EUR/USD hits 8-week high near 1.1700 propelled by Fed’s dovish cut
EUR/USD surged over 0.59% on Wednesday as the Federal Reserve cut rates as expected, in a perceived “dovish hold” which prompted traders to ditch the Dollar and buy the shared currency. At the time of writing, the pair trades near daily highs of 1.1695, after bouncing off daily lows of 1.1620.
Gold climbs as Fed cuts rates, Powell signals cautious outlook
Gold (XAU/USD) registered gains of nearly 0.50% on Wednesday as the Federal Reserve cut rates by 25 basis points as expected, split with a 9 to 3 split vote, followed by the Chair Jerome Powell press conference, in which he struck a neutral stance.
JPY steadies after recent pullback – Scotiabank
The Japanese Yen (JPY) is consolidating above its late-November lows as yield spreads tilt modestly against it.
EUR holds tight range as consolidation extends – Scotiabank
The Euro (EUR) is extending its latest consolidation and trading within a tight range in the mid/lower-1.16 area, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
CAD steady ahead of BoC decision and Macklem remarks – Scotiabank
The Canadian Dollar (CAD) is little changed. The Bank of Canada (BoC) policy decision is a statement only affair today at 9.45ET, with Gov. Macklem speaking 45 minutes later to finesse messaging, Scotiabank’s Chief FX Strategists Shaun Osborne and Eric Theoret report.
Fed’s Powell: Labour market has significant downside risks
At the usual post-meeting press conference, Fed Chair Jerome Powell explained why policymakers decided to lower the Federal Funds Target Range (FFTR) to 3.50%–3.75% after the December meeting and took questions from reporters about the move.
United Kingdom 10-y Bond Auction climbed from previous 4.608% to 4.613%
United Kingdom 10-y Bond Auction climbed from previous 4.608% to 4.613%
USD/CNH: Likely to trade with a downward bias – UOB Group
US Dollar (USD) is likely to trade with a downward bias, but is unlikely to break below 7.0540. In the longer run, outlook for USD remains negative; the next level to watch is 7.0400, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
USD: FOMC expected to deliver a 25bp cut – ING
It’s FOMC day and a 25bp rate cut – which would take the target rate to 3.50-3.75% – is around 90% priced in. The big focus will be the Summary of Economic Projections (SEP), the number of dissenters against the 25bp cut, and then Chair Powell’s press conference, ING’s FX analyst Chris Turner notes.
Greece Industrial Production (YoY) declined to 6.4% in October from previous 6.8%
Greece Industrial Production (YoY) declined to 6.4% in October from previous 6.8%
EUR/USD: Advance in EUR from late last month has ended – UOB Group
Euro (EUR) is under mild downward pressure and could edge lower and test 1.1600; a clear break below this level is unlikely.
Austria Industrial Production (YoY): 3.3% (September) vs -1.7%
Austria Industrial Production (YoY): 3.3% (September) vs -1.7%
ECB’s Villeroy: Wise thing is to maintain interest rates at current level
European Central Bank (ECB) policymaker and French central bank governor, Francois Villeroy, said during European trading hours on Wednesday that the wise thing is to hold interest rates steady at their current level.
Japanese Yen bulls seem hesitant as fiscal concerns offset BoJ rate hike bets, ahead of Fed
The Japanese Yen (JPY) remains on the front foot against a broadly weaker US Dollar (USD) through the early European session on Wednesday, though it lacks bullish conviction.
Italy Industrial Sales n.s.a. (YoY): 3.4% (September) vs -0.1%
Italy Industrial Sales n.s.a. (YoY): 3.4% (September) vs -0.1%
Italy Industrial Sales s.a. (MoM): 2.1% (September) vs -0.7%
Italy Industrial Sales s.a. (MoM): 2.1% (September) vs -0.7%
GBP: Sterling gains on UK budget relief – ING
The UK budget lifted Pound Sterling (GBP) modestly as fiscal pressures eased, but back-loaded tax measures and upcoming BoE rate cuts could keep the currency’s upside limited, ING’s FX analyst Chris Turner notes.
Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $53.41 per troy ounce, up 0.12% from the $53.35 it cost on Wednesday.
GBP/USD: Unlikely to break below 1.3000 – UOB Group
Pound Sterling (GBP) could decline further; deeply oversold conditions suggest it is unlikely to break below 1.3000. In the longer run, there is room for GBP to test the significant support level at 1.3000, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
JPY: Under political pressure – Commerzbank
The Japanese Yen (JPY) continued to depreciate steadily over the last few days, reaching its weakest level against the US dollar since the beginning of the year, with USD/JPY even rising above 157.