EUR/USD Runs a Solid Week, Sticks to Familiar Pattern
The common currency is having a profitable week so far, but runs another losing month, contained by familiar key technical levels
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The common currency is having a profitable week so far, but runs another losing month, contained by familiar key technical levels
US President Biden is considering a suspension of the federal gas tax and action could be announced within the day, in a backdrop of soaring prices and monetary tightening by the Fed which creates stagflation fears
The pair is soft, as headline Consumer Price Index (CPI) rose to 9.1% year-over-year in May, in the aftermath of last week’s fifth straight rate hike by the BoE in order fight it
XAU/USD is cautious and unable to find firm direction, as a volatile week draws to a close, during which we saw many central banks handing down their monetary policy decisions
The US central bank delivered its biggest rate increase in almost 30 years earlier in the week and tech sector reels, despite initial reaction higher
The Bank of Japan did not make any changes to its ultra-loose monetary policy, but made a rare reference in the foreign exchange, give the Yen’s weakness
The central bank delivered another 25 basis point interest rate hike, in order to bring down rampant inflation, which it sees rising to double-digits
The US Federal Reserve hiked rates by 75 basis points, which is the biggest increase since 1994, catering to the aggressive market expectations after recent surge in inflation
The common currency jumped as the ECB reportedly called an unscheduled meeting, while markets brace for the Fed’s policy decision, amidst pressure for 75 basis points rate increase
The pair extended this month’s advance to the highest level since October 1998 on Monday, but has been consolidating over the last few days, while markets await policy updates from the Fed and the BoJ this week
The US index plunged on Monday and closed in bear territory, in the aftermath of the renewed surge in CPI Inflation, but stages a rebound today, ahead of Wednesday’s policy decision by the Fed
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