upcoming policy meeting next week. ECB board member Isabel Schnabel said in an interview with Politico that a 50 basis point rate hike was not off the […] Read more

Forex Market: AUD/USD gains on hawkish RBA minutes, upbeat China macro data

April 18, 2023 9:02 am
AUD/USD rose half a percentage point on Tuesday, following hawkish RBA minutes and data showing China’s economic recovery gained momentum during the first quarter. The Reserve Bank of Australia may tighten monetary policy further, the minutes of its most recent meeting showed, since the purpose of pausing rate hikes this month was to allow time […] Read more

Forex Market: USD/JPY pauses rally driven by Fed rate hike bets

April 11, 2023 6:56 am
After a 1% surge on Monday triggered by the latest US employment data, which added to the case for a Fed rate hike in May, USD/JPY eased on Tuesday with US 10-year Treasury yields. Futures markets are now pricing in a 71% chance of the Federal Reserve raising interest rates by another 25 basis points […] Read more

Forex Market: AUD/USD off 1 1/2-month high as RBA pauses rate hiking cycle

April 4, 2023 8:55 am
AUD/USD retreated from a 1 1/2-month high on Tuesday, as the Reserve Bank of Australia held borrowing costs steady after delivering 10 consecutive rate hikes. The RBA left its cash rate without change at 3.60% at its April policy meeting earlier on Tuesday, in line with market expectations. This marked the first pause in the […] Read more

Forex Market: USD/JPY retreats on receding bank fears, Japan’s fiscal end flows

March 28, 2023 9:30 am
USD/JPY edged lower on Tuesday, as concerns over a full-blown banking crisis seemed to have diminished, curbing safe haven demand. The Japanese Yen firmed strongly, driven mostly by flows associated with the end of Japan’s fiscal year on Friday. According to Kristina Clifton, analyst at Commonwealth Bank of Australia, Japanese banks may seek USD funding […] Read more

Forex Market: AUD/USD off two-week peak as RBA flags possible rate pause in April, FOMC meeting outcome in focus

March 21, 2023 10:05 am
AUD/USD came off recent two-week high on Tuesday, after the minutes of the Reserve Bank of Australia’s latest policy meeting showed the central bank would reconsider the case for a pause next month to reassess macroeconomic conditions. RBA policy makers said monetary policy in Australia was already in restrictive territory amid an uncertain economic outlook […] Read more