EUR/USD is currently experiencing heightened volatility throughout this week. The primary currency pair is in a consolidation phase on Thursday, eagerly awaiting crucial news. The current EUR/USD exchange rate stands at 1.0810.
European markets closed the day higher yesterday, with the DAX making a new record high, ahead of last night’s Fed decision, while US markets closed the session mixed after a choppy session, which saw the Fed deliver a hawkish pause to their rating hiking cycle.
On Monday (June 19), spot gold narrowly oscillated during the Asian session and is currently trading near $1957.14 per ounce; gold price rally was blocked last Friday, and the U.S. consumer confidence data was better than expected
Last Friday, perhaps because the market is digesting the Fed will be expected to raise interest rates in July, spot gold oscillating trading, its European session slightly upward, up to $1968, and then give back all the gains of the day, and finally close to a flat close at $1957.98 per ounce
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On Friday, June 16, spot gold edged up during the Asian session and is currently trading around $1958.05. Spot gold fell to $1,924.75 on Thursday, then recovered and finally closed up 0.83% at $1,957.81 per ounce.
Last night the ECB raised interest rates by 25 basis points as expected, and the market raised bets that the central bank will raise rates by another 50 basis points, which boosted the euro and led to a big dive in the dollar index.
WCG Markets:2023-06-16
After reaching unprecedented levels last year, causing widespread poverty and rampant inflation in countries like Pakistan and Ghana, the USD has now entered a phase that some analysts predict will be a multi-year decline. Nevertheless, some experts still maintain that the US dollar's dominance hasn't diminished significantly.
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Giờ Bắc Kinh vào ngày 15 tháng 6 (thứ Năm) thị trường châu Á vào đầu phiên giao dịch, chỉ số đô la giảm nhẹ và hiện đang giao dịch gần 102,99.
Beijing time on June 15 (Thursday) Asian market in early trading, the dollar index fell slightly, and is currently trading near 102.99.
The Fed suspended its rate hike early Thursday morning as expected, but the dot plot hinted at 2 more rate hikes of 25 basis points each during the year, which was more hawkish than the market had expected.
Gold price remained in a bearish zone below the $2,000 level against the US Dollar. The price traded below the $1,980 support to move into a short-term bearish zone.
WCG Markets:2023-06-15
The Chinese government is presently exploring the possibility of implementing a significant stimulus initiative aimed at bolstering the nation's economy.
Argentine presidential candidate Javier Miley proposed replacing the national currency of the peso with the US dollar, hoping to limit the high inflation rate, which reached 109% in May. He believes that using the dollar can help to cope with the country's economic problems.
The USD/JPY currency pair has experienced a notable shift in market dynamics as the price line recently broke below a bullish channel that had been guiding its upward trajectory.
This attention of investors for this week attention is fixated on the actions of central banks, particularly the Federal Reserve and the European Central Bank (ECB).