The GBP/JPY cross experienced a significant rally during the Asian session on Wednesday, gaining over 400 pips intraday. This surge was primarily driven by dovish remarks from the Bank of Japan (BoJ) Deputy Governor Shinichi Uchida. Uchida’s comments suggested that the central bank would refrain from hiking rates during periods of market instability, which weakened
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Following a turbulent start to the week, the US Dollar (USD) managed to bounce back on Tuesday, remaining steady near the 103.00 mark. This recovery was fueled by an improved market sentiment, with investors regaining confidence in the stability of the Dollar. Additionally, the absence of any significant news regarding the conflict between Iran and
The Reserve Bank of Australia (RBA) plays a crucial role in setting interest rates and managing monetary policy for Australia. This article will delve into the recent comments made by RBA Governor Michele Bullock following the central bank’s August monetary policy decision, and how these decisions can impact the economy and the currency market. In
The Australian Dollar has experienced fluctuation in response to recent economic data, particularly the Producer Price Index (PPI) figures. The Q2 PPI revealed a significant increase of 4.8% YoY, surpassing Q1’s 4.3%. This acceleration has raised concerns about the Reserve Bank of Australia’s (RBA) response, with market expectations leaning towards a rate cut by the
The US Dollar (USD) has faced a significant setback following the release of July’s disappointing jobs report. This has sparked increased expectations for a rate cut by the Federal Reserve in September. The US Federal Reserve continues to monitor economic data closely and has signaled readiness to respond to any signs of weakness in the
The recent escalation in geopolitical tensions in the Middle East has been a significant factor contributing to the increase in West Texas Intermediate (WTI) crude oil prices. The assassination of Hamas leader Ismail Haniyeh in Tehran, which both Iranian officials and Hamas have attributed to Israel, has raised concerns about potential retaliation and further instability
DSYNC Destra Network Token is undergoing a complex corrective structure as per the Elliot Wave analysis. The token reached a high of $0.5 in March 2024, marking the first rally from the lows as a wave ((1)). However, it then started a corrective decline unfolding as a Double Three structure, resulting in an 82% loss
The EUR/GBP cross has been gaining ground, reaching approximately 0.8450 during the early European session, with a 0.35% increase on the day. There are mixed expectations regarding a potential rate cut by the Bank of England, which has led to uncertainty in the market. Eurozone Inflation Data The recent rise in Eurozone inflation has sparked
The Federal Reserve (Fed) plays a crucial role in shaping monetary policy in the United States with the aim of achieving price stability and fostering full employment. One of its primary tools to achieve these goals is by adjusting interest rates. When inflation rises above the Fed’s target of 2%, it responds by increasing interest
The flash estimate for HICP inflation in July has shown an unexpected but slight increase in headline inflation. The rate climbed to 2.6% from 2.5% in June, contrary to projections. Core inflation, on the other hand, remained stable at 2.9%, despite forecasts indicating a decrease to 2.7%. The data highlights the complexity and volatility of
In Wednesday’s Asian session, NZD/USD was seen trading on a stronger note around 0.5915, showing a 0.17% increase for the day. This uptrend was attributed to the better-than-expected Chinese Manufacturing PMI data for July, which provided support to the New Zealand Dollar (NZD) due to China being a major trading partner of New Zealand. Impact
The Australian Dollar (AUD) has experienced a decline of around 3.5% against the US Dollar (USD) since July 12, positioning it as one of the weaker G-10 currencies in recent times. This depreciation can be attributed to a couple of key factors that have a direct effect on Australia, according to Commerzbank’s FX analyst Volkmar