Fed hints at slowing down after a 75 bps rate hike
EUR/USD 🔼
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
XAU 🔼
WTI 🔼
Earlier today, the Federal Reserve continued its path of aggressive rate hikes by increasing it by 75 basis points to 2.50%. Meanwhile, Chairman Powell claimed it would be appropriate to slow down the tightening eventually, providing some breathing space for other major currencies, USD/CAD dropped from 1.2895 to 1.2821.
Regarding concerns over a recession, the US GDP data for the second quarter will be available tonight, and the market estimated a 0.5% growth - which could avoid meeting the technical definition of a recession.
As the dollar retreated, the British Pound became the bigger winner, GBP/USD rose and stabilized at the 1.2170 level, gaining over 130 pips to close at 1.2151, and the EUR/USD also maintained a foothold at the 1.0200 level before closing at 1.0202. Australia’s Retail Sales reading in June missed market projections at 0.2%, but AUD/USD nonetheless reached 0.6993, edging towards 0.700.
Gold futures took advantage of a weakened greenback and sluggish bond yields and climbed to $1,719.1, currently trading at $1,743.0 an ounce. US crude oil inventories further went down by 4.523 million barrels, and since Russia reduced gas supplies to Europe, WTI oil futures increased $3 to $98.17 a barrel.
More information on Mitrade website.
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
XAU 🔼
WTI 🔼
Earlier today, the Federal Reserve continued its path of aggressive rate hikes by increasing it by 75 basis points to 2.50%. Meanwhile, Chairman Powell claimed it would be appropriate to slow down the tightening eventually, providing some breathing space for other major currencies, USD/CAD dropped from 1.2895 to 1.2821.
Regarding concerns over a recession, the US GDP data for the second quarter will be available tonight, and the market estimated a 0.5% growth - which could avoid meeting the technical definition of a recession.
As the dollar retreated, the British Pound became the bigger winner, GBP/USD rose and stabilized at the 1.2170 level, gaining over 130 pips to close at 1.2151, and the EUR/USD also maintained a foothold at the 1.0200 level before closing at 1.0202. Australia’s Retail Sales reading in June missed market projections at 0.2%, but AUD/USD nonetheless reached 0.6993, edging towards 0.700.
Gold futures took advantage of a weakened greenback and sluggish bond yields and climbed to $1,719.1, currently trading at $1,743.0 an ounce. US crude oil inventories further went down by 4.523 million barrels, and since Russia reduced gas supplies to Europe, WTI oil futures increased $3 to $98.17 a barrel.
More information on Mitrade website.